"October, 2018" Archive - Page 30

Service Tax or GST for Development Agreements entered during pre GST period

Introduction In the case of construction projects, it is common to enter into development agreements where the developer undertakes to develop property (residential / commercial) in exchange for the development rights given by landlord. Consideration for such development rights is determined based on some agreed ratio of constructed area ...

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GST on differential payment on Settlement, Washout or Closure of Cotton Purchase / Sale Contract

In Re Louis Dreyfus Company India Pvt. Ltd. (AAR Punjab)

In forward contracts in cotton sales, being settled with the other party to the contract by way of payment of the differential of forward rate and prevailing market rate on the settlement date, the same would be falling within the purview of 'securities' as defined in Section 2(101) of the CGST Act, 2017 and would therefore not be chargea...

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GST on EPC contract for set up of solar power generating system

In re Solai Redirect India LLP (GST AAR Rajasthan)

In re Solai Redirect India LLP (GST AAR Rajasthan) Whether EPC contract for set up of solar power generating system be considered as a composite supply with PV modules being the principal supply and be taxed at a rate of 5% (i.e. tax rate applicable on the P.V. modules)? As per the statement of facts submitted […]...

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Section 8 Company Registration (NGO)

This article explains about section 8 company registration. It includes about section 8 company, eligibility criteria, documents required, procedure & advantage, of its registration....

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Lifting of Corporate Veil

From the juristic point of view, a company is a legal person distinct from its members [Salomon v. Salomon and Co. Ltd. (1897) A.C 22]. This principle may be referred to as the Veil of incorporation. The courts in general consider themselves bound by this principle. The effect of this Principle is that there is a fictional veil between th...

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GST Rate on supply of Solar Power Generating System

In re Frizo India Private Limited (AAR Rajasthan)

In re Frizo India Private Limited (GST AAR Rajasthan) Applicable GST Rate on supply of Solar Power Generating System- In instant case the nature of work is of Erection, Procurement and Commissioning of Solar Generating System which falls under the ambit ‘Works Contract Services’ (SAC 9954) of Notification no. 11/2017 Central T...

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Rate of GST on Ramming Mass & crushed quartz stones

In re Raghav Productivity Enhancers Limited (AAR Rajasthan)

In re Raghav Productivity Enhancers Limited (GST AAR Rajasthan) Ramming Mass which is a Refractory Material, is classifiable under HSN code 3816 and would attract 18% rate of tax under GST (9% CGST + 9% SGST). Quartz powder obtained by crushing Quartz stones falls under HSN code 2806 and would attract 5% rate of tax […]...

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Tax Deduction on Purchase of Immoveable Property

This provision is applicable on transfer of immoveable property of Rs. 50 lacs or more. It requires TDS to be deducted at 1% of the price being paid by the purchaser of an immoveable property, irrespective of quantum of capital gains. If the seller does not have/provide a PAN, the rate of TDS would be 20%. The property may be in the natur...

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Quick Insight on sec 44AA, 44AB, 44AD – Presumptive Taxation

CA Tarannum Khatri Section 44AA: Maintenance of Books of Accounts WHO SHOULD MAINTAIN: Person  carrying on business / profession whose total income exceeds INR 1,20,000 in any one of the three years immediately preceding the previous year; In case of in case of individual or HUF provisions are applicable in case total income exceeds INR ...

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Full ITC eligible on Road Construction Services which is liable to tax: AAR

In re Nagaur Mukandgarh Highways Pvt. Ltd. (GST AAR Rajasthan)

In re Nagaur Mukandgarh Highways Pvt. Ltd. (GST AAR Rajasthan) 1. The applicant is rendering taxable services during the construction, of roads which is liable to tax; hence they are entitled to claim full ITC under.the provisions of section 16(1) of the CGST Act. 2017. 2. The Applicant is entitled to claim ITC on supplies […]...

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