"04 May 2018" Archive

GST: Two GoMs to consider Sugar Cess & incentive on digital payment

Two Group of Ministers Constituted to consider the issues relating to Incentivizing digital payments in the GST regime & Imposition of Cess on Sugar under GST. ...

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Scope of limited scrutiny cannot be extended without approval of administrative CIT

Suresh Jugraj Mutha Vs Addl. CIT (ITAT Pune)

Suresh Jugraj Mutha Vs Addl.CIT (ITAT Pune) Conclusion: It is outside the jurisdiction of AO converting the limited scrutiny case like the present one to the unlimited one without the approval of Administrative Commissioner of Income Tax. Facts – Assessee filed the return and the case was taken up for limited scrutiny for the purpose [&...

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7 key elements of new GST return design approved by GST Council

Press Information Bureau Government of India Ministry of Road Transport & Highways Dated: 04-May-2018 GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification GST Council today in its 27th meeting approved principles for filing of new return design base...

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Addition for sundry creditors without rejecting purchase are not sustainable

M/s. Gulf Steel & Minerals Vs ITO (ITAT Ranchi)

M/s. Gulf Steel & Minerals Vs ITO (ITAT Ranchi) The AO is wrong in making the impugned addition on account of sundry creditor, which are related to purchases and the same also accepted by the AO as genuine. Without rejecting the purchases, the sundry creditors cannot be treated as income of assessee  Therefore, addition made by [&he...

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GSTN be converted into fully owned government Company

Presently, the Central Government and State Government are holding 24.5% equity shares respectively and the remaining 51% are held by non-Governmental institutions and through various mechanisms, GSTN is under strategic control of government. ...

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Change in GST rate for digital transactions & imposition of Sugar Cess

Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B2C supplies...

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India Gate Basmati Rice Case- No Anti-Profiteering as increase in price due to increase in GST

Sh. Kumar Gandhary Vs. KRBL Limited (National Anti-Profiteering Authority)

it is revealed that the ndia Gate Basmati Rice sold by the Respondent was not liable for tax before the implementation of the GST and after coming into force of the CGST Act, 2017 it was levied GST @ 5% w.e.f. 22.09.2017....

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Protocol to amend India-Kuwait DTAA notified

Notification No. S.O. 1823(E)-Income tax [S.O. 1823(E)] 04/05/2018

S.O. 1823(E).—Whereas the Protocol amending the Agreement between the Government of the Republic of India and the Government of the State of Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income which was signed at New Delhi on 15th June, 2006 has been signed at Kuwait on the 15...

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Reports on Regulations related to Market Infrastructure Institutions for comment

PR No.: 11/2018 04/05/2018

SEBI seeks public comments on Reports submitted by Committee on Review of Regulations and Relevant Circulars pertaining to Market Infrastructure Institutions (MIIs)...

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Deduction U/s. 80IB not allowable on non filing of Return within prescribed time U/s. 139(1)

Suolificio Linea Italia (India) (P) Ltd. Vs JCIT (Calcutta High Court)

Suolificio Linea Italia (India) (P) Ltd. Vs JCIT (Calcutta High Court) Conclusion: Deduction under section 80-IB was not allowable in case assessee did not file its return of income for relevant assessment year within period prescribed under section 139(1) as per the condition imposed by section 80AC. Held: When the governing provision i....

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