"30 August 2018" Archive

Revocation of Cancellation of GST Registration

Provisions for revocation of cancellation of GST registration are contained under rule 23 of the Central Goods and Service Tax Rules, 2017. Circumstances Under Which Revocation Of Cancellation Of GST Registration Is Possible Revocation of cancellation of GST registration is possible only when registration is cancelled by the proper office...

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Change is inevitable, muddle through changing opportunities

The first thought in mind on hearing the profession of chartered accountant creates an image of an auditor, tax consultant, accounting, shared services etc. The traditional practice started and followed for years together has seen changing trends in recent times. The challenge for chartered accountant does not gets confined only to audit ...

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ICAI Elections 2018 – Ringing Bells

A bells not a bell til you ring it, A songs not a song til you sing it, Love in your heart wasnt put there to stay, Love isnt loving til you give it away! So is our ALMA MATER ICAI, We have to take care in selecting the strong council and regional councils to cater our profession of chartered accountancy....

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GST (Compensation to States) Amendment Act, 2018

No. 34 OF 2018 (30/08/2018)

Govt notifies Goods and Services Tax (Compensation to States) Amendment Act, 2018 to amend Section 7 and 10 of Goods and Services Tax (Compensation to States) Act, 2017....

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Union Territory Goods and Services Tax (Amendment) Act, 2018

No. 33 OF 2018 (30/08/2018)

Govt notifies Union Territory Goods and Services Tax (Amendment) Act, 2018 / UTGST (Amendment) Act, 2018 on 30th August, 2018 by which it amended section 7  and 9 of Union Territory Goods and Services Tax Act, 2017 and inserted new sections 9A and 9B. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th […]...

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Integrated Goods and Services Tax (Amendment) Act, 2018

No. 32 OF 2018 (30/08/2018)

Govt notifies Integrated Goods and Services Tax (Amendment) Act, 2018 to amend Section 2, 5, 8, 12, 13, 17 and Section 20 of Integrated Goods and Services Tax Act, 2017....

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Central Goods and Services Tax (Amendment) Act, 2018

No. 31 OF 2018 (30/08/2018)

Govt notifies Central Goods and Services Tax (Amendment) Act, 2018 to notify amendments in Central Goods and Services Tax Act, 2017. ...

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‘Cattle Feed in Cake Form’ is exempt from GST: AAR Tamilnadu

In re C.P.R. Mill (GST AAR Tamilnadu)

In re C.P.R. Mill (GST AAR Tamilnadu) Classification of ‘Cattle Feed in Cake Form’ and exemption if any The product ‘Cattle feed in cake form’ manufactured by the Applicant is classifiable under Chapter Heading 23099010 and stands exempted as per vide SI.No. 102 of Notification No. 2/2017-Central Tax(Rate) dated 28th June...

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Appearance of Women before ED not contrary to Section 160 of Code of Criminal Procedure

Nalini Chidambaram Vs The Directorate of Enforcement (Madras High Court)

Nalini Chidambaram Vs Directorate of Enforcement (Madras High Court) It is an admitted fact that initially the appellant was permitted to appear through the authorised agent. The impugned notice was issued on finding certain new facts and contradiction in the statements given, which could not be satisfactorily explained ...

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Guide for Treatment of different Business Transactions in GSTR 3B & GSTR 1

It has been A year of GST and we are still figuring out exact treatment of different business transactions like  Export, SEZ, Merchant Export, Import, Deemed Export etc In GST returns. These all items need to be specifically shown in GSTR 3B & GSTR 1 at respective rows. I have prepared a complete Guide for […]...

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Q1 FY19 GDP Preview: Strong growth on the cards

Since the beginning of this fiscal year, the external environment has been challenging, Indias current account deficit has widened, oil prices have been volatile, and the rupee has dropped to all-time lows. In contrast to this backdrop, the GDP growth numbers for the first quarter are likely to bring some good news. ...

