"18 August 2019" Archive

Goods Transport Agency (GTA) under GST

Goods Transport Agency under GST Transportation of Goods by Road:- In terms of Notification no. 12/2017-Central Tax (rate), Dated 28-6-2017 (sr. No 18), The Following services are exempts from GST. Services by way of transportation of Goods- (a) BY Road except the service of – (i) A goods transportation agency; (ii) A courier agency (b)...

Read More

GST related provisions of Constitution which Require Amendments

For the purpose of implementing goods and services tax (GST), the Constitution of India was amended vide The Constitution (One Hundred And First) Amendment Act, 2016. By the said Amendment Act, certain new Articles and certain new clauses in existing Articles were added. Certain clauses of some Articles were also amended. Certain entries ...

Read More

New GST Return System (PPT)

Statutory provision: Section 43A of Central Goods & Services Tax Act, 2017 ♣ The section has been passed by the parliament in by January and has been implemented from 1st February 2019. ♣ The implementation notification is not published yet. ♣ It may be published by September 2019. Section 43A (1) Notwithstanding anything contai...

Read More

Amendments to CGST Act 2017 and IGST Act 2017

Article explains Amendments to CGST Act, 2017 and IGST Act, 2017 (Section 91 to 111 of Finance Bill, 2019), Customs Exemptions ( IGST) and Retrospective Exemption of Uranium Ore Concentrate. Finance Act, 2019 (GST Provisions) •Finance Act, 2019 received the assent of the President of India on 1st August, 2019. •However, sections 92 to...

Read More

Corporate Social Responsibility | Companies Act 2013 | Section 135

1.  Section 135 of Companies Act, 2013 pertaining to Corporate Social Responsibility (CSR) is applicable to all Companies during the immediately preceding financial year having: Net profit before tax of Rs. 5 Crore or more or Networth of Rs. 500 Crore or more or Turnover of Rs. 1,000 Crore or more 2. In this regard, […]...

Read More

National Financial Reporting Authority Rules

National Financial Reporting Authority Rules National Financial Reporting Authority is a body proposed in Companies Act, 2013 for the establishment and enforcement of accounting and auditing standards and oversight the work of auditors. Which Body Corporates will be covered by NFRA ? The Authority shall have power to monitor and enforce c...

Read More

Section 135 of Companies Act, 2013- New compliance regime

A mandatory community social service as per Section 135 of The Companies Act, 2013 with penal implications for non compliance Eligibility Criteria Every Company having: a) A net worth of Rs. 500 crore or more OR b) Annual turnover of Rs. 1000 crore or more OR c) A net profit of Rs 5 crore or […]...

Read More

Mere disallowance of expense cannot result into concealment of income

Alfa Bhoj Limited Vs ACIT (ITAT Delhi)

Alfa Bhoj Limited Vs ACIT (ITAT Delhi) With respect to the claim of the deduction of deferred revenue expenditure of Rs. 2950195/– the assessee submitted that the above expenditure has been incurred by the assessee for exploring the future business opportunities. The learned AO disallowed the above sum u/s 37 of the income tax act [&hel...

Read More

9% Interest payable on delayed GST refund from filing date of GSTR­3B

Willowood Chemicals Pvt. Ltd. Vs Union of India (Gujarat High Court)

Willowood Chemicals Pvt. Ltd. Vs Union of India (Gujarat High Court) For the reasons assigned in the Special Civil Application No.15925 of 2018, decided on 10/07/2019, this writ­application is allowed to the extent that the writ­ applicants are entitled to the interest for the delayed payment at the rate of 9% per annum. The authority [...

Read More

HC upholds demand of Service Tax post introduction of GST

Aravali Minerals and Chemical Industries Private Limited Vs. Union of India (Rajasthan High Court, Jodhpur Bench)

Section 174(2)(c) of CGST Act, 2017 prima facie seems to preserve the levy insofar as any liability to pay tax was incurred by the individual or concern.     Court is of the opinion that the present writ petition cannot be maintained. It is open to the Writ petitioner to raise all contentions including levy and extent of levy of servi...

Read More