"28 March 2019" Archive

Composition Scheme under GST- Changes Effective From 01.04.2019

With effect from 01.04.2019, various changes are being implemented in the composition scheme. As the scheme is required to be opted, this article is an attempt to explain the provision as it shall be applicable with effect from 01.04.2019 for composition dealers....

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12 Thing to do/remember before GST Return Filing for March 2019

12 Thing to do/remember before GST Return Filing for March 2019 includes not to delay filing of  GSTR 1 or GSTR 3B pertaining to March 2019, Avail all Input Tax credit (ITC) for invoices pertaining to FY 17-18, Raise All Debit Notes pertaining to invoices of FY 17-18 & Inform the Counter party, Avail all […]...

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Mismatch of TDS Credit as per 26AS & Form 16A: Problem & Solution

There are situations where due to technical non compliance or due to procedural aspects credit TDS is denied to assesssee despite he is having Form 16A issued by deductor in support of his claim. However, CPC or even AO denies credit of such TDS and restricts claim to TDS as per Form 26AS only....

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5 Recent important cases on GST decided by various High Court

This post covers summary of a few recent case laws on GST. Hope these judgement help you to understand the practical issues emerging in the GST regime in a better way. 1. Bharat Raj Punj Vs Commissioner of Central Goods And Service Tax (Rajasthan High Court) Case: Input tax credit availed fraudulently by issue of fake […]...

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GST Registration- Minimum Threshold Limit with effect from 1st April 2019

Notification No.-10/2019- Central Tax has further exempted from obtaining registration for a person engaged exclusively in supply of goods and whose aggregate turnover in the financial year does not exceed Rs 40 lakh with effect from 1 April 2019 except persons making intrastate supplies in the States of Arunachal Pradesh, Manipur, Meghal...

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TPO cannot suo-motu assume jurisdiction to determine ALP price of SDT not referred to him

Times Global Broadcasting Company Ltd vs. Union of India & Ors. (Bombay High Court)

Hon’ble Bombay High Court (HC) held that the transfer pricing officer (TPO) cannot suo-motu assume jurisdiction to determine the arm’s length price (ALP) of specified domestic transactions (SDT) not referred to him....

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MCA (ROC) Compliance Calendar – April 2019

Compliance Requirement Under Companies Act, 2013 And Rules Made Thereunder for the Month of April 2019 which includes filing of MCA E- Form INC 20A, Form NFRA-1, Form MSME -1 , Form BEN-1, Form BEN – 2, Active Form INC -22A and E-Form DIR – 3 KYC. Out of these Form BEN – 2 and Form […]...

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CBIC extends due date for furnishing of Form GST ITC-04

Notification No. 15/2019–Central Tax [G.S.R. 242(E)] (28/03/2019)

Notification No. 15/2019 –Central Tax dated 28th March, 2019 The time limit for furnishing the declaration in FORM GST ITC04 in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2017 to March, 2019 Extended till the 30th June, 2019. Rule 41(1) of the CGST […]...

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Transfer of input tax credit in case of death of sole proprietor

Circular No. 96/15/2019-GST (28/03/2019)

Circular No. 96/15/2019-GST Dated 28th March, 2019 Transfer of ITC in case of death of sole proprietor Section 29(1)(a) of the CGST Act, 2019- Cancellation of registration on account of transfer of business for any reason including death of the proprietor For the purpose of sections 18(3), 22(3) and 85(1) of CGST Act and rule 43(1) [&hel...

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Verification for grant of new GST registration- CBIC clarifies

Circular No. 95/14/2019-GST (28/03/2019)

Circular No. 95/14/2019-GST dated 28th March, 2019 Verification of applications for grant of new GST registration A large number of registrations have been cancelled by the proper officer under the provisions of section 29(2) of the CGST Act, 2017 read with rule 21 of the CGST Rules, 2017 on account of non-compliance of the said statutor...

