Articles by CA. Bhavik P. Chudasama

Understanding Rule 86B of CGST Rules: Restrictions on ITC Utilization

CA. Bhavik P. Chudasama 22 May 2024 at 14:39

The Central Goods and Service Tax (CGST) Act introduced Rule 86B vide Notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021 curb the menace of fake invoicing and tax evasion.

GST Payable on Sale of Capital Goods under CGST Act: Section 18(6) viz-a-viz Rule 40(2) and Rule 44(6)

CA. Bhavik P. Chudasama 09 May 2024 at 17:46

The Goods and Services Tax (GST) regime allows businesses to claim Input Tax Credit (ITC) on purchases used for taxable supplies. However, there are situations where previously claimed ITC needs to be reversed.

ITC on Motor Vehicles under GST: A Detailed Analysis

CA. Bhavik P. Chudasama 22 April 2024 at 17:44

This article delves into the eligibility of ITC on motor vehicles, with a particular focus on exceptions for vehicles exceeding 13 seating capacity and the scenario of renting motor vehicles.

Differentiating TDS on Rent: Section 194IB vs 195 of IT Act, 1961

CA. Bhavik P. Chudasama 11 April 2024 at 08:47

The Income Tax Act mandates tenants to deduct Tax Deducted at Source (TDS) on rent payments under certain circumstances. This helps collect tax from landlords at the source of income. Here's a breakdown of TDS on rent under Section 194IB and 195

Simplifying GST on Hotel, Restaurant & Outdoor Catering Services

CA. Bhavik P. Chudasama 30 March 2024 at 14:24

This article aims to demystify the GST maze for hoteliers, restaurateurs, and caterers, offering a clear and concise guide to ensure smooth compliance and maximize tax benefits.

Exemption u/s 54 cannot be denied merely due to mistake by the developer

CA. Bhavik P. Chudasama 27 March 2024 at 11:56

Mukesh Harilal Mehta Vs ITO 16(3)(1) (ITAT Mumbai) Appeal Number : ITA No. 2256/MUM/2023

GST on Corporate Guarantees: A Comprehensive Guide

CA. Bhavik P. Chudasama 22 March 2024 at 09:35

This article dives into the current rules surrounding GST on corporate guarantees in India, explaining the applicable rate, valuation method, and exceptions.

Streamlining Audits: ICAI's Centralized NOC Policy and its Benefits for Incoming CAs

CA. Bhavik P. Chudasama 09 March 2024 at 12:44

The Institute of Chartered Accountants of India (ICAI) is set to introduce a major reform - A Centralized NOC (Non-Objection Certificate) Policy. This policy aims to simplify the process of obtaining a NOC, a crucial document for auditors taking on new clients. Let's delve into the reasons behind this initiative and how it will benefit incoming Chartered Accountants (CAs).