"September, 2018" Archive - Page 4

Transitional GST Input Credit cannot be denied on Procedural Grounds

Tara Exports Vs The Union of India, (Madras High Court, Madurai Bench)

In view of the GST regime and the IT platform being new, it may not be justifiable to expect the users to back up digital evidences. Even under the old taxation laws, it is a settled legal position that substantive input credits cannot be denied or altered on account of procedural grounds....

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How overvalued is the dollar?

We think that while in the near term dollar strength is unlikely to abate significantly, we could see the dollar rally reverse as we get closer to 2019. However, the bulk of the correction in the dollar could (going by current trends) come against the DM currencies such as the Euro and the GBP and less against the emerging markets. ...

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Karnataka Goods And Services Tax (Amendment) Ordinance, 2018

Karnataka Ordinance No. 01 of 2018 29/09/2018

1) This Ordinance may be called the Karnataka Goods and Services Tax (Amendment) Ordinance, 2018. (2) Save as otherwise provided, the provisions of this Ordinance shall come into force on such date as the Government may, by notification in the Official Gazette, appoint:...

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No Profiteering if increase in price was to compensate denial of ITC

Sh. Jijrushu N. Bhattacharya Vs. M/s NP Foods (National Anti -Profiteering Authority)

Sh. Jijrushu N. Bhattacharya Vs. M/s NP Foods (National Anti -Profiteering Authority) It is apparent from the record that the GST on restaurant service has been reduced by the Central Government vide Notification No. 46/2017-Central Tax (Rate) dated 14.11.2017 from 18% to 5% and ITC has been disallowed. It is also revealed that the Applic...

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Empanelment for Concurrent Audit of India Post Payments Bank

Request for Qualifications (RFQ) For Empanelment of Chartered Accountant firms for Concurrent Audit with India Post Payments Bank. Invitation to Response India Post Payments Bank Limited invites sealed tender offers to empanel Bidders for Concurrent Audit in accordance with the scope set out in the tender document. This tender may be down...

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SC dismisses 100s of Appeal having tax effect of less than Rs. 1 Crore

CIT Vs M/S C. C. Chokshi And Co. (Supreme Court of India)

CIT Vs M/S C. C. Chokshi And Co. (Supreme Court of India) The Registry has listed these matters on the ground that the tax effect is less than Rs. 1 Crore and, therefore, as per the Circular of the CBDT, these are not pressed by the Income tax Department and are to be dismissed on […]...

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Internal Auditor cannot undertake GST Audit simultaneously: ICAI

ICAI has decided that based on the conflict in roles as statutory and internal auditor simultaneously, the bar on internal auditor of an entity to accept tax audit will also be applicable to GST Audit...

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Modification to Guidelines for Deductions & Deposits of TDS under GST

Circular No. 67/41/2018-DOR 28/09/2018

Circular No. 65/39/2018-DOR dated 14/09/2018, vide which Guidelines for Deductions and Deposits of TDS by the DDO under GST had been issued by the Department of Revenue....

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Haryana Goods and Services Tax (Amendment) Act, 2018

Haryana Act No. 25 of 2018 - No. Leg. 30/2018 28/09/2018

(1) This Act may be called the Haryana Goods and Services Tax (Amendment) Act, 2018. (2) Save as otherwise provided, the provisions of this Act shall come into force on such date as the Government may, by notification in the Official Gazette, appoint:...

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Income from frequent Sale/Purchase of shares within small duration is business Gain

Dy CIT Vs M/s Divya Shakti Trading Services Ltd. (ITAT Delhi)

DCIT Vs M/s Divya Shakti Trading Services Ltd. (ITAT Delhi) In this case assessee has purchased and sold scrips multiple times, on various dates alleged to have been held as investment within small duration. The magnitude of purchases on each date has been very large in respect of all these shares. Thus in our considered opinion freque...

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