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Tax Tunnel comprises of young and passionate Chartered Accountants. Here, on one hand, we try to simplify the common yet complex issues of Direct and Indirect tax while on the other hand, we delve into insights towards complex and unique concepts or procedures of statutory and non statutory compliance's.


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Input tax credit is not available if reflecting in our GSTR-2A ?

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As the GST has been introduced in 2017, the main objective was to eliminate the cascading effect i.e. tax  on tax by providing input tax credit on the every purchase of goods and services which has been used in the course or  furtherance of business  as per the conditions specified under section 16 of CGST Act, 2017. Also, as we know that input tax credit will reduced the cost of goods and services and it will help  taxpayer’s to reduce his outward tax liability that has been arise at the time of supply by utilising these  input tax credit. But in GST law, all input which are available and reflecting in GSTR-2A is not eligible input and it can not be availed  and utilised against the outward tax liability. In other words, sub section (5) of section 17 of CGST Act,  2017  as amended by CGST Amendment Act, 2018 specifies the goods and services against which input tax  credit is not available even if these are reflecting in our GSTR-2A. These ...
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Debit Note & Credit Note under GST

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Sometime the Goods or services which are supplied by a registered taxpayers are returned by the purchaser due to certain reasons like deficient value or quantity.  As a result,  taxpayers get confused in these types of transactions w.r.t to GST  treatment . For such transactions the GST laws has the provision of Debit and Credit Notes. For the removal of confusion or better understanding we have explained about the credit and debit notes in  detailed manner and in tabular form. Particulars Credit Note Debit Note Section Section 34(1) of CGST Act, 2017 Section 34(3) of CGST Act, 2017 Meaning Where a tax invoice issued for supply of any goods or services or both and the following situation occurs: Value of tax charged in the tax invoice is found to exceed the taxable value or tax payable; or Where the goods are returned by the recipient; or Where the goods or services or bo...
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Transfer of Electronic Cash under GST via PMT 09

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Government vide Notification No. 37/2020 - Central Tax, dated 28th April 2020 appointed 21st April 2020 as the date on which the CGST (Fourth Amendment) Rules, 2019 made via Notification No. 31/2019 - Central Tax, dated 28th June 2019 shall come into force. The latter notification states (point no. 9 clause c)  that, "Under rule 87 after sub-rule (12) the following sub-rule (13) shall be inserted which says:" "(13) A registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under the Act to the electronic cash ledger for integrated tax, central tax, State tax or Union territory tax or cess in FORM GST PMT-09.”. This amendment has given a huge relief to the registered taxpayers, it enables them to reallocate any amount of tax, interest and penalty etc., that is available in the electronic cash ledger to any other head under tax, interest, penalty under CGST/SGST/IGST in th...
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