"16 January 2019" Archive

ICAI E-book on Exempted Supplies under GST

When a supply of goods and/or services falls within the purview of charging section, such supply is chargeable to GST. However, for determining the liability to pay tax, one needs to further check whether such supply of goods and/or services are exempt from tax. Exempt supply has been defined as supply of any goods or […]...

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Life Insurance and Income Tax Benefits

The tax laws allow you certain tax benefit for life insurance premium paid. It also allow you tax exemption in respect of the Life insurance policy. These benefits are available subject to certain conditions. Let us understand it. Tax benefits in respect of premium paid Under Section 80C of Income Tax Act, you can claim […]...

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Absence of price reduction after GST Rate reduction proves Profiteering

Shri Surya Prakash Loonker Vs M/s Excel Rasayan Pvt. Ltd (NAA)

Shri Surya Prakash Loonker Vs M/s Excel Rasayan Pvt. Ltd (NAA) it is clear that the Respondent has admittedly not passed on the benefit of tax reduction since the base prices of the above two products were increased to maintain the same selling prices which were existing before the reduction in the rate of tax. […]...

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GoM constituted on issues relating to GST on lottery

Group of Ministers (GoM) constituted on issues relating to lottery In pursuance of decision in the 32nd Meeting of GST Council held on 10th January, 2019 at New Delhi, a Group of Ministers (GoM) on issues relating to lottery has been constituted. The ‘GoM for Lottery’ shall consist of the following: Sl. No. Name Designation and Stat...

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CCI imposes Penalty on Chemists and Druggists Association of Baroda

Competition Commission of India (CCI) imposes Penalty on Chemists and Druggists Association of Baroda The Competition Commission of India (‘Commission’) has found the Chemists and Druggists Association of Baroda (‘CDAB’) to be in contravention of the provisions of the Competition Act, 2002 (‘Act’). A complaint/information wa...

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Reduction in GST on Haj Pilgrimage to Decrease air fare 

Reduction in GST on Haj Pilgrimage will Ensure Significant Decrease in air fare  Shri Mukhtar Abbas Naqvi Inaugurated new Office space of Haj Division Union Minister for Minority Affairs Shri Mukhtar Abbas Naqvi today said here that for the first time after the Independence, more than 2300 Muslim women from India will go on Haj […...

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Govt Sanctions expenditure section for Integrated E-filing & CPC 2.0 Project

Cabinet approves expenditure sanction for Integrated E-filing and Centralized Processing Centre (CPC) 2.0 Project   The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to expenditure sanction of Rs.4,241.97crore for Integrated E-filing & Centralized Processing Center 2.0 Project of the Income ...

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GoM for boosting Real Estate Sector under GST regime

7-Member Group of Ministers (GoM) constituted for boosting the Real Estate Sector under the GST regime by providing a Composition Scheme for Residential Construction Units among others In pursuance of decision in the 32nd Meeting of GST Council held on 10th January, 2019 at New Delhi, a Group of Ministers (GoM) for boosting the Real [&hel...

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S. 271(1)(c) No Penalty if returned and assessed income are same

Armoury International Vs ACIT (ITAT Mumbai)

Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per information received from the Sales Tax Department. The assessee was issued notice u/s. 148 on 11.03.2013 served on 12.03.2013. The assessee filed revised return of income on 15.03.2013, wherein the amount of bogus purc...

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Value of supply of Specified Services in GST regime

For various specified services, there are specific provisions provided in GST Law to determine the value of supply. These provisions have been imported from the service tax regime. The specified services and provisions for the same have been given hereunder:...

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