"19 September 2017" Archive

Constitution of National Anti-profiteering Authority under GST

F.NO. D-22011/AP/1/2017/892-939 (19/09/2017)

You may be aware that Section 171 of the Central Goods and Services Act, 2017 (Act) provides that the reduction in rate of tax on any supply of goods or services or the benefit of input tax credit shall be passed on by the supplier to the recipient (of such goods or services) by way of commensurate reduction in prices....

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Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification No. G.S.R. 1172(E) (19/09/2017)

For the purpose of this rule, a Specified IFSC Public company means an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi ...

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Soon you have to submit estimated Current Income and Advance Tax Liability details

A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more....

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Procedure for filing Statement of income from a country or specified territory outside India and Foreign Tax Credit

Notification No. 9 (19/09/2017)

Online Form i.e. Form No. 67 needs to be filed in the case where assessee claiming the benefit of foreign tax credit. Submission of Form 67 shall precede the filing of return of Income. Text of Notification in this regard is as follows :- ...

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GST: Clarification on one third deemed deduction on transfer of Land

C. No. IV/16/122017-CCO(TVM) (19/09/2017)

The value of supply of services falling under the said Sl. No. are eligible for one third deemed deduction, on account of Transfer of Land or Undivided Share of land, if the transaction value includes the value of the land transferred as per and as delineated in para 2 of the said Notification. This one third deemed deduction on account ...

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Distribution of GST Provisional Id and Access Token of Phase 12 dealers

Trade Circular No. 41T of 2017 (19/09/2017)

Provisional Ids and Access Token of Phase 12 dealers, are now made available by GSTN. Dealer can obtain their Provisional Ids from department's portal www.mahavat,gov.in, using their login credentials. The list of all such dealers is published under GST Tab on Mahavat portal. This phase 12 mainly considers the 460 dealers whose Provisiona...

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GST on Transport of Goods by Road Service other than GTA

CA. Sanjeev Singhal GST On Transport of Goods by Road service still in loop. Most ambiguous is the GTA [ Goods Transport Agency ] services which is generally  in discussion and the most contentious issue of the day. But has any one discussing the transport services other than GTA. In most of the transport services […]...

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Provisions of Credit and Debit Notes in GST

Requirement of Credit Note in GST:-A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situation like:...

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Release Seized Goods on payment of 50% of demand as per GST: Kerala HC

Tne Commercial Tax Officer Vs Intelligence Inspector (kerala High Court at Eranakulam)

The respondent herein, a dealer registered under the KVAT Act and migrated to CGST Act, had purchased a consignment of plywoods from a manufacturer at Perumbavoor, and was transporting the same. The goods were detained by the appellants and Ext.P5 notice under Section 129(3) of the Central/State Goods and Services Tax Act, 2017 was issued...

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How to Submit clarifications in respect of GST Registration Application

The Status of my application is Pending for Clarification. What does it indicate? If the Tax Official is not satisfied with the information provided by you in the Registration Application or the documents attached, the Tax Official can seek for clarifications from the taxpayer....

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How to Track GST Registration Application status with Provisional ID

To check the registration status, you need to perform the following steps: 1. Access the www.gst.gov.in URL. The GST Home page is displayed. 2. Under the Help Links section at the footer of the Web page, click the Track Provisional ID link....

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No Absolute Exemption to CBI From RTI Act: Delhi HC

CPIO CBI Vs. CJ Karira (Delhi High Court)

The Delhi High Court has directed the CBI to consider the application of an RTI activist seeking information about corruption within the central investigating body and action taken into allegations made by Delhi Chief Minister Arvind Kejriwal of shady probe into the coalgate scam pursuant to a news report....

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Need for Standards on Valuation in India

Corporate valuations is the main step towards corporate finance activity (which includes capital raising, M&A) and towards meeting regulatory/accounting requirements or for management purposes. ...

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Bulk GSTIN Structural Error Check Utility

This article provides basic idea of checking structural correctness of GST Identification Number (GSTIN). Although one can search taxpayer by GSTIN on GST common portal and verify the correctness of GSTIN but portal does not permit bulk checking of GSTIN. So excel is better option to check structural correctness of GSTIN....

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File FCRA return without penalty for FY 2010-11 to 2014-15 till 18.10.2017

No.II/21022/36(0207)/20 15-FCRA(II) (19/09/2017)

Government is committed to ensure compliance of the provisions of 2010 and Rules made thereunder, all these organizations (4842) are given one more opportunity to file their Annual Returns for the missing years for the period 2010-11 to 2015-16 with penalty on our website fcraonline.nic.in within 30 days....

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