"05 December 2019" Archive

GST on ocean freight for transportation of goods in a vessel from a non-taxable to taxable territory

In re Indian Potash Limited (GST AAR Andhra Pradesh)

In re Indian Potash Limited (GST AAR Andhra Pradesh) The transportation of goods in a vessel from a non-taxable territory to taxable territory amounts to import of service and such ocean freight is leviable to IGST as an inter-state supply of service and the Applicant, being the importer, are liable to pay IGST under reverse […]...

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ITC for works contract eligible if output is works contract services

In re KSR & Company (GST AAR Andhra Pradesh)

In re KSR & Company (GST AAR Andhra Pradesh) The Applicant is eligible for Input Tax Credit (ITC) in respect of the GST paid on goods and services used as inputs in execution of “Works Contracts’. Input Tax Credit restriction under section 17(5)(c) and 17(5)(d) will not apply to the applicant as his output is […]...

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AAR cannot decide on applicability of interest for tax payment in wrong head

In re Venkata Rao Tirupathi (GST AAR Andhra Pradesh)

In re Venkata Rao Tirupathi (GST AAR Andhra Pradesh) Whether section 77(2) of the CGST Act, 2017 is squarely applicable to section 9 of the GST compensation cess Act, 2017 (Compensation to States) in terms of payment of tax in a wrong head? The applicant sought Advance Ruling in an issue of applicability of interest […]...

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GST on Services rendered apart from transmission or distribution of electricity

In re Southern Power Distribution Company of AP Ltd. (GST AAR Andhra Pradesh)

In re Southern Power Distribution Company of AP Ltd. (GST AAR Andhra Pradesh) (a) Whether the supply of services such as connection, re-connection, supervision of the works, erection of poles, sub-stations, transmission lines etc., and supply of meters etc., to the consumers for the purpose and during the course of supply of electricity t...

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Income Tax Updates for the Month of November 2019

Income Tax Updates for the Month of November 2019 (Notifications, Circulars and other amendments) 1. Tax deducted u/s 194M (TDS by Individual/HUF) to be deposited within 30 days from the end of the month in which tax deducted CBDT Notification No.98/2019-Income Tax dated 18-Nov-2019 a) Sec 194M: Applicable w.e.f 01-Sep-2019 An Individual/...

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NOC (Communication with previous auditor) – A tool, defense, weapon or?

What should be the correct procedure to adopt when a prospective client tells you that he wants to change his auditor and wants you to take up his work? Is NOC (no objection certificate) required from previous auditor?...

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GST: Too many glitches to stitch

Any new reform, particularly a tax reform, is bound to have initial resistance. However tax paying businessmen were so frustrated by multiple taxes and compliances under earlier laws that they welcome GST wholehearted hoping  it will solve all their problems and GST will be easy to understand and implement. The government also trumpeted ...

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Time of Supply under Goods and Service Tax (GST) Regime

The chapter IV of the CGST Act determines the time of supply of goods or supply of services. Tax Liability arises from the date of time of supply. Time of Supply determines the point of time: 1. the time when the liability to pay tax arises; 2. the rate of tax applicable with reference to […]...

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Benefits of Compulsory Insurance/Approved Gratuity Trust for Gratuity Benefits of Employees for Companies with Employee Strength 10 or More

This article is attempt to give more clarity about the Gratuity Benefits, Factors increasing the quantum of Gratuity Benefits Exponentially and Benefits of Compulsory Insurance/Approved Gratuity Trust for Gratuity Benefits of Employees for Companies with Employee Strength 10 or More...

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Karvy stock broking case: – A fallout of the SEBI Circular

Since last one year, SEBI has brought in a number of new regulations to improve the health of the broking industry. One of the circulars was issued by SEBI on 20th June 2019, which results into fallout of many broker firms, the bigger one is the Karvy....

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