"16 August 2018" Archive

All About Multipurpose Empanelment Form For The Year 2018-19

You may kindly note that the last date for submission of online MEF Form for the year 2018-19 is 21st August, 2018 and online Declaration is to be submitted within 10 days of the filling of MEF but not later than 30th August, 2018....

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Posted Under: CA, CS, CMA |

Audit Under Goods And Services Tax

The article explains about the requirements of CGST Act and corresponding CGST Rules with respect to GST audit provisions as laid down in the law. ...

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Immunity under Section 270AA of Income-tax Act, 1961- CBDT Clarifies

Circular No 5/2018-Income Tax (16/08/2018)

Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1 st April, 2017, the Assessing Officer, on an application made by an assessee, may grant immunity from imposition of penalty under section 270A (not being penalty for misreporting) and initiation of proceedings under section 276C or section 276CC, subject...

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Draft circular on removal of restriction on ITC refund on fabrics

F. No. 354/290/2018-TRU (16/08/2018)

Certain doubts have been raised regarding the applicability and intent of notification No. 20/2018-Central Tax (Rate) dated 26th July, 2018 (which seeks to amend notification No. 5/2017-Central Tax (Rate) dated 28.06.2017) relating to the provision for lapsing of input tax credit on account of inverted duty structure on fabrics for the pe...

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Insolvency and Bankruptcy Code, 2016: Role of Insolvency Professional – A timely review

With pulsating heart beats and anxiety, when my computer advised me to complete the examination conducted by Insolvency and Bankruptcy Board of India (IBBI) for Insolvency Professional certification purposes on August 9, 2018 at Meerut, I decided to write this article on the role of insolvency professionals with adequate information and a...

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Posted Under: CA, CS, CMA |

GST: Good and Simple Tax – Lets Analyse

Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services. GST is levied at each and every step in the production process, but is refunded to all parties in the chain of production other than the final consumer. The tax came into effect from July 1, 2017 through the implementa...

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Posted Under: CA, CS, CMA |

Oxygen for Insolvency Resolution

This series of articles on THE CODE, looks at the elephant from the different perspectives, to understand how the economy is changing at a deep structural level, beyond the inferno of NPAs raging all around us....

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Posted Under: CA, CS, CMA |

GST: Joint Development Agreements (JDAs) : Real Estate in a Fix, Confusion Costs Consumers

Joint Development Agreements or JDAs are a common feature in the real estate sector wherein the land owner transfers the land to the real estate developer and gets flats, a certain amount of revenue or a combination of both in return. In JDA, the Developer enters into a Development Agreement with Landowner, whereby...

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Posted Under: CA, CS, CMA |

Comparative summary of key 21 GST amendments as passed by Lok Sabha

To iron out the practical hindrances and issues being faced by the Industry Inc since the implementation of GST, the Lok Sabha, on August 9, 2018, has passed the following amendment Bills to the GST Law: Central Goods and Services Tax (Amendment) Bill, 2018 [CGST Amendment Bill] amending the CGST Act, 2017 [CGST Act]; Integrated […...

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GST Payable on Services to foreign universities relating to enrollment of students from India: AAAR

In re Global Reach Education Services Pvt Ltd (GST AAAR West Bengal)

This Appeal has been by filed M/s Global Reach Education Services Private Limited, holding GSTIN 19AAGCG0859E1ZK (hereinafter referred to as the Appellant), on 16.04.2018 against the Ruling dated 21.03.2018 pronounced by the West Bengal Authority for Advance Ruling....

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