Indirect Tax Laws - November 2023

Poorva Impex Ltd., a registered entity under GST in the State of Maharashtra, is engaged in making various supplies. It provides the following information for the month of April, 2023: S. | Particulars Amount (2 No. OUTWARD SUPPLY: (i) | Sold a future derivative contract at NSE (National Stock Exchange) 20,00,000 which was due in the month of April. Said contract had no delivery option. (ii) | Supplied 50 LED TVs at Hyderabad to the State Government of 8,00,000 Telangana.…

(a) Mr. Devis registered as a regular tax-payer under GST in Mumbai, Maharashtra since July 2017. His turnover for the previous year 2022-23 was ₹2 crore. He provides the following information pertaining to various outward supplies made by him during the month of April, 2023: Sr. Particulars Amount No. Charged (% (i) | Services by way of storage/warehousing of raw vegetable 4,00,000 fibre such as cotton flex, jute etc. (ii) | Supply of online mathematics journal to 'Model CBSE' school…

(a) Anuja checked-in at the 'Welcome Tourist Lodge’ in Madurai on 15 July, 2022. The room rent for the same was ¢ 900 per day for a single room. She checked-out on 17" of July, 2022 and payment in respect to the same was received by the lodge via cheque at the time of checking-out and entered in the books on the same date. The lodge decided to issue her the invoice on the same date when the amount would…

(a) Mr. Broker wrongly availed % 1,25,000 as input tax credit (CGST + SGST) at the time of furnishing return under section 39 of the CGST Act, 2017 for the month of October 2022. This ITC was not utilized against the output tax liability for the month of October 2022. Mr. Broker utilised ITC of % 75,000 from the above wrongly availed ITC of ¢ 1,25,000 against output tax liability for the month of November 2022. Mr. Broker paid the…

Root & Co. filed a refund application under section 54 of the CGST Act, 2017 in respect of export made by them. While declaring the export turnover, their accountant included the exempt turnover also as part of export turnover and claimed excess refund. Amount of refund excess claimed was # 18,000 each under CGST and SGST. Determine the total amount of penalty (CGST + SGST) leviable under GST law in respect of such erroneous refund if: (i) such excess refund…

(a) List the instances when TDS is not liable to be deducted under the GST law. (4 Marks) (a) With reference to provision of section 93(1) of the CGST Act, 2017, discuss the liability to pay tax, interest or penalty on death of a person so liable. (4 Marks) (b) Write short note on "Summary Assessment" under section 64 of the CGST Act, 2017. (5 Marks) (c) List the rights of the owner of the warehoused goods with reference to…