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CBIC clarification on GST Refund and Reversal of Input Tax Credit

Circular No. 94/13/2019-GST (28/03/2019)

It is hereby clarified that all those registered persons required to make the reversal in terms of the said notification and who have not yet done so, may reverse the said amount through FORM GST DRC-03 instead of through FORM GSTR-3B....

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Startup India Registration – Steps To Register Your Startup

What is a startup? A startup is a small business started with the objective to solve a problem. These are the companies which are generally operated by the founders or a single person. These companies are generally offering those services which the founders think are not available or are available in an inferior quality. Startups provide...

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How to rectify erroneous transactions disclosed in GST Returns

Taxpayers under regular category are filing GSTR 1 and GSTR 3B to report their transactions. GSTR 1 is for reporting of details of outward supplies including amendments if any and GSTR 3B is for reporting summary transactions for payment of taxes and claiming ITC. Since there has been numerous changes in GST Law and Rules, […]...

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GST on High Sea Sales

High sea sale transactions, though regarded as supply in the course of inter-state trade or commerce, are not subject to levy of IGST as the supply takes place before filing of Bill of entry and IGST in case of importation of goods can be levied at the time of filing of Bill of Entry....

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Interest earned by banking co-op society deductible u/s 80P(2)(a)(i)

ITO Vs. M/s. Chirayinkeezhu Service Co-operative Bank Limited (ITAT Cochin)

Interest earned by co-operative society, engaged in banking business, out of investment made with co-operative bank deductible u/s 80P(2)(a)(i)...

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Supply of goods or services for ‘setting up of network’ is Composite supply

In re Sterlite Technologies Limited. (GST AAR Maharashtra)

The supply of goods or services for 'setting up of network' would qualify as a Composite supply of works contract as defined in clause (119) of section 2 of the Central Goods and Services Tax Act, 2017....

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Web hosting charges are not in the nature of royalty: ITAT

EPRSS Prepaid Recharge Services India P. Ltd. Vs ITO (ITAT Pune)

Web hosting charges are not in the nature of royalty and accordingly not covered within the scope of Explanation 2 (iva) of section 9(1)(vi)...

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CA Firms Empanelment for Concurrent Audit with Vidharbha Konkan Gramin Bank

Vidharbha Konkan Gramin Bank invites applications from practising Proprietor/ Partnership firms of Chartered Accountants in India who fulfil the eligibility criteria as mentioned hereunder and are willing to have their Firms empanelled as Concurrent Auditors in the Bank for conducting Concurrent Audit of 106 branches spread over 17 Distri...

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Analysis of the New GST Credit Set Off mechanism

As per section 49(5) of the CGST Act, the IGST credit was allowed to be used for payment of CGST and SGST output liability once the input credit on account of input CGST and SGST credit was fully utilised. This method allowed taxpayers to utilise the credits to its fullest and cash payouts were required […]...

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Effects of Recent Changes in FDI in e-commerce

E-commerce activities are allowed to have a 100% FDI through automatic route. Subject to provisions of FDI Policy, e-commerce entities would engage only in Business to Business (B2B) e-commerce and not in Business to Consumer (B2C) e-commerce....

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Disallowance u/s 14A unsustainable in absence of exempt income

Mylan Laboratories Limited Vs DCIT (ITAT Hyderabad)

When assessee had not earned any exempt income during the relevant assessment year, disallowance under section 14A could not be made....

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8 things to be done under GST before March 31, 2019

8 things to be done under GST before March 31, 2019 includes  Last chance to avail any pending ITC of FY 2017-18, Amendments / Rectification pertaining to details furnished in GSTR-1 and GSTR-3B of FY 2017-18, Application of Letter of Undertaking (LUT) for export of goods or services without payment of IGST for the FY […]...

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Know about CIBIL Score

Article explains what is CIBIL Score, What are the things which impacts CIBIL Score, How much Score holds well and What to do to improve CIBIL score. Most of the time we hear about CIBIL score. Many of the loan seekers face this issue while applying loan, that there CIBIL score is bad. I am […]...

