"15 June 2017" Archive

Composition Scheme under GST with examples

Compliances in the GST Law are very high which cannot be complied by the small dealer, small manufacturer and small service provider. For the purpose of above mentioned persons, composition scheme has been prepared. Generally in every law composition scheme is there such as VAT, Excise etc....

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Time of Supply in GST

Time of supply is that event in which month liability to pay tax arise. In the absence of same law may be void....

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Draft Notification on foreign company resident in India U/s. 115JH

F No 370142/19/2017-TPL (15/06/2017)

CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961...

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List of 89 items having Reduced Tax Liabilities under GST regime

In a majority of supplies of goods, the tax incidence approved by the GST Council is much lower than the present combined indirect tax rates levied [on account of central excise duty rates / embedded central excise duty rates / service tax post-clearance embedding, VAT rates or weighted average VAT rates, cascading of VAT over excise duty...

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Reduced Liability of Tax on complex, building, flat etc. under GST

1. Construction of flats, complex, buildings will have a lower incidence of GST as compared to a plethora of central and state indirect taxes suffered by them under the existing regime....

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HUF income cannot be taxed in members hand after demise of Karta

Smt. P. G. Sunandamma Vs Income Tax Officer (ITAT Bangalore)

In P.G Sunandamma Vs. ITO, the ITAT, Bangalore, held that the transfer of excise license to a member of HUF on death of Karta cannot be reason to assess HUFs income in the hands of that individual member....

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Agenda of 17th GST Council Meeting to be held on 18th June, 2017

Main agenda items of the 17th GST Council Meeting include confirmation of the minutes of the 16th GST Council meeting held on 11th June, 2017, approval of draft GST Rules and related Forms for (i) Advance Ruling, (ii) Appeals and Revision, (iii) Assessment and Audit, (iv) E-Way Bill & (v) Anti-Profiteering, and Fitment/adjustment of GST R...

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Maharashtra Goods and Services Tax Act, 2017

MAHARASHTRA ACT No. XLIII OF 2017 (15/06/2017)

In pursuance of clause (3) of article 348 of Constitution of India, following translation in English of Maharashtra Goods and Services Tax Act, 2017 (Mah. Act No. XLIII of 2017), is hereby published under authority of Governor....

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AO cannot review assessment order already framed vide section 154 rectification

M/s City Clinic Pvt. Ltd. Vs. ACIT (ITAT Chandigarh)

he issue raised by the AO in proceeding under section 154 of the Act is highly debatable and requires the issue to be reconsidered by the AO about applicability of provision of section 115JB of the Act which was not raised by the AO in the original assessment proceeding. Therefore AO has no power to […]...

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Interest and Dividend reporting under Income Tax of Custodial A/cs

SEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 (15/06/2017)

In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of reportable custodial account:-...

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