"31 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...

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

S.O. 3838(E). 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....

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. ...

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...

Companies (Accounts) Amendment Rules, 2018 dated 31.07.2018

Notification No. G.S. R.725(E) 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:-...

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. ...

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:-...

ITAT disallowed loss on Sales made at lower rate to reduce taxable Profit

Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad) We observe that even if we consider the selling price @ 30,675.56 by M/s Gautham Rolling Mills Pvt. Ltd. and the same was purchased from the assessee @ 25,000/- per MT with tax, the difference would be Rs. 4,500/- per MT. We gave opportunity to both […]...

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....

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....

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