"10 January 2019" Archive

Penalty imposed not sustainable if Quantum Assessment itself quashed

ITO Vs Shri Anilkumar G. Darji (ITAT Ahmedabad)

Since basis for visiting assessee with penalty has been extinguished by quashing assessment order itself by Tribunal in appeal of assessee, impugned penalty imposed further had no leg to stand....

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Certification Service by CA exempt from Service Tax till 28.02.2006

CCCE & ST Vs Price Waterhouse (CESTAT Hydrabad)

Certification service by a Chartered Accountant was not included in the 11 services enlisted in Notification No. 59/98 (supra) which were taxable. And hence, the certification service being not included in the 11 services so mentioned was clearly exempt in terms of the said notification till 28.02.2006....

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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 | ,

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

The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, 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. More details to follow...

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Posted Under: Income Tax |

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

The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri @arunjaitley took various decisions including giving approval to increase in turnover limit for the existing Composition Scheme....

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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 |