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Archive: 09 May 2017

Posts in 09 May 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6774 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

GST Transaction Analysis – With Practical examples-Part I

May 9, 2017 12036 Views 2 comments Print

This article takes you to a class room where literally one will experience sailing through in GSTN portal in respect of your business transaction –Also corresponding impact in Financials.

Draft Punjab Goods and Services Tax Bill, 2017

May 9, 2017 2052 Views 0 comment Print

THE PUNJAB GOODS AND SERVICES TAX BILL, 2017 A BILL to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Punjab and the matters connected therewith or incidental thereto

JOB Work, Consignment Sale, Stock Transfer, Inter Unit Transfer in GST

May 9, 2017 39108 Views 3 comments Print

Stock transfer of goods between two states would be liable to IGST. Stock transfer of goods between two business verticals in the same state where separate registration has been taken for each business vertical would be liable to CGST/ SGST

GST: Treatment of supplies to and by SEZ units/SEZ developers

May 9, 2017 53100 Views 20 comments Print

As per the IGST Law, supplies of goods and services to or by Special Economic Zone (SEZ) units or SEZ developers will be treated as inter-State supplies. As per the SEZ Act, supply of goods from SEZs are treated as import of goods into India. Accordingly Basic Customs Duty (BCD) & Integrated GST will be […]

Cross Border Mergers – Tax Aspects

May 9, 2017 8247 Views 1 comment Print

Earmarking another landmark step in corporate history, on 13 April, 2017, the Ministry of Corporate Affairs (MCA) brought into force the relevant corporate law provisions dealing with cross-border mergers and amalgamations. These new provisions bring global economies closer and open a host of opportunities by facilitating global acquisitions, sale transactions, consolidations and restructuring for Indian companies.

Interest on FDs for pre-operative period is taxable as Income from Other Sources

May 9, 2017 5178 Views 0 comment Print

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) Vs. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act.

S. 54 benefit available for cost of house acquired despite non-payment

May 9, 2017 2295 Views 0 comment Print

Sub-clause (i) of section 54 providing for the exemption does not require that the whole payment for purchase of new asset should be made. In other words even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction under section 54 because what is required by sub-clause (i) is that cost of new house should be equal to or more than the amount of long-term capital gain.

Compensation recoverable in Cheque Bounce case even If ‘Default Sentence’ Has Been Suffered: SC

May 9, 2017 31281 Views 0 comment Print

So long as compensation has been directed to be paid, albeit under Section 357(3), Section 431, Section 70 IPC and Section 421(1) proviso would make it clear that by a legal fiction, even though a default sentence has been suffered, yet, compensation would be recoverable in the manner provided under Section 421(1).

Shri Sushil Chandra re-appointed as Chairman of CBDT

May 9, 2017 897 Views 0 comment Print

The President. of India is pleased to re-appoint Shri Sushil Chandra, Chairman, Central Board of Direct Taxes (CBDT) as Chairman of the Central Board of Direct Taxes (CBDT)

Effective rates of BCD on industrial grade palm stearin (crude, RBD or other)

May 9, 2017 897 Views 0 comment Print

Seeks to amend notification No. 12/2012 dated 17.03.2012 so as to make effective rates of BCD on industrial grade palm stearin (crude, RBD or other) which were earlier classifiable under sub-heading 3823 11 and are now classifiable under 1511 90 30 consequent to the amendments carried out vide the Finance Act, 2017.

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