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Archive: 21 November 2018

Posts in 21 November 2018

GST Practitioners Confirmation exam postponed to 17.12.2018

November 21, 2018 1347 Views 0 comment Print

Reference is invited to Press Release dated 1.11.2018 regarding exam for GST Practitioners cheduled on 7.12.2018. On account of Assembly Elections in some of the states on 7.12.2018, he date of the examination stands revised to 17.12.2018 (17th December 2018).

Dr. Hasmukh Adhia, the Finance Secretary, retires

November 21, 2018 1140 Views 0 comment Print

Arun Jaitely Dr. Hasmukh Adhia, the Finance Secretary, retires at the end of this month. He has been in the Finance Ministry for four years and held the specific responsibility of the Revenue Secretary for the last three years. As Secretary, Financial Services, Dr. Adhia showed his leadership in implementation of various social security programmes […]

Increase in base price by McDonald to deny benefit of Tax reduction is profiteering: NAA

November 21, 2018 1926 Views 0 comment Print

Shri Ravi Charaya Vs M/s Hardcastle Restaurants Pvt. Ltd (National Anti-Profiteering Authority) National Anti-Profiteering Authority (NAA) issue orders against M/s Hardcastle restaurants P Ltd ( Mcdonald) for charging more than than he could have by issuing incorrect invoce post reduction of GST from 18% to 5%. Amount of profiteering determined at Rs.7.49 crore. Company directed […]

Depreciation: All You Need to Know

November 21, 2018 10236 Views 0 comment Print

The following essay will explain the meaning of depreciation and all the terms around it through a list and contrast the surrounding terms with the main concept of depreciation.

Understanding Over Taxation and Ways to reduce it

November 21, 2018 2214 Views 1 comment Print

A Company is a separate legal entity from its shareholders. Under S.2 (7) of the Income Tax Act, all entities can be shareholders. For example, sometimes Companies themselves are shareholders in other companies and draw Inter Corporate Dividends from the other.

Authority for Advance Ruling: Making and Unmaking

November 21, 2018 3330 Views 0 comment Print

In the first part, the scheme of Advance Ruling will be discussed. In the second part, the impact of this mechanism in terms of its ability to deliver certainty to taxpayers shall be discussed and in the third part, the case of Colombia Sportswear will be used to discuss whether the decisions of Authority of Advance Ruling should be appealable.

Impact of section 145A on a non-scheduled Bank [Part – II]

November 21, 2018 1665 Views 0 comment Print

What will be the impact of section 145A [as substituted] on the computation of taxable income of the bank whether for FY 2017-18 or FY 2016-17 or even for the earlier year(s)?

Decoding GST Annual Return -GSTR-9

November 21, 2018 56961 Views 6 comments Print

As per section 44(1) read with rule 80 of CGST Rules, every registered person other than: an input service distributor, a person paying tax under section 51 (tax deduction at source) and a person paying tax under section 52 (collection of tax at source), a casual taxable person and a non-resident taxable person shall furnish an annual return for every financial year electronically in form GSTR-9 or other prescribed forms on or before the thirty first day of December following the end of such financial year.

GST Liability under RCM on US FDA Fees -Concept of Sovereign Function

November 21, 2018 15996 Views 1 comment Print

Whether the payment of fees to USFDA shall tantamount to import of services and hence shall require payment of tax under reverse charge mechanism ?

MCA Invites public comments on Competition Act, 2002

November 21, 2018 663 Views 0 comment Print

The Ministry of Corporate Affairs (MCA) constituted a Competition Law Review Committee to review the competition Act/Rules/Regulations in view of changing business environment and bring necessary changes, if required.

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