"12 February 2018" Archive

GST on Intermediary Services

According to sec 2(13) of IGST Act, intermediary is a broker or an agent who arranges or the supply of goods or services or securities, between two or more persons. But an intermediary shouldn't supply such goods or services or securities on his own account....

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GST: Complete Procedure for Exporters

1. If one registered supplier doing inter-state supply to registered recipient for export., 2. Payment of gst at concessional rate @ 0.10% and excess gst rate on such goods is exempt., 3. Following are the conditions which have to fulfill by registered recipient:, 4. Registered supplier should issue the tax invoice., 5. Registered recipie...

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Working Capital Constraints & Exports: Evidence from GST roll out

The implementation and refund delays under the new tax regime of Goods and Services Tax (GST) seem to have led to working capital constraints for firms, which in turn might have hurt their exports in October 2017. ...

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CBDT notifies Government e-Marketplace (GeM) U/s. 138 of Income-tax Act

Notification No. 06/2018-Income Tax (12/02/2017)

Central Government, hereby specifies Chief Executive Officer, Government e Marketplace (GeM) for purposes of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of Income-tax Act, 1961...

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CBDT notifies important procedural aspects while conducting e-assessment

Instruction No. 01/2018 (12/02/2018)

Some of the important procedural aspects while conducting assessment proceedings through 'E-Proceeding' are as under: 4.1 Enquiry before assessment in electronic mode: For enquiries before assessment in terms of section 142(1)(ii) of the Act, notice shall be issued electronically and delivered upon the assessee in his 'E-Filing' account. ...

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RBI notifies Revised Framework for Resolution of Stressed Assets

RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 (12/02/2018)

The Reserve Bank of India has issued various instructions aimed at resolution of stressed assets in the economy, including introduction of certain specific schemes at different points of time....

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Revision u/s 263 for denying Deduction u/s 80-IA is Invalid if both conditions not satisfied

Pratibha SMS Jv. Vs Pr. CIT (ITAT Delhi)

The exercise of jurisdiction by the Commissioner of Income Tax under the provisions of Section 263 has been a matter of controversy. Especially when it comes to denying the deduction which has been allowed by the Assessing Officer during the course of regular assessment...

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Registration process to Register DSC on MCA using emSigner

Now a days its a common issue among professionals like CA/CS/CMA that how to get Register DSC on MCA portal using emSigner, recently launched, so here are the few important tips, which may help you while registering DSC on Ministry of Corporate Affairs portal....

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TVAT: Sale of Equipments to Govt Educational Institutions attracts concessional VAT

M/s. Biojenik Engineering (P) Ltd. Vs. The Commercial Tax Officer (Madras High Court)

It is also an admitted fact that no such condition has been imposed in the notification, dated 20.12.1975 that the registered dealers engaged in sale of the above said goods, have to produce 'C'/'D' Forms for claiming concessional rate of tax. ...

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Writ filed in Gujarat HC on Double Levy of IGST on Ocean Freight: HC issues notice to Govt.

Mohit Minerals Pvt Ltd. Vs Union of India (Gujarat High Court)

The petitioner's challenge has principally three elements viz., [a] having paid the tax under IGST Act on the entire value of imports; inclusive of the ocean freight, the petitioner cannot be asked to pay tax on the ocean freight all over again under a different notification; ...

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