"25 April 2019" Archive - Page 2

Composition taxpayer U/s. 10 & Composition as per N/N 2/2019 -CT(R)

Differences between Composition taxpayer as per section 10 of Central Goods and Services Tax Act, 2017 & Composition as per Notification No. 2/2019 -Central Tax (Rate) dated 07th March 2019. SI.No Composition scheme for all Composition scheme for supplier of service 1 Applicable as per sec 10 of the CGST act Applicable as per Notific...

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ITC (Input tax Credit) utilization order under GST & clarification

We know that ITC (Input tax Credit) plays a very vital role in GST and avoids cascading effect to a very large extent. The order of utilization of ITC (Input Tax Credit) has undergone a lot of changes in the recent past. There are 3 phases for the same: 1st phase (w.e.f 01.07.2017 to 31.01.2019). […]...

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Gist of GST Notifications, Circulars and order dated April 23 2019

Gist of Notifications, Circulars and removal of difficulties order issued dated 23rd April, 2019 Notification No. 20/2019-Central Tax :- Revocation of cancellation of registration & Quarterly Statement All Returns due for the Period from the date of order of cancellation of registration till date of the order of revocation of cancella...

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Stock-in-trade transfers in the year in which sale deed gets executed

Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad)

ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provisions of section 2(47)(v) would apply only t...

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FMV of capital asset can be determined only after hearing objections of assessee

Ms. Jagannathan Sailaja Chitta Vs ITO (Madras High Court)

Since a bare reading of scheme of Section 50C would show that assessee could object to presumptive value as per Section 50C (1) and, therefore, it was only after hearing the objections of assessee, the fair market value of capital asset as per 'Guidance Value' could be determined by authorities, therefore, the matter was remitted back to ...

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Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations, 2019

Notification No. 33/2019-Customs (N.T.) [G.S.R. 326(E)] 25/04/2019

Shipping Bill (Electronic Integrated Declaration and Paperless Processing) Regulations, 2019 shall apply to export of goods from all customs stations where the Indian Customs Electronic Data Interchange System is in operation....

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Tax cannot be levied on Exempt Service for non co-operation by assessee

GET Water Solutions Pvt. Ltd. Vs Additional Commissioner of GST and Central Excise (Madras High Court)

In this case, the eligibility to the exemption sought has not been  denied by the department and rightly so. Thus, the defence that the assessment is correct in the light of the assessee non co-operation is not a defence at all, and is rejected....

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MCA Advisory on Charge related e-Forms

Form CHG-1/9 – CHG-1/9 containing changes of the Companies (Amendment) Ordinance 2019 is under progress. However, the existing form CHG-1/9 has been restricted for registering charges created or modified on or after 02.11.2018 if the form is filed after 120 days of the date of such creation or modification. Stakeholders may kindly n...

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RBI permits Foreign Portfolio Investors to invest in municipal bonds

RBI/2018-19/176A.P. (DIR Series) Circular No. 33 25/04/2019

As a measure to broaden access of non–resident investors to debt instruments in India, Foreign Portfolio Investors (FPI) are now permitted to invest in municipal bonds.. FPI investment in municipal bonds shall be reckoned within the limits set for FPI investment in State Development Loans (SDLs)....

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No profiteering if no increase in per unit base price post tax reduction

State Leval Screening Committee on Anti-Profiteering Vs M/s Mak Plywood Industries Pvt. Ltd. (National Anti-Profiteering Authority)

It is apparent that the Respondent did not increase the per unit base price (excluding GST) of the product, which was Rs. 1028.07 in the pre-GST era. Further, it was reduced to Rs. 1021.73 in the post-GST era w.e.f 01.07.2017 and it also remained at Rs. 1021.73 when the GST rate was reduced from 28% to 18% w.e.f 15.11.2017 and hence, ther...

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