"14 October 2018" Archive

Input Tax Credit Not Claimed In Relevant Period?

A common query many people have in their minds which seems to get more and more complicated as different businesses with different situations think over it. This confusion is none other than the very usual mistake of missing out on taking Input Tax Credit. The problem apparently seems to get worse when this missed ITC is of the previous f...

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No GST on license Fee for sale of liquor for human consumption

Divya Singla Vs Union of India (Punjab and Haryana HC)

Divya Singla Vs Union of India (Punjab and Haryana High Court) The petitioners approached this Court seeking quashing of notice dated 15.05.2017 whereby the respondent asked the petitioner to furnish certain information with reference to levy of service tax on the fee paid for award of license for sale of liquor.  Learned counsel for ...

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PRC/DGFT: Is contempt of Supreme Court simply a joke?

A speaking order is an order that speaks for itself & should stand the test of legality, fairness and reason at all the higher appellate forums. Effectively this means that, the order should contain all the details of the issue, clear findings and a reasoned order. However, when the system is corrupt & rotten to […]...

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Key 8 suggestions on Annual Return Format – Form GSTR-9

In terms of Section 44(1) of the CGST Act, 2017, every registered person, other than an Input Service Distributor, a person paying tax under Section 51 (TDS deductor) or Section 52 (TCS collector), a casual taxable person and a non-resident taxable person, shall furnish an Annual Return for every financial year on or before the […]...

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Lottery can be charged to GST under CGST Act, 2017: Calcutta HC

Teesta Distributors & Ors. Vs Union of India & Ors. (Calcutta High Court)

Teesta Distributors & Ors. Vs Union of India & Ors. (Calcutta High Court) The following issues have arisen for consideration:- i) Is lottery a ‘goods’ or an ‘actionable claim’? It has held that, a lottery is in essential a chance for a prize, the sale of a lottery ticket can only be a sale of […]...

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Structural Reforms in taxation & bankruptcy helping Indian Economy

Structural Reforms in areas like taxation and bankruptcy are helping the Indian economy in building its resilience to global shocks and maintain a robust growth rate despite challenges...

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Introduction: Ease of Doing Business’ Next Frontier

♣ India jumped thirty places to break into the top 100 for the first time in the World Bank’s Ease of Doing Business Report (EODB), 2018. ♣ The rankings reflect the government’s reform measures on a wide range of indicators. ♣ India leaped 53 and 33 spots in the taxation and insolvency indices, respectively, on […]...

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Transfer of Share along with draft documents: Companies Act, 2013

There may be times when you want to change the share structure of your company; either by adding a new shareholder or by changing the existing proportion of shares between shareholders. A share transfer is the process of transferring existing shares from one person to another; either by sale or gift. The securities of a […]...

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Voluntary Revision or Reopening of Books of Account By Company

REVISION/ REOPENING OF BOOKS OF ACCOUNT  Companies Act 2013 has provided a mechanism for revision or reopening of financials statement of a Company, even in a situation where it has already been approved by the company at its AGM or circulated to the members or filed with ROC. Revision or reopening of accounts can be […]...

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Refund of accumulated credit on account of Zero rated supply without payment of tax

1. GST Refund of unutilized or accumulated ITC Refund of unutilized or accumulated ITC is allowed only in following two cases: a. Zero rated supplies made without payment of tax Zero rated supply of goods or services or both under bond or Letter of Undertaking. Input procure in respect of such supply is not utilizing […]...

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