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28% GST Payable on ‘Disc Brake Pads’: AAR Tamilnadu

In re Brakes India Private Limited (GST AAR Tamilnadu)

'Disc Brake Pads' manufactured and supplied by the Applicant are classified under Heading 87083000 and covered under SI. No. 170 of Schedule IV of Notification No. 01/2017 CT (Rate) dated 28.06.2017 and SI.No. 170 of Schedule IV of G.O. (Ms) No. 62 dated 29.06.2017 No. ll(2)/CTR/532(d-4)/2017 attracting 14% CGST/14% SGST respectively....

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In absence of accumulated profit, section 2(22)(e) cannot be invoked

ACIT Vs Sanjay Passi (ITAT Delhi)

ACIT Vs Sanjay Passi (ITAT Delhi) We are of the considered view that Ld. CIT(A) has rightly observed that AO has wrongly made the addition u/s. 2(22)(e) by holding that there are accumulated profits in the hands of M/s Robin Software Pvt. Ltd. Ld. CIT(A) has also noticed that the AO has completed the assessment […]...

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Weighted deduction u/s 35(2AB) on expenditure outside the R & D unit

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad)

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad) We have considered the rival contentions and perused the case law placed on record. In the decision of Concept Pharmaceuticals Ltd (supra) the Coordinate Bench did not allow the expenditure spent outside the R & D unit but the Bench has not considered the explanation introduced ...

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CBDT Notifies Rule 11UAB Determination of fair market value for inventory

[Notification No. 42/2018-Income Tax [S.O. 4213(E)] (30/08/2018)

CBDT vide Notification No. 42/2018 Notifies Income Tax Rule 11UAB Determination of fair market value for inventory and amended Rule 11U related to Meaning of expressions used in determination of fair market value....

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Contribution towards construction of Cricket Academy incurred by RCB allowable as deduction

M/s. Royal Challenger Sports Pvt. Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

M/s. Royal Challenger Sports Pvt. Ltd. Vs DCIT Assessee challenges the addition on account of contribution made to Cricket Academy of Rs.45 lakhs holding it to be capital expenditure. The assessee made a contribution of Rs.45 lakhs to Karnataka State Cricket Association (KSCA) for the purpose of creating a cricket academy. The assesse...

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Features of Real Estate (Development & Regulation) Act, 2016

The post contains brief introduction of Real Estate (Development & Regulation) Act, 2016, its objects and its features throwing light on the fact that the act is applicable on not only real estate developers but also on real estate agents and buyers....

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License Fees paid to Consultant / Doctors abroad under Business Arrangement is Allowable as Deduction

DCIT Vs M/s. Teleradiology Solutions P. Ltd. (ITAT Bangalore)

DCIT Vs M/s. Teleradiology Solutions P. Ltd. (ITAT Bangalore) The learned Counsel for the assessee has contended that it is a business arrangement between the assessee and the consultants/doctors. If the assessee does not pay the licence fee on behalf of the doctors, he has to compensate the doctors by making additional payment for the s...

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Deemed rental of SOP should be determined as per municipal ratable value

Smt. Rekha Singh Vs ITO (ITAT Jodhpur)

The house which is not having any actual rental income but self occupied by assessee should be determined as per the municipal ratable value. Accordingly, the matter is restored to file of the Assessing Officer to find out the municipal ratable value of the house for computing income u/s 22 of the I.T. Act. We direct accordingly....

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Import of Peas (Yellow, Green, Dun & Kaspa) Restricted till 30.09.2018

Notification No. 32/2015-2020-DGFT (30/08/2018)

Import of Peas classified under Exim Code 0713 10 00 (including Yellow peas, Green peas, Dun peas and Kaspa peas) is Restricted till 30.09.2018 vide Notification No. 32/2015-2020, Dated 30 August, 2018...

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Reg. DGFT as Authenticating Officer on behalf of President of India in all Notifications published in Gazette

Trade Notice 29/2015-2020 (30/08/2018)

Trade Notice 29/2015-2020, Dated 30th August, 2018 on Director General of Foreign Trade (DGFT) as the Authenticating Officer on behalf of the President of India in all Notifications published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)....

