CA Gaurav Kenkre is a CA in practice for the last 11 years. He is a regular speaker at various professional organizations, trade bodies, MNCs and Government bodies. He also writes regularly in local as well as national publications. Besides this he holds various positions in bodies such as ICAI, GCCI, College bodies, Rotary etc.
In July 2024, the finance minister Mrs Nirmala Sitharaman, presented the first budget of the new Government. As far as the GST proposals are concerned, they were largely brought in to implement the recommendations given by the GST Council at its 53rd meeting held recently. This article envisages to critically analyse two of the proposals made in the budget, which are of paramount importance to taxpayers, since they offer substantial relief in very vexed issues.
It is important to note that at this time, the budget proposals are only proposals, and need to be passed by both houses, and need to receive the President's assent, before they become enforceable in law.
1. Insertion of Sec 16(5) in the CGST Act 2017
Trade at large has been deeply affected by the provisions of Sec 16(4) of the CGST Act. The section said that, taxpayers can avail input tax credit for any particular financial year, only upto 30th November succeeding the financial year. Thus, for Financial Year 2023-24 for egs, the last date for claiming GST input credit was 30-11-2024. This itself, was an extended date i.e. the earlier date was effectively 20th October. So, for the initial years i.e. for FY 2017-18, FY 2018-19, FY 2019-20, the time limit expired on 20th October after the respective year. Only for FY 2017-18 the date was extended till 31.3.2019 with some conditions.
Due to this, there were several cases of taxpayers having their input tax credit being disallowed, for not having claimed it within the above timelines.
هذه القصة مأخوذة من طبعة August 2024 من Incredible Goa.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August 2024 من Incredible Goa.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
IHCL GOA CELEBRATES 50 YEARS OF EXCELLENCE WITH COMMUNITY CONTRIBUTION
Celebrating 50 years of delivering world-class hospitality in Goa and serving the community, Indian Hotels Company (IHCL), Goa marked a new milestone today at Taj Holiday Village Resort & Spa, Goa.
AMAZING GOA GLOBAL BUSINESS SUMMIT 2024 TO SPOTLIGHT WOMEN ENTREPRENEURS
As anticipation builds for the Amazing Goa Global Business Summit 2024, community-driven initiatives are already igniting excitement across the state.
GOA SHIPYARD LIMITED HOSTS INTER-COLLEGE ELOCUTION CONTEST TO PROMOTE VIGILANCE AWARENESS
As part of its Vigilance Awareness Week (VAW) 2024, Goa Shipyard Limited (GSL) organized a highly engaging Inter-College Elocution Contest on October 10, 2024, at MES Vasant Joshi College of Arts & Commerce, Zuarinagar.
GCCI ADVOCATES FOR ENHANCED ROAD SAFETY MEASURES IN SOUTH GOA
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RATAN TATA, VISIONARY INDUSTRIALIST AND NATIONAL ICON, PASSES AWAY AT 86
Ratan Naval Tata, the esteemed industrialist and chairman emeritus of Tata Sons, has passed away at 86, leaving a profound impact on India's industry and philanthropy.
GOA CM ORDERS BOOZE TESTS AT BORDERS AMID RISE IN DRUNK DRIVING CASES
In light of a recent spike in alcohol-related road accidents, Goa's Chief Minister Pramod Sawant has implemented new measures, mandating alcometer testing for drivers at state borders.
10 SUPREME COURT'S LANDMARK JUDGEMENT IN SAFARI RETREATS CASE
the Supreme Court has opened up a pandora's box wherein if the facts and circumstances suit the taxpayer, he can pray that the building constructed by him is in nature of \"plant\" i.e. it serves some special requirements needed to conduct business and is not merely built to house the factory etc.
LOSE WEIGHT WITH STRENGTH TRAINING
MRT incorporates periods of intense work followed by a short rest period. A small study showed that interval exercise was more effective than moderateintensity continuous exercise for increasing energy expenditure and the number of calories burned. When done correctly, MRT can be the best way to skyrocket your heart rate and keep your body burning fat throughout the rest of the day.
GOA ADVANCES TOWARDS BECOMING INDIA'S CREATIVE CAPITAL WITH PROPOSED DESIGN POLICY
The Creative Community of Goa (CCG), a network aiming to position Goa as India's Design Capital, recently hosted the 8th edition of 'First Fridays' at Villtrans Pvt. Ltd., Fatorda.
PANAJI LEADS WITH INDIA'S FIRST FULLY AUTOMATED VACUUM SEWER SYSTEM FOR LOW-LYING AREAS
Imagine Panaji Smart City Development Ltd (IPSCDL), in partnership with the Public Works Department of Goa and under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), has inaugurated India's first fully automated vacuum sewer system, specifically serving Panaji's lowlying areas.