"21 November 2017" Archive

Manual Procedure for filing Refund Under GST

Procedure of Manual filing of Refund under GST regime is mention in circular no. 17/2017 and Notification No. 55/2017 DT. 15/11/2017. Find below summarized procedure and required document for filing refund application in GST-RFD-01-A. Here below procedure is only for those who export goods/services using LUT/Bond, without payment of IGST...

Read More

Methodical Business Book Keeping

At present the Manufacturing Companies and Trading Companies are following Financial Accountancy and Cost Accounting to maintain their Books of Accounts...

Read More

13 expenses on which Input Tax Credit is not available under GST

Negative List of Input Tax Credit under GST: Following expenses we can’t consider as input tax credit under GST. S.No. Nature of Expenses Exceptions 1 Motor Vehicle Expenses A) Dealer of Motor Vehicle If Service provider ( S.P.) and service receiver (S.R.), both are belong to same line of business ( Dealing in motor vehicle) […]...

Read More

Functionality for refund of Input Tax Credit for exports enabled

Functionality for refund of Input Tax Credit of inputs/input services attributed to export of Goods & Services has been made available to taxpayers on the GST Portal. ...

Read More

Calculation of Late Form GSTR- 3B Return filing fees on GST Portal

GST Portal will now be calculating Late Fee (CGST + SGST) payable as below Rs 50 per day for filing of FORM GSTR- 3B Return after the due date for the month of October, 2017 on wards...

Read More

5 Ways to Accept Payments in 21st Century

There are several ways in which businesses are accepting payments in India. They are adopting carious digital modes of payment to provide their customers comfort and convenience....

Read More

Defective Return Notice U/s. 139(9) For A.Y. 2017-18 With Error Code No. 180 –Some Precautionary Steps For Resolution

Recently, it is seen that notices U/s. 139(9) of the Income Tax Act have been send by the Department to the large no. of assesses mentioning therein the error code no. 180. The description of this error is mentioned as...

Read More

Reg. Misleading news report in DRI case against Adani Group

Modi Government Has 24 Hours to Appeal Dismissal of DRI's Charges Against Adani Group by Paranjoy Guha Thakurta published in thewire.in on 20/11/2017...

Read More

Pass Benefit of GST Rate Reduction to the Consumers: CBEC

The GST Council in its 23rd meeting held on 10th November, 2017 at Guwahati, has recommended the reduction of the GST rate from 28% to 18% on goods falling under 178 headings, leaving only 50 items under the GST slab rate of 28%. A large number of items have also witnessed a reduction in GST rates from 18% to 12%, 12% to 5% and so on...

Read More

HC Quashes I-T Order Against P. Chidambaram & Family & Held Reopening discriminatory

Karti P. Chidambaram Vs. The Assistant Commissioner of Income Tax (Madras High Court)

The Madras High Court has quashed the Income Tax Assessment Orders passed against P. Chidambaram, Senior Advocate & Former Union Finance Minister, his wife Nalini Chidambaram, Senior Advocate, and his son Karthi Chidambaram. The High Court quashed the order terming it as illegal, arbitrary, and issued without following principles of natur...

Read More
Page 1 of 3123