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Archive: 21 October 2019

Posts in 21 October 2019

CESTAT can be temporary GSTAT if GST Council agrees- Suggestion in Delhi HC

October 21, 2019 780 Views 0 comment Print

He has also made a suggestion that instead of constituting a separate tribunal to deal with GST matters, the CESTAT could be empowered to deal with the same since several cases involve issues relating to customs duties and GST as well.

SC set aside Delhi HC order restraining I-T dept from taking action Gautam Khaitan

October 21, 2019 666 Views 0 comment Print

Union of India and Ors. Vs Gautam Khaitan (Supreme Court) Scheme of the Black Money Act is to provide stringent measures for curbing the menace of black money. Various offences have been defined and stringent punishments have also been provided. However, the scheme of the Black Money Act also provided one time opportunity to make […]

GST offences, penalties and appeals

October 21, 2019 12540 Views 1 comment Print

Being a destination based, transaction wise tax, Goods and Services Tax (GST) ropes in strict compliance procedures for all the taxpayers or people falling under the gamut. Since every transaction is being recorded and tracked between the source and destination, it is obligatory for the taxpayers to maintain and declare information with utmost accuracy. GST […]

No service tax on surrender charges deducted from ULIP fund

October 21, 2019 1827 Views 0 comment Print

Max Life Insurance Co. India Ltd. Vs. Commissioner Central Excise and Service Tax (CESTAT Delhi) CESTAT Delhi has held that service tax was not payable on surrender charges deducted from the fund value of policy holder on pre-mature withdrawal, as it was not for asset management but a penalty. The Tribunal, considering clarification by CBEC […]

SEBI Circular on Resignation of Stautory Auditors

October 21, 2019 8412 Views 0 comment Print

PREAMBLE The Company jurisprudence in India enshrines statutory auditors who audit the accounts of a company as representatives of the shareholders who appoint them at every Annual General meeting {AGM} to look after the interest of the shareholders. In a significant case of  Deputy Secretary v S N Dasgupta, AIR,  1956 , Cal 414, it […]

Composition Levy under GST- Detailed Analysis

October 21, 2019 8649 Views 2 comments Print

The Government has prescribed this scheme to avail by the small dealers who are not interesting to maintain detailed records, who mainly deal with end consumers, who also deal in multiple items with different rate of tax etc.. Composition Levy is a tax which is paid by the registered person on his turnover. Tax is […]

Basics of Equalisation Levy, Advance tax and SFT

October 21, 2019 2751 Views 0 comment Print

Equalisation Levy Applicability of Equalisation Levy Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient. The two conditions to be met to be liable to equalisation levy: The payment should be made to a non-resident service provider; The annual payment made to one service provider exceeds […]

E-Invoicing Under GST- Benefits, Process and Main Points

October 21, 2019 3900 Views 6 comments Print

Background: GST Council in its 37th Council meeting held on 20 September 2019 approved the standard of E-Invoice and it has been publish on GST portal along with scheme. What is E-Invoice? E-Invoicing is a process in which all the B2B invoices created by accounting software will be authenticated electronically by GSTN for further use […]

GST Registration: Caution, Compliance and; Consequence in case of Defaults –Part-1

October 21, 2019 7470 Views 0 comment Print

GST Registration: Caution, Compliance and Consequence in case of Defaults –Part-1 With the introduction of GST in India in July 2017, indirect taxation law has been drastically changed. Now, compliance and procedural part is same in whole India which was customized by each state (in VAT/ Sales Tax Regime) according to their needs before the […]

Notification No. 58/2019-Customs (N.T./CAA/DRI) dated 21st October, 2019

October 21, 2019 1077 Views 0 comment Print

Regarding Appointment of CAA by DGRI  vide Notification No. 58/2019-Customs (N.T./CAA/DRI) dated the 21st October, 2019. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Directorate of Revenue Intelligence Notification No. 58/2019-Customs (N.T./CAA/DRI) New Delhi, dated the 21st October, 2019 S.O. 3808(E).— In pursuance of notification No. 60/2015-Customs […]

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