"14 August 2018" Archive - Page 2

Rate of GST on various poultry feed products- Advance Ruling

In re Uttara Impex Private Limited (GST AAR Maharashtra)

In re Uttara Impex Private Limited (GST AAR Maharashtra) UTTRA IMPEX PRIVATE LTD is engaged in trading of various poultry feed products But company is facing some ambiguity in correct classification of Products (which are those products is not specified in question). In companies view products shall be covered under the HSN CODES 2301, 23...

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Benefit of Exemption Notification- Reference Answered by Supreme Court

What is the interpretative rule to be applied while interpreting a tax exemption reportable provision/notification when there is an ambiguity as to its applicability with reference to the entitlement of the assessee or the rate of tax to be applied?...

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Who are eligible for composition scheme?

Under the GST law, Composition scheme is an expedient way to escape from various GST formalities and pay the tax at a low prescribed percentage based upon the turnover of the business. The composition scheme was introduced to bring straightforwardness and to minimize the compliance cost for the small taxpayers. Businesses with an aggregat...

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Provisions of TDS And TCS Under GST Law

Article explains Provisions of TDS And TCS Under GST Law which includes Threshold limit of  TDS deduction, Registration of GST TDS / TCS  deductors, Rate of TDS / TCS under GST, Payment of TDS / TCS under GST, TDS / TCS  Certificate under GST, TDS / TCS credit under GST, Delay in deposit of TDS […]...

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Unutilized Subsidy shown as Current Liabilities is Not An Income As Per Matching Concept

CIT Vs Canon India Private Limited (Delhi High Court)

Where an Assessee follows the Accrual/Mercantile system of Accounting – as in this case – income can be recognised only when the matching expenditure is also accounted for irrespective of the cash outflows/inflows during the year. It would thus, not be correct to recognize the subsidies received for incurring specific expenditure as i...

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What is special audit under GST framework?

A Special Audit under GST can be initiated by the Assistant Commissioner of CGST/SGST, considering the nature and complexity involved in the case and interest of revenue. During any stage of scrutiny/ inquiry/investigation, if the assistant commissioner is of the opinion that the value of the taxable supplies declared by the registered pe...

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How Businesses operates in UAE

Your type of business will determine the kind of license you require. Whether it’s commercial, professional or industrial licenses, these will define the basis of your operations. However, while selecting, remember that certain activities such as food trading, jewellery trade, veterinary activities and legal consultancy require furt...

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All About Loans to Directors – Section 185- Companies Act, 2013

Substituted Section 185 deals with the restrictions on part of the Companies in advancing any loan or giving any guarantee or providing any security and to those whom a Company can provide such loan or guarantee or security subject to compliances under the Act....

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ASK centres to not to accept ITRs for A.Y. prior to AY 2018-19 without verifying copy of notice

ITBA-ASK Instruction No. 6 (14/08/2018)

ASK centres under your charge not to accept ITRs for A.Y. prior to AY 2018-19 without verifying copy of notice / order u/s 119(2)(b), 139(9), 142(1), 148, 153A & 153C and applicability of Rule 12 of IT Rules....

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Is receipt equal to an invoice under GST Regime?

What does the Law say on Invoice/Receipt Voucher? Government have specifically issued CGST Rules, notifications and concerned laws while issuing an invoice. Few of the general core areas are mentioned below....

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