"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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Extended period of limitation could not be invoked by Department if no suppression & misrepresentation of facts

Kent Chemicals Private Ltd Vs Commissioner (CESTAT Delhi)

Kent Chemicals Private Ltd Vs Commissioner (CESTAT Delhi) The proven discharge of liability by the service provider, the same is opined to be a sufficient cause for the appellant to have a bonafide impression of him to no more be liable to pay the service tax even under reverse charge mechanism. The allegation as that […]...

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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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