"26 February 2019" Archive - Page 5

Reverse Charge Mechanism under GST: A Synopsis

Generally, Onus to pay indirect-tax is on Supplier of Goods & Services. However, there are some cases where this liability to pay indirect-tax may be cast on the recipient of goods or services. This system is called as Reverse Charge Mechanism. Reverse Charge means the liability to pay tax is on the recipient of supply […]...

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Filing of e-Form INC-22A ACTIVE

A BRIEF: The Ministry of Corporate Affairs (‘MCA’) vide its notification dated 21st February, 2019 introduced the Companies (Incorporation) Amendment Rules, 2019 which shall be effective from 25th February, 2019. GOVERNING RULES/ PROVISIONS: Rule 25A of the Companies (Incorporation) Rules, 2014 Annexures- the Companies (Registration O...

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Impact of GST cut on Under construction property

Impact of GST cut on Under construction property in 33rd GST Council Meeting on 24th Feb 2019 Finance Minister Arun Jaitley informed that GST on Under construction building to be reduced from 12% (after abatement towards land cost) to 5%, a reduction of 7%. The Council also reduced the rate of affordable housing from 8% […]...

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All about Composition Scheme In Goods & Services Tax (GST)

The concept of composition scheme is not very new, it is based on the existing VAT law which basically was introduced to support the small supplier of goods. GST council based on the above law incorporated the concept of turnover based composition easing the burden of various compliance hassles for small suppliers....

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Form DPT-3: Companies (Acceptance of Deposits) Amendment Rules 2019

It is hereby clarified that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every Company other than Government Company...

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Allahabad, Corporation & Dhanlaxmi Bank to be taken out of PCA Framework

Press Release: 2018-2019/2034  26/02/2019

It was decided in the meeting held on February 26, 2019 that Allahabad Bank and Corporation Bank be taken out of the PCA Framework subject to certain conditions and continuous monitoring. It has also been decided to take Dhanlaxmi Bank out of the PCA Framework, subject to certain conditions and continuous monitoring, as the bank is found ...

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Certification of amounts eligible as Interest free Loan under KGST Act as Industrial Incentives

Circular No. GST-15/2018-19 No. KSA. GST. CR-108/2018-19 26/02/2019

Certification of amounts eligible as Interest free Loan under the Karnataka Goods and Services Tax Act 2017 as incentives to the Industrial Units under Industrial Policies....

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Confiscation of consignments without valid E-way bills with No tax implication

M/s. Caterpillar India Pvt Ltd Vs State Tax Officer (Madras High Court)

M/s. Caterpillar India Pvt Ltd Vs State Tax Officer (Madras High Court) According to the respondents in all writ petitions, the confiscation of the goods is perfectly in order as the petitioners have, admittedly, transported the consignments without valid E-way bills, thus violating clause (iv) of Section 130(1) above being, a contraventi...

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HC denies bail in Wrongful availment of GST input tax credit

Jagdish Kanani Vs Commissioner, CGST & CE (Madhya Pradesh HC)

U/s. 69 of the GST Act, the Commissioner is having power to arrest if he has reasons to believe that a person has committed an offence specified in Clause (a) or (b) or (c) of sub-section (1) of Section 132 of the GST Act. Section 132(1) (a), (b) and (c) of GST Act define types of offences and according to which, whoever commits offence o...

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e-Form INC-22A- Governing Law, How to Fill, Filing Fees, Purpose

 eForm INC-22A: Active Company Tagging Identities and Verification (ACTIVE)- Article explains Law Governing the e-Form INC-22A, Purpose of the e-Form INC-22A, Specific Instructions to fill the eForm INC-22A, Fee For filing of eForm INC-22A, Processing Type of  eForm INC-22A, SRN Generation On successful submission of eForm INC-22A and E...

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