"08 March 2019" Archive

All Proposed Changes In GST With Effect From 01.04.2019

As after implementation of GST on 1st July 2017 there have been complications for the taxpayer  in filling return the late fees implied and various changes in day to day notification issued by  goverment as due to this the small taxpayer who are around 93% whose turnover are less than Rs. 5 Crore face major issue […]...

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GST Update – Amedments effective from 1st April 2019

The GST Council in its 32nd meeting held on 10th Jan 2019, interalia, had took following decision which are made effective from 1st April, 2019 by way of relevant notifications. Decision incude Higher Exemption Threshold Limit for Supplier of Goods, GSTR 3B Return System further extended till June 2019, GSTR 1 Return System further extend...

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Revised GST Rates for Real Estate – Bonanza or Distress

The GST Council in its 33rd GST Council Meeting on February 24th, 2019,  has given in principle approval to the new tax rates for Real Estate Sectors, which are as under: 1. Affordable Housing: 1% without Input Tax Credit (ITC) as compared to 8% with ITC currently. 2. Other than Affordable Housing: 5% without Input […]...

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Non-Production of Goods is not a Ground for Imposition of Penalty

Noushad Allakkat Vs Stata Tax Officer (Kerala High Court)

Kerala High Court has held that penalty cannot be imposed for not producing the goods (before the officer) after release on bond, when there is a security equivalent to value of goods which could be invoked. It noted that there was no question of tax and penalty being not paid as bank guarantee could be invoked at any time....

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TCS under Income Tax Not includible in Taxable Value for GST

CBDT has clarified that Tax collection at source (TCS) is not a tax on goods but an interim levy on the possible income arising from the sale of goods by the buyer and to be adjusted against the final income- tax liability of the buyer....

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INC-22A Active Company Tagging Identification & Verification E Form Filling

E-Form INC-22A is required to be filed pursuant to section 12 of the of the Companies Act, 2013 Once again Ministry of Corporate Affairs (MCA) came up with another strong move by introducing a new form INC-22A which is known as e-form Active (Active company tagging identities and verification). Vide notification dated 22nd February 2019 [...

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GST: Decrease In Turnover Limit for Composition Levy In Uttarakhand

DECREASE IN TURNOVER LIMIT FOR COMPOSITION LEVY IN THE STATE OF UTTARAKHAND Composition Turnover Limit with Effect from 1 April 2019 CBIC has recently issued Notification No. 14/2019- Central Tax; Dated: 7 March 2019 to give effect to the decision to increase turnover limit for composition scheme to Rs  1.5 crores. However for special ca...

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Rates of rebate under RoSCTL

No.14/26/2016-IT (Vol.H) (08/03/2019)

The rates of RoSCTL Scheme are hereby notified as Schedules 1, 2, 3 and 4 of this notification. The rates under this scheme will come into effect from 07.03.2019 i.e. the date of the Notification of scheme guidelines published vide notification No.14/26/2016- IT (Vol.II) dated 07.03.2019 and shall remain in force up to 31.03.2020....

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Summary of Hon’ble Supreme Court ruling on Section 68 of Income Tax, 1961

Recently two judges’ bench of Hon’ble Supreme Court in the case of NRA Iron & Steel Pvt. Ltd. vs. Principal Commissioner of Income Tax (Central) – 1 (SLP (Civil) No. 29855 of 2018), by its judgment dated 5th March, 2019 restored the order of Assessing Officer by confirming the addition to the taxable income made under Section...

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GSTR-9 released- Compulsory to file on or before 30th June 2019

सरकार ने जीएसटी का वार्षिक रिटर्न फॉर्म GSTR-9 जारी कर दिया है। इसे JUNE 2019 तक भरना अनिवार्य है। What is GSTR-9 annual return? GSTR-9 is the Annual Return, which has to be filled in the GST system at the en...

