"12 September 2018" Archive - Page 2

Future tense? Secure your family with a term plan

Protect your family from the pitfalls of financial uncertainty – cast a protective net around them with a term insurance plan without delay. Of all the important people in the world, your family surely tops the list. Everything you do, every extra hour spent at the office, every weekend forsaken to office work – it […]...

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Posted Under: Finance |

Recipient of service cannot apply for Advance Ruling

In re Dr. Dathu Rao Memorial Charitable Trust (GST AAR Tamilnadu)

In re Dr. Dathu Rao Memorial Charitable Trust (GST AAR Tamilnadu) An applicant can seek an Advance Ruling Authority in relation to supply of goods or services or both undertaken or proposed to be undertaken by the applicant. In the case at hand, the applicant is the proposed recipient of the proposed works contract and […]...

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FAQ’s and MCQ’s on GST

ICAI has come out with revised publication titled FAQ's and MCQ's on GST. It provides a comprehensive coverage of GST in easy to understand question answer format written in lucid language....

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Posted Under: Finance |

Sale of running hotel premises would amount to slump sale

ACIT Vs M/s. Ooty Gate Hotel (ITAT Cochin)

The ACIT Vs M/s. Ooty Gate Hotel (ITAT Cochin) In order to understand whether the sale was a slump sale or sale of independent items of assets, necessary we have to examine the intention of the parties to the sale agreement. If the business of the vendor is sold as such as a going concern, […]...

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GST on Priority Sector Lending Certificates from 1.7.2017 to 27.5.2018

CIRCULAR No.62/36/2018-GST (12/09/2018)

CBIC clarified that GST on Priority Sector Lending Certificates (PSLCs) for period 1.7.2017 to 27.05.2018 will be paid by seller bank on forward charge basis and GST rate of 12% will be applicable on supply....

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Polysulphide sealants classifiable under CTH 32141000; 28% GST Payable

In re Anabond Limited (GST AAR Tamilnadu)

In re Anabond Limited (GST AAR Tamilnadu) It is hereby clarified that the ‘Polysulphide Sealant’ manufactured by the applicant and marketed under the trade name ‘Anabond Tuffseald’ is classifiable under CTH 3214 10 00 of the First Schedule to the Customs Tariff Act, 1975 as applicable to GST as per Explanation (iii...

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AAR cannot decide whether a supply is inter-State or intra-State

In re Fichtner Consulting Engineers (I) Pvt Ltd. (GST AAR Tamilnadu)

In re Fichtner Consulting Engineers (I) Pvt Ltd. (GST AAR Tamilnadu)  The Advance Ruling sought is whether CGST & SGST or IGST is payable on the said supply, i.e., whether the transaction is an inter-state supply or intra-state supply. In this connection Section 97 of the CGST Act and Tamilnadu GST Act (TNGST) has given […]...

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German Insolvency Law, with latest reforms

Germany introduced the Bankruptcy Act, 1877 ranking itself as one of the topmost industrial nations which allowed its industries to opt for bankruptcy, if needed. After a long period, in 1999, with twenty years of discussions, hearings and meetings, Insolvency Statute replaced the relevant acts in erstwhile West Germany as well as the Eas...

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Posted Under: Finance |

AAR Not Admissible on Issue which is already pending before department

In re Veeram Natural Products (GST AAR Tamilnadu)

In the present case as the question raised by the applicant in the application is already pending proceedings, in the case of the applicant themselves, the application is not admissible under the said provisions and therefore liable for rejection....

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Recovery of Rs. 1.12 Lakh crore wrongly availed as credit in GSTR-3B

F-No.V/AE/Bel/12-49/Gr-C/GSTR3B Vs 2A/2018 (12/09/2018)

Government of India Office of the Commissioner CGST and Central Excise Commissionerate, Belapur 1st Floor, C.G.O. Complex, CBD Belapur, Navi Mumbai-400614 Tel No.. 022-27579604 Fax 022-27579658 Email- gst.belapur@gov.in F-No.V/AE/Bel/12-49/Gr-C/GSTR3B Vs 2A/2018 Dated 12.09.1018 PRESS RELEASE Recovery of Rs. 1.12 Lakh crore wrongly availe...

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