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Rule of Law and the State of Jammu & Kashmir

The seven decade history of the State of Jammu & Kashmir confronts changing India with several questions. Was the Nehruvian course, which the State had embarked, a historical blunder or was it the correct course to follow? Most Indians today believe that it is the former. Does our policy today have to be guided by that erroneous vision or...

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Interest on Loan taken to repay previous home loan allowable

M/s. Shah Construction Co. Vs ITO (ITAT Mumbai)

Deduction of interest u/s 24B allowable when loan borrowed to repay previous loan taken for the construction of residential unit....

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How Can an NGO Benefit its Donors?

If you are a founder, manager of an NGO and wants to increase flow of donations into your NGO, then this article is for you. It casts a light upon why an NGO must go for registration under Section 12A and 80G of the Income Tax Act. There are certain benefits available for the NGOs […]...

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New Rules for ITC utilisation – Government Set-off Terms

Two new sections via amendment of CGST Act have changed calculations for set off of ITC alongwith empowerment for manner and utilisation of ITC in future. The same are reproduced below for your reference : “49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union [&hel...

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Procedure for revocation of project registration under MahaRera

MahaRERA Order No: 8119 (28/03/2019)

Therefore, it is felt necessary to issue necessary direction which shall be followed for revocation of project registration and thereafter- MahaRERA shall only consider those complaints for revocation of project, when Association of Allottees is involved....

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Notification No. 29/2019-Income Tax Dated: 28.03.2019

Notification No. 29/2019-Income Tax [S.O. 1465(E)] (28/03/2019)

NOTIFICATION No. 29/2019 Central Government hereby notifies the undertaking from the date of commencement of the industrial park the 8th June, 2010 being developed and being maintained and operated by M's Romell Real Estate Pvt. Ltd., for the purposes of the said clause (iii) subject to the terms and conditions mentioned in the Annexure t...

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Reg. Opening of NRO Accounts by Long Term Visa (LTV) holders

RBI/2018-19/155A.P.(DIR Series) Circular No.28 (28/03/2019)

Foreign Exchange Management (Deposit) Regulations, 2016 - Opening of NRO Accounts by Long Term Visa (LTV) holders, changes related to Special Non-Resident Rupee (SNRR) Account and Escrow Account...

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Establishment of BO/ LO / PO or any other place of business in India by foreign entities

RBI/2018-19/154A.P. (DIR Series) Circular No. 27 (28/03/2019)

For opening of a Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India, where the principal business of the applicant falls in the Defence, Telecom, Private Security and Information and Broadcasting sector, have since been reviewed in consultation with the Government of India and the amendm...

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Companies to file Return for Delayed Payment to MSME

MSME Form I is the half yearly return to be filled by every specified company with the Registrar of companies. This return contain detail of all the outstanding payments to the micro and small for the goods and services supplied by them. All the payments which is due from more than 45 days needs to be reported under this return....

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Verify suspicious transactions in case of struck-off companies: CBDT

F.No. 225/442/2018/ITA-II (28/03/2019)

F.No. 225/442/2018/ITA-II Government of India Ministry of Finance Department of Revenue (CBDT) Room No. 245-A, North Block, New Delhi, the 28th of March, 2019 To All Pr. Chief-Commissioners of Income Tax Sir/Madam, Subject: Verification of suspicious transactions in case of struck-off companies-reg. Kindly refer to the above. In the last ...

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Disallowance of business expenditure due to temporary discontinuation of business unsustainable

M/s. Mula Pravara Electric Co-op. Society Ltd. Vs DCIT (ITAT Pune)

As intention of assessee to continue the business was clear, business expenditure including, depreciation as claimed by the assessee could not be disallowed due to temporary restrictions....

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Notification No. 10/2019 – Customs, Dated: 28.03.2019

Notification No. 10/2019-Customs [G.S.R. 245(E)] (28/03/2019)

Notification No. 10/2019-Customs amends notification No. 69/2011-Customs dated 29.07.2011 to extend deeper tariff concessions to imports of specified goods from Japan under India-Japan CEPA (IJCEPA) with effect from 1st April, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 10/2019-Customs New Delhi ...