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Tax Amnesty scheme in Maharashtra: Salient features & procedures

Trade Circular No. 09T of 2019 (08/03/2019)

Salient features of Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019 and its procedural aspects related to various Acts administered by the Maharashtra Goods and Services Tax Department....

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Future Development Expenses provision for unascertained liability by Builder Allowable

DCIT Vs Ashiana Housing Ltd. (ITAT Kolkata)

He held that the amount in question thus represented provision for meeting unascertained liabilities which was not allowable as deduction in the case of the assessee. He accordingly made a disallowance of Rs. 2,25,01,129/- on account of future development expenses and made addition to that extent to the total income of the assessee in the...

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UTGST: Composition supplier to issue bill of supply instead of tax invoice

Order No. 2/2019-Union Territory Tax [S.O. 1219(E)] (08/03/2019)

A composition dealer shall issue a bill of supply instead of a tax invoice as per Union Territory goods and Services Tax Act, 2017 (Second Removal of Difficulties) Order, 2019....

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Composition supplier to issue bill of supply instead of a tax invoice

Removal of Difficulty Order No. 3/2019-Central Tax [S.O. 1218(E)] (08/03/2019)

The provisions of Section 31(3)(c) of the CGST Act, 2017 shall apply to a person paying tax under Notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 (Composition Scheme for Services) Section 31(3)(c) provides for issue of bill of supply by composition taxpayers. Thus, instead of a tax invoice, a bill of supply will be issued by [...

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GST on trading of PSLC by banks on e-Kuber portal of RBI

Circular No. 93/12/2019-GST (08/03/2019)

Representations have been received requesting to clarify whether IGST or CGST/ SGST is payable for trading of PSLC by the banks on e-Kuber portal of RBI....

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Physical Submission of Audit Report in Form 704 for F.Y. 2017-18

Trade Circular No. 08T of 2019 (08/03/2019)

In case of some of the dealers, form e 704 was uploaded on a date. and, acknowledgment of the same was received after 3 to 4 days. However, date of uploading mentioned on the acknowledgment received was later date on which the pdf acknowledgement of form 704 received by the dealer...

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Govt. notifies applicability of provisions of Part VI, X & XI of Chapter VIII of Finance Act, 2018

Notification No. S.O. 1314(E) (08/03/2019)

In exercise of the powers conferred by sections 146, 178 and 191 of the Finance Act, 2018 (13 of 2018), the Central Government hereby appoints the 08th day of March, 2019, as the date on which the provisions of Part VI, Part X and Part XI of Chapter VIII of the said Act shall come into force....

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Endorsement copies of ARE-3 cannot be treated as final proof of export

In re M/s Indian Oil Corporation Ltd. (GST AAAR West Bengal)

In re M/s Indian Oil Corporation Ltd. (GST AAAR West Bengal) The Appellant has admitted that the NOC issued PDO (Product Delivery Order) on Raxaul Depot of the IOCL which is actually the supply point of the products. And the Appellant’s Raxaul unit prepared and submitted ARE-1 (Application for Export) to the Customs Authority for [&...

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Gratuity exemption u/s Section 10(10)(iii) raised to ₹ 20 lakhs

Notification No. 16/2019 [S.O. 1213(E)] (08/03/2019)

Govt increases Gratuity exemption limit u/s Section 10(10)(iii)  to ₹ 20 lakhs from existing Rs. 10 Lakh vide Notification No. 16/2019 dated 8th March, 2019....

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CBDT notifies M/s Elbit Systems Limited u/s Section 10(10)(iii)

Notification No. 15/2019-Income Tax [S.O. 1214(E)] (08/03/2019)

Central Government hereby specifies that any income arising to the foreign company namely, M/s Elbit Systems Limited, Corporate Headquarters, Advanced Technology Center, P.O.B. 539, Haifa 31053, Israel, by way of royalty or fees for technical services received...

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Extension of Tenure of High Level Committee on CSR-2018

General Circular No. 02/2019 (08/03/2019)

The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs vide OM of even no. dated 22.11.2018 to review the existing framework and formulate a coherent policy on Corporate Social Responsibility....

