"08 May 2019" Archive

Date of filing ER-1/ER-2 return for April 2019 extended to 10.06.2019

Order No. 01/2019 Central Excise (08/05/2019)

Extension of time limit for filing of Monthly Return for production and removal of goods and other relevant particulars and CENVAT credit specified in Form ER-1 and specified in ER-2....

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Application for Revocation of Cancellation of GST Registration

CBIC Clarification on Application for Revocation of Cancellation of GST Registration CBIC has issued Circular No. 99/18/2019-GST dt 23 April 2019 for Clarifications on issues relating to filing of application for revocation of cancellation of GST registration in terms of Removal of Difficulty Order No. 05/2019 Central Tax dt. 23 April 20...

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Posted Under: Excise Duty |

3 Steps to follow Before you File GSTR9

This article is all about things you should follow before you think of filling GSTR 9 . Don’t just jump to file GSTR 9. First follow these 3 steps and then go to filling GSTR 9. 1. Matching   “TAX AS PER 3B   =   TAX AS PER GSTR 1 “ First check TAX paid as per […]...

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Posted Under: Excise Duty |

Exemption u/s 10(23)(iiiad) cannot be denied for mere surplus 

New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi)

New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi) Exemption u/s 10(23)(iiiad) of the Income Tax Act, 1961 should not be denied to the assessee as selling of books and uniform to the students of assessee is part of educational activity only. Moreover, the impugned addition was made merely on the basis that surplus [&hellip...

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Date of possession of flat is date of actual purchase for claiming exemption u/s 54F

Ayushi Patni Vs DCIT (ITAT Pune)

Ayushi Patni Vs DCIT (ITAT Pune) Whether the assessee is eligible for claiming exemption u/s 54F in respect of residential flat / house for which the assessee has entered into an agreement for purchase more than one year before the date of transfer of capital asset? The dates qua, transfer of capital asset, execution of […]...

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Loss on revaluation of foreign exchange cannot be denied for mere failure to debit liabilities in books

DCIT Vs Creative Portico (I) (P) Ltd. (ITAT Mumbai)

Assessee could not be debarred from claiming a foreign exchange loss as per Accounting Standard-11 as deduction only for the reason that it had failed to debit liabilities in its books of account....

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Input tax credit is admissible even if consideration is paid through book adjustment

In re Senco Gold Ltd (GST AAR West Bangal)

In re Senco Gold Ltd (GST AAR West Bangal) The Applicant intends to settle the mutual debts through book adjustments. He seeks an advance ruling on  whether the input tax credit is admissible when he settles through book adjustment the debt created on inward supplies from the Franchisee. AAR held that The Applicant can pay […]...

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Commissioner (Appeals) cannot condone delay in appeal filling beyond statutory limit of 3 months

Muktabai Govind Pawar Vs Commissioner of Custom (CESTAT Mumbai)

Muktabai Govind Pawar Vs Commissioner of Custom (CESTAT Mumbai) The Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) Mumbai bench has held that the Commissioner (Appeals), has no power to condone delay beyond three months under the Finance Act, 1994. The assessee was aggrieved with the order of the Commissioner (Appeals) who...

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SEBI (Employees’ Service) (Amendment) Regulations, 2019

No. SEBI/LAD-NRO/GN/2019/15 (08/05/2019)

Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2019 shall come into force on the date of their publication in the Official Gazette....

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S. 147 AO cannot proceed mechanically & on erroneous information supplied to him by investigation wing

Akshar Builders and Developers Vs ACIT (Bombay High Court)

Akshar Builders and Developers Vs ACIT (Bombay High Court)  Even in a case where the return filed by the assessee is accepted without scrutiny, as per the settled law, the Assessing Officer can issue a notice of reopening of assessment provided he has reason to believe that income chargeable to tax has escaped assessment. The […]...

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Registered Office shifting of Company from One State to another State

A. Send Board Meeting notice of Minimum 7 days before the date of Board Meeting (B.M.) B. Then Pass the Board Resolution on Board Meeting date for following items: 1. Shifting of Registered office from one state to another state. 2. Fix Day, Date, Time for extraordinary general meeting (EGM) 3. Approval of Notice for […]...

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Posted Under: Excise Duty |

Filing of Annual Return of (Limited Liability Partnership) LLP’s -Form -11

Every Designated Partner or Partners in an LLP (Limited Liability Partnership) has to file its return annually. For financial year ending March, 2019 –Due date to File Form 11 is 30th May, 2019 i.e. Annual Return: Form 11 is to be submitted within 60 days of closure of the financial year i.e 30th May 2018. […]...

