"29 November 2017" Archive

Type of Audit in GST

Audit word Speculate that what type of audit is inserted in CGST Act, 2017. Audit can be done by chartered Accountants/ Cost Accountants or by Department itself....

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GST Refunds in current senario

In GST, procedures of refund seems comfortable as compare to earlier tax structure. Let us make a study how and when refund under GST will be granted....

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BCCI guilty of abusing its dominant position; CCI Imposes penalty for Anti-Competitive conduct

Surinder Singh Barmi Vs. The Board of Control for Cricket in India (Compensation Commission of India)

Competition Commission of India (CCI) issues order against Board of Control for Cricket in India (BCCI) for abuse of dominant position for imposing restriction that deny access to the market for organization of Professional Domestic Cricket League/ Events; Imposes penalty of Rs. 52.24 crore on BCCI for the Anti-Competitive conduct....

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AO cannot treat activities of Trust as business without examining the same

ACIT (Exemptions) Vs. The Andhra Cricket Association (ITAT Vishakhapatnam)

ACIT (Exemptions) Vs. Andhra Cricket Association (ITAT Vishakhapatnam) The assessee is receiving grants from BCCI partly as reimbursements for various tournaments conducted by the assessee. The assessee has already constructed a stadium at Visakhapatnam suitable for conducting ‘test matches‘. During the year under consideratio...

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Time line for return filing under GST

ATTENTION TAXPAYERS! CALENDAR FOR GST RETURN FILING- FOR FILING OF GSTR-3B, GSTR-1, GSTR 4, GSTR-5, GSTR-5A, GSTR-6 for the Month of July 2017 to March 2018. ...

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GST: 11 Latest FAQs on GST as replied by Govt on Twitter

Questions 1. Sir I have started my firm under proprietorship but due to some reason I wanted to transfer my ownership but I could not due to new GST law it can not, kindly let me know what can be done ? Answer: You can transfer your business and as per sec 22(3) of CGST Act, […]...

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Penalty for failure to get account audited not justified if assessee acted bona fide

Off- Shore India Ltd. Vs. Deputy Commissioner of Income-tax (ITAT Kolkata)

Even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet. ...

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Functionality to claim Refund of excess amount in Electronic Cash ledger enabled

A functionality has been provided to the taxpayers on GST Portal to claim Refund of Excess amount in their Electronic Cash ledger. Those taxpayers, who wish to claim this Refund, may apply through the path given below...

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File Table 6A & GSTR 3B to get Refund of IGST & unutilized Input Tax Credit

Exporters advised to file Table 6A and GSTR 3B for processing of IGST Refund and for Refund of the unutilized Input Tax Credit; Errors by exporters while filing their returns are the sole reason for delay in grant of refunds or rejection thereof; The Government of India has taken various measures to alleviate difficulty and is fully commi...

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GST – Two Major Common public Questions, My Answers and Suggestion

Recently I have come across lot of queries regarding GST from some Common people and professionals from other fields whom I met recently. I have also answered them to some extent to what I really known about the particular concept....

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