It has now been decided by the Board that Superintendents of Central Tax shall also be empowered to issue show cause notices and orders under section 74 of the CGST Act. Accordingly, the following entry is hereby being added to the item at Sl. No. 4 of the Table on page number 3 of Circular No. 3/3/2017-GST dated 5th July, 2017, namely:-
I am happy to note that Pune Zone has completed 100 per cent verification of TRAN-1 credit assigned for verification vide Member (Budget)’s letter dated 2nd January, 2018. Similarly, Chandigarh, Ahmedabad, Shillong, Vishakapatnam, Bhubaneshwar and Bhopal Zones have completed more than 90 per cent verification.
Section 8 of Composite and Mixed Supply as per CGST Act 2017
Introduction The facility of warehousing of imported goods in Customs Bonded Warehouses, without payment of Customs duty otherwise leviable on import, is permitted under the Customs Act, 1962. Apart from specific provisions in the said Act (specially under Chapter IX), certain Regulations have been also framed and provisions of Warehoused Goods (Removal) Regulations, 1963 and […]
To submit the application for refund on Account of Exports of services with Payment of Tax on the GST Portal, perform the following steps:
Budget 2018 could have led to a recent stock market rally of the investors to protect tax on long term capital gains, albeit it is benevolent foremost to the rural agrarian sector, followed by corporate sector with 25% corporate tax rate for financial year 2018-19 (applicable to the domestic companies having annual turnover below Rs. 250 crores in financial year 2016-17).
Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed.
Many months before the presentation of the Union Budget 2018 on 1 February 2018, newspaper reports had predicted the possibility of re-introduction of tax on long-term capital gains arising from transfer of listed equity shares / units of equity oriented mutual funds / units of business trust (specified assets).
It could not have been open to the authorities below to treat the payment of Rs 18,00,000 on account of furniture and fixtures on standalone basis, and thus exclude it as a separate item rather than as a cost of the residential house so purchased. In our considered view, therefore, the assessee is entitled to deduction under section 54F by treating entire amount of Rs 78,00000 as the “cost of the residential house” purchased within specified time limit under section 54.
1.01 Overview of Refunds under GST Refunds under indirect tax laws may arise due to many reasons, be it excess tax deposited by mistake, export of goods or services, refund under any decree of court, some wrong calculations done by the dealer or otherwise. Under the GST regime, some of the reasons which may result […]