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Posted Under: Excise Duty |

Reimbursement of Expenses impact under GST

It’s an audit season and all of us are busy in planning and executing audits under Companies Act, GST Act, and Income Tax Act. our Admin teams are gearing up to prepare professional charges through the GST invoices must be wondering about the treatment of reimbursement of out of pocket expenses to be collected from […]...

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Posted Under: Excise Duty |

Process of Employees Stock Option Scheme (ESOP)

Employees Stock Option Scheme (ESOP) Section 62 of Companies Act, 2013 read with Rule 12 of Companies (Share Capital and Debenture) Rules, 2014 Sl. No. Compliance Brief Compliance Description Reference Section/ Clause/ Rule Act/Rules/Regulations/ Notification/ Agreement Details required from client 1 Check the Articles for any specific pr...

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Posted Under: Excise Duty |

Govt extends tenure of National Committee for Promotion of Social and Economic Welfare

Notification No. 01/2019 [S.O. 1706 (E)] (08/05/2019)

Central Government hereby extend the tenure of following persons as Chairman and members of the National Committee for Promotion of Social and Economic Welfare for a further period of six months w.e.f. 1st April, 2019 i.e. till 30th September, 2019....

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SEZ: Management &Business Consultant services is authorized service

Instruction No. 94 (08/05/2019)

The representations from stakeholders have been received in this Department for inclusion of Management and Business Consultant Services in the list of default authorized services. The matter was deliberated upon by the Board of Approval in its 85th meeting held and it was decided that Management and Business Consultant Services may be in...

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Summary of recent GST Notifications/ Circulars/Orders 

Central Tax Notifications:  Notification No. 21/2019-CT dt. 23-04-2019  Notify procedure for quarterly tax payment and annual filing of return for taxpayers availing the benefit of Notification No. 02/2019–Central Tax (Rate), dated the 7th March, 2019. Notification No. 15/2019-CT dt. 28-03-2019   To extend the due date for furnishi...

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Posted Under: Excise Duty |

Recent System Related Changes in GST

> Businesses with an annual turnover of over ₹ 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal. > The audit report for 2017-18, the first year of the Goods and Services Tax (GST) implementation, is to be filed by June 30. […]...

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Posted Under: Excise Duty |

Changes in Real Estate Sector related to GST

Consequent upon recommendations by GST Council in the 34th Meeting held on 19th March, 2019, a new composition tax scheme for Real Estate Sector has been brought in with effect from 1st April, 2019: 1. Real Estate will be taxed at 5% without input tax credit and 1% for affordable housing without input tax credit. […]...

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Posted Under: Excise Duty |

GST changes for the benefits of MSME Sector

a. Higher exemption threshold limit for registration for exclusively supply of goods increased to ₹.40 lakh from ₹.20 lakh, except persons engaged in making intra-State supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand; and subject to the conditions ...

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Posted Under: Excise Duty |

GST Council and Details of GST Council Meetings

GST Council:  The GST Council was constituted on 15th September 2016 under Article 279A of the Constitution. It consists of the Union Finance Minister (Chairperson), Union Minister of the State in charge of Revenue of Finance and the Minister in charge of Finance or Taxation or may other Minister nominated by each State Government. Union...

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Posted Under: Excise Duty |

Permitting Foreign Portfolio Investors (FPI) to invest in Municipal Bonds

Circular No. IMD/FPIC/CIR/P/2019/62 (08/05/2019)

2. It is decided that in accordance with the provisions of Regulation 21(1)(p) of SEBI (Foreign Portfolio Investors) Regulations, 2014, FPIs are, henceforth, permitted to invest in municipal bonds.3. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992....

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Steps For Further Issue of Share Through Right Issue

1. Check the Articles of Association for Authority: Check the Articles for authorisation for issue of shares through right issue. If not, please alter the Articles of Association accordingly. 2. Valuation of Shares by Chartered Accountants: The Company shall obtain a valuation certificate from the chartered accountant to determine the off...

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Posted Under: Excise Duty |

Checklist to determine whether a Transaction is Related Party Transaction

Under the new law, in relation to every RPT, directors have to necessarily check, most importantly, the following two criteria: – Whether the contracts or arrangements is in the ‘ordinary course of the business’ of the company – Whether the terms and conditions of such contracts or arrangements are on ‘arms length basis...

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Posted Under: Excise Duty |

Impact of Companies (Amendment) Ordinance, 2018 on Charge

New Forms Charge Creation / Modification / Satisfaction Companies Act, 2013 And Companies (Amendment) Ordinance, 2018 Introduction: At the time of introducing Companies Act, 2013; Charge Satisfaction form required to be submitted with ROC within 30 days of Satisfaction. If not, then Company have to file application of compounding with Reg...

