"23 May 2019" Archive

No profiteering in absence of reduction in Tax Rate or additional ITC benefit

Sh. Rahul Kumar Agrawal Vs M/s Shrivision Homes Pvt. Ltd (NAA)

In view of the fact that there was no reduction in the rate of tax nor there was increased additional benefit on account of ITC, the provisions of Section 171 of CGST Act, 2017 could not be invoked in this case....

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Valuation of Startups while raising funds (Companies Act, 2013)

Startup is the buzzing word now! Indians are now willing to try, willing to experiment and take pride in having their own startup. Every successful venture was once a Startup. The Social media also has contributed for the success of Startups. When a Startup plans to raise funds, there are certain compliances to be taken […]...

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Board’s Report -Checklist, Contents & Detailed disclosure

Article contains Checklist, Contents and Detailed disclosure in Board Report related to Approval & Signing of Financial Statements, Board’s Report & its contents, Details of formal annual evaluation, Financial highlights, Change in KMP, details of Subsidiaries, Holding & Associate, Deposits accepted in compliance of Act, Def...

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Analysis of Writ Petition filed before Orissa HC on ITC of construction material of Let Out Property

The petitioners are mainly carrying on business activity of constructing shopping malls for the purpose of letting out of the same to numerous tenants. Huge Quantities of material and other inputs/ input services are required for construction purpose were purchased on which GST has been paid....

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New GSTR Offline Tool Prototype Released on GST Portal

Web based Prototype of Offline Tool of New GST Return is an interactive demo or mock-up of the ‘Offline Tools of New Return’ to give stakeholders a feel of what the Tool will look like and to get their feedback on the same, before it goes live. It is an interactive prototype, which allows users […]...

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GST | Hand book | GST Annual Return and Audit | May 2019

Book on GST Annual Return and Audit Authored by CA Pritam Mahure and CA Vaishali Kharde covers Overview of GST Annual Return and Audit, Forms Prescribed for GST Annual Return and Audit, Action to be taken in case of incorrect reporting, Aspects pertaining to last FY to be considered in the next FY up to […]...

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HC orders release of goods as appellant already deposited tax & penalty

Devi Tradelink Vs State of Gujarat (Gujarat High Court)

Considering the fact that the petitioner has already deposited tax and penalty under section 129 of the IGST Act, by way of ad-interim relief, the respondents are directed to forthwith release Truck No.HR-55-J-2944 along with the goods contained therein....

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Orissa HC allows ITC of GST on goods & services used for construction of hotels though falling under Negative list

Writ petition filed before Orissa High Court challenging denial of ITC to real estate companies, hotels, malls in cases where construction is undertaken by the Company itself...

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GSTR-9C – Annual Reconciliation Statement

Other than the hottest ongoing political drama, the topic which is much talked about, within the trade and industry, is the annual return filing under GST. With its soon emerging final extended due date, at present being 30th June, 2019, for filing of the first annual return under GST, most of the registered taxpayer is still […]...

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Profit Attribution to PE – a game changer

Author in this article discusses proposed taxation regime by CBDT on Profit attribution to a PE in India and recommendations thereon. It is definitely a welcome step as it will reduce the quantum of litigation....

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