The GST Council in its 31st meeting decided that a new GST return system will be introduced. In order to ease transition to the new return system, a transition plan has been worked out. THREE MAIN COMPONENTS TO THE NEW GST RETURN: 1. FORM GST RET – 1 (Main Return) 2. FORM GST ANX – […]
Reassessment after period of four years on the ground that assessee had claimed excess deduction under Section 80IB(10) was not valid where assessee had made true and full disclosure and had consciously made only a proportionate claim under Section 80IB(10), which was rightly allowed by AO at the time of original assessment proceedings under Section 143(3).
In a historic decision, the Union government has cut the contributions made by employers and employees toward the health insurance scheme of Employees’ State Insurance Corporation (ESIC). The total contribution has been cut to 4 per cent from the current 6.5 per cent. The contribution rate cut is expected to help firms save around Rs […]
Whether the contract from Nagpur Environmental Services Ltd (NESL) Nagpur (a 100% subsidiary of the Nagpur Municipal Corporation, Nagpur) for providing services for the management of Non-Network Tanker with the help of GPRS system at Nagpur would be exempt from GST since it falls under the various exempt services in the article 243 W of the constitution of India as well as services rendered to a local authority,
I want The Hon. Finance Minister to consider my suggestion on the above subject. Surcharge @10% of Income tax is levied when taxable income exceeds Rs. 50 lacs and upto 1 crore. Income tax for Rs.50 lacs works out to Rs. 1312500/-.
In re Indian Institute of Science Education and Research (GST AAAR Odisha) Appellant satisfies the requirement of being a Public funded research institution as provided in Notification No-51/1996-Customs, dated 23.07.1996 read with Notification No-43/2017-Customs dated 30.06.2017 and ruled accordingly for being entitled to the exemption from levy of IGST on import of specified goods as […]
Where no satisfaction had been recorded by the AO for initiation of penalty in the assessment order the same cannot invite the assessee to penalty under section 271(1)(c)
The GST Council in its 31st meeting had decided to implement a new returns system in order to make the return compliance more easier. There are three components in the new returns system: 1.GST ANX-1 a). In GST ANX-1, the details of outward supplies and inward supplies on which tax is payable on the reverse […]
The criteria for claiming RoSCTL under the scrip mechanism has been changed, under which applications arc now required to be filed within 1 year of the Let Export date as mentioned in the Shipping bills. Further, ANF 4R , the application form for claiming rebate under RoSCTI. is also notified. Government of India Ministry of Commerce […]
Practical Checklist For Initiating GST Audit – FORM GSTR -9C DOCUMENTS LIST – 1. Signed Financial Statements 2. State wise financial statements, if required 3. GST User Id 4. GST Password 5. Monthly GSTR 3B 6. Monthly GSTR 1 7. Monthly GST Workings 8. Monthly ITC reversal workings along with final reversal 9. Transitional Credits […]