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TDS U/s. 194C deductible on charges towards installation of set top boxes

JCIT Vs Bharat Business Channels Ltd. (ITAT Mumbai)

Installation of set-top box amounted to works contract and no technical expertise was required so as to make the assessee liable to deduct tax under section 194J....

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GST on outdoor catering services to clients: AAR Tamilnadu Ruling

In re Goodwill Industrial Canteen (GST AAR Tamilnadu)

In re Goodwill Industrial Canteen (GST AAR Tamilnadu) Clarification regarding applicable GST to the outdoor catering services rendered by them to their clients. The services of the applicant of supplying food and beverages on the premises of industrial unit/office, which are on the terms of the contract with M/s Kone Elevators and such ot...

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GST on free usage of moulds/dies owned by OEM: AAR allowed withdrawal of application

In re M/s Amalgamations Valeo Clutch Private Limited (GST AAR Tamilnadu)

In re M/s Amalgamations Valeo Clutch Private Limited (GST AAR Tamilnadu) The applicant vide their letter dated 09.08.2018 has referred to the PH posted on 07.08.2018 in connection with the subject application seeking a ruling on the aspect of amortization. They have stated that subsequent to their application, a circular No.47/21/2018-GST...

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Uploading of Supporting Documents (eSANCHIT) in Exports

Circular No. 29/2018-Customs (30/08/2018)

Uploading supporting documents- The procedure for eSANCHIT on the export side is similar to the one prescribed for eSANCHIT in imports vide Circular No. 40/2017 dated 13.10.2017. Briefly, salient features are described as below: -...

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Excel Tool For Checking Monthly Tax Data of GSTR 3B

Excel Tool For Checking Monthly Tax Data of GSTR 3B FOR FY 17-18 It’s been a year for GST returns and Now it’s season of finalizing books of accounts for 2017-2018 (Atleast for Tax Audit purpose) . The first and foremost thing is to make sure that every GST return must had been  Filled  properly. Same data […]...

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Forwarding of samples for testing when jurisdictional laboratory does not have testing facility

Circular No. 28/2018-Customs (30/08/2018)

Circular No. 28/2018-Customs- CBIC clarified that in case the jurisdictional laboratory does not have testing facility for a given sample, it would be open to the field formations to send such samples to one of the other revenue laboratories which have the facility to test the given sample, instead of availing services of an outside [&hel...

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Press Trust of India notified as news agency for Sec. 10(22B) exemption

Notification No. 41/2018-Income Tax [S.O. 4211(E)] (30/08/2018)

CBDT notifies ‘The Press Trust of India Limited’ as news agency for the purpose exemption under section Section 10(22B) of Income Tax Act, 1961 vide Notification No. 41/2018 dated 30th August, 2018...

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CBDT extends time to send comments on framing rules related to ‘Significant Economic Presence’

F. No. 370142/11/2018-TPL (30/08/2018)

CBDT extends time for sending comments on framing rules related to ‘Significant Economic Presence’ till 30-9-2018 vide its Instruction F. No. 370142/11/2018-TPL dated 30th of August, 2018....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018

Notification No. No. FEMA.20(R) (3)/2018-RB (30/08/2018)

(i) These Regulations may be called the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018. (ii) They shall come into force with effect from the 1st day of September, 2018....

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Nil GST on services by commission agents to agriculturists of turmeric

In re Erode Manjal Vanigarkal Matrum Kidangu Urimaiyalargal Sangam (GST AAR Tamil Nadu)

In re Erode Manjal Vanigarkal Matrum Kidangu Urimaiyalargal Sangam (GST AAR Tamil Nadu) Agent, who is a member of the applicant stores the turmeric in their godown, the sales of which is as per the guidelines of EMC. Also from the invoices furnished, it is seen that the invoice is raised by the agent on the […]...

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19 Suggestions on GST return forms by ICAI

Indirect Taxes Committee of ICAI submits Suggestions on GST Return formats to Finance Minister Arun Jaitley. Suggestion include Suggestion on Monthly Return and Quarterly Return and other issues faced by Taxpayers. ICAI highlighted that 1. Turnover figure to identify the type of taxpayer not be auto populated; 2. Term “Turnover” is no...

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