"03 October 2019" Archive

Services under Reverse Charge Mechanism in GST on 01.10.2019

List of Services liable for Reverse Charge Mechanism (RCM) in GST including notified services effective from 1st October, 2019. In the normal course of taxability in GST liability to pay GST is on supplier on supply of Goods or services but in some cases recipient of goods or services are liable to pay GST. The […]...

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CBIC withdraws Discount Circular No. 105/24/2019-GST dated 28.06.2019

Circular No. 112/31/2019–GST (03/10/2019)

Circular No. 112/31/2019 – GST- To ensure uniformity in the implementation law across, CBIC, hereby withdraws, ab-initio, Circular No. 105/24/2019-GST dated 28.06.2019....

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CBIC clarifies on GST refund subsequent to favourable order in appeal

Circular No. 111/30/2019-GST (03/10/2019)

Circular No. 111/30/2019 - GST: Seeks to clarify procedure to claim refund in FORM GST RFD-01 subsequent to favourable order in appeal or any other forum....

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GST refund application when NIL refund application already been filed

Circular No. 110/29/2019-GST (03/10/2019)

Circular No. 110/29/2019 – GST- Eligibility to file a refund application in FORM GST RFD-01 for a period and category under which a NIL refund application has already been filed. Circular No. 110/29/2019 – GST F.No. CBEC – 20/06/03/2019 – GST Government of India Ministry of Finance Department of Revenue Central Board of In...

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Simplified Annual Return (Combined Form GSTR 9 & GSTR 9C)

Biggest reason for non-filing of GSTR 9, 9A and 9 C is the complexity of these forms and asking for data which was not captured during the concerned period. Ahilya Chamber of Commerce and Industry, Indore has compiled a simplified Annual Return (Combined Form 9 and 9C) with the perspective of traders. and taking care […]...

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India’s First ‘Unlimited Trading Subscription Plans’ with Indiabulls Shubh

The Indiabulls Shubh is a discount broking platform which offers unlimited trading with subscription-based plans. The customers could pick from a range of subscription plans on both Intraday as well as Delivery....

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MAT Credit Clarification issued by CBDT – Impact Assessment

The Central Board of Income taxes, vide Circular No. 29/2019 dated 2nd October 2019 have issued clarification on the usability of the Minimum Alternate Taxes (MAT), subsequent to the issue of the Taxation Laws (Amendment) Ordinance, 2019. The Amendment Ordinance, had provided an option to the existing domestic company of paying tax at red...

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5 Important Benefits of Doing CFA After CA

Chartered Accountancy (CA) and the Chartered Financial Analyst Program (CFA) are one of the most preferred career options for aspirants. The CA is most in-demand course in India whereas the CFA program has its popularity across the globe as a most sought-after professional qualification. Opt for CFA after being qualified as CA is a better...

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Denial of deduction u/s 10(23C)(iiiad) on account of running school for profit motive

The ITO(Exemption) Vs M/s Vidya Bharti Samiti (ITAT Jaipur)

Sharing of the profit or income under the agreement between the parties and assessee and 80% of the income was going to the commercial entities clearly established the intention of the parties in this arrangements being for profit were not solely for providing education, therefore, the benefit of Section 10(23C)(iiiad) was not available t...

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Single Authority GST Refund Disbursement Process: Concept Document

1. The taxpayer files refund application on the portal in form RFD-01. 2. On filing of RFD-01 application, common portal shall process the data and generate Taxpayers’ (Assessee) Master file. This file contains the details of the taxpayers’ bank account. 3. The Assessee Master is then shared with Public Financial Management Syst...

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