"26 October 2018" Archive

Procedure in respect of GST return of time expired drugs or medicines

Circular No. 72/46/2018-GST 26/10/2018

CBIC issues clarification on the procedure to be followed in respect of return of time expired drugs or medicines under the GST laws vide Circular No. 72/46/2018-GST Dated 26th October, 2018....

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Casual taxable person registration & recovery of excess ITC distributed by ISD

Circular No. 71/45/2018-GST 26/10/2018

Clarification on issues pertaining to registration as a casual taxable person & recovery of excess Input Tax Credit (ITC) distributed by an Input Service distributor (ISD). Clarifications of issues under GST related to casual taxable person & ISD Whether the amount required to be deposited as advance tax while taking registration...

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GST Refund: Deficiency memo & Receipt of capital goods under EPCG

Circular No. 70/44/2018-GST 26/10/2018

Clarification on Status of GST refund claim after issuance of deficiency memo and re-credit of electronic credit ledger and Allowing exporters who have received capital goods under EPCG to claim refund of IGST paid on exports vide Circular No. 70/44/2018 -GST dated-26th October, 2018. Status of refund claim after issuance of deficiency me...

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Processing of Applications for Cancellation of GST Registration submitted in FORM GST REG-16

Circular No. 69/43/2018-GST 26/10/2018

Circular No. 69/43/2018-GST on Standard Operating Procedure for Processing of Applications for Cancellation of Registration submitted in FORM GST REG-16. Cancellation of registration Circular No. 69-Central Tax issued clarifying a few issues Section 29 of the CGST Act, read with rule 20 of the CGST Rules provides that a taxpayer can apply...

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Extend last date for MCA annual filing for the F.Y. 2017-18: TBA

Ref: TBA/PRE/GS/2018-19/021 01/01/1970

Tax Bar Association, Guwahati  requested MCA to grant extension of time for filing the MCA financial statements for the financial year ended 31st march, 2018 upto 31st December, 2018 without levying additional fees. Text of their representation is as follows- Tax Bar Association (Registered under the Societies Registration Act 1860) Sree...

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Extension of due date of filing Form GST ITC-04 to 31.12.2018 for period July, 17 to Sep, 18

Notification No. 59/2018-Central Tax [G.S.R. 1071(E).] 26/10/2018

CBIC extends the time limit for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to September, 2018 till the 31st day of December, 2018. Time limit for […]...

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GST registration cancelled before 30.09.2018 -furnish GSTR-10 till 31.12.2018: CBIC

Notification No. 58/2018-Central Tax [G.S.R.1070(E).] 26/10/2018

CBIC hereby notifies the persons whose registration under the said Act has been cancelled by the proper officer on or before the 30th September, 2018, as the class of persons who shall furnish the final return in FORM GSTR-10 of the said rules till the 31st December, 2018. The taxpayers whose registration has been cancelled […]...

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If no cash involved in share allotment than unexplained cash credit provisions not attracted

M/s. V.R.Global Energy Pvt. Ltd. Vs ITO (Madras High Court)

M/s.V.R.Global Energy Pvt. Ltd. Vs ITO (Madras High Court) When there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted. Learned counsel for the appellant assessee emphatically argued that inasmuch as the source of credit in [&h...

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Bogus capital gain: Addition merely based on statements recorded by Investigation Wing not valid

DCIT Vs Saurabh Mittal (ITAT Jaipur)

DCIT Vs Saurabh Mittal (ITAT Jaipur) In absence of any contrary fact, the mere reliance by the Assessing Officer on the report of Investigation Wing, Kolkata is not sufficient to establish the fact that the transaction is bogus. The finding of the Assessing Officer is based merely on the suspicion and surmises without any tangible [&helli...

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Capital Gain Taxable in the year in which possession of property passed on to developer

M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad)

M/s. Telukunta Chandra Mohan Rao (HUF) Vs ITO (ITAT Hyderbad) The question raised is, in the case of ‘JDA’ transaction, at what point of time, capital gain arises. It is settled law that in the year in which the possession of the property is passed on to the developer is the year in which the […]...

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