"11 October 2018" Archive

Issuance of Form ‘I’ under Central Sales Tax Act, 1956.

Trade Circular No. 27T of 2018 (11/10/2018)

All the Sales Tax authorities undertaking assessments, appeals, or, as the case may be, review, are hereby directed not to disallow the claims made under section 8(6) of the CST Act, merely on the ground that the declarations in Form 'I' are issued by Sales Tax/Commercial Tax authorities of other States....

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GST Refund For Exporter’s – Key Changes

Yesterday Government has issued two Notifications (Notification No. 53/2018 – Central Tax & Notification No. 54/2018 – Central Tax) making certain changes in Rule 89 & 96 of the CGST Rules, 2017. Gist of the changes are as under: Rule 89: Said Rule deals with the refund of tax in cases, other than IGST paid on […]...

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How to Calculate Eligible and Reverse Ineligible Input Tax Credit as per Rule 42

As per Section 17 (1) of CGST Act, a registered person can take input tax credit on inputs or input services or both only when they are used for his business purpose only.  If they are used partly for business purpose and partly for other purposes, then the input tax credit is available only to […]...

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MVAT: Withdrawal of pending cases based on probable revenue involved

Notification No. VAT.1518/C.R. 23A/Taxation-1 (11/10/2018)

Government of Maharashtra considers it expedient, to formulate a Scheme to decide the criteria for withdrawal of the assessment proceedings based on threshold revenue earnings, below which assessment proceedings may be withdrawn, and complete the assessments that may remain after such withdrawal, in a time bound manner :...

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No TDS on mere facilitating transportation of goods by hiring lorries

I.T.O. Vs Bajaj Roadways (ITAT Kolkata)

I.T.O. Vs Bajaj Roadways (ITAT Kolkata) Assessee had merely hired the lorries and there was no contract between assessee and the concerned payees, i.e., truck owners. Since the assessee did not delegate its liability of transportation of goods to the truck owners by way of any contract or sub-contract, therefore, the payments made by the ...

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TDS not deductible on Internet connectivity charges & specialised line rental

ACIT Vs SDV International Logistics Ltd. (ITAT Kolkata)

ACIT Vs SDV International Logistics Ltd. (ITAT Kolkata) it is observed that the assessee company was held to be liable to deduct tax at source by the A.O. from the payment of internet connectivity charges and specialised line rental u/s 194J of the Act being in the nature of royalty by relying on Explanations 4, […]...

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IBBI amends 3 Insolvency Regulations

Press Release No. IBBI/PR/2018/29 (11/10/2018)

IBBI amends (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulat...

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Salient amendments in IBBI (Insolvency Professionals) Regulations, 2016

Press Release No. IBBI/PR/2018/30 (11/10/2018)

a. An insolvency professional shall pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30thof April every year;...

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IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG35. (11/10/2018)

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018....

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Transfer Pricing – The Expanded Version

The Finance Act, 2012 expanded the scope of the term International Transaction thereby giving the clarity as to what the legislature meant or rather deemed fit to be International Transaction and consequential amendments were also made to other connected sections of Transfer Pricing in the Income-tax Act, 1961. ...

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