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Posted Under: Excise Duty |

Website Disclosures as per Companies Act, 2013

Article explains provisions related to Disclosures to be made by a Company Registered under Companies Act, 2013 which includes provisions related to General Details, Money raised through Prospectus, Closure of registers, Annual Return, Notice of General Meeting, E-Voting,  Dividend, CSR, Financial Statement, Vigil Mechanism, Nomination &...

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Posted Under: Excise Duty |

Compliances of LLP

Limited Liability Partnerships (LLP) are emerging ever since the introduction of the Companies Act, 2013 as it is a form of business entity, which allows individual partners to be free from the concept of joint liability of partners in a partnership firm. Now, as the government is increasing the compliances and disclosures for a Company [...

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Posted Under: Excise Duty |

One time option to pay GST tax on construction of apartments in project: Form & Procedure

Trade Circular (GST) No. 19T of 2019 (08/05/2019)

Trade Circular (GST) No. 19T of 2019- Submission of Form for one time option to pay tax on construction of apartments in a project by the promoters at the rate as specified for item (ie) or (if), against serial number 3 in the Table in this notification, as the case may be, by the 10th of May, 2019....

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Remove Certification by CA / CS, Merge Returns in Annual return: Commerce Ministry to MCA

D.O. No. P-25020/4/2019-BE-I (08/05/2019)

The association has cited difficulties in filing number of mandatory returns under the Companies Act, -2013 and proposed following suggestions:-i. Doing away with the requirement of verification by a Chartered Accountant or Company Secretary in filing of returns under Companies Act, 2013 and introducing the practice of self-certification...

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GST, Excise, Service Tax, VAT & Customs updates for April 2019

Indirect Taxes Updates – GST, Customs, Excise, Service Tax & VAT for April 2019  GST Updates for April 2019 -Reversal of ITC availed  under Composition scheme for suppliers of goods or services or both –Suppliers of goods or services or both upto an aggregate turnover of Rs. 50 lakh, can opt to pay GST @ […]...

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Government Infra Projects Contractors are caught between Devil & Deep Sea in GST Platform

As discussed, due to irregular or delayed payments by Government departments, Government Contractors are constrained to delay the payment of GST due to working capital stress. This would result in levy of interest, penalty and denial of Input Tax Credit. ...

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Posted Under: Excise Duty |

Need to re-visit Salary Structure

Each & Every Employer will have to be 100% statutory compliant w.r.t. all labour laws including but not limited to The Employees Provident Funds & Miscellaneous Provisions Act 1952, Minimum Wages Act 1948, Bonus Act 1965, Employee State Insurance Act 1948 and all other labour laws. Decisions of recent judgements w.r.t. PF, ESIC, M...

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Posted Under: Excise Duty |

GST Changes on Real Estate Sector W.e.f 1st April, 2019

After a round of discussions, finally a notifications in regard to changes suggested by GSTN Council Meetings 33rd and 34th dated 24th Feb 2019 and Mar 19, 2019 respectively has been issued for the real estate sector.The GST Council, on March 19, 2019, approved a transition plan for the implementation of the new tax structure […]...

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Posted Under: Excise Duty |

Individual Taxation (AY 2019-20) & Return filing with screenshot

♦ Tax is a mandatory liability for every citizen of the country. There are two types of tax in India i.e. direct and indirect. ♦ Taxation in India is rooted from the period of Manu Smriti and Arthasastra. Present Indian tax system is based on this ancient tax system which was based on the theory of maximum social welfare....

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Posted Under: Excise Duty |

CBIC notifies website www.cbic-gst.gov.in in place of www.aces.gov.in

Notification No. 01/2019-Central Excise (N.T.) [G.S.R 353(E)] (08/05/2019)

Notification No. 01/2019-Central Excise (N.T.)– Changing the words www.aces.gov.in to www.cbic-gst.gov.in in the Notification No. 35/2001 — CE (N.T) dated 26.06.2001, as amended vide Notification No. 7/2015 — CE (N.T) dated 1.3.2015 Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes &am...

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Supply of Goods or services to related/ distinct person without consideration

When any transaction is undertaken between the related persons or distinct persons, the same is treated differently under GST. The present article helps to understand the term ‘related person’ and ‘distinct person’ as prevailing under GST law and it also helps to understand the concept of supply and its valuation in case of ‘rel...

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Posted Under: Excise Duty |

FAQs on correction of TDS/TCS statements online

Q. 1. What is Online Correction ? Ans. TRACES has provided the functionality of ‘Online Correction‘ where deductor can perform correction of TDS/TCS statements online. Deductor is required to Login to TRACES, Go to ‘Default’ Menu, Click on ‘Request For Correction‘. Following are the various facilities a...

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Posted Under: Excise Duty |

Taxation of Mutual Funds

Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon.  From product for parking your overnight funds to investing for decades, mutual funds can cater to needs to all investors. As the products offered by mutual fund houses [&hell...

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