"04 September 2018" Archive

Points to consider before filing GSTR-3B/GSTR-1 for September 2018

Important points to be considered before filing GSTR-3B/GSTR-1 for the month of September 2018. 1. Pending Input Tax Credit to be availed before filing GSTR-3B of Sept ’18: Section 16 (4) of Central Goods and Services Tax Act, 2017 provides that the Input Tax Credit (ITC) on the invoices raised during July 2017 to March 2018 […]...

Read More

Amendment in GST Law vide notifications dated 04.09.2018

The Central Government issued the various notifications regarding the waiver of late fees in GSTR-3B, GSTR-4 for certain classes of taxpayer’s, Due date extension of ITC-01 and ITC-04, and Amendment in CGST Rules. Some of the brief points are mentioned below:...

Read More

Key 21 suggestions on Draft GST Return Formats

Following suggestions were compiled by Mr. Bimal Jain, towards making GST Return system and formats simplified for all taxpayers, which have been submitted to the Government ...

Read More

Not reporting as per revised 3CD report is Professional Misconduct

Ishaq Esmail Lakkadghat Vs Income Tax officer (Appellate Authority)

Being aggrieved by the Report dated 14thOctober, 2015 and Order dated 27 th May, 2017 (Impugned Order), passed by the Disciplinary Committee of the Institute of Chartered Accountants of India under Section 21B (3) of the Chartered Accountants Act, 1949 read with Rule 19 (1) of the Chartered Accountants (Procedure of Investigation of Pro...

Read More

E-way bill in case of storing of goods in godown of transporter.

Circular No. 61/35/2018-GST (04/09/2018)

Various representations have been received on the matter pertaining to the textile sector and problems being faced by weavers & artisans regarding storage of their goods in the warehouse of the transporter. It has been stated that textile traders use transporters’ godown for storage of their goods due to their weak financial conditions....

Read More

Processing of GST refund applications of Canteen Stores Department

Circular No. 60/34/2018-GST (04/09/2018)

Central Government has specified the Canteen Stores Department (CSD for short), under the Ministry of Defence, as a person who shall be entitled to claim a refund of fifty per cent of the applicable central tax, integrated tax and Union territory tax paid by the CSD on all inward supplies of goods received by the CSD for the purposes of s...

Read More

CBIC clarification on 7 GST Refund Related Issues

Circular No. 59/33/2018-GST (04/09/2018)

CBIC issues clarification following GST Refund Related issues vide Circular No. 59/33/2018-GST dated 4th September, 2018 – Submission of invoices for processing of claims of refund, System validations in calculating refund amount, Re-credit of electronic credit ledger in case of rejection of refund claim, Scope of rule 96(10) of the...

Read More

Recovery of arrears of wrongly availed CENVAT credit & inadmissible transitional credit

Circular No. 58/32/2018-GST (04/09/2018)

CBIC issues clarification on the process of recovery of arrears of wrongly availed CENVAT credit under the existing law and CENVAT credit wrongly carried forward as transitional credit in the GST regime vide Circular No. 58/32/2018-GST Dated 4th September, 2018....

Read More

Principal-agent relationship in context of Schedule I of CGST Act

Circular No. 57/31/2018-GST (04/09/2018)

In terms of Schedule I of the Central Goods and Services Tax Act, 2017, the supply of goods by an agent on behalf of the principal without consideration has been deemed to be a supply. ...

Read More

Section 195 Withholding tax provision and its compliances

Any person responsible for paying to a non resident (company or non company) any sum which is chargeable under the provisions of the Act, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of cheque or draft or by any other mode , whichever is earlier, deduct income...

Read More

Section 50C does not Apply to Land treated as Stock-in-Trade

Amar Das Vs ITO (ITAT Kolkata)

Amar Das Vs ITO (ITAT Kolkata) Admittedly the provisions of section 50C are applicable only for capital assets and not for assets held as stock-in-trade. We find that the legislature in its wisdom had introduced a separate provision to adopt the stamp value in respect of assets other than capital assets by introducing section 43CA [&helli...

Read More

CBIC extends time limit for making declaration in FORM GST ITC-01

Notification No. 42/2018-Central Tax [G.S.R. 834(E)] (04/09/2018)

CBIC extends the time limit for making the declaration in FORM GST ITC-01 for specified classes of taxpayers by registered persons who have filed the application in FORM GST-CMP-04 of the said rules between the 2nd day of March, 2018 and the 31st day of March, 2018, for a period of thirty days from the date […]...

Read More

CBIC waives late fee for specified classes of taxpayers for Form GSTR-3B, GSTR-4 & GSTR-6

Notification No. 41/2018-Central Tax [G.S.R. 833(E)] (04/09/2018)

CBIC waives the late fee paid for specified classes of taxpayers for FORM GSTR-3B, FORM GSTR-4 and FORM GSTR-6 vide Notification No. 41/2018 – Central Tax dated 4th September, 2018...