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Exposure Draft on IRDA (Conflict of Interest) Guidelines, 2019

Ref. No: 228/F&A (NL)/COI-DIR/01/2018-19 (08/03/2019)

Exposure Draft on Insurance Regulatory and Development Authority of India (Conflict of Interest) Guidelines, 2019- The provisions of the Companies Act, 2013 (CA 2013) shows that a company shall not enter into any contract or arrangement with a related party with respect to specific activities without the specific consent of the Board of D...

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Circular on Filing of Advertisements under SEBI (Mutual Funds) Regulations, 1996

Circular No. SEBI/HO/IMD/DF2/CIR/P/2019/34 (08/03/2019)

In continuation to the various Go Green initiatives in Mutual Funds, the Mutual Funds are now advised to submit links to access the advertisements to be filed under the MF Regulations by sending the same through e-mail to SEBI atmf_advertisement@sebi.gov.in. However, advertisement materials like pamphlets may be submitted as attachment al...

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Andhra Pradesh and Madhya Pradesh get new NCLT benches

Notification No. [S.O. 1216(E)] (08/03/2019)

Andhra Pradesh and Madhya Pradesh get new NCLT benches The Government has approved establishment of two new benches of National Company Law Tribunal (NCLT), one at Amaravati in Andhra Pradesh and the other at Indore in Madhya Pradesh. This step has been taken keeping in view the increasing case load, especially under the Insolvency &...

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Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019

Notification No. G.S.R. 212(E) (08/03/2019)

These rules may be called the Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019.(2) They shall come into force on the date of their publication in the Official Gazette....

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Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019

Notification No. G.S.R. 211(E) (08/03/2019)

These rules may be called the Depositories (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) (Amendment) Rules, 2019. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019

Notification No. G.S.R. 210(E) (08/03/2019)

These rules may be called the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2019. They shall come into force on the date of their publication in the Official Gazette....

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Notifications implementing decision of 32nd GST council meeting

Following notifications were issued by CBIC on 7th March 2019 to implement decision of 32nd GST council meeting.  It increases threshold for Composition scheme from 1 cr to 1.5 Cr. w.e.f. 01. Apr.19, Notifies due date for GSTR-3B for Apr’19-Jun’19, Notifying due date for GSTR-1 for Apr’19-Jun’19, Increase in limit...

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Important changes in GST notified by CBIC on 07th March 2019

Important changes in GST notified by CBIC on 07th March 2019 including Optional 6% Tax for First 50 lacs w.e.f. 01-04-2019, Conditions for opting in the 6% GST Composition scheme, GST Registration Exemption up to 40 lacs w.e.f. 01-04-19, Composition Scheme limit enhanced to 1.5 cr w.e.f. 01-04-2019 and Clarification on Discounts/Credit No...

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Amendment in Section 17(5) – ITC basket gets bigger!

The CGST Act, 2017 has been amended for the first time since the implementation of GST in India vide the CGST (Amendment) Act, 2018. Although the amendments were brought in the public domain in 2018, they have been made effective only from 1st February 2019....

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Striking Off Name of LLP

Often, entrepreneurs form Limited Liability Partnerships but are not able to maintain the same. Also, the penalty for LLPs defaulting in filing of any statutory return is Rs.100/- per day, without any maximum limit. Hence, it is often best to strike off/close dormant LLPs so that there is no requirement to file LLP Form 11, […]...

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Registration under MSME and its benefits

1. Introduction: Micro, Small and Medium Enterprises (MSME) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades. MSMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of...

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Cloudtail India Guilty of Profiteering for not passing rate reduction benefit

Shri Rahul Sharma Vs Director General of Anti-Profiteering (NAA)

Shri Rahul Sharma Vs M/s. Cloudtail India Pvt. Ltd. (NAA) (i) Firstly, the Respondent, as discussed in para 12 to 14 above, has submitted that the proceedings initiated should be deemed infructuous as the complaint under Section 171 of the CGST Act, 2017;was not against him but against HP India who was the brand owner […]...