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CBDT order on Allocation of Benami Transactions related cases

Office Order No. 74 of 2019 (28/03/2019)

Office Order No. 74 of 2019 - Allocation/Reallocation of work in the respect of all matters and cases or classes of cases relating to the Benami Transactions (Prohibition) Act, 1988 - reg....

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ICAI extends last date to empanel as observers for May / June 2019 exam

Last date for empanelment of members to act as observers at the examination centres for the Chartered Accountants examinations, May / June 2019 is extended upto 10th April 2019....

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RBI revises Trade Credit Policy Framework

Reserve Bank of India (‘RBI’) vide notification dated 13th March, 2019 (RBI/2018-2019/140) had notified revised framework for trade credit....

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How to download Free GST Accounting & Billing Software

The GSTN has introduced the 'Free Accounting & Billing Software' for the small taxpayers whose turnover less than 1.5 crores. Those taxpayers can download the software, the process to download the software are:...

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Company law not Stipulate any period for completion of Serious Fraud Investigation

Serious Fraud Investigation Office Vs Rahul Modi and Another Etc. (Supreme Court of India)

SFIO Vs Rahul Modi (Supreme Court of India) 1. Leave granted. 2. These Appeals challenge the correctness of the common interim order dated 20.12.2018 passed by the High Court of Delhi at New Delhi in Writ Petition (Crl.) Nos.3842 and 3843 of 2018. 3. In exercise of powers conferred by Section 212(1)(c) of the Companies […]...

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Special Clearing operations on March 30 and 31, 2019 in Banks

RBI/2018-19/153DPSS.CO.RPPD.No./2089/03.01.03/2018-19 (28/05/2018)

With a view to facilitate accounting of all the Government transactions for the current financial year (2018-19) by March 31, 2019, it has been decided to conduct Special Clearing at all clearing houses across the country on March 30 and 31, 2019 as detailed below:...

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Inseparable Goods sent for job work & consumed in process is not supply

In re Ratan Projects & Engineering Co Private Limited (GST AAR West Bangal)

Return of the galvanised goods to the Applicant satisfies the condition of receiving back the inputs in accordance with section 143(1 )(a) of the GST Act. As the goods like furnace oil, zinc etc - consumed in the process of galvanising – are inseparable from the galvanised goods, they should not be treated as supply in terms of section...

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Rates of GST on various services provided by club

In re The Bengal Rowing Club (AAR West Bangal)

In re The Bengal Rowing Club (AAR West Bangal) Supply of food, by way of or as part of any service or in any other manner whatsoever, from the Applicant’s restaurant is classifiable under SAC 9963 and taxable under Sl No. 7(i) or 7(iii) of the Notification No. 11/2017-CT (Rate) dated 28/06/2017 (corresponding State Notification No. [&h...

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Allow manual filing of TRAN-1 to petitioner by 31.03.2019: HC

Anil Kumar & Sons Vs Union of India (Allahabad High Court)

Anil Kumar & Sons Vs Union of India (Allahabad High Court) The petitioner has alleged in the petition that despite making several efforts on the last date for filing of the application, the electronic system of the respondent no.2 did not respond, as a result of which the petitioner is likely to suffer loss of […]...

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GST: HC releases goods seized without complying Section 129

Synergy Fertichem Pvt.Ltd Vs State of Gujarat (Gujarat High Court)

Synergy Fertichem Pvt.Ltd Vs State of Gujarat (Gujarat High Court) In the present case, the show­ cause notice dated 01.03.2019 has been issued under section 130 of the CGST Act calling upon the petitioner to show cause as to why the goods in question as well as the vehicle should not be confiscated for non-payment […]...

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Forthcoming Changes in Eway bill

Following is the summary of changes proposed to be implemented in the E-way bill generation system. For detailed Read the following post- 4 Forthcoming changes in e-Waybill system Auto Calculation of Route distance based on PIN code for generation of E-way bill User will be allowed to increase the distance, however it will be limited [&he...

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November 2020