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Archive: 29 October 2019

Posts in 29 October 2019

Procedure for payment of RCM Liability under GST

October 29, 2019 28548 Views 2 comments Print

Section 9(3) of the CGST Act states that the Government shall notify the supply of goods or services, the tax on which shall be paid under RCM. Vide Notification No. 13/2017 – CT (R) dated 28th June, 2017, the government has notified such services on which tax shall be paid under RCM. Now, Section 31(3)(f) […]

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019-5 Major Clarifications

October 29, 2019 2268 Views 0 comment Print

Representations have also been received that the cases where appeals were filed after 30.06.2019 should also be allowed relief under the Scheme. It is stated that such cases are not covered per se. However, if a taxpayer withdraws the appeal and furnishes the undertaking to the department in terms of Para 2(viii) of Circular No. 1072/05/2019-CX dated 25.09.2019, they can file a declaration under the Scheme.

Detention of goods on ground that consignee was defaulter is not correct

October 29, 2019 546 Views 0 comment Print

Unitac Energy Solution Pvt. Ltd. Vs Ass. STO (Kerala High Court) Kerala High Court has held that detention claiming the consignee was a return defaulter for the last five months, is not a valid ground to justify detention under Section 129 of the CGST Act 2017. The High Court quashed the detention notice observing that […]

Treatment of Share Based Payments as per AS, IND AS and IFRS

October 29, 2019 22056 Views 0 comment Print

TREATMENT OF SHARE BASED PAYMENTS WHILE PREPARING FINANCIAL STATEMENTS AS PER AS, IND AS AND IFRS (LATEST AND SIMPLIFIED) The relevant Accounting Standards relating to Share Based Payments are the following:- a. INDAS 102 b. IFRS 2 c. Guidance Note issued by ICAI There is no major difference between INDAS 102 and IFRS 2.Therefore, the […]

CCC, Mumbai-II: Actions needs to be taken to help Exporters & Mitigate Corruption-2nd story

October 29, 2019 741 Views 0 comment Print

The Finance Minister assured that the refunds of the exporters will be handled on top priority. However, if the field formations are run as personal fiefdom, there is no scope for any success. More so when you are working in a legally oriented manner i.e. you are citing the responsibilities & obligations of the officials […]

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