What is as per section 170 of the Cgst act?
Asked by: Della Spencer | Last update: February 9, 2026Score: 4.6/5 (34 votes)
As per Section 170 of the CGST Act 2017 (Central Goods and Services Tax Act), all amounts of tax, interest, penalties, refunds, or any other sums payable or due under the Act must be rounded off to the nearest rupee, with amounts of 50 paise or more rounded up to the next rupee, and amounts less than 50 paise ignored. This rule ensures consistency in financial reporting, applying to individual invoices and separate tax components like CGST, SGST, and IGST.
What is Section 170 of the GST Act?
As per Section 170 of the CGST Act, the correct method of rounding off is normal rounding. So, all the amounts of tax, interest, penalty, refund, or any other amount payable should be rounded off to the nearest rupee as per normal rounding off of tax liability method.
Is Section 170 taxable income?
Section 170(a) provides, subject to certain limitations, a deduction for any charitable contribution, as defined in § 170(c), payment of which is made within the taxable year. Section 170(f)(3) denies a charitable contribution deduction for certain contributions of partial interests in property.
What is section 170?
Whoever pretends to hold any particular office as public servant, knowing that he does not hold such office or falsely personates any other person holding such office, and in such assumed character does or attempts to do any act under colour of such office, shall be punished with imprisonment of either description for ...
Which services are blocked under section 17-5?
Section 17(5) – The following items are ineligible and thus, no credit can be claimed on such purchases.
- Motor vehicles and conveyances. ...
- Services of general insurance, servicing, repairs and maintenance. ...
- Supply of food, beverages, club memberships, beauty treatment, etc. ...
- Membership of a club, health and fitness center.
GST Section 170 | GST Book by @AUBSP
What is Section 17 5 of GST with example?
Section 17(5) of the CGST outlines specific goods and services for which Input Tax Credit (ITC) is restricted. This includes motor vehicles for personal use, personal consumption goods, and construction-related services.
Who is exempt from 1% cash payment in GST?
The following category of tax persons are exempted from payment of 1% of GST in Cash 1. Registered taxpayers who have paid income tax above Rs 1.00 in Income Tax during the last two years continuously 2. Taxpayers who have zero-rated supplies without payment of duty and claimed refund of more than Rs 1.00 lac 3.
What is register under section 170?
(1) Every company shall keep at its registered office a register containing such particulars of its directors and key managerial personnel as may be prescribed, which shall include the details of securities held by each of them in the company or its holding, subsidiary, subsidiary of company's holding company or ...
What is Section 170 of the Indian contract Act?
Where the bailee has, in accordance with the purpose of the bailment, rendered any service involving the exercise of labour or skill in respect of the goods bailed, he has, in the absence of a contract to the contrary, a right to retain such goods until he receives due remuneration for the services he has rendered in ...
What rights does a 75% shareholder have?
A 75% shareholder has near-complete control, able to pass special resolutions for fundamental changes like altering company articles, changing the name, reducing capital, or voluntary winding up, and can also pass all ordinary resolutions (like appointing/removing directors). This supermajority control allows them to direct significant corporate actions, including mergers, acquisitions, and share allotments, essentially overriding any minority shareholder objections on these key issues.
What is Section 170 of income tax Act applicability?
Succession to business otherwise than on death. (a) the predecessor shall be assessed in respect of the income of the previous year in which the succession took place up to the date of succession; (b) the successor shall be assessed in respect of the income of the previous year after the date of succession.
What earnings are not taxable?
Inheritances, gifts, cash rebates, alimony payments (for divorce decrees finalized after 2018), child support payments, most healthcare benefits, welfare payments, and money that is reimbursed from qualifying adoptions are deemed nontaxable by the IRS.
What is tax exempt status 170 C-1?
Charitable contributions to governmental units are tax-deductible under section 170(c)(1) of the Internal Revenue Code if made for a public purpose. An entity that is not a political subdivision but that performs an essential government function may not be subject to federal income tax, pursuant to Code section 115(1).
Do I need GST if my turnover is below 20 lakhs?
GST is leviable only if aggregate turnover is more than 20 lacs. (Rs. 10 lacs in 11 special category States). For computing aggregate supplies turnover of all supplies made by you would be added.
Which DRC is considered as pre-scn intimation?
Where a pre-show cause notice consultation is issued in Form GST DRC-01A, the person can submit a reply, or intimate about his payment in respect of the same, or both in Part-B of Form GST DRC-01A.
What are the four types of contracts?
While many types exist, four common contract classifications include Bilateral (mutual promises), Unilateral (promise for an act), Express (explicit terms), and Implied (inferred from actions), often categorized by the exchange, formation, or performance status of the agreement, with others focusing on payment (Fixed-Price) or enforceability (Voidable).
What is a general lien of factors?
A factor's lien would confer the right to retain the property's or asset's possession until the factor receives full compensation from the principal. This allows factor's to recover owed fees and expenses from the secured property should the principal fail to pay.
How do I terminate a contract?
To cancel a contract, take the following steps:
- Make sure you send the cancellation notice within the time allowed.
- Always cancel in writing. You can use the cancellation form or send a letter.
- Keep a copy of your cancellation notice or letter.
- Send your cancellation notice by certified mail, return receipt.
Do I need a CA to register a company in India?
Is CA Required for Company Registration? Technically, a chartered accountant is not mandatory to register a company in India. The Ministry of Corporate Affairs (MCA) provides an online portal that allows founders to complete the registration process on their own.
How can I check if a company is registered in India?
You can check a company's legal status in India using the Ministry of Corporate Affairs (MCA) portal:Visit https://www.mca.gov.inGo to "MCA Services" → "View Company/LLP Master Data"Enter the Company Name or CIN (Corporate Identification Number)The system will display the registration status, date of incorporation, ...
How much will it cost to register a company in India?
The cost of registering a company in India varies based on factors like authorised capital, professional fees, and state-specific charges. On average, the expenses can range from Rs. 6,000 to Rs. 30,000.
How much cash payment is allowed in GST?
No Cash Transaction Limit: The GST Act doesn't impose specific limits.
What transactions are not subject to GST?
These are purchases/sales that have a 0% GST rate. Examples include, purchasing items from overseas (exports); purchasing items from within Australia that are not subject to GST, eg. fresh food, some education. GST free sale /expenses are reported on your BAS.
How much amount is GST free?
What is the GST exemption limit? The GST exemption limit is the annual turnover below which a business does not need to register for GST. In most parts of India, the limit is Rs. 40 lakh for goods businesses and ₹20 lakh for service providers, with lower limits in special category states.