"06 November 2018" Archive

GST on mobilization advance received against works contract services

Works contractors are still liable to pay GST on mobilization advance /any other advance received towards supply of a works contract services attracting GST....

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Interest in GST: Whether on Gross Output Tax or Net Tax Liability

The interest is being charged by the Department on gross tax liability which is the output tax and tax payable on reverse charge mechanism without deducting any input tax credit i.e. net tax liability. Many taxpayers are getting notices from the GST Department regarding late filing of return. The GST Department is adding interest liabilit...

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Non-filing of Part-B of E-way bill: HC orders release of goods on furnishing of security

New Shiva Transport Service Vs State of U.P. (Allahabad High Court)

As the complete details to be filled up in Part-B of the E-way Bill were supplied on 25.05.2018, the goods were not liable for seizure on 26.05.2018....

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How to reply GST Return scrutiny notice in Form GST ASMT-11

A. FAQs on Filing reply in Form GST ASMT-11 to the notice issued against scrutiny of Returns Q.1 When a Tax Official will conduct Scrutiny of Returns? Ans: In case, any discrepancy is found in return furnished by registered person on the basis of risk parameters or suo-moto, then Tax Official can issue a notice […]...

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Concept of Pure Agent under GST

As per Sec 2(5) of the CGST Act, 2017, agent means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another....

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GST Credit Notes A Double Edged Sword In GST Annual Returns

Issue of Credit notes is an age old practice in business environment. They are issued by supplier to buyer for the sales return transactions. In GST there will be a tax component in each & every taxable supply transaction. When there is a supply of goods or services, supplier is liable to pay GST on such transactions....

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MCA proposes 20 further Amendments in Companies Act, 2013

Pursuant to recommendations made by Committee to review the offences under the Companies Act, 2013, the Companies (Amendment) Ordinance, 2018 has been promulgated on 2nd November, 2018....

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Appointment of Auditor for Conducting Annual GST Audit of SIDBI

Request for Proposal For Appointment of Auditor for Conducting Annual GST audit of the Small Industries Development Bank of India [SIDBI]....

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Provisional Assessment and Release of Security under GST

A. FAQs on Provisional Assessment and Release of Security under GST Q. 1. What is Provisional Assessment? Ans: If taxpayer is unable to determine either the value or tax rate for the goods/ services dealt in, then he/ she can file an application for provisional assessment to the Tax Official. Q. 2. From where can […]...

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SEBI revises Procedure for Transfer of Securities in Physical Mode

Circular No. SEBI/HO/MIRSD/DOS3/CIR/P/2018/139 (06/11/2018)

It has been brought to the notice of SEBI that RTAs are seeking various documents for effecting transfer of securities and the documents sought vary across RTAs. SEBI has also received representations, highlighting difficulties faced by transferees in providing these documents....

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