"July, 2018" Archive

Showers of Recent important changes in GST for few services

Arjuna, like heavy showers these tax payers are enjoying and following are the few major services exempted-1. Services by an old age home run by State/Central Government or by a body registered under 12AA of Income Tax Act) to its residents (aged 60 years or more) against consideration upto Rupees 25000 per month per member where Consider...

Read More

MCA notifies section 36 of Companies (Amendment) Act, 2017

File No. 1 /11/2018-CL.I (31/07/2018)

S.O. (E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2017 (1 of 2018), the Central Government hereby appoints the day of 31st July, 2018 as the date on which the provisions of Section 36 of the said Act shall come into force....

Read More

Withdrawal of circular related to GST rate applicable on catering services

Circular No. 50/24/2018-GST (31/07/2018)

The Circular No. 28/02/2018-GST, dated 08.01.2018 as amended vide Corrigendum dated 18.01.2018 was issued to clarify GST rate applicable on catering services, i.e., supply of food or drink in a mess or canteen in an educational institute. ...

Read More

GST on ambulance services to Govt by private sector under NHM

Circular No. 51/25/2018-GST (31/07/2018)

As regards the service provided by PSPs to the State Governments by way of transportation of patients on behalf of the State Governments against consideration in the form of fee or otherwise charged from the State Government, it is clarified that the same would be exempt under- a. No. 3 of notification No. 12/2017- Central Tax (Rate) date...

Read More

Companies (Accounts) Amendment Rules, 2018 dated 31.07.2018

F. No. 1 /19/2013-CL-V-Part (31/07/2018)

Matters to be included in Board's Report for One Person Company and Small Company.- (1) The Board's Report of One Person Company and Small Company shall be prepared based on the stand alone financial statement of the company, which shall be in abridged form and contain the following:-...

Read More

Cautionary advice on Rice pulling Scam

Press Release : 2018-2019/270 (31/07/2018)

It has been brought to the notice of the Reserve Bank of India that some unscrupulous persons are marketing a device termed Rice Puller made up of copper/iridium, that is claimed to possess magical properties of attracting grains of rice towards it. ...

Read More

Report on Audit Quality Review (2017-18) of Quality Review Board

Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the ‘Board’) to perform the following functions u/s 28B of the Chartered Accountants Act, 1949:-...

Read More

Textile Industry again Perplexed – Input tax credit on Fabric

Article discusses Can Input tax credit be extinguished through a notification enabling refund of inverted tax? We hope that government shall immediately clarify the ambiguity regarding lapse of unutilized ITC lying in Credit ledger as on 31.07.2018....

Read More

Key 15 suggestions on simplifying GST for SME / MSME sector

Ahead of GST Council meeting on August 4, which would exclusively focus on the issues / hardships faced by MSME, CBIC is collating grievances/issues related to GST and suggestions thereof for mitigating such issues for MSME taxpayers....

Read More

Taxability of Income from Real Estate

Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of inc...

Read More