"07 February 2018" Archive

6 Recent Pronouncements On GST (Part-V)

In Salasar Synthetics v. Union of India (2017) 6 GSTL 396 (Delhi), where the assessee was contending that Rule 44A of CGST Rules, 2017 providing for reversal of 5/6th of already accrued Cenvat credit in respect of additional duty of Customs paid at time of import of gold dore bar was unreasonable...

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RUN – Steps, Advantages and Limitation

Reserve Unique Name #RUN introduced by MCA is a step towards ease of doing business in India. But how useful it is ? let us analyse it...

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FAQs on RUN (Reserve Unique Name)

Q.1 What are the features of RUN(Reserve Unique Name) web service Ans:  It is a simple and easy to use web service for reserving a name for a new company or for change of name for any existing company. Q.2 What is the first step for availing the service Ans: This is a post-login service and […]...

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GST on admission to amusement parks & ballet etc, reduced to 18%

In its Meeting held on 18th January, 2018, the GST Council had recommended reduction of GST rate on services by way of admission to Amusement Parks including theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet from 28% to 18%....

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Concealment of income & furnishing of inaccurate particulars are distinct and separate charge

Sachin Arora Vs. ITO (ITAT Agra)

Where in the assessment order, penalty proceedings have been initiated mentioning a specific charge and in the accompanying notice, the assessee is called upon to furnish his explanation in respect of both the charges, the notice obviously suffers from either non-application of mind or diffidence on the part of the AO....

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Relief for MSME Borrowers registered under GST

It has been represented to us that formalisation of business through registration under GST had adversely impacted the cash flows of the smaller entities during the transition phase with consequent difficulties in meeting their repayment obligations to banks and NBFCs. ...

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Concessional Rate of GST of 12% to promote Affordable Housing

Recommendations made by the GST Council for the Housing Sector to promote Affordable Housing for the masses come into force; Concessional Rate of GST of 12% extended to construction of houses constructed/ acquired under the Credit Linked Subsidy Scheme for EWS, LIG, MIG sections In its 25th Meeting held on 18th January, 2018, the GST [&he...

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Relief in GST on Circus, Dance and Theatrical Performances

GST Council recommends relief in GST on Circus, Dance and Theatrical Performances. Threshold Exemption under GST for admission to such cultural and sports events in the country increased from Rs. 250 to Rs. 500 per person....

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Relief from GST on services provided by RWAs

GST Council recommends granting relief from GST on services provided by the Resident Welfare Associations (RWAs) to their Members Threshold Exemption Limit under GST for monthly contributions made by members for services provided by RWAs raised from Rs. 5,000 to Rs. 7,500 per month per person In its 25th Meeting held on 18th January, 2018...

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Deduction U/s. 54F cannot be claimed on Capital gains arising in the hands of spouse

The Assistant Commissioner of Income Tax Vs Shri Ramakant Rajaram Bodke (ITAT Pune)

Deduction under section 54F was in respect of capital gain arising in the hands of wife of assessee, should have been claimed in the return of income filed by the wife of assessee, therefore, claim of assessee under section 54F was liable to be rejected....

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