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Archive: 23 April 2019

Posts in 23 April 2019

India allows import of 175000 MT pulses from Mozambique in FY 2019-20

April 23, 2019 636 Views 0 comment Print

1,75,000 MT of pulses to be imported from Mozambique, during the fiscal year 2019-20 is allowed for import, subject to the following conditions: a. Import will be allowed only through the following 5 ports: (i) Mumbai, (ii) Tuticorin, (iii) Chennai, (iv) Kolkata and (v) Hazira

New Functionalities & Return filing Utility of Form GSTR-9C /GSTR-9

April 23, 2019 1590 Views 0 comment Print

A. New Functionalities available in CBIC-GST Application: i. Tax officers can block/unblock ITC credit in Credit ledger at GST ii. Tax officers can see annual return GSTR 9 return filed on GST iii. Tax officers can see annual return GSTR 9A return filed on GST iv. Tax officer can see GSTR 2X return, claiming TDS/TCS […]

Prohibition on import of milk & milk products from China further extended

April 23, 2019 357 Views 0 comment Print

Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/ confectionery/ food preparations with milk or milk solids as an ingredient) from China is extended until the capacity of all laboratories at ports of entry have been suitably upgraded for testing melamine.

Reason to believe that Income has escaped Assessment applies even in case of non-filing of return

April 23, 2019 2004 Views 0 comment Print

Mohanlal Champalal Jain Vs ITO (Bombay High Court) Assessing Officer has proceeded on wrong premise that even when called upon to state why the petitioner had not filed return of income, he had not responded to the said query. The petitioner did communicate to the Department that he had no taxable income and therefore, there […]

HC struck down CBDT’s action plan granting incentives to CIT(A)

April 23, 2019 1761 Views 0 comment Print

Bombay High Court in the writ filed by the Chamber of Tax Consultants has held that CBDT’s action plan for granting incentives to CIT(A) on account of enchantment of assessment, levy of penalty, strengthening the order of AO, has been struck down retrospectively.

Govt can retain excess auction sale proceeds of confiscated goods: SC

April 23, 2019 2565 Views 0 comment Print

Under Sections 125 read with Section 126 of the Customs Act, 1962 where the redemption fine in lieu of confiscation is not paid within the time stipulated, the Central Government is entitled to retain the excess auction sale proceeds of the confiscated goods, after adjustment of the duty, penalty, interest and other statutory dues.

GST Tran-1 directory not mandatory, Centre-State seeks time to counter: Calcutta HC

April 23, 2019 1854 Views 0 comment Print

Petitioner Rudra Autoparts Distributor filed writ petition praying to allow filing of form GST Tran 1 to enable it to claim transitional credit of eligible duties in respect of inputs held in stock on the appointed day in terms of  Section 140(3) of the Central Goods and Services Tax Act, 2017 read with Rule 117 of the Central Goods and Services Tax Rules, 2017.

SWAYATT & Start-up Runway : Doing business with Government

April 23, 2019 2901 Views 0 comment Print

In a vibrant economy like India, government constitutes one of the largest consumer. Public procurements are lucrative source of revenue for any business. However, because of complex eligibility norms and non-transparent selection process, often well-established and large business entities bag government contracts. In order to bring transparency to the process and increase the participation of […]

Form GSTR 9C – Reconciliation Statement – An Easy Understanding

April 23, 2019 69513 Views 4 comments Print

Coming to the filing of a reconciliation statement in FORM GSTR-9C, it is important to note that only those registered taxable person whose aggregate turnover during a financial year exceeds INR 2 Crore are required to file reconciliation statement in FORM GSTR-9C along with the filing of an annual return in FORM GSTR-9.

A relook at Income Tax changes applicable for A.Y. 2018-19- Part 1

April 23, 2019 3282 Views 1 comment Print

Scrutiny Selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019.  The Finance Act, 2017 has made a slew of changes in various heads of income.  Though adequate care has been taken while filing return of income but the need arises to have a relook at the changes made […]

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