Read More

CBIC extends time limit for making declaration in FORM GST ITC-04

Notification No. 40/2018–Central Tax [G.S.R. 832(E)] (04/09/2018)

CBIC extends time limit for making the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to June, 2018 till the 30th day of September, 2018 vide Notification No. 40/2018 – Central Tax dated 4th September, ...

Read More

CBIC notifies Annual GST Return Forms

Notification No. 39/2018-Central Tax [G.S.R. 831(E)] (04/09/2018)

CBIC notified  annual return of GST for the period 01.07.2017 to 31.03.2018 which is required to be filed along with statutory GST audit report till 31.12.2018 vide Notification No. 39/2018 – Central Tax Dated  4th September, 2018. It notified Revised FORM GST REG-20- Order for dropping the proceedings for cancellation of registration...

Read More

No Penalty for addition due to deeming provisions of Section 50C

Shri Ashwani Jaipaty Vs The DCIT (ITAT Delhi)

A.O. applied the deeming provisions of Section 50C of the I.T. Act, for the purpose of making the addition. Thus, the A. O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars....

Read More

Disclosure of Father name not required by Single Mother for Birth Certificate of Child

Mathumitha Ramesh Vs The Chief Health Officer (Madras High Court)

Mathumitha Ramesh Vs The Chief Health Officer (Madras High Court) In the present case, the hospital in which the petitioner had given birth to a child had certified that the petitioner herein had delivered an alive girl on 23.04.2017 at 10.47 a.m. at Cethar Hospital, Trichy. The petitioner herein had also filed an af...

Read More

Alternate Minimum Tax – Section 115JC

The Alternate Minimum Tax (AMT) is income tax imposed by the United States federal government on individuals, corporations, estates and trusts. The AMT was enacted in 1982....

Read More

Things to be done on receipt of demand notice u/s 234E Late Filing

The default amount will have to be deposited through challan no. 281. Download conso file from TRACES for filing correction and tag the paid challan without adding any deductee records. While filing correction, fill up the fee amount in 'Fee' column in challan detail....

Read More

Applicability of Form 15CB for payment towards Import Purchases?

Import Purchases constitute a major part of Indian Economy and payments to overseas supplier are a regular phenomenon in International Banking and remittances are being easily made in the Globalised Banking System. Normally Banks did not demand any CA certificate for making remittances for Import Purchases of goods, however with the chang...

Read More

Tax implications on Transactions Involving Shares of Indian Companies

In recent times, far reaching changes have been brought about in Income Tax law in relation to transactions involving transfer of shares of companies. These changes have increased the burden on the shoulders of tax payers as every time transactions involve issue or transfer of shares of unlisted companies, there are tax implications eithe...

Read More

Understanding Specified Domestic Transaction Provisions

SDT includes payments to related parties, inter-unit transfer of goods or services of profit linked tax holiday-eligible units, transactions of profit-linked tax holiday-eligible units with other parties and any other transaction that may be notified by the Central Board of Direct Taxes....

Read More

Mushrooms are fungus and Income from production & sale of Mushrooms is ‘agricultural income’

DCIT Vs M/s. Inventaa Industries Private Limited (ITAT Hyderabad)

DCIT  Vs. Inventaa Industries Private Limited (ITAT Hyderabad Special Bench) Mushrooms are fungus which are produced from spawn and not plants or crops and hence not agriculture. They are grown in trays of prepared soil in climate controlled rooms for commercial. We cannot restrict the word “product” to ‘plants’, ‘fruits’, ...

Read More

15 tips on preparing your GST tax invoice.

In this Article Author has given  15 tips on preparing  GST tax invoice for those who are Registered under GST Law- 1. Mention Name and Address on Your GST Tax Invoice Like a sales invoice, the first piece of information that you need to include is your business name and address. Make sure that you […]...

Read More

Helpful tips for last-minute tax filers

  A tax is a money or a financial charge that government charges on the income of the people.The tax that people pays to the government is used for the benefit of the country also government uses this money for paying to military & police.The money is also used for education programmes ,health care programmes ,etc...

Read More

Establishment of Branch/Liaison/Project Office or any Place of Business in India by Foreign Entities

This article states the establishment requirements for Branch office, Project office and liaison office in India as per FEMA, 1999 and Companies Act 2013....

Read More

Income from let out property- Ownership vis-a-vis nature of activity

Hemkunt Chemicals Pvt. Ltd. Vs ITO (ITAT Delhi)

Hemkunt Chemicals Pvt. Ltd. Vs ITO (ITAT Delhi) To decide nature of income received from letting out of property the deciding factor is not ownership of premises but the nature of activity of assessee and nature of operations in relation thereto. As evident from assessees memorandum, objects of the company were to buy, purchase or [&helli...

