Eye Share: Receipt and Consideration – So Alike, yet so Different in Many Ways!

We all have become so used to taxes that claims of any income being not taxable comes as a surprise and how everyone around, would bring rationale to demonstrate that the income is taxable. The thought process applies equally to income tax and indirect taxes. Author Sourabh Kotecha (Assistant Manager in Indirect Tax Department of a Fortune 500 Company) mentions that lot of assessees make GST payment on all receipts, without examining the levy on GST on suc...