"26 March 2018" Archive

GST on Education Services

The word Education has not been defined under the CGST Act, 2017. However, the Apex Court decision in the case of Loka Shikshana Trust vs CIT has decided that education is process of training and developing knowledge, skill and character of students by normal schooling....

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ICAI announces scheme for retrospective restoration of membership

With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Council in its 374th meeting held in March 2018 has decided to give an opportunity by way of Scheme for restoration of their names retrospectively. ...

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ICAI suggests Simple User Friendly GST return filing & credit Model

The Institute of Chartered Accountants of India (ICA1) is a statutory body established under the Chartered Accountants Act, 1949 which regulates the profession of Chartered Accountancy in India....

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Section 263 Inadequate inquiry by AO, cannot be considered as lack of inquiry

Fusion Voice Solutions India (P) Ltd. Vs ITO (ITAT Visakhapatnam)

Inadequate inquiry by AO with respect to compliance of TDS under section 194H could not be equated with lack of inquiry, so as take the case for revision under section 263....

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Investor Grievance Redress Mechanism – New Policy Measures

SEBI/HO/OIAE/IGRD/CIR/P/2018/58 26/03/2018

SEBI encourages investors to lodge complaints through electronic mode in SCORES. However, complaints received from investors in physical form are also digitized by SEBI and uploaded in SCORES. Thereafter, follow-up actions of the complaint are done in electronic form only i.e. through SCORES....

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AAR Kerala allows advance ruling withdrawal on applicability of Margin Scheme on demo cars

In re M/s. Popular Motor World (P) Ltd (GST AAR Kerala)

GST Act, 2017 - Advance Ruling U/s 98 - whether the sale of 'demo cars' will fall under Rule 32(5) of the GST Rule - Also known as Margin Scheme- Request for withdrawal of application - Orders issued...

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GST Rate on Rubber Wood is 18%: AAR

In re Sri.N.C. Varghese (GST AAR Kerala)

Sri.N.C. Varghese, Thrissur, a small scale contractor (hereinafter called the applicant), has preferred an application for Advance Ruling on the rate of tax of standing rubber trees. The applicant is engaged in the purchase and cutting and removal of rubber trees from the plantations of certain public sector undertakings owned by the Gove...

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Addition made U/s. 153A merely on the basis of bank pass book are not sustainable

Nanoomal Gupta Vs. ACIT (ITAT Agra)

Because in any view, the addition made u/s 68 of Rs.10,00,000/- of amount of gifts received (Rs.5,00,000/-+ Rs.5,00,000/-) in the Assessment u/s 153A without having any adverse material, and by not appreciating the evidences on record, the addition confirmed by ld. CIT(A) is grossly unjust, arbitrary, and against the facts and law of the...

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GST not payable on Merchant Trade Transaction : AAR

In Re Synthite Industries Ltd (AAR Kerala)

They are in the business of trading in spices and spice products. They have two modes of transactions. In the first kind, the applicant receives order from a customer in USA for the supply of spice products. They place a corresponding order to a supplier in China for supplying the goods ordered by the customer in USA....

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GST on Canteen Food / Services provided by Company to its employees

In re Caltech Polymers Pvt. Ltd. (GST AAR Kerala)

It is hereby clarified that recovery of food expenses from the employees for the canteen services provided by company would come under the definition of 'outward supply' as defined in Section 2(83) of the Act, 2017, and therefore, taxable as a supply of services under GST....

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