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Archive: 22 December 2017

Posts in 22 December 2017

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6372 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19383 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Interest on loan availed for business cannot be set off against interest received on loan to Sister Concern

December 22, 2017 2997 Views 0 comment Print

High Court of Kerala recently declared that interest from loan given to sister concern cannot be set off against the interest paid by the assessee to his benkers for the purpose of eligible deduction under section 57(iii) of the Income Tax Act 1961.

Belated deposit of employees contribution to PF / ESIC is not allowable

December 22, 2017 3504 Views 0 comment Print

The solitary common issue that arose in these appeals was with regard to the legality of dis-allowance of deduction made towards belated deposit of employees contribution of Provident Fund/Employees State Insurance. A reading of the order passed by the Tribunal shows that the first appellate authority confirmed the order of dis-allowance following the order passed by the Tribunal in ITA No.454/2014.

No major impact on prices of Essential Drugs post introduction of GST

December 22, 2017 627 Views 0 comment Print

Government has analyzed the impact of Goods and Services Tax (GST) on prices of the formulations and it is noticed that that there will be almost no impact on the prices of non-scheduled formulations which account for nearly 80% of the total pharmaceuticals sector.

RBI Clarification on Banks under Prompt Corrective Action

December 22, 2017 948 Views 0 comment Print

Reserve Bank of India has come across some misinformed communication circulating in some section of media including social media, about closure of some Public Sector Banks in the wake of their being placed under the Prompt Corrective Action (PCA) framework. In this context attention is drawn to the press release issued on June 5, 2017, which stated as under:

Increase in number of tax payers post demonetization

December 22, 2017 894 Views 0 comment Print

During the period from November 2016 to March 2017, the Income-tax Department (ITD) conducted searches on around 900 groups, wherein undisclosed income of over Rs. 7,900 crores was admitted. During the same period, more than 8200 surveys were conducted leading to detection of undisclosed income of more than Rs.6700 crores.

CST exemption on sale of zip fasteners to readymade garment manufacturer / exporter allowed by Madras HC

December 22, 2017 687 Views 0 comment Print

The only legal issue involved in this writ petition is whether the petitioner is entitled to claim exemption on the sale of zip fasteners to a ready made garment manufacturer, who has exported the ready made garments outside the territory of India.

Pre-commencement Interest on advances to contractors is capital receipt

December 22, 2017 2514 Views 0 comment Print

Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be ‘inextricably linked’ to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses.

Summary of GST Notifications and Circulars issued on 21st Dec 2017

December 22, 2017 10869 Views 2 comments Print

Due date for filing of some of the returns have been extended and clarification provided for few sectors along with manual filing of refund for the inverted duty structure

All about Transition under GST

December 22, 2017 13251 Views 6 comments Print

We are in Goods and Services Tax (GST) era. The law is implemented from 01.07.2017 but the procedural aspects are delayed because of various reasons. Many taxation acts have been merged into GST law.

Gist of GST notifications, circulars and order issued on 21-12-2017

December 22, 2017 35940 Views 2 comments Print

Central Board of Excise and Customs on 21st December 2017 issued 4 notifications, 4 circulars and 1 order, whereby due date to file return in forms GSTR-05, GSTR-05A, CMP-03 & ITC-01 was again extended further to 31st January 2018. Some amendments were also made in Form GSTR-01, Form RFD-01 and Form RFD-01A regarding deemed exports and refund on account of inverted tax structure. Four circulars were issued to clarify the provisions regarding (a) treatment of supply by an artist in various States and supply of goods by artists from galleries, (b) maintenance of books of accounts relating to additional place of business by a principal or an auctioneer for the purpose of auction of tea, coffee, rubber etc. meant for supply through an auction, (c) manual filing and processing of refund claims on account of inverted duty structure, deemed exports and excess balance in electronic cash ledger and (d) manual filing of applications for Advance Ruling and appeals before Appellate Authority for Advance Ruling.

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