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Archive: 11 January 2018

Posts in 11 January 2018

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1119 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

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

May 15, 2024 7674 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.

Action on Benami Property holders / Owners steeped up

January 11, 2018 1290 Views 1 comment Print

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.

All about Appeals and Review Mechanism under GST

January 11, 2018 8916 Views 0 comment Print

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.

GST Rate on Food prepared in office kitchens and served there

January 11, 2018 3318 Views 1 comment Print

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 they come […]

TDS Mechanism Under GST- What you should Know

January 11, 2018 28359 Views 1 comment Print

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.

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

January 11, 2018 3825 Views 0 comment Print

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 commodities.

All about GST on Education Services- CBEC Guide

January 11, 2018 31908 Views 4 comments Print

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.

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

January 11, 2018 71898 Views 8 comments Print

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.

Expense cannot be disallowed for mere absence of voucher

January 11, 2018 6603 Views 0 comment Print

The ITAT, Lucknow bench in M/s Maheshwari Flour Mills vs. JCIT, has held that expenses related to the fundamentals of the assessee’s business cannot be disallowed merely n ground that they were not vouched.

Goods Transport Agency in GST- All you want to know

January 11, 2018 53109 Views 13 comments Print

The levy of Service Tax on Road Transportation Service has always been a contentious issue. The Finance Act, 1997 had levied Service Tax on Goods Transport Operators w.e.f. 16-11-1997 which was subsequently withdrawn after nation-wide strike.

Same cannot be assessed both in the hands of AOP and in Individual capacity of Assessee

January 11, 2018 2046 Views 0 comment Print

Once the assessment in the hands of AOP has been made then the assessment of the same income in the individual capacity tantamount to double assessment of the same income, which is impermissible in the eyes of law.

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