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Archive: 14 May 2017

Posts in 14 May 2017

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

May 15, 2024 6504 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.

Goods and Services Tax : A Game Changer

May 14, 2017 5022 Views 0 comment Print

The GST is likely to roll out on July 1, 2017. Given the cross-country experience and empirical evidence on efficiency gains from the Value Added Tax (VAT) in the Indian context, we conjecture that implementation of GST is likely to ensure higher tax buoyancy and an improvement in government finances over the medium term.

GST Issues, Perspectives and Way Forward

May 14, 2017 5109 Views 0 comment Print

GST implementation brings several issues to the fore viz., determination of the revenue neutral rate, consensus on the divisible pool of resources, sharing the benefits of cesses, the administrative edifice and the technological platform. A dispute prevention mechanism would facilitate a smooth transition to the GST. The evolution in central transfers and evolving fiscal federalism […]

SC on income from property: Is it is chargeable as house property Income or business income

May 14, 2017 6297 Views 0 comment Print

merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income is to be treated as income from business

Irrecoverable Bad debt in the course of business allowable as trading loss

May 14, 2017 2829 Views 0 comment Print

It has been held that ‘even though the expenditure is not admissible for the computation of the total income either as a bad debt or as an expenditure wholly incurred for the purpose of business, still, it can be allowed as an expenditure as a trading loss if it arises directly from carrying on the business and is incidental to the business.

Delay in Rent Payment cannot be condoned for Wilful Defaulters: SC

May 14, 2017 5250 Views 0 comment Print

Condonation of delay can take place only when the defaulting tenants so pleads with justifiable reasons which would show that he was prevented from compliance by circumstances beyond his control. The tenant has not offered any explanation for the delay in deposit of rents. Therefore, we do not find any justification to interfere with the order of the High Court.

Delhi HC condemns VAT dept for deliberate delay in issue of VAT refund

May 14, 2017 1176 Views 2 comments Print

Recently, in Asian Polymers Vs. Commissioner Of Trade & Taxes & Anr, the Delhi High Court reiterated that re-assessment cannot be used as a tool for causing delay in processing the refund applications. While scrapping the assessment orders passed by the DVAT Department, the division bench criticised the Officials in harsh words.

Exemption cannot be denied to a Trust merely for Profits from Publishing / Selling of School Books

May 14, 2017 3507 Views 0 comment Print

The textbooks are provided by the Assessee to the students at subsidised rates. Even the textbooks books, reading materials and school bags are being distributed free to deserving students. The essential activity of the Assessee is connected with ‘education’ and nothing else.

GST- ITC Reversal -If supplies are not paid within 180 days

May 14, 2017 87846 Views 12 comments Print

We shall now deal with GST provisions in respect of reversal of input tax credit for supplies where payment is not made within one hundred eighty days. The due date is counted from the date of issue of invoice.

Place of Supply under GST (Inter-state supplies Vs. Intra-state supplies)

May 14, 2017 16203 Views 5 comments Print

Though the union government’s slogan for GST is One nation, one tax which in general terms means single tax on all goods & services across India, however the real picture is far away from this illusion created by the government. Under the proposed GST regime, not only there will be four separate taxes i.e. CGST, SGST, UGST & IGST but also about five to six different tax rates for each such taxes.

GSTR-7 -TDS Return under GST

May 14, 2017 31686 Views 3 comments Print

Registered Tax Payers liable to deduct Tax Deduction at Source (TDS) under GST, will be required to file a monthly return for the tax deducted under GST in GSTR – 7. A certificate of tax deducted is issued by the deductor to the deductee through GSTR – 7A, which can be downloaded from common portal.

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