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Archive: June, 2019

Posts in June, 2019

Applicability of GST on additional/penal interest on delayed payment

June 30, 2019 6549 Views 0 comment Print

Commentary on Circular No. 102/21/2019 – GST dated June 28, 2019 regarding the applicability of GST on additional/penal interest on delayed payment charges in case of late payment of Equated Monthly Instalments (EMI) Entry 5(e) of Schedule II of the Central Goods and Services Tax Act, 2017 “Agreeing to the obligation to refrain from an […]

Treatment of Discount under GST

June 30, 2019 30522 Views 8 comments Print

As per the recent circular 105/24/2019 dated 28th June 2019 CBIC has clarified the various doubts related to treatment of secondary or post sale discounts under GST. Scenario 1: if post sale discount is given without any further obligation or actions on dealer end. In that case the post-sale discount given by the said supplier […]

Validity of Late Fees / Interest U/s. 234A,B,C,F by CPC Bengaluru

June 30, 2019 4032 Views 0 comment Print

Whether Late fee on tds statement U/s 234E or interest U/s 201(1A) or late fee on income tax return U/s 234F or interest U/s 234A, 2134B, 234C be levied by TDS-CPC, Ghaziabad/Income Tax CPC Bengaluru?

Bogus Purchases- Only profit of purchase transactions can be added

June 30, 2019 1683 Views 0 comment Print

V.R.Enterprises Vs ITO (ITAT Mumbai) We find that assessee was in possession of primary purchase documents and the payments to the suppliers was through banking channels. The assessee had established corresponding sales before Ld. AO. The books of accounts were audited wherein quantitative details of stock was provided. We are of the considered opinion that […]

10 Benefits of MSME Registration

June 30, 2019 20679 Views 7 comments Print

The registration has no statutory basis. Enterprise would normally get registered to avail some benefits, incentives or support given either by the central or state govt. benefit available under MSMED Act. Registration of micro, small and medium (MSM) enterprises under MSMED Act is a very powerful medium to enjoy the regime of incentives offered by […]

Commission Agents and Brokers – GST Perspective

June 30, 2019 228396 Views 10 comments Print

A Commission Agent is required to obtain Compulsory Registration u/s 24(vii) of CGST Act, irrespective of its turnover. Thus, the threshold limit of Rs.20 lakh as enunciated in section 22(1) of CGST Act, does not apply to an Agent.

New GST return system – Transition plan

June 30, 2019 3984 Views 0 comment Print

The GST Council in its 31st meeting decided that a new GST return system will be initiated to facilitate taxpayers. Government introduced a transition plan for all the taxpayers under the goods and services tax switching to new simpler return Forms.  In order to ease the transition to the new return system, a transition plan […]

TDS provisions and its compliance related to real estate sector

June 30, 2019 41493 Views 5 comments Print

Brief analysis: 1. Section 194IA and section 194IC of the Income Tax Act, 1961 are attracted on real estate transactions. 2. In simple words, as per section 194IA, if agreement value is equal to or more than Rs. 50, 00,000/- then buyer of the property has to deduct the TDS @ 1% on the agreement […]

Prohibition on Acceptance of Deposits from Public- Analysis

June 30, 2019 5556 Views 1 comment Print

Deposits have been defined under the Companies Act, 2013  to include any receipt of money by way of deposit or loan or in any other form by a company. However deposits do not include such categories of amounts as may be prescribed in consultation with the Reserve Bank of India (RBI). Chapter V of the […]

Analysis of GST Notifications/Circulars/Order dated 28 June 2019

June 30, 2019 3987 Views 1 comment Print

GST Updates – 28 June 2019 The Government has issued various notifications, Order and Circulars for implementing the decisions taken in the 35th meeting of the GST Council. Please find below the key highlights of notifications issued: SN Notification Number Particulars Effective date 1 Notification No. 31/2019 – Central Tax Dated 28th June 2019 Rules […]

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