"24 April 2019" Archive

New Era of Accounting-Transition to Ind as

The Indian Accounting Standards (IND AS) are Accounting Standards, harmonized with IFRS (International Financial Reporting Standards)/IAS (International Accounting Standards) to make Financials Accounts and Reports of Indian Companies internationally accessible, acceptable, transparent and comparable....

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Posted Under: CA, CS, CMA |

Eligibility of Input Tax Credit (ITC) on Prepaid Expenses

Section 16 of CGST Act 2017 provides that every registered person shall be entitled to take Input Tax Credit of tax paid on input and input service, subject to such conditions and restrictions as may be prescribed.Section 16(2) of CGST Act 2017 provides that ITC on Input and service shall be available subject to following conditions: -...

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Posted Under: CA, CS, CMA |

Decoding FORM GSTR-9

Every registered taxpayer under GST is required to file an annual return in FORM GSTR-9, however, there are some categories of persons who are exempted from filing of an annual return in FORM GSTR-9. Present article decodes the provisions relating to filing of an annual return in FORM GSTR-9 along with FAQ. List of relevant […]...

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CCI: Complexities in Claiming Item – 1 Exemption

Item 1 of Schedule 1 of the Competition commission of India (Procedure in regard to transaction of Business relating to combinations) [hereinafter, the regulations] declares that there is no requirement to notify the commission if the acquisitions are either made in the ordinary course of business or for solely investment purposes as they...

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Posted Under: CA, CS, CMA |

GST ITC Reversal if recipient fails to pay to the Supplier

In GST Law provision has been made for reversal of ITC where payment to vendor is not made in 180 days. Below is the clarification with example on the relevant provision:-...

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Posted Under: CA, CS, CMA |

GST ITC Utilisation manner & revocation of registration cancellation order

CBIC has recently issued few notifications under CGST and IGST as well as has issued few Circulars clarifying some issues which includes Manner of Utilisation of GST ITC and Process for revocation of order for cancellation of GST registration. We bring to you the summary of such notifications – S. No Provisions Notification/Circular No ...

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Posted Under: CA, CS, CMA |

Validity of CBDT circular incentivising CIT(A) to pass orders in a particular manner

CBDT is empowered to lay down broad guidelines for disposal of appeals by CIT(A). However, it cannot offer ‘incentives’ to CIT(A) for making enhancement and levying penalty. Such policy transgresses the exercise of quasi-judicial powers of the CIT(A) and is wholly impermissible and invalid under section 119 of the Act....

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Posted Under: CA, CS, CMA |

All about filing of ITR-1 SAHAJ for A.Y. 2019-20

These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2019-20 relating to the Financial Year 2018-19. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1 961 and the Income-tax Rules, 1962....

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Posted Under: CA, CS, CMA |

No ITC on expense of Gift items given as brand reminders

In re Sanofi India Limited (GST AAR Maharashtra)

In re Sanofi India Limited (GST AAR Maharashtra) Whether input tax credit is available of the GST paid on expenses incurred towards promotional schemes of Shubh Labh Loyalty Program? if we accept the contention of the applicant that the promotional items are supplied as a contractual obligation e.g. watch is given under the contractual ob...

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GST invoice can be raised from registered state for imports received at Port on other state

In re Aarel Import Export Private Limited (GST AAR Maharashtra)

Whether the procedure to raise the invoice from Mumbai Office for imports received at Paradip Port, Odisha where we do not have any separate GST Registration and Charge IGST from Mumbai to our Customers is correct? or do we have to take separate Registration in the State of Odisha for the below mentioned transactions?...

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