"29 December 2018" Archive

Exposure Draft of AS 37 Provisions, Contingent Liabilities & Assets

Following is the Exposure Draft of the Accounting Standard (AS) 37, Provisions, Contingent Liabilities and Contingent Assets, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. AS 37 refers to following ASs which are under formulation:...

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Posted Under: CA, CS, CMA |

Exposure Draft: AS 1 Presentation of Financial Statements

Following is the Exposure Draft of the Accounting Standard (AS) 1, Presentation of Financial Statements, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. AS 1 refers to following ASs which are under formulation:...

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Posted Under: CA, CS, CMA |

Reduction in discount doesn't amount to profiteering

In re Kerala State Screening Committee on Anti-profiteering Vs M/s Asian Paints Ltd. (National Anti-Profiteering Authority)

It is also revealed that the reduction in discount doesn't amount to profiteering as the same was offered from his profit margin by the Respondent and doesn't not form part of the base price and therefore, the Respondent cannot be held guilty under Section 171 of the Act....

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No Profiteering as no change in base rate during Pre & Post GST rate revision

State Level Screening Committee on Anti-Profiteering Vs Ahuja Radios (National Anti-Profiteering Authority)

State Level Screening Committee on Anti-Profiteering Vs Ahuja Radios (National Anti-Profiteering Authority) The DGAP after scrutiny of the above two invoices issued by the Respondent has intimated that there was no increase in the per unit price (excluding GST) in respect of both the products mentioned in the above invoices. The base Pric...

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No profiteering if base price (excluding tax) not increased after GST rate reduction

Kerala State Level Screening Committee on Anti-Profiteering Vs M/s Lorenzo Vitrified Tiles Pvt. Ltd. (National Anti-Profiteering Authority)

It is apparent from the perusal of the facts of the case that there was no reduction in the rate of tax on the above product w.e.f. 01-07-2017, as could be seen from the table given above. There is also no increase in the per unit base price (excluding tax) of the above product and therefore the allegation of profiteering is not establish...

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No reduction in rate of GST- Anti-profiteering provisions not attracted

Kerala State Level Screening Committee on Anti-Profiteering Vs Janson (National Anti-Profiteering Authority)

Kerala State Level Screening Committee on Anti-Profiteering Vs Janson (National Anti-Profiteering Authority) It is apparent from the perusal of the facts of the case that there was no reduction in the rate of tax on the above product w.e.f. 01-07-2017, hence the anti-profiteering provisions contained in Section 171(1) of the Central Goods...

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Legal obligation imposed on dealer cannot be ignored only because manufacturer controls the prices

Director General of Anti-Profiteering Vs Raj & Company (National Anti-Profiteering Authority)

The legal obligation imposed on deqaler cannot be ignored only because he is not the manufacturer who controls the prices, as he is accountable as a supplier to pass on the benefit of GST rate reduction. T...

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GST Payable on Cross Charge of Employee Salary : AAAR

In re M/s. Columbia Asia Hospitals Pvt. Ltd (GST AAAR Karnataka)

The India Management Office (IMO) of the Appellant is providing a service to its other distinct units by way of carrying out activities such as accounting, administrative work, etc with the use of the services of the employees working in the IMO, the outcome of which benefits all the other units and such activity is to be treated as a tax...

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Alternative Assets: Are They Good Investments?

As the people are becoming more responsible financially, the charm of retail investments has increased a lot in the past 5-10 years. Although most people invest their money in traditional assets such as stocks and bonds, there are benefits to investing in alternative assets too. In this blog, we will discuss these benefits and how [&helli...

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Posted Under: CA, CS, CMA |

Kerala HC judgment on Extension of Income Tax Return Due Date

Alwaye Chartered Accountants Association Vs Union Of India (Kerala High Court)

Alwaye Chartered Accountants Association Vs Union Of India (Kerala High Court) I) In respect of those assessees who, on account of the difficulties faced by them, have not been able to file a return making a claim for deductions, exemptions or refunds, they shall be permitted to make an application under Section 119(2)(b) before the [&hel...

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