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Archive: 29 May 2019

Posts in 29 May 2019

GST Authorities of Advance/Appellate Rulings-Status Upto April 2019 

May 29, 2019 870 Views 0 comment Print

Authority for Advance Ruling (AAR) constituted under the provisions of a SGST/ UTGST Act, in terms of the provisions of Section 96 of the CGST Act, 2017 to render ruling on issues specified under Section 98 of the CGST/SGST Act which are binding on respective tax authority and tax payers. Being aggrieved by said Ruling, […]

GST Council – Journey so far

May 29, 2019 591 Views 0 comment Print

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 State in charge of the Revenue or Finance and the Minister in charge of Finance or Taxation or any other Minister nominated by each State Government. Union Revenue Secretary […]

Delhi HC stays recovery of interest demanded on gross GST liability

May 29, 2019 12996 Views 2 comments Print

Mr. Mittal points out that the calculation of the interest payable for delayed payment of GST as determined by the Respondent is erroneous. According to him, interest has been calculated even on the amount constituting the input tax credit which is in fact to be adjusted against the tax liability. He states that on the actual tax liability, interest has been paid by the Petitioner. He further states that against the total tax liability of Rs.3.31 crores the interest liability works out to 8.19 crores which makes it unreasonable and erroneous.

Income Tax Deductors! Time To File TDS Statement

May 29, 2019 13161 Views 4 comments Print

E-File TDS Statement for the Quarter ended on 31st March 2019 by 31st May 2019. Due date is extended to 30th June 2019 for Odisha. Avoid Late Fees of Rs. 200/- per day and levy of Penalty upto Rs. 1,00,000 by filing TDS Statement on or before due date. INCOME TAX DEDUCTORS! -TIME TO FILE […]

GST – New Return Prototype

May 29, 2019 8148 Views 1 comment Print

Goods and Services Tax Network (GSTN) has released a web-based prototype of the offline tool of new return system. These new GST Returns will replace GSTR-3B, GSTR-1. These newly proposed prototype are user-friendly and will provide all details such as invoice upload, upload of purchase register for matching with a system-created inward supplies. Frequency of […]

Kerala Flood Cess under GST Regime

May 29, 2019 13974 Views 5 comments Print

Kerala Flood Additional Cess Enforcement of additional cess on goods and services is done to raise funds to rebuild the state after the devastating floods of 2018. Additional Flood cess will come into effect from 01/08/2019. Initially implementation was decided as 01/06/2019 which was deferred later to 01/07/2019 and than to 01/08/2019. Update on 29th […]

Company Law Series Chapter 1- Applicability of Companies Act, 2013 & New Concepts

May 29, 2019 21972 Views 0 comment Print

Applicability of Companies Act, 2013 ♠ According to section 1 of the Companies Act, 2013, the Act extends to whole of India and the provisions of the Companies Act shall apply to the following:- ♠ Companies incorporated under this Act or under any previous company law; ♠ Banking companies, except in so far as the […]

Kerala Flood Cess- Brief Analysis

May 29, 2019 5823 Views 8 comments Print

The Government has issued notification for 1% Kerala cess on intra-state (CGST and SGST) sales w.e.f. June 01,2019 and notified Kerala Flood Cess Rules, 2019. Applicability of Cess – The cess is applicable only in case the transaction is B2C i.e. the customer is unregistered as per GST. Cess will not be applied to goods and […]

Professional Tax Payment process in Maharashtra

May 29, 2019 9591 Views 0 comment Print

Profession Tax can be paid by visiting https://mahagst.gov.in/en/log-e-services. Refer the attached PPT for step by step instructions for Professional Tax Payment (PTEC) in Maharashtra State.    

Reconciliation of Share Capital Audit Report by Unlisted Public Companies

May 29, 2019 21753 Views 0 comment Print

Ministry of Corporate Affairs vide its notification dated 10th September, 2018 has amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 by issuing Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2018 which is effective from 02nd October 2018. Rule 9A has been inserted in the said rule which deals with the issue […]

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