"10 January 2019" Archive

Rejection of GST refund without considering assessee’s reply violates principles of natural justice

M/s. Sri Gayathri Cashews Vs Assistant Commissioner of GST and Central Excise (Madras High Court)

Rejection of IGST refund without considering assessee's reply and also without affording an opportunity of personal hearing was in violation of the principles of natural justice. Therefore, matter was remanded back for reconsideration to decide the refund claim on merits within the stipulated period....

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Penalty not leviable If Assessee acted in terms of law prevailing at relevant point of time

Commissioner of Income Tax Vs  Chettinad Cement Corporation Ltd. (High Court Madras)

CIT Vs  Chettinad Cement Corporation Ltd. (High Court Madras) n order to get over the legal embargo which permitted such expense to be allowable as a deduction, the Income Tax Act was amended and Section 35DDA was introduced by Finance Act, 2001 w.e.f 01.04.2001. Thus, in our considered view, the Tribunal was justified in setting aside ...

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जीएसटी कोंसिल की 32वीं मीटिंग के फैसले और उनके प्रभाव

सुधीर हालाखंडी जीएसटी कोंसिल की 32वीं मीटिंग: जीएसटी कौंसिल की ताजा मीटिंग के फैसले और उनके प्रभाव जीएसटी कौंसिल की 32वीं कौंसिल की ...

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Posted Under: Income Tax | ,

Last date to pass exam for GST practitioner to be extended till 31.12.2019

The last date for passing the examination for GST Practitioners to be extended till 12.2019 for those GST Practitioners who have enrolled under rule 83(1)(b) i.e. who were sales tax practitioner or tax return preparer under the existing law for a period of not less than five years....

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Posted Under: Income Tax |

7 Major Decisions taken by 32nd GST Council

1. Increase in Turnover Limit for the existing Composition Scheme: The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special category States would decide, within one week, about the Composition Limit in their respective States....

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Posted Under: Income Tax | ,

Composition scheme for services sector with turnover limit of Rs. 50 lakhs

Shri  Arun Jaitley introduced A new composition scheme for services sector and for mixed transactions of goods and services with turnover limit of Rs.50 lakhs at 6% GST....

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Posted Under: Income Tax |

GST Council approves 1% cess on intra-State supply of Goods in Kerala

Arun Jaitley  approved levy of cess on intra-State supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years....

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Posted Under: Income Tax |

Composition Scheme for Goods shall be increased to Rs 1.5 crore

The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special Category States would decide, within one week, about the Composition Limit in their respective States....

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Posted Under: Income Tax |

GST amendment Acts 2018 notified w.e.f. 01.02.2019

Changes made by CGST (Amendment) Act,2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with amendments in CGST Rules, notifications and Circulars issued earlier and the corresponding changes in SGST Acts would be notified w.e.f. 01.02.2019....

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Posted Under: Income Tax |

Drawback on re-exports – GR declaration when not required

International Lease Finance Corporation Vs Union of India & Ors. (Delhi High Court)

International Lease Finance Corporation Vs Union of India & Ors. (Delhi High Court) Delhi High Court has held that non-commercial re-export of duty-paid goods would be entitled to drawback under Section 74 of the Customs Act and that requirement of Guaranteed Remittance was not necessary in a case where the exporter and owner of the [...

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