Read More

Tax incentives and challenges for start-ups

The start-up, as an idea, has now inspired many across the world. It has strengthened various economies, built entrepreneurship skills, created enormous job opportunities along with wealth and has spread its roots in India....

Read More

A New Concept of Banking System: Payments Bank

The article throws light on the concept of payments bank alongwith its regulatory framework....

Read More

Digital Signatures no more required for IEC application

trade notice no. 23/2018-19 (04/09/2018)

Earlier in order to obtain IEC, DSC was mandatory for submitting e-IEC application, Since there were many difficulties in order to submit application through DSC ,DGFT (Director General of Foreign Trade) vide public notice no 27 dated 08th August 2018 has removed DSC for submitting the applications with a view to automate the process of [...

Read More

Seized cash eligible for appropriation against interest liability U/s. 234A

Nitin Kumar Vs ACIT (ITAT Kolkata)

Nitin Kumar Vs ACIT (ITAT Kolkata) Interest under section 234A is charged for delay in filing of the return from the prescribed due date. The cash was seized from the possession of the assessee before due date of filing of return under section 139(1) in the relevant assessment year when such seizure took place. Thus, […]...

Read More

GST on Job work Charges Related to Beer and supply of beer

In re Crown Beers India Private Limited (GST AAR Maharashtra)

Supply of beer per se is not taxable under GST. What is taxable in the subject case is the job work which is a service provided by PIL to the applicant, for which they are receiving consideration....

Read More

Appendices & Aayat Niryat Forms amended due to GST implementation

Public Notice No. 37/2015-2020-DGFT (04/08/2018)

Amendments have been made in Apendices & Aayat Niryaat Forms (ANFs) pertaining to Chapter 7 of Handbook of Procedures 2015­2020 in light of implementation of GST and updation in FTP/ BP consequent upon Mid-Term Review on 5.12.2017 vide Public Notice No. 37/2015.2020 dated 4th September, 2018....

Read More

Appendices & Aayat Niryaat Forms amended- Chapter 6 of FTP/HBP 2015-20

Public Notice No. 36/2015-2020-DGFT (04/09/2018)

Amendments have been made in Appendices & Aayat Niryaat Forms (ANFs) pertaining to Chapter 6 of Handbook of Procedures 2015 2020 in light of implementation of GST and updation in FTP/HBP consequent upon Mid-Term Review on 5.12.2017 vide Public Notice No. 36/2015-2020-DGFT dated 4th September, 2018....

Read More

Allocation of quantity for export of preferential quota sugar to EU under CXL quota

Public Notice No. 35/2015-2020-DGFT (04/09/2018)

The quantity of sugar (raw and/or white sugar) to be exported to Ender CXL Quota from 1.10.2018 to 30.09.2019 has been notified vide Public Notice No. 35/2015-2020-DGFT dated 4th September, 2018....

Read More

Procedure for export of SCOMET items for display/exhibition/tenders/RFP/RFQ/NIT

Public Notice No. 34/2015-2020-DGFT (04/09/2018)

Paragraph 2.79 D has been included in the Handbook of Procedures of FTP 2015- 20 to lay down the procedure for export of SCOMET items for display/exhibition/tenders/RFP/ RFQ/NIT purposes vide Public Notice No. 34/2015-20 dated 4th September, 2018....

Read More

Procedure for export of SCOMET items for repair/replacement purposes

Public Notice No. 33/2015-2020-DGFT (04/09/2018)

Paragraph 2.79 C has been included in the Handbook of Procedures of FTP 2015- 20 to lay down the procedure for export of SCOMET items for repair/replacement purposes vide Public Notice No. 33/2015-20, Dated 4 September, 2018....

Read More

Remuneration to partners cannot be disallowed if Partnership deed mentions the method of quantification

JRA & Associates Vs ACIT (ITAT Delhi)

JRA & Associates Vs ACIT (ITAT Delhi) After perusal of the partnership deed in the assessee’s case it can be seen that the CBDT Circular in Clause 4 has categorically mentioned that even the method of quantification can be accepted as per the provisions of Section 40(b) (v) of the Act. Besides that the Hon’ble […]...

Read More

GST on e-procurement Transaction Fee collected on behalf of ITE&C department

In re Andhra Pradesh Technology Services Limited (GST AAR Andhra Pradesh)

In re Andhra Pradesh Technology Services Limited (GST AAR Andhra Pradesh) Whether the e-procurement Transaction Fee collected on behalf of IT E&C department results in supply of goods or services or both, within the meaning of Supply as defined law? Reply : It is “Supply” as defined in SGST Act,2017 and CGST Act,2017. Whet...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031