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Archive: 16 November 2019

Posts in 16 November 2019

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6312 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19338 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Substantive input tax credit cannot be denied on procedural grounds

November 16, 2019 4665 Views 0 comment Print

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.

Delhi Commissionerate unearthed racket of issuance of fake invoices

November 16, 2019 1599 Views 0 comment Print

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. 

Scope of Valuation Under Companies Act, 2013

November 16, 2019 8805 Views 1 comment Print

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 GST Form GSTR-9 & GSTR-9C

November 16, 2019 7218 Views 0 comment Print

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 […]

ITAT dismisses Young Indian application to make it Charitable Trust

November 16, 2019 3387 Views 0 comment Print

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. […]

Essar Steel Judgment of SC- Important rulings

November 16, 2019 10011 Views 0 comment Print

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 GST ITC Availment Rule With Examples

November 16, 2019 18000 Views 3 comments Print

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 […]

Summary of GST Notifications Issued as on 14th Nov 2019

November 16, 2019 48795 Views 2 comments Print

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, […]

GST ITC Capped at 120% Boon or Bane

November 16, 2019 18057 Views 2 comments Print

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 on Black Money (Undisclosed Foreign Income & Assets) & Imposition of Tax Act, 2015

November 16, 2019 3261 Views 0 comment Print

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 […]

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