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Archive: 01 October 2018

Posts in 01 October 2018

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1548 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

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

October 1, 2018 1671 Views 1 comment Print

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 (including Rs. 25,308crore collected on imports) and Cess is Rs. 7,993 crore (including Rs. 769 crore collected […]

Govt constitutes Competition Law Review Committee

October 1, 2018 420 Views 0 comment Print

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.

ICAI President’s Message – October 2018

October 1, 2018 1020 Views 0 comment Print

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 […]

National Anti-Profiteering Authority- Procedure & Methodology

October 1, 2018 2289 Views 0 comment Print

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 […]

RTI Applications for VAT returns of third parties cannot be entertained

October 1, 2018 2115 Views 0 comment Print

Applications under the Right to Information (RTI) in respect of VAT returns of the third parties cannot be entertained as there is no case of larger public interest involved in it.

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

October 1, 2018 540 Views 0 comment Print

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 Systemically Important Non-Deposit […]

Enhancements in E-Way Bill System- Latest FAQs

October 1, 2018 4536 Views 3 comments Print

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

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

October 1, 2018 18051 Views 3 comments Print

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.

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

October 1, 2018 26085 Views 5 comments Print

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 […]

Interest on TDS – Rule VS Section

October 1, 2018 5643 Views 11 comments Print

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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