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Archive: January, 2019

Posts in January, 2019

Analysis of CGST (Fourteenth Amendment) Rules, 2018

January 27, 2019 3351 Views 0 comment Print

Central Goods and Service Tax (Fourteenth Amendment) Rules, 2018 Notification No. 74/2018 – Central Tax- Dated: – 31st December, 2018 The following rules except under point 9 will be effective from 31st December 2018. 1. Insertion of the sub rule 1(A) after sub rule (1) in rule 12: – Sub: – Application for GST registration […]

Impact of GST on medicines

January 27, 2019 5187 Views 0 comment Print

The rollout of GST on medicines was contrary to what the pharmaceutical industry was expecting. Currently, the applicable rates of GST on medicines are basically divided into four brackets: 0%, 5%, 12%, and 18%. The pharma sector had been wishing for nil rate of tax, the GST Council capped GST on life-saving drugs at 5 percent and […]

What is GST Input Tax Credit (ITC)?

January 27, 2019 2580 Views 0 comment Print

When you purchase any raw materials as inputs to manufacture and sell your commodity, you end up paying tax on such input material. The tax you paid on the purchase of such input material is called Input Tax. At the time of supply of the finished goods, you are required to pay corresponding tax in […]

Steps To Download GST Registration Certificate from GST Portal

January 27, 2019 4812 Views 0 comment Print

Present article highlights the online steps the registered person needs to follow to download the GST registration certificate. The article also provides the understanding of the parts of the registration certificate along with the important rules attached to the registration certificate.

Transfer not completes on Mere registration of agreement for sale of property

January 27, 2019 4323 Views 2 comments Print

The Pr. CIT Vs M/s. Talwalkars Fitness Club (Bombay High Court) Mere fact that an agreement for sale of property is registered does not make it a conveyance. The sale or transfer U/s. 2(47) of Income Tax Act, 1961  not completes on the date of the execution of the agreement if there are obligations to […]

Have you received Non-filing notice from Income-tax department?

January 26, 2019 31098 Views 10 comments Print

The Income Tax Department has identified several potential non-filers who have carried-out high value transactions in Financial Year 2017-18 but have still not filed Income Tax Return for Assessment Year 2018-19 (relating to FY 2017-18). There might be several reasons for sending such notices. These are common notices, but you need to know what they mean and what you must do upon receiving them.

Summary of Slab & Deductions under Income Tax AY 2019-20

January 26, 2019 86469 Views 5 comments Print

Plan your income and investments for the coming tax season with this comprehensive guide to deductions and slab rates under income tax for AY 2019-20.

ICAI Revises Procedure for providing certified copies of evaluated answer-books

January 26, 2019 10560 Views 0 comment Print

An examinee may apply seeking inspection/certified copies of answer books, within 30 days from the date of declaration of respective result(s), with the applicable fee, online at http://icaiexam.icai.org and pay the applicable fee online. There is no provision for submission of such requests with late fee. Physical applications for Final/Intermediate and Foundation will not be entertained.

Reverse Charge Mechanism (RCM) on Security Services w.e.f. 1st January, 2019

January 26, 2019 9855 Views 2 comments Print

REVERSE CHARGE MECHANISM (RCM) ON SECURITY SERVICES w.e.f. 1st January, 2019 RCM is one of the method to collect indirect taxes by the Government, under which a recipient (i.e. Buyer) who procures goods or services is required pay the taxes directly to tax authorities. As per Notification No. 13/2017- Central Tax (Rate) dated 28th June, […]

GST Registration Documents

January 26, 2019 11136 Views 0 comment Print

The GST i.e. ‘Goods and Service Tax’ was launched at the midnight on 1st July, 2017. GST is an indirect tax / consumption tax levied on all the supply of goods and services in India. GST has subsumed around 15 indirect taxes, collectively being levied by the central government and the state governments, into single […]

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