"29 December 2017" Archive

Clarification on all aspects of Filing of Returns under GST: Must Read

Circular No. 26/26/2017-GST 29/12/2017

Various representations have been received seeking clarifications on various aspects of return filing such as return filing dates, applicability and quantum of late fee, amendment of errors in submitting / filing of FORM GSTR-3B and other related queries. In order to consolidate the information in various notifications and circulars regar...

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Central Goods and Services Tax (Fourteenth Amendment) Rules, 2017

Notification No. 75/2017-Central Tax [G.S.R. 1602(E)] 29/12/2017

These rules may be called the Central Goods and Services Tax (Fourteenth Amendment) Rules, 2017. (2) Unless otherwise specified, they shall come into force on the date of their publication in the Official Gazette....

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e-way bill Generation Rules effective from 01-02-2018: CBEC

Notification No. 74/2017–Central Tax [G.S.R. 1601(E)] 29/12/2017

Central Government hereby appoints the 1st day of February, 2018 as the date from which the provisions of serial number 2(i) and 2(ii) of notification No. 27/2017 – Central Tax dated the 30th August, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 1121 (E), dated the 30th Au...

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Govt revises GSTR-4 Late Return Filing Penalty

Notification No. 73/2017–Central Tax [G.S.R. 1600(E)] 29/12/2017

Council, hereby waives the amount of late fee payable under section 47 of the said Act by any registered person for failure to furnish the return in FORM GSTR-4 by the due date, which is in excess of an amount of twenty five rupees for every day during which such failure continues:...

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GSTR-1 Monthly Return Due Date Extended

Notification No. 72/2017-Central Tax [G.S.R. 1599(E)] 29/12/2017

Last date for filing of Monthly return in FORM GSTR-1 for for July-October, 2017 for Registered persons having Aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year has been extended to 10th January, 2018 from earlier due date of 31st December, 2017....

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GSTR-1 Quarterly Return Due Date Extended

Notification No. 71/2017–Central Tax [G.S.R. 1598(E)] 29/12/2017

The last date for filing of return in FORM GSTR-1 for July – September, 2017, for Registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year has been extended to 10th January, 2018 from earlier due date of 31st December, 2017....

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When company not started its core activity, it cannot be construed that it had commenced its business

Hyderabad Metro Rail Ltd. Vs. ITO (ITAT Hyderabad)

Hyderabad Metro Rail Ltd.: when company not started its core activity, it cannot be construed that it had commenced its business and the income shown in the P&L A/c is not generated from the business activity of the assessee, rules ITAT, Hyderabad....

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Franchise fee paid by KKR to BCCI-IPL is revenue expenditure

M/s Knight Riders Sports Private Limited Vs. ACIT (ITAT Mumbai)

Payment of Franchise Fee by Kolkata Knight Riders to the Board of Control for Cricket in India (BCCI) would constitute revenue expenditure for the purpose of allowing Income tax deduction, said Mumbai ITAT. ...

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Tariff concessions on specified goods imported from Malaysia wef 01.01.2018

Notification No. 97/2017-Customs 29/12/2017

seeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2018...

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Bogus LTCG from Penny stocks- ITAT Confirms Addition for failure to explain Jump in Price

Sanjay Bimalchand Jain Vs Pr CIT (Bombay High Court)

By this income tax appeal, the appellant ­assessee challenges the orders of the Assessing Officer, the Commissioner of Income Tax as also the Income Tax Appellate Tribunal holding that the assessee had traded in shares and the income was liable to be taxed as business income....

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