"30 June 2019" Archive

Applicability of GST on additional/penal interest on delayed payment

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 fr...

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Treatment of Discount under GST

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 […]...

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Section 80P(4): To allow deduction AO can enquire into activities of assessee

The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court)

The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court) In view of the law laid down by the Apex Court in Citizen Co-operative Society v. Assistant Commissioner of Income Tax: AIR 2017 SC 5147, it cannot be contended that, while considering the claim made by an assessee society for deduction under Section 80P […]...

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

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?...

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ITC on cars further supplied to customers on lease rent

In re M/s. Narsingh Transport (GST AAR Madhya Pradesh)

In re M/s. Narsingh Transport (GST AAR Madhya Pradesh) 1. The Applicant is entitled to avail ITC on cars (passenger vehicles) which are further supplied to customers on lease rent, subject to condition applicable in such supply of services as per notification number 11/2017-Central Tax(Rate) Dated 28.06.17 as amended from time to time and...

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GST on fabrication of bus body on chassis to be supplied by OEMs (Principal)

In re Rohan Coach Builders (GST AAR Madhya Pradesh)

In re Rohan Coach Builders (GST AAR Madhya Pradesh) In respect of the question raised by the applicant we hold that on fabrication of bus body on the chassis to be supplied by the OEMs (Principal) on delivery challan or any other owner of the chassis on which bus body will be fabricated by collecting […]...

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Character of compulsory acquisition not changes merely because sale price was fixed through a negotiated settlement

ITO Vs Smt. Asha Vimala Melpuratharisu Puthen Veedu (ITAT Cochin)

ITO Vs Smt. Asha Vimala Melpuratharisu Puthen Veedu (Ponnamkulam House) (ITAT Cochin) The assessee’s land in question at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition proceedings were taken under the Land Acquisition Act, the final...

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AAR explains exemption notification No. 12/2017-CT(R) w.r.t. training programs

In re M/s.Network For Information & Computer (GST AAR Madhya Pradesh)

In re M/s. Network For Information & Computer (GST AAR Madhya Pradesh) Text and language of the exemption notification No.12/2017-CT(R) shows that the intent of the legislature is to exempt services provided to the Central Government, State Government or Union Territory Administration under any training program for which total expendi...

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IGST payable on ocean freight paid on imported goods under RCM

In re E-DP Marketing Private Limited (GST AAR Madhya Pradesh)

In re E-DP Marketing Private Limited (GST AAR Madhya Pradesh) The Applicant shall be liable to pay IGST on ocean freight paid on imported goods under Reverse Charge Mechanism in terms of Notification No.10/2017-IT(R) and Notification No.8/2017-IT(R) irrespective of the ocean freight component having been a part of the CIF value of importe...

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GST on Mounting of Bus/ Truck /Ambulance body on chassis

In re M/s.Sanghi Brothers (Indore) Private Limited (GST AAR Madhya Pradesh)

In re M/s. Sanghi Brothers (Indore) Private Limited (GST AAR Madhya Pradesh) Mounting of Bus/ Truck /Ambulance body on the chassis to be supplied by the Principal on delivery challan or any other owner of the chassis on which Bus/ Truck /Ambulance body will be fabricated by collecting job work charges including inputs required for [&helli...

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Notional Rent cannot be taxed on Non-Habitable House

Shri Basant Kumar Nahata Vs ACIT (ITAT Kolkata)

Shri Basant Kumar Nahata Vs ACIT (ITAT Kolkata) It is noted that a house property was inherited by the assessee in his native village situated at Rajasthan which was duly shown in his Balance Sheet. Since the assessee has residential house at Kolkata, the AO invoked sec. 22 and 23 of the Act, estimated the […]...

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FCRA, 2010- All you want to know in FAQs format

Introduction to FCRA, 2010 Q.1 What is the purpose of FCRA, 2010? Ans. FCRA, 2010 has been enacted by the Parliament to consolidate the law to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilization of foreign cont...

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Gudakhu manufactured for use as tooth paste classifiable under tariff item 2403 9990

In re Arvind Kumar Agrawa (GST AAAR Odisha)

In re Arvind Kumar Agrawa (GST AAAR Odisha) In the Customs Tariff, goods of the same class have been grouped together. Also, the residuary items have been provided separately for each class of goods under each chapter. The Notes to the Tariff, giving explanation to the scope and ambit of the respective chapter have statutory […]...

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Section 54F Exemption without evidence of Agreement & Payment not allowable

Smt. Archana Kanwar Vs ITO (ITAT Chennai)

Smt. Archana Kanwar Vs ITO (ITAT Chennai) We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of ₹.75,00,000/- after reducing the ...

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Public funded research institution exempt from IGST on import of specified goods

In re Indian Institute of Science Education and Research (GST AAAR Odisha)

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 f...

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Bogus Purchases- Only profit of purchase transactions can be added

V.R.Enterprises Vs ITO (ITAT Mumbai)

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 cons...

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‘Unicharm’ not passed tax reduction benefit on Sanitary Napkins: NAA

Shri C. P. Rao Vs M/s Unicharm India Pvt. Ltd. (NAA)

Shri C. P. Rao Vs M/s Unicharm India Pvt. Ltd. (NAA) It is revealed that the Central Govt. vide Notification No.19/2018-Central Tax (Rate) dated 26.07.2018 the Government had reduced the rate of GST from 12% to NIL without ITC in respect of  Sanitary Napkins with effect from 27.07.2018, the benefit of which was required to […]...

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10 Benefits of MSME Registration

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 ...

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Commission Agents and Brokers – GST Perspective

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....

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New GST return system – Transition plan

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 […]...

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TDS provisions and its compliance related to real estate sector

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 […]...

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Prohibition on Acceptance of Deposits from Public- Analysis

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 […]...

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

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...

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Further Issue of Share Capital- Analysis

In some situations, a company would consider it economically viable to increase its subscribed capital after its incorporation. This is because such a further issue would substantially increase its financial reserve and incentivize the shareholders of the company, thereby ensuring the healthy functioning of the company. Such a company whi...

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Gist Notification and order issued by CBIC Dated 28th June 2019

Gist of Notification and order issued by CBIC Dated 28th June 2019 to implement decisions of 35th GST Council Meeting. Part one contains information on Due Date of Filing of Various GST Forms , Part two of article contains Information of amendments in GST RULES and part three contains information on Major & Relevant amendments [&helli...

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Benefit of reduction in rate of GST not passed; Anti Profiteering provisions contravened

Mr. Mohammad Azid Ramzani Vs Director General of Anti-Profiteering (National Anti-Profiteering Authority)

Mr. Mohammad Azid Ramzani Vs Director General of Anti-Profiteering (National Anti-Profiteering Authority) It is revealed that the Central Govt. vide Notification No.41/2017-Central Tax (Rate) dated 14.11.2017 had reduced the rate of GST from 28% to 18% in respect of the tiles with effect from 15.11.2017. the benefit of which was required ...

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