"08 December 2018" Archive

Johnson Product dealer guilty of profiteering for not reducing price despite Tax Reduction: NAA

Director General of Anti-Profiteering Vs J. P. and Sons (National Anti-Profiteering Authority)

Director General of Anti-Profiteering Vs J. P. and Sons (National Anti-Profiteering Authority) The brief facts of the present case are that the Standing Committee vide the minutes of it’s meeting dated 13.04.2018 had requested the DGAP to initiate investigation under Rule 129 (1) of the CGST Rules, 2017 on the allegation that the Re...

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Hindi lexicon for all GST related words and phrases

This lexicon has been constructed by first compiling all legal terms from the English versions of GST Acts and Rules by us and then taking the help of three of our inspectors who are native Hindi speakers in finding out the equivalent Hindi terminologies from the Hindi versions of these Acts and Rules published in the Gazette of India ....

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3 New Functionality on Advance Ruling, GST Refund & GST APL-01 now available on GST Portal

New Functionality update on GST Portal: Appeal against the Advance Ruling given the Authority, Filing of Monthly Refund applications by Quarterly Return filers now available on GST Portal, Preparation of Form GST APL-01 by GSTP, on behalf of taxpayer. Appeal against the Advance Ruling given the Authority Once an advance ruling is issued b...

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Subsidy based on reimbursement of sales tax – revenue or capital receipt?

PepsiCo India Holdings Pvt. Ltd, (erstwhile Pepsi Foods Pvt. Ltd.) Vs Addl. CIT (ITAT Delhi)

ITAT, Delhi held that the subsidy received by the assessee from the subsidy received under the West Bengal Incentive Scheme of 2004 was capital in nature and could not be taxed as revenue receipts. ...

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ICAI Election: Complete ban on canvassing on days of polling

ANNOUNCEMENT 7th December, 2018 Sub.: Complete ban on canvassing on days of polling Candidates and their supporters may kindly note that Election Code of Conduct continues to be in force on the days of polling and the same will come to an end only upon declaration of results of elections. Further, the Election Code imposes […]...

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Bitter But Real Side of ICAI Elections

The wait is all over. The day has come. Election Day! A Big day! But have you ever tried to notice a big day for whom?? For Profession at large or a big day for prospective candidate alone. What are you voting for? Who are you voting to? You think you seriously know about the […]...

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Input Tax Credit on Outdoor Catering Services

Section 17(5)(b)(i) of CGST Act, clearly specifies that Outdoor catering Services is not eligible for Input Tax Credit by the recipient unless and otherwise the recipient is making an outward taxable supply of the same category of goods or services (i.e.) in this Outdoor Catering Serivces , the relevant Section is appended hereunder Sect...

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Challenges ahead for filling up GSTR form 9

GSTR -9  BIG challenges coming ahead. Legal Requirement Every Registered person including the person registered under section 10 (Composite Taxable person) to electronically file annual return on or before 31st Dec 2018 following the end of each financial year. It means it has to be file GSTN wise in respect of each & every registra...

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Extension of due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till 31st March, 2019

Extension of due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till 31st March, 2019 GSTR-9 form is an annual return form to be filed once in a year by the registered taxpayers under GST including those registered under composition levy scheme. GSTR-9 consists of details regarding the supplies made and received during [&helli...

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GST on Real Estate Transactions, Transfer of Developments Rights and Joint Development Agreements

GST on Real Estate Transactions, Transfer of Developments Rights and Joint Development Agreements (JDAs) Construction and Real Estate is a complex business with multiple stakeholders involved in it. It has been a growing sector in India, but ironically has been riddled with litigation owing to multiplicity of taxes and dual administratio...

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