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Last chance to do GST Rectifications relating to Financial year 2017-18

GST department has given a chance to taxpayers to rectify their mistakes for the period July 2017 to March 2018, since, it was the first year of the implementation of the Goods and Services Tax in India and the taxpayers were still in the process of familiarising themselves with the new taxation system and could not do rectifications etc ...

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GST Notifications Implementing 32nd GST Council meeting decisions

GST Notifications dated 7th Mar, 2019 – Implementation of decisions of 32nd GST Council meeting held on 10th January, 2019,  which will be be effective from 1st April, 2019- a) Higher Exemption Threshold Limit for Supplier of Goods (Notification No. 10/2019 – Central Tax, dated the 7th of March, 2019) : There would be two Thresh...

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Important amendment in Direct Tax for AY 2020-21 / FY 2019-20

CA Raja Saha Article explains Budget 2019 changes related to No tax on taxable income up to Rs 5 lakh,  Standard Deduction u/s 16(ia),  Income Tax Slab Rate for AY 2020-21 for Individuals, Tax Slab Rate for Domestic Company, Tax Rates for Foreign Company, Income Tax Slab for Co-operative Society,  Notional Rent on second self […...

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No Mandatory Training for Renewal of CoP to Cost Accountants

Notification No. CWA/21/2019 (08/03/2019)

The Institute of Cost Accountants of India has amended its recent notification and rectified its mistake due to which it was mandated Training for Renewal of CoP to Cost Accountants while its was intended for Issue of certificate of practice (CoP) THE INSTITUTE OF COST ACCOUNTANTS OF INDIA CORRIGENDUM New Delhi, the 8th March, 2019 [&hell...

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CBIC issues 9 notification / Circulars on 07th March 2019

CBIC issues 9 notification/ Circulars on 07th March 2019 to give effect to Latest GST Council meeting decisions with effect from 01.04.2019 which includes increase in GST Composition Limit, Increase in GST Registration Limit, Due of GSTe 1 and GSTR 3B etc. S. No. Title Notification No. Date 1 GST Composition Scheme limit enhanced to [&hel...

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Marine paints cannot be considered as Part of Ship: AAAR Maharashtra

In re Jotun India Pvt. Ltd. (AAAR Maharashtra)

In re Jotun India Pvt. Ltd. (AAAR Maharashtra) The Appellate Authority for Advance Ruling upheld the ruling given by the Advance Ruling Authority by observing that marine paints manufacture by the appellant will not be covered under Sl. No. 252 of Schedule I of the Notification No. 1/2017-C.T.(Rate) dated 28.06.2017 as the same can not [&...

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Reactor ensuring disinfection of water comes under HSN 8421 21 90

In re Taraltec Solutions Pvt. Ltd (AAAR Maharashtra)

In re Taraltec Solutions Pvt. Ltd (AAAR Maharashtra) It is evident that the impugned product manufactured by the Appellant does not merit classification under the sub-heading 8413 91- as “Hand Pumps and parts thereof” as contended by the Appellant. We hold that the same is classifiable, in line with the contention made by the ...

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Teachers are Entitled to Gratuity: SC

Birla Institute of Technology Vs The State of Jharkhand & Ors. (Supreme Court of India)

In the light of the amendment made in the definition of the word 'employee' as defined in Section 2(e) of the Act by Amending Act No. 47 of 2009 with retrospective effect from 03.04.1997, the benefit of the Payment of Gratuity Act was also extended to the teachers from 03.04.1997....

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CBIC releases format of New GST Return- Normal, Sahaj & Sugam

Proposed Return documents, as approved by competent authority, can now be downloaded from the Download section of the GST Portal. This is to enable various stakeholders in adapting their systems to make them compatible with the proposed return format and business processes. The proposed new return documents- All three types released on th...

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December 2020