"11 January 2018" Archive

Action on Benami Property holders / Owners steeped up

Income Tax Department had set up 24 dedicated Benami Prohibition Units (BPUs) under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties....

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Posted Under: Income Tax |

ICAI to declare CA Final &d CPT examination Result on 17.01.2018

The result of CA Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 are likely to be declared on Wednesday, the 17th January 2018 around 2.00 P.M....

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Posted Under: Income Tax |

All about Appeals and Review Mechanism under GST

GST being implemented in our country is a dual GST i.e. to say every supply attracting the levy will be leviable to both Central tax and State tax. So does this mean that if a taxpayer is aggrieved by any such transaction, he will have to approach both the authorities for exercising his right of appeal? The answer is a plain NO....

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Posted Under: Income Tax |

GST Rate on Food prepared in office kitchens and served there

Question-  office cafeteria is charging 18% GST stating they come under outdoor catering but what if the food is cooked within the cafeteria. Need clarification? Reply- If the activity is outdoor catering gst rate is 18%, else 5%. Classification depends on the nature of business. @askGST_GoI office cafeteria is charging 18% GST stating t...

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Posted Under: Income Tax |

Inspection, Search, Seizure and Arrest under Goods & Services Tax Act

In any tax administration the provisions for Inspection, Search, Seizure and Arrest are provided to protect the interest of genuine tax payers (as the Tax evaders, by evading the tax, get an unfair advantage over the genuine tax payers) and as a deterrent for tax evasion....

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Posted Under: Income Tax |

TDS Mechanism Under GST- What you should Know

Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the modes/methods to collect tax, under which, certain percentage of amount is deducted by a recipient at the time of making payment to the supplier....

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Posted Under: Income Tax |

Special Audit in GST- All You Want to Know

GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore, a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions of law by the taxa...

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Posted Under: Income Tax |

National Anti-Profiteering Authority in GST- All You want to know

Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit should have been passed on to the recipient by way of commensurate reduction in prices. However it has been the experience of many countries that when GST was introduced there has been a marked increase in inflation and the prices of the com...

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Posted Under: Income Tax |

All about GST on Education Services- CBEC Guide

Education is not defined in the CGST Act but as per Apex Court decision in Loka Shikshana Trust v/s CIT, education is process of training and developing knowledge, skill and character of students by normal schooling....

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Posted Under: Income Tax |

GST on Charitable and Religious Trusts- All you want to know

The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. ...

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Posted Under: Income Tax |
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