"19 August 2018" Archive

Auditors Resignations Raises Critical Eyebrow

The resignation of an auditor can be a critical and highly exposed event with serious implications for the company and the auditors themselves. Resignation, particularly in debatable circumstances, can expose auditors to various risks, including the risk of litigation from creditors, investors and the company. Although auditors’ res...

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Concept of Mixed Supply & Composite Supply under GST

Concept of Mixed Supply & Composite Supply under GST is a new concept introduced in GST which will cover supplies made together whether the supplies are related or not. Supplies of two or more goods or services can be either ‘composite supply’ or ‘mixed supply’. The concept of composite supply in GST regime is similar [&hellip...

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Posted Under: CA, CS, CMA |

Download Form 15G & 15H with FAQs

Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form...

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Posted Under: CA, CS, CMA |

Taxability of Motor Accident Compensation & Interest

In brief my family was met with an major accident in 2010 and my pretty daughter (minor) got 70% permanent disabilities., literally we have lost everything in that accident even my well established business also. Now the court has given my wife ( guardian and claimant of minor) accident compensation amount ( without deduction of any ta...

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How to Compute Turnover In Case of Future & Options, Speculation for Tax Audit

Query I AM engaged in the buying and selling of shares. I take delivery of the shares purchased and also deliver the shares at the time of sale. In such a case, how is the turnover to be reckoned for the purpose of determining whether a tax audit under Section 44AB is to be done? Is it the aggregate amount of sale that has to be taken as...

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Posted Under: CA, CS, CMA |

What are the key highlights of the 4 GST Amendment Bills 2018?

The GST Council has proposed 4 amendment bills on seventh August 2018 to the CGST Act-2017, IGST Act-2017, UTGST Act-2017, and GST (Compensation to States) Act-2017....

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Posted Under: CA, CS, CMA |

Recipient of service cannot make advance GST Ruling Application unless covered under RCM

In re Visvesvaraya National Institute Of Technology (GST AAR Maharashtra)

In re Visvesvaraya National Institute Of Technology (GST AAR Maharashtra) We find that in the present application as per submissions made before us, the applicant is recipient of service and not service providers and also that these services are not under reverse charge mechanism. The notification as referred by them, is applicable to pro...

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Modelling dough falls under Custom Tariff Heading 3407: GST AAR Maharashtra

In re M/s. A.W. Faber-Castell (India) Pvt. Ltd. (GST AAR Maharashtra)

In re M/s. A.W. Faber-Castell (India) Pvt. Ltd (GST AAR Maharashtra) Question: What is the appropriate classification and rate of CGST on the supply of the product in question- Modelling Dough. Answer : Modelling dough will be covered under CTH 3407 under the Customs Tariff Act, 1975. FULL TEXT OF  ORDER OF AUTHORITY FOR ADVANCE [&hellip...

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Composition Scheme Under GST and Composition Dealer

Sec 10 of CGST Act 2017 explains the composition levy under Goods and Services Tax, according to which, a registered person, whose aggregate turnover in the preceding financial year did not exceed* may opt to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not exceeding,...

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Posted Under: CA, CS, CMA |

No GST Exemption on warehouse services used for packing & storage of tea; AAR

In re Nutan Warehousing Company Private Limited (GST AAR Maharashtra)

The present application has been filed under section 97 of the Central Goods and Services Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017 [hereinafter referred to as "CGST Act and MGST Act"] by NUTAN WAREHOUSING COMPANY PRIVATE LIMITED, the applicant, seeking an advance ruling in respect of the following issues....

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