Due to the non-availability of the refund module on the common portal, it has been decided by the competent authority, on the recommendations of the Council, that the application/document/forms pertaining to refund claims on amount of zero-rated supplies shall be filed and processed manually till further orders.
The proportion of value attributable to different States or Union territories, in the case of supply of advertisement services to the Central Government, a State Government, a statutory body or a local authority. under sub section (14) of section 12 of the Integrated Goods and Services Tax Act, 2017, in the absence of any contract between the supplier of service and recipient of services, shall be determined in the following manner namely:-
On the basis of data analytics and information gathered during the first phase of online verification under ‘Operation Clean Money’, a list of assessees who had deposited substantial Cash in bank account(s) during the demonetisation period (8th November, 2016 to 30th December, 2016) but have not yet filed Income-tax return for Assessment Year 2017-2018 till date has been generated for further follow up action by the Income-tax Department.
Total income or loss shall be computed after making adjustment for addition of income appearing in Form 26AS or Form 16A or Form 16 (the three Forms) which has not been included in computing the total income in the return.
The Goods and Services Tax (GST) is being introduced in the country after 13 year long journey since it was first discussed in report by Kelkar Task Force on indirect taxes. Agreeably, one could count GST as country’s biggest tax reform which can trigger transformation on how businesses works across all industries and overhaul India’s […]
An illustrative list of such cases wherein NRIs/PIOs/OCIs are reported to have been asked to submit or link Aadhaar in order to avail the services/benefits/schemes has been compiled and is placed as Annexure.
GST is also applicable to restaurant bills. Under GST the rate of GST on restaurants is 12% in case of non-air conditioned restaurants and in case of air-conditioned restaurants, the rate is 18%. The tax rate is a bit lesser compared to the erstwhile tax regime where VAT was charged at 14.5% and 6% as Service […]
Development fee payment was not optional or voluntary on the part of the students but it was compulsory charge in the nature of fee for studying and continuing study in the institutions of the assessee, therefore, development fee received by assessee could not be classified as capital in nature for specific purpose or part of corpus fund of assessee trust. It was part of the current receipt and partook the character of other fee charged by assessee on account of tuition fee, term fee, etc.
The Board has issued a Report on Audit Quality Review (2016-17) providing findings, analysis and summary of observations made by the Technical Reviewers in review reports during the period which is available at the website of the Quality Review Board
CG notifies the registered person who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made there under and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.
