"01 October 2018" Archive

GST Revenue collection for September 2018 crossed Rs 94,000 crore

GST Revenue collection for September 2018 crossed Rs 94,000 crore Revenues collected in September shows an upward trend as compared to August, 2018  The total gross GST revenue collected in the month of September, 2018 is Rs. 94,442 crore of which CGST is Rs. 15,318 crore, SGST is Rs. 21,061 crore, IGST is Rs. 50,070 crore (inc...

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Govt constitutes Competition Law Review Committee

In pursuance of its objective of ensuring that Legislation is in sync with the needs of strong economic fundamentals, the Government has constituted a Competition Law Review Committee to review the Competition Act....

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ICAI President’s Message – October 2018

CA. Naveen N. D. Gupta My dear Professional Colleagues, October always reminds we Indians of Mahatma Gandhi, who was born on 2nd October in the year 1869. Freedom fighter and social reformer Gopal Krishna Gokhale, who devoted his life to the cause of education, had said: It is one of the privileges of my life that […]...

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National Anti-Profiteering Authority- Procedure & Methodology

In exercise of the powers conferred under Rule 126 of the Central Goods & Services Tax Rules, 2017, the National Anti-Profiteering Authority under the Goods & Services Tax hereby notifies the following Methodology and Procedure for determination as to whether the reduction in the rate of tax on the supply of goods or services or [...

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Govt takes Action taken to preserve value & assets of IL& FS

Firm and Decisive Government Action taken to preserve value and assets of IL& FS Government stands fully committed to ensure much needed liquidity arranged for the IL& FS from the financial system so that no more defaults take place and the infrastructure projects  implemented smoothly IL&FS, incorporated in 1987, is a large ...

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Enhancements in E-Way Bill System- Latest FAQs

1. What should I do if I don’t have ‘Transporter Id’ but want to enter and generate ‘Part-A slip’? This is not possible as per rule 138(3). If the tax payer is not having the details of ‘Transporter Id’ but he still wants to enter and generate the ‘Part-A Slip’, then he has to compulsorily enter...

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Can Input Tax Credit of process loss/waste of Input be taken?

Input Tax Credit of process loss/waste of Input

Section 17(5) of the Central Goods and Service Tax Act 2017, says that notwithstanding anything contained in section 16(1) or section 18(1), input tax credit shall not be available for certain inputs or input services....

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Punjab Development Tax Registration Rules, Punjab Professional Tax Registration Rules And Forms

Punjab State Development Tax Rules, 2018 Background: On 16th April 2018 Governor of Punjab gave assent to new act called THE PUNJAB STATE DEVELOPMENT TAX ACT, 2018, then on 19th April 2018  by its Notification in the Official Gazette of Punjab Government This act come into force from the date of its notification i.e. 19th […]...

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Interest on TDS – Rule VS Section

Tax Deducted at Source – TDS Interest on TDS – Section 201(1A) of Income tax act, 1961 & Rule 119A of Income Tax Rules, 1962 The Compliance of TDS (Tax deduction at Source) is stringent in the Sector of Finance & Commerce. The act and rules in relation to TDS are to be taken enough […]...

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Reporting of financial statements by a Company in XBRL

XBRL stands for Extensible Business Reporting Language. It is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. ...

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