Tax Mohalla - Tax by KK

#icaigstseries #taxbykk #cskkagrawal Q 7 & Q 26 | Supply between AOP to Member or Firm to Partners | GST practical faq series by ICAI Please ♥Like ♥ Share ♥Subscribe ♥♥TELEGRAM CHANNEL LINK♥♥ I am practitioner (CA, CMA, CS, Lawyers, Accountants): https://t.me/taxbykk I am CA final student: https://t.me/cafinalgstkk I am CA inter student: https://t.me/cainterkk I am CMA inter student: https://t.me/cmainterkk I am CMA final student: https://t.me/cmafinalbykk I am CS Exe student: https://t.me/csexekk I am CS Profs student: https://t.me/csprofkk I am Law student: https://t.me/taxlawbykk ♥♥OUR STORE LINK♥♥ www.taxbykk.com ♥♥WHAT'S APP LINK♥♥ https://wa.me/919999227381 QUESTION 7 Is there a supply between member of an AOP and the AOP? Ans. As per Section 2(17)(e) of the CGST Act, the term “business” includes provision by a club, association, society, or any such body (for a subscription or any other consideration) of the facilities or benefits to its members. As per

QUESTION 5 Group insurance and LIC premium collected from employees salary by employer contains GST. The amount along with GST is remitted to the concerned insurance company. Is this supply for employer? Ans. In order to constitute a ‘supply’, the following elements are required to be satisfied: (i) there should be supply of “goods” and / or services”; (ii) supply is for a “consideration”; (iii) supply is made “in the course or furtherance of business”: • From the above, it is clear that any activity done against consideration is treated as supply; however, such an activity must be in the course of business or for the furtherance of business. • The term “in the course of business” or “furtherance of business” is not defined under the CGST Act. However, the term “business” has been defined in S 2(17) of the CGST Act The term “business” broadly means any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity whether or not it is for pecuniary

Please ♥Like ♥ Share ♥Subscribe ♥♥TELEGRAM CHANNEL LINK♥♥ I am practitioner (CA, CMA, CS, Lawyers, Accountants): https://t.me/taxbykk I am CA final student: https://t.me/cafinalgstkk I am CA inter student: https://t.me/cainterkk I am CMA inter student: https://t.me/cmainterkk I am CMA final student: https://t.me/cmafinalbykk I am CS Exe student: https://t.me/csexekk I am CS Profs student: https://t.me/csprofkk I am Law student: https://t.me/taxlawbykk ♥♥OUR STORE LINK♥♥ www.taxbykk.com ♥♥WHAT'S APP LINK♥♥ https://wa.me/919999227381 QUESTION What do you understand by the term “in the course of business and furtherance of business”? What is the tax treatment of the same under GST? Ans. In GST the two basic elements are supply and ITC. The definition of ‘supply’ as given in Section 7(1)(a) of the CGST Act includes- “all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consid

♥♥TELEGRAM CHANNEL LINK♥♥ I am practitioner (CA, CMA, CS, Lawyers, Accountants): https://t.me/taxbykk I am CA final student: https://t.me/cafinalgstkk I am CA inter student: https://t.me/cainterkk I am CMA inter student: https://t.me/cmainterkk I am CMA final student: https://t.me/cmafinalbykk I am CS Exe student: https://t.me/csexekk I am CS Profs student: https://t.me/csprofkk I am Law student: https://t.me/taxlawbykk ♥♥OUR STORE LINK♥♥ www.taxbykk.com ♥♥WHAT'S APP LINK♥♥ https://wa.me/919999227381 QUESTION (a) Would the act of Practicing Chartered Accountant who delivers guest lectures at various Institutes or organizations fall under the scope of supply? Yes (b) If yes, would any sum received as honorarium and reimbursement of local transport expenses at fixed rate will also have to be added as "consideration"? ANSWER (a) Delivering guest lectures by Practicing Chartered Accountant at various Institutes or organizations for a consideration (contractual basis)

♥♥TELEGRAM CHANNEL LINK♥♥ I am practitioner (CA, CMA, CS, Lawyers, Accountants): https://t.me/taxbykk I am CA final student: https://t.me/cafinalgstkk I am CA inter student: https://t.me/cainterkk I am CMA inter student: https://t.me/cmainterkk I am CMA final student: https://t.me/cmafinalbykk I am CS Exe student: https://t.me/csexekk I am CS Profs student: https://t.me/csprofkk I am Law student: https://t.me/taxlawbykk ♥♥OUR STORE LINK♥♥ www.taxbykk.com ♥♥WHAT'S APP LINK♥♥ https://wa.me/919999227381 Q 1: Development of Land: Land development is the act of altering the landscape in many ways from natural or semi-natural state for a purpose such as agriculture or construction including subdividing it into plots, typically for the purpose of building homes or commercial complex. Ans : Land Development in JDA: In the event of Joint Development, an agreement will be executed between the land owner and the builder. The rights for development will be given by the land owner

Practical FAQ's under GST issued by ICAI | CS K K Agrawal | GST FAQ series ♥♥TELEGRAM CHANNEL LINK♥♥ I am practitioner (CA, CMA, CS, Lawyers, Accountants): https://t.me/taxbykk I am CA final student: https://t.me/cafinalgstkk I am CA inter student: https://t.me/cainterkk I am CMA inter student: https://t.me/cmainterkk I am CMA final student: https://t.me/cmafinalbykk I am CS Exe student: https://t.me/csexekk I am CS Profs student: https://t.me/csprofkk I am Law student: https://t.me/taxlawbykk ♥♥OUR STORE LINK♥♥ www.taxbykk.com ♥ ♥WHAT'S APP LINK♥♥ https://wa.me/919999227381 PREFACE We stand by the Government in our role as “Partner in GST Knowledge Dissemination” and have always been supporting the Government with our intellectual resources, expertise and efforts to make GST error -free. We sincerely thank CA. Atul Kumar Gupta, President and CA. Nihar Niranjan Jambusaria, Vice-President, ICAI for their encouragement to the initiatives of the GST & Indirect Taxes Committee.

Download this booklet from telegram channel : "CAINTERKK" Question 5 8 KNK Ltd., a registered supplier of Mumbai is a manufacturer of heavy machines. Its outward supplies (exclusive of GST) for the month of January, 2020 are as follows : S.No Particulars Amount (₹) (i) Inter-state 85,00,000 (ii) Intra-state 15,00,000 Applicable rate of CGST, SGST and IGST on outward supply are 9%, 9% and 18% respectively. Details of GST paid on inward supplies during the month of January, 2020 are as follows: S.No Particulars CGST paid (₹) SGST paid (₹) (i) Raw materials A Rule 36(4): 110% of eligible credit (of which 70% of inputs procured were used and 30% were in stock at the end of the January, 2020) 60,000 60,000 (ii) Raw materials B S 17(5) (of which 90% material received in factory and remaining material completely damaged due to a road accident on the way to factory. There was no negligence on the part of the KNK Ltd.) 50,000 50,000 (iii) Construction of pipelines laid outside the f