E-way bill is an electronic document generated on the GST portal evidencing movement of goods. The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018 i.e, from tomorrow and from the 1st February the implementation of nationwide e-way Bill system for interstate supply will be done on a compulsory basis. Therefore, the Sankrant will come on Consignor, Consignee and transporter.
If the supplier of goods or service is not paid within 180 days of the issue of the tax invoice, the recipient has to reverse the ITC availed and show it in the GSTR – 3B of the December 2017 to be filed by 20th January 2018.
In the recent landmark judgement of Texport Overseas Private Limited v. DCIT [IT(TP)A No. 1722/Bang/2017], Honorable Bangalore Tribunal held that: it would be deemed that clause (i) of Section 92BA of the Income-tax Act, 1961 (‘the Act”) was never been on the statute as it has been omitted w.e.f. April 01, 2017 vide Finance Act, 2017 and nothing was specified whether the proceeding initiated or action taken on this continue.
Under GST, transporters will need to carry an electronic waybill or E Way Bill when moving goods from one place to another. Since it is a new rule introduced under GST, it is necessary for all consignors/consignees/transporters to be aware of the required compliance.
Two-judge bench of the Gujarat High Court comprising Justice Akil Kureshi and Justice A.Y. Kogje in the case of Meena Krishna Agarwal Versus Assistant Commissioner decided that Tax Arrears of a deceased assessee cannot be recovered out of the personal properties of wife.
India and USA have signed the Inter-Governmental Agreement (IGA) under FATCA in 2015. To enhance the effectiveness of information exchange and transparency, both the sides committed to establish, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFIs) to obtain the Tax Identity Number (TIN) of each report able person having a report able account as of June 30, 2014 (pre- existing account).
Board has received references regarding the classification of Telecommunication Antenna which are used at Base Transceiver Station/NodeB/eNodeB in wireless or cellular networks.
The results of the Chartered Accountants Final Examination held in November, 2017 and Common Proficiency Test (CPT) held in December, 2017 are expected to be declared on January 17, 2018 around 2.00 P.M. The results and the details of marks of Final Examination and Common Proficiency Test (CPT) will be hosted on the following websites:
It has been decided to discontinue the practice of taking NOC from AC/DC, Appraising Main (Import) in case of presentation of bill of entry for more than 20 days.
A recent circular No. No. IP/003/2018 dated 03.01.2018 by IBBI puts virtually a complete ban on outsourcing of the activities required to be done for performing his duty and responsibility by nsolvency resolution professional. It states that – “It is hereby directed that an insolvency resolution professional shall not outsource any of his duties and responsibilities […]
