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It has been held that GST is a new progressive levy. One of the progressive ideal of GST is to avoid cascading taxes. GST Laws contemplate seamless flow of tax credits on all eligible inputs.
Central GST Delhi-West Commissionerate has unearthed racket of issuance of fake invoices without actual supply of goods and services by M/s Royal Sales India and 27 other dummy companies.
The Ministry Corporate Affairs (MCA) has, since October 2017, notified Section 247 of the Companies Act, 2013 and introduced the Companies (Registered Valuers and Valuation) Rules, 2017. The MCA has designated the Insolvency and Bankruptcy Board of India (IBBI) as the authority for implementing the new regime of Registered Valuers apart from insolvency resolution professionals. […]
Simplification of Form GSTR-9 & GSTR-9C for FY 2017-18 & FY 2018-19 (CGST rules amended via Notification no. 56/2019 – Central Tax dated 14.11.2019) Simplification of Form GSTR-9 Table Particulars Remarks 4B, to 4E Details of advances, inward and outward supplies made during the financial year on which tax is payable This table can be […]
Young Indian Vs CIT (Exemption) (ITAT Delhi) ITAT Delhi has dismissed Congress leader Rahul Gandhi’s plea to make Young Indian a charitable trust. Rejecting the application, the ITAT Delhi said that it is a commercial organization. With the rejection of the application, the income tax case of 100 crore rupees against him will open again. […]
Hon’ble Supreme Court of India in the matter of Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors. While setting aside the judgment dated 4th July, 2019 of the NCLAT and upholding the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the Hon’ble Supreme Court settled several issues and made important rulings.
NEW PROCEDURE TO CLAIM INPUT TAX CREDIT WITH EFFECT FROM 09.10.2019 (Vide Notification no. 49/2019 dated 09.10.2019) ♦ Input Tax Claim shall not exceed GSTR 2A Total ITC + 20% of GSTR 2A ITC Amount (This amount should not exceed Eligible credit for the month) For e.g. : If eligible ITC for the month of […]
CBIC has released new set of notifications which covers the due date of filing GSTR 3B, GSTR -1 & GSTR 7 for the State Jammu & Kashmir, Changes made in refund form RFD-01 and simplifications made in GSTR 9 (Annual return) & 9C (reconciliation statement) Notifications which are covered are: Notification No. 52, 53, 54, […]
Ref: Notification No. 49/2019 – Central Tax dated 9 Oct 2019 which add Rule 36(4) of CGST Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 20 per cent. […]
Brief Analysis of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Basis of charge Undisclosed asset outside India is defined to mean asset (including financial interest in any entity) located outside India, held by assesee in his own name or in respect of which he is beneficial owner, and he […]
