"29 December 2018" Archive

GST is not applicable on interest free security deposit

In re E-Square Leisure Pvt Ltd. (GST AAR Maharashtra)

In re E-Square Leisure Pvt Ltd. (GST AAR Maharashtra) IN this case applicant, for leasing of commercial property has, in addition to rent, also collected interest free deposit from their lessee which is returnable on the completion of the tenure of the lease. Since the entire amount is to be returned back to their lessee, […]...

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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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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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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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Aluminium Alloys cannot be supplied under Govt. Notification no. 47/2017

In re EMMES Metals Private Ltd. (GST AAR Maharashtra)

From a perusal of the said certificate, we find from that recipient is a public funded institution and Notification No. 47/2017 is applicable in respect of supplies made to them but only goods specified in the column no. (3) of the table in the Notification are liable for concessional rate of tax @ 5%. Thus goods other than those mentione...

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GST on installation of Energy Efficient dimmable LED Street lights

In re Ms. Ujjwal Pune Limited (GST AAR Maharastra)

We find that 'LED Lights or Fixtures including LED Lamps' are covered under the Sub-Heading 9405 40 90 of the GST Tariff, 2017 which are taxable @ 12% (6% each of CGST and SGST)....

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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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GST on reimbursement of expenses from lessee by lessor at actuals

In re E-Square Leisure Pvt Ltd (GST AAR Maharashtra)

In re E-Square Leisure Pvt Ltd (GST AAR Maharashtra) Question :- Whether GST is levied on the reimbursement of expenses from the lessee by the lessor at actuals? Answer :- Answered is in affirmative. Question :- In case GST is levied, what is the rate of GST applicable to said reimbursement of expenses ? Answer […]...

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GST payable on hostel services provided by Trusts to students

In re Students' Welfare Association (GST AAR Maharashtra)

In re Students’ Welfare Association (GST AAR Maharashtra) Question -1(a). Whether hostel accommodation provided by Trusts to students is covered within the definition of Charitable Activities and thus, exempt under SI. No. 1 of notification No.12/2017-CT (Rate)? Question -1(b). Whether the supply of residential or lodging services @...

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जीएसटी संकट – कारण और उपाय- क्या अभी भी जीएसटी को बचाया जा सकता है !!

जिस समय भारत में जीएसटी लगाया गया था उस समय भी यही बताया गया था कि जीएसटी की प्रक्रियाएं जिस प्रकार से कठिन से कठिन बनाई जा रही है औ...

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जीएसटी कौंसिल – अभी समस्याएँ सुलझी नहीं है

जीएसटी कौंसिल की 31वीं मीटिंग जो 22 दिसम्बर 2019 को हुई है इससे आम करदाता एवं कर विशेषज्ञों को बहुत अधिक उम्मीद थी . आइये एकबार देखें कि क...

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Angel Taxation in India

Who are angel investors? Angel investors (also called informal investors, angel funders, private investors, seed investors or business angels) are affluent individuals who inject capital for startups in exchange for ownership equity or convertible debt These investors invest their money in an entrepreneurial company unlike institutional ...

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GST Refunds to Exporters of Inverted Rated Goods

Exporters who claim Refund of IGST paid on Export of Inverted Rated Goods, are being denied Refund of accumulated ITC of Inverted Rated Goods. Article seeks to highlight the provisions of GST Act in case of Exporters who Export inverted rated goods...

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Residential Status of an Individual- Q & A

Residential Status of an Individual under Income Tax Act, 1961 One of the most basic yet very important topic in direct taxation is determining the residential status of the assessee. This concept will act as a foundation for Calculating Taxable income and calculation of tax thereon. In this article let us discuss the provisions of [&hell...

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A Spark of Hope for Domestic Traditional Shopkeepers

Government has come up with new guidelines for e-commerce companies doing business in India.  These guidelines seem to help in favor of Domestic Traditional Shopkeepers and may cause some difficulties to the e-commerce companies particularly which are receiving foreign investment into their entity.  As an impact of the new guideline sma...

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Pre-Retirement checklist: 5 questions to consider

You need to plan for your retirement well in advance. The best time to start planning for your retirement is when you receive your first pay-cheque and the second best time is now....

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Last date of filing FCRA Annual Returns for FY 2017-18 extended

F. No. 11/21022/58(370)/20 18-FCRA(MU) (29/12/2018)

Extension of last date of filing mandatory online Annual Returns for The FY 2017-18 under The Foreign Contribution (Regulation) Act, 2010 from 31.12.2018 to 31.03.2019...

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Reminiscences of a CCIT: To study or not to study……is the question

I retired on 30th September 2005 as Chief Commissioner of Income Tax I, Chennai - after completing 37 years of highly satisfying service in the income tax department. I received several requests to write about my experiences. This small summary is the result of my ramblings....

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Section 164 : Disqualifications under Companies Act 2013 for Appointment of Directors

Under Section 164(1) of Companies Act, 2013 A person cannot be appointed as director in any of the following cases (a) he is of unsound mind and stands so declared by a competent court (b) he is an undischarged insolvent; (c) he has applied to be adjudicated as an insolvent and his application is pending...

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Role of Accounting Software in GST

Introduction: A GST accounting software is a class of computer programs that enable you to manage your business’s financial transactions. Such programs can vary widely in scope, with some programs designed for little more than simple bookkeeping and some designed to manage the entire financial comings and goings of large businesses....

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Things you should know before applying for a car loan

With the rise in incomes over the years, owning a car is no more a status symbol. While some of the commuters might prefer public transport or cabs, having one automobile in a family of four is a common thing now. For most of the people, it’s also related to their professional growth. The higher […]...

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