"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 |

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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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 |

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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AAR not maintainable if question raised in application is already pending

In re Sterlite Technologies Limited (GST AAR Maharashtra)

In re Sterlite Technologies Limited (GST AAR Maharashtra) Authority for Advance Ruling shall not admit the application where the question raised in the application is already pending or decided in any proceedings in the case of an applicant under any of the provisions of this Act” and further stating that in view of the express [&he...

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Penalty U/s. 271(1)(c) not attracted for a mere wrong claim

Pr. Cit Vs Samtel India LTD (Delhi High Court)

Pr. CIT Vs Samtel India LTD (Delhi High Court) From the facts of this case it is clear that the assessee disclosed all the particulars of his income. The AO has disallowed his claim without holding it to be bogus or false. Hence, the genuineness of the loss occurred is not at question here. The […]...

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REX registration under EU GSP Scheme is free

Trade Notice No. 32/2018-19-DGFT (12/09/2018)

This is regarding registration of exporters under EU GSP REX System and assigning them a REX number enabling them to self certify the origin of product through Statement of Origin for duty preference under European Union Generalised System of Preferences, India is implementing EU GSP REX System w.e.f. 1st January, 2017....

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