The forms issued by the Central Board of Indirect Tax and Custom (CBIC) under Goods and Services Tax (GST) cannot overrule the provisions of the GST Law itself, said Chairman of Indirect Committee of The Institute of Chartered Accountants of India (ICAI), New Delhi, Chartered Accountant (CA) Madhukar N Hiregange.

Addressing a gathering of Chartered Accountants as chief guest at a two day workshop on “Goods and Services Tax” organised on Sunday, Hiregange explained the concept of Input Tax Credit (Capital Goods, Services and Input) including input service distribution and merger of recovery of excess credit

The event was organised by “Indirect Taxes Committee” of the Institute of Chartered Accountants of India (ICAI).

Hiregange said that Supreme Court in a famous case has affirmed that any rule or circular against law is not valid and not binding as well. However in no case we should misuse law for tax evasion.

He explained that Chartered Accountants may by their diligent services help their clients to get the Input Tax Credit for which they are eligible and contribute in the financial well being of their clients.   

Addressing the gathering as guest lecture CA, New Delhi, Gaurav Gupta said that no GST is to be levied in case of donation received by the NGO as there is no business involved and consideration is also missing. He also touched the impact of GST on NGO and explained that contractual obligation is important for taxability of transactions done by NGO under GST

He addressed various issues on brief concepts, levy, composition, exemption from tax including e-commerce and recent amendments.

Gupta explained the purpose of implementing GST. He stressed the need to look into the concept of Supply, Levy and Exemptions before coming into the conclusion of taxability of the Goods and Services.

Chairman of Ranchi Branch of Central India Regional Council (CIRC) of ICAI, CA Sandeep Jalan, welcomed the delegates of the workshop and explained the various initiatives of the branch towards continuous professional education of the members.

Convener of the workshop CA Arvind Modi, explained the purpose of organizing the workshop. The workshop was attended by more than 150 Chartered Accountants.

Vice Chairperson of the Ranchi Branch CIRC,CA Manisha Biyani, gave vote of thanks.