"21 November 2018" Archive

GST Practitioners Confirmation exam postponed to 17.12.2018

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)....

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Dr. Hasmukh Adhia, the Finance Secretary, retires

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 p...

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

Shri Ravi Charaya Vs M/s Hardcastle Restaurants Pvt. Ltd (National Anti-Profiteering Authority)

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 dete...

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No profiteering if reduction in base price is more than additional eligible ITC

Smt. Mandalika Sakunthala Vs M/s Fabindia Overseas Pvt. Ltd. (National Anti-Profiteering Authority)

Smt. Mandalika Sakunthala Vs M/s Fabindia Overseas Pvt. Ltd. (National Anti-Profiteering Authority) The company reduced his base prices and the profit margins to maintain the same MRP inspite of the increase in the tax rate. In another product, reduction in the base prices found to be more than the additional ITC eligible thereon. Respond...

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Depreciation: All You Need to Know

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....

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Understanding Over Taxation and Ways to reduce it

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. ...

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Authority for Advance Ruling: Making and Unmaking

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 appea...

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

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)?...

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Decoding GST Annual Return -GSTR-9

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 re...

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

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

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