"03 November 2019" Archive

Analysis of ITC Capped – 20% of Eligible ITC of GSTR 2A

ANALYSIS ITC CAPPED BY 20% OF ELIGIBLE ITC OF GSTR 2A CBIC by Notification No. 49/2019 – Central tax – dated 09 October, 2019 it has placed a cap on availment of Input Tax Credit (‘ITC’) to the extent to 20% of eligible input invoices or debit notes. TABLE FOR ABOVE UNDERSTANDING Sr. No Particulars […]...

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Section 68 additions justified on failure to prove identity of share applicants

Royal Rich Developers (P.) Ltd. Vs Pr. CIT (Bombay High Court)

Royal Rich Developers (P.) Ltd. Vs Pr. CIT (Bombay High Court) We notice that during the original assessment as well as the remand proceedings, the assessee was given ample opportunities to produce the share investors which the assessee failed to do. The Assessing Officer thereupon issued the summons to the share purchasers calling upon ...

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Cenvat credit on renting of crates for carrying goods to buyer’s premises

M/s. Lucas TVS Ltd. v. Commissioner of GST & Central Excise (CESTAT Chennai)

M/S. Lucas TVS Ltd. v. Commissioner of GST & Central Excise (CESTAT Chennai) Observing that as per definition of ‘input services’ the restriction to avail credit up to the place of removal was applicable only for outward transportation of goods, CESTAT Chennai has allowed Cenvat credit of tax paid on renting of crates used in [&he...

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MSME Samadhaan: Tool to Recover Outstanding dues for MSME Enterprises

In today’s article, we are going to discuss a very good initiative taken by the Government of India to help MSME Enterprises to file a complaint against the person who defaults in making payment after the decided time period. The prerequisite for filing an application under MSME SAMADHAAN, your enterprises must be covered under the MSME...

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Independent Directors – Leveraging Governance

“Ethics is knowing the difference between what you have a right to do and what is right to do.” Increasing stakeholder’s activism has stimulated the role of Independent Directors. It has been decided in the case of “Central Government vs Sterling Holiday Resorts (India) Ltd. and Ors” that “Independent Directors should be appoi...

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Exemption to GTA services available for transportation of biscuits

M/s Commissioner of Central Goods & Service Tax Vs. M/s. Glaxo Smithkline Consumer Healthcare Ltd. Co. (CESTAT Allahabad)

CESTAT Allahabad has held that exemption to GTA services for transportation of foodstuff will apply to biscuits as well. The Tribunal observed that the size and time of eating biscuits may change but nevertheless biscuit is a food item....

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No ITC on construction of an immovable property on own account

In Sree Varalakshmi Mahaal LLP (GST AAR Tamil Nadu)

In Sree Varalakshmi Mahaal LLP (GST AAR Tamil Nadu) Section 17(5) (d) provides that no ITC is available in respect of any goods or services received by a taxable person for construction of an immovable property on his own account even if such inputs and input services are used in the course and furtherance of […]...

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GST Registration Cancellation & Revocation – Process

After the passage of more than 2 Years of GST Implementation, now GST Department becomes active in relation to GST Defaulters and starts cancelling GST Registration of GST Defaulters which may be in form GST Return Defaulters, GST Bogus Dealers issuing Fake GST Invoices etc. In Today’s article, we will discuss GST Cancellation and Revoc...

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Income Tax Amendments for October 2019

Income Tax Notifications, Circulars, Order for the Month  of October 2019 a. Circular 1. Circular no. 29/2019 dated 2nd October 2019– Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019– related to allowability of brought ...

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Delhi HC takes suo motu cognizance of firing /lathicharge by police upon Advocates (Read Order)

Court On Its Own Motion Vs Union Of India & Ors.(Delhi High Court)

This Court has taken suo motu cognizance of incident of police firing as well as lathicharge by the police upon Advocates at Tis Hazari Courts Complex, New Delhi....

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