"09 November 2018" Archive

Retrospective amendment in the definition of ‘supply’: A wolf in sheep’s clothing?

GST was introduced with an idea of unification of various indirect taxes focussing only to levy GST on ‘SUPPLY’ of goods or services. Where certain activities or transactions, constitute a supply as per Section 7(1), they shall be treated either as supply of goods or supply of services as referred to in Schedule II...

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Inspection, Search, Seizure and Arrest under Goods & Services Tax

Central Goods and Service Tax authorities who are entrusted with the task of implementation of the GST law enjoy wide and sweeping powers in respect of inspection, search seizure and arrest....

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Does GSTR-9 Annual Return will Transmit Final Rectified Data

Annual return GSTR-9 is much awaited amongst all the suppliers in GST regime due to the belief that all the errors or omission committed during the financial year can be rectified in the annual return i.e. GSTR-9. ...

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Online GST Course by TaxGuru & GST Professionals

TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST and also covering GST Audit & Reconciliation Statements, Filing of Annual GST Returns, Handling GST Assessments and Comprehensive analysis of GST Amendment Acts with recent case laws and Relevant Advance Ruli...

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Variable Capital Company: Singapore proposes a new way of making investments. Can India replicate this model?

Variable Capital Company: Singapore proposes a new way of making investments

Variable Capital Company is a corporate structure that is tailored for collective investment schemes. In Singapore, the most commonly used investment fund structures are unit trusts (constituted by way of trust deeds) and investment companies....

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Tax benefits for NPS contribution

After having discussed the withdrawal rules for National Pension System (NPS) last week, this let us discuss income tax benefits available for contributions made by you to your NPS account.  Though you can open Tier I and Tier II account under the NPS, the tax benefits are available only in respect of contributions made to […]...

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Mistake in filing Form TRAN 1: HC allows Writ filing if GST Grievance Redressal Committee do not act on representation of taxpayer

M/s. Euro Pratik LE Vs. Union of India (Bombay High Court)

Euro Pratik LE vs UOI (Bombay High Court ) Case Summary The Petitioner is a wholesaler, importer and distributor of decorative sheets, which are used for furniture manufacturing. The petitioner was not registered under central laws in Pre-GST regime. As per section 140(3) of the Central Goods and Service Tax Act, 2017 (‘CGST Act’) r.w...

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Unjustified Discrimination for Small CA Firms/Small City firms

It is no secret that small and medium-sized CA firms have been neglected by the ICAI since years. There is no motivation for a young CA today to start his/her own practice. A profession which was once chosen by many to become the master of their fate and captain of their souls no longer serves this purpose...

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Govt increases minimum MSME procurement limit, Quota for women owned MSME

Govt increases minimum MSME procurement limit, Quota for women S.O. 5670(E) (09/11/2018)

Special provision for Micro and Small Enterprise owned by women. Out of the total annual procurement from Micro and Small Enterprises, 3 per cent from within the 25 per cent target shall be earmarked for procurement from Micro and Small Enterprises owned by women....

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GST शास्त्र : Construction sector and section 17 of CGST Act, 2017

A. Introduction to section 17 of CGST Act, 2017 Section 17 of CGST Act, 2017 restricts the availment of Input Tax Credit (ITC) to the extent it is attributable to the purpose of business and to the extent of effecting taxable supplies. Rule 42 and 43 of CGST Rules, 2017 specifies the mechanism of such […]...

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