"02 April 2019" Archive

TNGST: Additional documents to be carried when E-Way Bill expires

Notification No. 3/2019-TNGST/CSTRc.Q4/9879/2019 (02/04/2019)

In case the e-way bill generated in respect of those goods which were brought from other States into the State through multimodal transport gets expired and such goods are intended to be transported to a place other than the place of final delivery mentioned in the expired e-way bill, after clearance from the last port or railway station...

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Entry Tax on Import of Goods

Entry Tax on Import of Goods – What you should know?The Govts have started flooding the dealers with series notices over Entry Tax liability where goods were brought into the states from out of India. What are the legal provisions behind these notices and what has changed just now, one should know. In this write up, we are trying to exp...

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IBC takes 300 days, BIFR took 5-8 yrs; IBBI not submitted any affidavit

This has reference to an article appearing in the Business Standard dated 1st April, 2019, titled IBC takes 300 days, BIFR took 5-8 yrs; IBBI Chief....

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Regulating the Unregulated Deposits

In light of various Ponzi/ chit fund schemes, the President of India promulgated the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21 February, 2019. By bringing this ordinance into effect, the Government has cracked down on unregulated deposit schemes, which lured investors with high interest rates and duped them of their inv...

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Scope of Spice Form widened by Covering GSTIN, ESIC & EPFO Registration

Spice Form has Widened its Scope by Covering Three Important Registration Viz GSTIN, ESIC and EPFO The Ministry of Corporate Affairs in its notification dated 29th March, 2019, inserted a new Rule 38A under the Companies (Incorporation) Third Amendment Rules, 2019. Scope : The application for Incorporation of Company under Rule 38 shall b...

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‘Month’ for TDS Default penalty means 30 Days, not British Calendar Month

E.I. DuPont India P. Ltd. Vs DCIT (ITAT Delhi)

E.I. DuPont India P. Ltd. Vs DCIT (ITAT Delhi) AO had taken the month to be the British calendar month as defined in Section 3(35) of the General Clauses Act and it is only on that premise, he calculated one day in March and two days in May as two full months and calculated interest […]...

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Commencement of property construction prior to transfer of original asset not an impediment for section 54F exemption

The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year before the date of transfer of original asset, two years from the date of transfer or construction of new property within three years from the date of transfer. However, the Act does not prescribe any conditio...

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New proposed GST Returns and challenges

Introduction The GST council in its 27th council meeting on 4th May 2018 had approved the proposed simplified GST returns format. In the 31st GST council meeting dated 22nd December 2018, the new return filing system has been proposed to be introduced on a trial basis with effect from April 2019 and make it mandatory from July 2019 w...

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GST on Builder / developers- recent changes applicable wef 01.04.2019

Author compiles recent changes in GST applicable wef 01.04.2019 related to builders and developers- It explains changes Where GST OF 1%/5% Is Opted For Ongoing Project, Where Existing 8% Is Continued With ITC, Impact on New Projects and amendment in rules regarding Input Tax Credit in summaried form. ...

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No TDS default if recipient paid tax on income

ACIT Vs Chaitanya Educational Trust (ITAT Hyderabad)

ACIT Vs Chaitanya Educational Trust (ITAT Hyderabad) Since the assessee has filed the certificates of the recipients with proof that the recipients have offered the income to tax in their hands, the assessee shall not be treated as an assessee in default u/s 201(1) of the Act. FULL TEXT OF THE ITAT JUDGMENT All are […]...

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