"13 August 2017" Archive

GST: Payment of Tax Reverse Charge on receipt of supply of specified goods and/or services

GST laws has come with provisions of taxation reverse charge basis. It case obligation of paying taxes by the recipient of supply of goods, services or both. Following two types of provisions have been enacted....

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Video : GST Payment; 9 different ways of adjustment of IGST, CGST, SGST & CESS

(a) integrated tax shall first be utilised towards payment of integrated tax and the amount remaining, if any, may be utilised towards the payment of central tax and State tax, or as the case may be, Union territory tax, in that order;...

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Goods & Services Tax (GST) Impact – Post Implementation

It has been 45 days since GST has been implemented in India. While the industry was worried much, the GST transition has been smooth so far. GST is one of the biggest indirect tax reforms in post – independent India. Following sections will give a clear picture of new indirect tax regime’s advantages and its […]...

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15 Important Points to remember about Return GSTR-3B

1) It is Mandatory to file GSTR-3B and there is no exemption from filing GSTR-3B even if you have not carried on any business in the month of July’2017. NIL GSTR-3B is also to be filed mandatorily. 2) GSTR-3B is the provisional return for the month of July’2017. Therefore all dealers who are required to file monthly returns under the ...

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Freedom to registered taxpayer in GST

Krishna, 15th August is the Independence Day of India. Freedom fighter fought in 1947 for Independence of the country. From last month GST has been applicable. So, on the occasion of this Independence Day what information about GST would you give?...

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Assessee cannot claim to be under reasonable belief of Income Exemption after paying Tax on the same for 40 Years

Trustee of Saurashtra Trust Vs The Directors of Income Tax (Exemption) (Bombay High Court)

On allowing appeals by the Revenue and / or rejection of Cross Objections filed by the assessee, the assessee moved an application seeking reference of following two questions of law for decision of this court...

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Onus of ensuring presence of deponent cannot be shifted to assessee

Principal Commissioner of Income Tax Vs Best Infrastructure (India) Pvt. Ltd. (Delhi High Court)

S. 68: Statements recorded u/s 132 (4) do not by themselves constitute incriminating material. A copy of the statement together with the opportunity to cross-examine the deponent has to provided to the assessee. If the statement is retracted and/or if cross-examination is not provided, the statement has to be discarded. The onus of ensuri...

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Section 80IA: Bottling of LPG amounts to manufacture: SC

CIT Vs M/s. Hindustan Petroleum Corporation Ltd. (Supreme Court of India)

The word ‘production’ has a wider connotation in comparison to ‘manufacture’, and any activity which brings a commercially new product into existence constitutes production. The process of bottling of LPG renders it capable of being marketed as a domestic kitchen fuel and, thereby, makes it a viable commercial product....

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6 Month limitation period commences from the date of receipt of order sought to be rectified by assessee

Liladhar T Khushlani Vs Commissioner or Customs (Gujrat High Court at Ahemdabad)

Feeling aggrieved and dissatisfied with the impugned order passed by the learned Central, Excise & Service Tax Appellate Tribunal, West Zonal Bench, Ahmedabad (hereinafter referred to as CESTAT) dated 18/08/2015 by which the learned CESTAT has dismissed the rectification application on the ground that the said application has been preferr...

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Bank notes with writing or ink mark continue to be legal tender: RBI in RTI Reply

Bank notes with writing or ink mark on them continue to be legal tender, however, bank notes bearing religious or political messages will not be treated as eligible for exchange as per Note Refund Rules, 2009....

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