"22 November 2017" Archive

Govt sets up Tax Force to draft new direct tax legislation

During Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, Hon’ble Prime Minister had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be redrafted....

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Posted Under: Income Tax |

No IGST on Inter-State movement of rigs, tools and all goods on wheels

Circular No. 21/21/2017-GST (22/11/2017)

The issue pertaining to inter-state movement of rigs, tools and spares, and all goods on wheels [like cranes] was discussed in GST Council’s meeting held on 10th November, 2017 and the Council recommended that the circular 1/1/2017-IGST shall mutatis mutandis apply to inter-state movement of such goods...

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Classification and GST rate on Terracotta idols

Circular No. 20/20/2017-GST (22/11/2017)

The GST rate on Idols made of clay is nil. (S.No. 135A of Schedule notification 2/2017 dated 28.06.2017)....

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Cabinet approves setting up of 15th Finance Commission

Cabinet approves setting up of the 15th Finance Commission. The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15th Finance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation....

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Posted Under: Income Tax |

Online Correction In Name, DOB & Gender of EPF Subscribers

No. NOC/2017/UAN/Pt./2741 (21/11/2017)

Currently, if employee wants to correct his/her basic details against UAN, employee and employer are required to submit a joint request to the concerned EPFO field office for correction of above mentioned basic details of employee. ...

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Anti Profiteering Law In GST

Anti Profiteering is a check against profiteering – something which ought to be ethical but is now a legal issue in Goods and Service Tax....

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Posted Under: Income Tax |

Income disclosure under fear of penalty or other proceedings cannot be termed voluntary

Dy. CIT Vs. Mukesh Kalubhai Prajapati (ITAT Ahemdabad)

A disclosure made under the fear of a plausible penalty or other proceedings cannot be termed voluntary or made in good faith. Mere request for non-initiation of penalty on the ground of disclosure branding the same to be voluntary with a view to buy peace and avoid litigation will not take the assessee out of the scope and ambit of Expla...

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Pure Agent Concept and Relevance Under GST

Suppose Mr. A (supplier) provide professional services (professional fees ₹ 10000) and he make some expense (amounting ₹ 5000) on behalf of Mr. B (recipient), whether such amount recovered by Mr. A paid on behalf of Mr. B will be part of invoice value and whether GST will be charged on whole amount ( i.e. ₹ 15000)....

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Posted Under: Income Tax |

Error in availing ITC through TRAN-1 & Solution Provided /Suggested

Service Tax No./Central Excise No./VAT/TIN is required to be added on the Business details Tab through Non-Core Amendment form through Non-Core Amendment form...

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Posted Under: Income Tax |

AO cannot have disregard finding directions of DRP and pass final assessment order

M/s Ess Distribution (Mauritius) S.N.C.ET Compagnie Vs. Assistant Commissioner Of Income Tax (Delhi High Court)

That judgment referred to the order of the DRP which had held that both the Assessees were not eligible Assessee under Section 144C (15) of the Act and that order of the DRP was binding on the AO. It was further held by this Court that the AO could not have disregarded the finding directions of the DRP and passed the final assessment ord...

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