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Archive: 23 January 2018

Posts in 23 January 2018

Dispose application for Lower deduction U/s. 197 within 30 days of application

January 23, 2018 1641 Views 0 comment Print

The Certificate under section 197 is at present issued with a validity date from the date of issue. Though the assessee is applying in the month of April, i.e., at the beginning of the financial year, the certificate is issued much later.

GST exemption on ticket price up to Rs. 500 of circus, dance, award etc. wef 25.01.2018

January 23, 2018 27417 Views 2 comments Print

Recommendation made by the GST Council in its 25th Meeting held on 18th January, 2018 at Delhi for granting relief from GST on circus, dance, theatrical performances including drama or dance, award function, pageants, concerts, musical performances, recognised sporting events. In the meeting held on 18th January, 2018, the GST Council has recommended several measures granting […]

Changes in GST on Housing Sector WEF 25.01.2018

January 23, 2018 46128 Views 10 comments Print

In order to provide a fillip to the housing and construction sector, GST Council has decided to give exemption to leasing of land by government to governmental authority or government entity.

GST on services provided by Resident Welfare Associations wef 25.01.2018

January 23, 2018 20265 Views 1 comment Print

Services provided by Resident Welfare Associations (unincorporated body or a registered non-profit entity) to their members were hitherto exempt against contribution of up to an amount of five thousand rupees per month per member. Requests were received from several quarters to enhance the contribution limit of five thousand rupees per month per member for exemption.

Valuation of shares- Make Report from CA admissible- ICAI

January 23, 2018 1263 Views 0 comment Print

The Finance Act, 2012 had inserted clause (viib) in section 56(2) to provide that if the consideration for shares is in excess of the fair value of the shares, the aggregate consideration received in excess of the fair value determined as per method prescribed or substantiated

Amendment in GST rate on admission to amusement parks etc wef 25.01.2018

January 23, 2018 18375 Views 2 comments Print

It is expected and hoped that States do not raise the tax on entertainment and amusement levied by the local authorities (Panchayats/ Municipalities/ District Councils) so as to increase the tax burden on the amusement parks. This will ensure that the rate cut in GST is passed on to children.

Section 40A(3) ICAI suggests on Maintenance of records of Cross Cheques

January 23, 2018 3096 Views 0 comment Print

Any payment for purchase and expenditure otherwise than account payee cheques is disallowed by 30%. Tax auditor has to report in Clause 21(A) that all payments have to be made through account payee cheques or not.

Incentivise transactions through credit/debit cards and other banking instruments

January 23, 2018 651 Views 0 comment Print

Large majority of the Indian consumer market is unorganised due to the presence of small businesses across sectors which largely deal in cash, both, when buying products and selling them.

E- Way Bill Complete Guide

January 23, 2018 59493 Views 3 comments Print

E-WAY BILL- COMPLETE GUIDE E-way bill provisions are all set to take place on February 01, 2018 for all the inter-state movements of goods. The states may choose any date before June 01, 2018 for applying E-way bill provisions on intra- state movements of goods. This means that intra- state movement of goods will also […]

CBEC imposes Anti-dumping duty on imports of Toluene Di-Isocyanate

January 23, 2018 1578 Views 0 comment Print

CBEC Seeks to impose definitive anti-dumping duty on imports of Toluene Di-Isocyanate (TDI) originating in or exported from China PR, Japan and Korea RP vide Notification No. 3/2018-Customs (ADD)

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