"28 November 2017" Archive

Manual filing & processing of refund claims in respect of Zero-rated supplies in Maharashtra

Trade Cir No. 49 T of 2017 (28/11/2017)

Due to the non-availability of the refund module on the common portal, it has been decided, on the recommendations of the Council, that the applications/documents/forms pertaining to refund claims on account of zero-rated supplies of goods or services or both without payment of integrated tax shall be filed and processed manually till fur...

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Double Taxation – In-bond transfer under customs warehouse

The CBEC vide Circular No. 46/2017-Cus dated 24.11.2017 has clarified that the sale / transfer of goods lying in a Customs Bonded Warehouse (in-bond transfer) would attract (i) the integrated goods and services tax (IGST) at the time of transfer; and (ii) customs duty comprising of BCD and IGST at the time of removal of such goods from th...

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GSTR 3B Calculation Sheet

Use this excel sheet for calculate GST Payment or Carry forward Balance....

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No GST on Advance received for Supply of Goods

Giving relief to the tax payers, the Central Govt has abolished GST on Advance received in case of Supply of Goods. A brief analysis of the recent changes is presented below...

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GST reshaping FMCG logistics into modern business, says study

Trade and industry may have faced teething troubles from the Goods and Services Tax (GST) but the entire business landscape of FMCG (fast moving consumer goods), retail and logistics is going to be transforming into modern and efficient model with introduction of uniform tax regime, says a joint study by ASSOCHAM-MRSS India....

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Can Refund be claimed if wrong payment under GST made?

Arjuna, due to technical issues taxpayers have paid wrong amount to the government. Sometimes they pay excess amount. In that case i.e Amount is paid in excess of actually payable to the Government’s treasury, then we will get ITC for that in next tax period. But if there is no liability to set off the ITC, then that amount will be refu...

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Reopening not permissible on the ground of expense which was not claimed by Assessee

Sandip Bhikhubhai Padsala Vs. ITO & Anr. (Gujarat High Court)

Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground that as the shares were not held by the assessee for more than 12 months period, therefore, same could not be considered as long-term capital assets. ...

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EPFO lays down provisions to help Pensioners in submitting Jeevan Parmaan with ease

As per the provisions laid down, pensioners under Employees’ Pension Scheme, 1995 are required to submit Life Certificate annually in the month of November each year. From 2016 facility has been provided for submission of Jeevan Parmaan digitally as authentication for proof of identity of the individual pensioners. In order to obviate t...

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SC rejects Bail plea of Rohit Tandon for alleged Possession & Conversion of Demonetized Notes

Rohit Tandon Vs. The Enforcement Directorate (Supreme Court of India)

While upholding the proceedings against Advocate Rohit Tandon, a three judge bench of the Supreme Court confirmed the Delhi High Courts’ order denying bail for possession and conversion of Demonetized Currency....

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Receipt of beneficial share from partnership firm cannot be treated as unexplained

ACIT Vs. M/s. Jeannie Jamshed Madan (ITAT Mumbai)

ACIT Vs. M/s. Jeannie Jamshed Madan (ITAT Mumbai) The fact that the assessee is one of the beneficiaries in the Estate of late Shri M.S. Kotwal who is partner in the partnership firm of M/s. Mira Salt Works is not in dispute. The reason for bringing to tax the amount received by the assessee is, […]...

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