"02 May 2019" Archive

Review of Tribunal order on a possible hidden transaction not permissible

JCIT Vs M/s. Flipkart India Private Limited (ITAT Bangalore)

Power of review is not an inherent power but must be conferred by law either specifically or by necessary implication. Courts have consistently held that review proceedings imply those proceedings where a party, as of right, can apply for reconsideration of the matter already decided upon after a fresh hearing on the merits of the contro...

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Analysis of GST Circular/Notification/Press Release issued or or after 23.04.2019

CBIC has issued two more Circulars, viz, Circular No. 100 dated 30.4.2019 on applicability of GST on seed certification tags and Circular No. 101 dated 30.4.2019 on GST exemption on upfront amount payable in installments for long term lease of plots. Earlier 3 Notifications, 2 Circulars and one Order were issued on 23.04.2019. Circular No...

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Posted Under: Income Tax |

Reversals under GST for Inputs and Capital goods if used for providing partly taxable and partly exempt supplies

Under Rule 42 a registered person has to reverse the portion of the input tax credit availed attributable to its exempt supplies. A formula therein has been prescribed for such reversal...

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Posted Under: Income Tax |

GST – Input Tax Credit And Utilization

The Article on GST- Input Tax Credit and Utilization highlights: (a) Definitions of Input tax credit, Input tax, Input, Input services and Capital Goods. (b) Eligible Input tax credit and illustrative list of expenses (c) Taxes paid on supply of goods or services which are not eligible for input tax credit (d) Conditions to be fulfilled f...

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Posted Under: Income Tax |

GST collection for April 2019 recorded highest collection since GST implementation

GST Revenue collection for April, 2019 recorded highest collection since GST implementation The total gross GST revenue collected in the month of April, 2019 is Rs 1,13,865 crore of which CGST is Rs. 21,163 crore, SGST is Rs 28,801 crore, IGST is Rs 54,733 crore (including  Rs 23,289 crore collected on imports) and Cess is […]...

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Posted Under: Income Tax |

CBIC notifies Rate of Exchange of Foreign Currencies wef 03.05.2019

Notification No. 35/2019-Customs (N.T.) (02/05/2019)

Customs Rate of Exchange of Foreign Currency Conversion w.e.f. 3rd May, 2019 notified vide Notification No. 35/2019–Customs (N.T.) dated 2nd May, 2019....

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Temporary Surrender and Revival of Professional Membership of Insolvency Professional

No. IBBI/IP/021/2019 (02/05/2019)

Temporary surrender of professional membership creates inconveniences where the IP is:(a) conducting a process - corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy - under the Code;(b) is acting as an authorised representative representing any class of financial creditors;...

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Reversal of GST ITC on Real Estate on Transition w.e.f. 01-04-2019- Complete Guide

GST on Real Estate under new regime from 01-04-2019 & Reversal of ITC for supply which has time of supply after 31-03-2019 GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower […]...

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Posted Under: Income Tax | ,

RTI – A weapon to CA CS CMA Students

Today, I have a great news to share with you all, especially for the students of Professional courses viz., CA – Chartered Accountancy, CS – Company Secretary, CMA – Cost and Management Accountancy and also useful for other students. On 11th of April, 2019 The Supreme Court of India under the Coram, HON’BLE MR. JUSTI...

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Posted Under: Income Tax |

All about Indian Accounting Standards (Ind As) and Its Implementation

1. What are IND AS? IND AS stands for Indian Accounting standards and are converged standards for International Financial Reporting standards (IFRS). In simple terms, Indian accounting standards came into existence to meet the requirements of IFRS. The Government of India in consultation with ICAI decided to converge and not to adopt IFRS...

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Posted Under: Income Tax |