"12 March 2019" Archive - Page 4

Appointment of common authority to exercise powers U/s. 73,74, 75 & 76 of CGST Act, 2017

Order No. 2/2019-GST (12/03/2019)

Central Board of Indirect Taxes and Customs hereby assigns the case specified at Column (2) of the Table below to the Central Tax officer specified at Column (3) of the said Table for the purpose specified at Column (4) of the said Table....

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All about e-Form INC-22

E-Form INC-22A: Active Company Effective Date: 25.02.2019 Filing Due Date: 25.04.2019 Rule 25A of Companies (Incorporation) Amendments Rules, 2019 mandates every company, except specified, to file e-form 22-Active (Active Company Tagging Identities and Verification) along with following information “on or before 25.04.2019 without any f...

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GST on TCS collected under Income Tax Act

There is always ambiguity regarding whether GST will be charge on TCS amount collected under Income Tax Act 1961 or not. Regarding this CBIC clarified it by issuing Circular no. 76/50/2018-GST dated 31st Dec 2018. Where it has been clarified that GST will be charge on Taxable Value, which shall include TCS. As CBIC has […]...

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Understanding of Reverse Charge Mechanism (RCM) Under GST

Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge Mechanism, the receiver of goods or service is becomes liable to pay the tax, i.e., the chargeability gets reversed. Transactions where RCM is applicable Supply from an unregistered dealer to a registered dealer: If a dealer who is […...

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Non-Deduction of TDS Due to Bonafide Belief Admissible in Law

Ms Karnataka Power Transmission Corporation Ltd. Vs ITO (OSD) (TDS) (ITAT Bangalore)

Ms Karnataka Power Transmission Corporation Ltd. Vs ITO (OSD) (TDS) (ITAT Bangalore) FACTS – Karnataka Power Transmission Corporation Ltd. paid cash equivalent of unutilized leave at the time of retirement of their employees, however, they didn’t deducted TDS on the same. As per section 10(10AA), in case of payment towards unutilized ...

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Input Tax Credit on Rent-a-cab Services

Background ♠ Employers across the industries, especially manufacturing companies located at remote locations, provide transport facilities to their employees and workers to enable them to discharge their duties effectively. ♠ Transport facilities include use of Buses, Mini Buses, Travellers, Cabs and Vans. ♠ Often they are a necessa...

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New GST Registration Limit for Supplier of Goods wef 1st April 2019

Any person who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees, shall not be required to get registered under GST. The new annual turnover threshold for GST registration will be effective from 1st April 2019 i.e. from FY 2019-2020 and onwards. However, […]...

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Draft Board Resolution: Active Company Tagging Identities & Verification

CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE METING OF THE BOARD OF DIRECTORS OF ______________________________ PRIVATE LIMITED HELD ON ____ DAY OF __________, 2019 AT THE REGISTERED OFFICE OF THE COMPANY AT ________ A.M. FOR THE FINANCIAL YEAR __________ ACTIVE (ACTIVE COMPANY TAGGING IDENTITIES AND VERIFICATION) The Chairman info...

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Even one bogus donation may establish that activities of trust are not genuine: SC

CIT Vs Jagannath Gupta Family Trust (Supreme Court of India)

CIT Vs Jagannath Gupta Family Trust (Supreme Court of India) In case of order passed by High Court on cancellation of Trust Registration in which high court held that one Bogus Donation cannot prove that activities of Trust are not genuine but high court has ignored the fact that Trust has pleaded that proceedings for […]...

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Steps Taken for Removal of Shell Companies from Indian Economic System

The Government has launched a sustained campaign in the last 4 years against black money and has taken several bold steps including constitution of the ‘Special Investigation Team on Black Money’, enactment of the ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’, Income Declaration Scheme, ...

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