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Archive: 12 February 2018

Posts in 12 February 2018

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

February 12, 2018 15738 Views 1 comment Print

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;

Service tax leviable on Consideration for providing Common facilities under ‘renting of immovable property’

February 12, 2018 1563 Views 0 comment Print

The Delhi bench of the CESTAT, on Monday, held that service tax is payable on the amount received for providing Common facilities under the head renting of immovable property through the same was received under a separate agreement.

Bias against assesses or manufacture – LTCG in budget 2018 & the premature FAQ

February 12, 2018 8496 Views 0 comment Print

One important bone of contention is the long term capital gains tax on the equities and equity based mutual funds. What was in the budget speech and what was in the amendment are completely two different matters.

6 New Clarifications regarding GST on services

February 12, 2018 43623 Views 1 comment Print

Is hostel accommodation provided by Trusts to students covered within the definition of Charitable Activities and thus, exempt under Sl. No. 1 of notification No. 12/2017-CT (Rate).

Tax on Sale of land which was leased for a very long period

February 12, 2018 18951 Views 0 comment Print

Where assessee had transferred land owned by it to lessee for a long period but subsequently when the lessee company went into liquidation had transferred lease right, the same was taxable under the head Capital gains instead of Income from other sources because even though the land was transferred for a long period, the actual ownership of the land remained with assessee.

Anomaly in Reverse Charge Mechanism u/s 9 (4) – double collection of GST on a single chain of sale of same item in certain cases

February 12, 2018 13629 Views 6 comments Print

Reverse Charge Mechanism u/s ( 4 ) of CGST Act, a contentious move to force dealers to register under GST, faced a lot of resistance and criticism and hence was put on hold till 31st March 2018. In view of the declining monthly GST collections in recent months, there have been comments that RCM should be brought back to arrest the GST revenue leakage.

Corporate Insolvency and its Resolution under Insolvency and Bankruptcy Code, 2016

February 12, 2018 5844 Views 1 comment Print

As you are aware, the Insolvency and Bankruptcy Code, 2016 (the Code) provides for a specialized forum to oversee insolvency and liquidation proceedings for individuals, firms and Corporates. Insolvency Proceedings under the Code can be initiated against a Company (Corporate Debtor) by a Financial Creditor (Sec 7), an Operational Creditor (Sec 8 & 9) or by the Corporate Debtor itself (Sec 10).

MCA notifies 41 Sections of Companies Amendment Act, 2017

February 12, 2018 15306 Views 0 comment Print

MCA has notified below mentioned 41 sections of Companies Amendment Act, 2017 w.e.f. 9th February, 2018 vide its notification dated 09th February 2018.

One Nation One e-Waybill: Know the mechanism

February 12, 2018 3498 Views 1 comment Print

The mechanism called e-Way Bill was brought introduced implementation of Goods and Service Tax Laws in India. In previous era, the mechanism called way bill was in force under VAT Laws of concerned State.

Compliance Under Profession Tax (West Bengal)-Important for Start-Up

February 12, 2018 41430 Views 1 comment Print

Profession Tax is a tax levied on a person engaged in any profession, trade, calling and employment in West Bengal. The West Bengal State Legislature enacted the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979

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