"17 September 2018" Archive

GST Practitioners -How to Register for Exam, Pattern & Syllabus

GST Practitioners will be a Computer Based Exam. The registration for this exam can be done by the eligible GSTPs on a registration portal, link of which (https://nacin.onlineregistrationform.org/) will also be provided on NACIN and CBIC websites....

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Extension of time to submit declaration in FORM GST TRAN-1

Order No. 4/2018-GST 17/09/2018

Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017  till 31st January, 2019, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and […]...

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What, if proposal to remove HUF as tax unit is implemented?

Law Commission has suggested for abolition of the Hindu Undivided Family (HUF) as a tax entity. This has stirred a hornet’s nest in the country. Let us discuss in detail what is the exact proposal and what are the consequences if the suggestion finds place in the law book....

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HEDGE Accounting – WHAT is allowed to be hedged?

In continuation to our earlier article on ‘Risk Management Strategy vs. Risk Management objectives’, let’s understand what is allowed to be hedged as per the Accounting Standard. WHY do we hedge? Simple answer is to mitigate all expected losses or adverse effect on fair values of any balance sheet items (e.g. Investments etc...

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Blockchain Technology adoption trends & Implications for Accountancy Profession

Worldwide emerging technologies are going mainstream and drastically changing business landscape. Blockchain is one such revolutionary technology, and Indian government in the 2018 Union Budget has shown interest in exploring use of blockchain technology proactively for ushering digital economy....

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Embracing Robotic Process Automation – Opportunities & Challenges for Accountancy Profession

ICAI Concept Paper on Embracing Robotic Process Automation Opportunities and Challenges for Accountancy Profession EMBRACING ROBOTIC PROCESS AUTOMATION Introduction The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No.XXXVIII of 194...

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TCS Liability from 1st October 2018 on E-commerce Operators under GST

TCS Liability from 01.102018 on E-commerce Operators under GST

Recently, the Government vide Notification No. 51/2018, dated 13-9-2018 has made effective TCS provisions given under section 52 of Central Goods and Services Act, 2017(hereinafter referred to as CGST Act) from 1-10-2018. As a result, e-commerce operators will have to collect the tax from those suppliers who are selling goods or providing...

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Taxation of Non-Residents

ICAI released an e-book on Taxation of Non-Residents  based on the law as amended by the Finance Act, 2018. The book contains following topics- Chapter 1. Residential Status Chapter 2. Income Deemed to Accrue or Arise in India Chapter 3. Income not to be included in the total income Chapter 4. Presumptive Taxation Chapter 5. […]...

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Bringing workers to factory from homes cannot be treated as input service

Andhra Organics Ltd Vs CCT (CESTAT Hyderabad)

Once the workers come into the factory their services are used in relation to the manufacture of final products. But bringing workers to the factory or providing accommodation to them outside the factory or providing any other welfare measures for the workers or their families have no nexus with the manufacture of the final products, alth...

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No service tax on Election Photo ID preparation under Photography Services

M/s. Webel Technology Ltd. Vs Commissioner of Service Tax (Calcutta High Court)

Ms. Webel Technology Ltd. Vs Commissioner of Service Tax (Calcutta High Court) Petitioner was awarded two contracts for preparation of Electoral Photo Identity Card (EPIC). The petitioner has suffered the impugned show-cause notice calling upon the petitioner to pay service tax as according to the department, the preparation of EPIC incl...

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