"01 November 2018" Archive

Rajasthan HC admit writ challenging Rule 89(5) of CGST Rules, 2017

By way of this Writ Petition the petitioner has challenged the provision of Rule 89(5) of the CGST Rules, 2017 by way of which computation mechanism of the Input Tax Credit to be refunded in case of inverted duty structure has been modified to exclude Input Services from the definition of Net ITC with retrospective effect thereby denying ...

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GST collections for October 2018 crosses Rupees One Lac Crore

The total gross GST revenue collected in the month of October, 2018 is Rs. 100,710crore of which CGST is Rs. 16,464crore, SGST is Rs. 22,826crore, IGST is Rs. 53,419crore (including Rs. 26,908crore collected on imports) and Cess is Rs. 8,000 crore(including Rs. 955crore collected on imports)....

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Depreciation on JCB cannot be disallowed merely for Delay in Registration

Shri.Ram Karan Yadav Vs ITO (ITAT Jaipur)

Shri.Ram Karan Yadav Vs ITO (ITAT Jaipur) There is no dispute that the assessee has purchased the JCB machine vide Invoice dated 3rd June, 2011 and delivery was taken on 6th June, 2011. However, the registration of JCB with the RTO was done on 29.08.2011. We further note that in the registration charges, the RTO […]...

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GST Helpdesks set-up by CBIC for MSMEs

F.No. 349/94/2017-GST(Pt) (01/11/2018)

It has been now decided that all grievances raised by MSMEs have to be recorded and processed. In order to achieve the same, a Feedback and Action Room (FAR) is required to be set-up. It has also been decided that DGGST would be the nodal agency to run the said FAR. ...

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Deduction of unrealized cost due to cancellation of contract

M/s. Housing Development and Infrastructure Limited Vs Dy. CIT CC-5(4) (ITAT Mumbai)

M/s. Housing Development & Infrastructure Limited Vs DCIT (ITAT Mumbai) Assessing Officer denied the claim of the assessee being write off of unrealized cost of TDR observing that details have not been furnished and the assessee has not explained why the unabsorbed cost was not claimed in the original return and claimed in the re...

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India’s Trading Across Borders ranking Jumps to 80 from 146

The rank in Trading Across Borders has taken a quantum leap from 146 to 80 in the Doing Business report released by World Bank today. Among the 11 parameters based on which the rankings are determined and which include indices like Starting a Business, Getting Electricity...

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Duty increase on specified imports originating in USA postponed

Notification No.77/2018-Customs [G.S.R. 1080 (E)] (01/11/2018)

Seeks to further postpone the implementation of increased customs duty on specified imports originating in USA from 2nd November, 2018 to 17th December, 2018 GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 77/2018-Customs New Delhi, the 1st November, 2018 G.S.R. 1080(E).- In exercise of the powers conferre...

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SEBI Streamlines Process of Public Issue of Equity Shares & convertibles

Circular No. SEBI/HO/CFD/DIL2/CIR/P/2018/138 (01/11/2018)

From January 01, 2019, the UPI mechanism for retail individual investors through intermediaries will be made effective along with the existing process and existing timeline of T+6 days. The same will continue, for a period of 3 months or floating of 5 main board public issues, whichever is later....

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PMLA, 2002 Adjudicating Authority to discharge Benami Property law cases also

Notification no. 77/2018-Income Tax [S.O. 5608(E)] (01/11/2018)

S.O. 5608(E).—In exercise of powers conferred by section 71 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) (hereafter referred to as the said Act) and in suppression of notification number S.O. 3288(E) dated the 25th October, 2016, except as respects things done or omitted to be done before such suppression, t...

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CESTAT on Service tax on construction related composite works contract services

Real Value Promoters Pvt. Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai)

Real Value Promoters Pvt. Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai) a. The services provided by the appellant in respect of the projects executed by them for the period prior to 1.6.2007 being in the nature of composite works contract cannot be brought within the fold of commercial or industrial construction servic...

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