"08 December 2019" Archive

The Sponsorship service by charitable institute under GST

The sponsorship is a taxable supply and has been mentioned in GST vide Notification.13/2017 CGST (R) dated 28-06-2017 whereby sponsorship has been mentioned as service for which tax liability is to be discharged on reverse charge basis by body corporate and partnership firms....

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Implication of GST on Security Lending Scheme (SLS)

Under GST ‘services’ means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged; Explanation.––For ...

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8000 taxpayers file returns in 4 days of blocking of eway bill

PRESS RELEASE 8000 taxpayers file returns in 4 days of blocking of eway bill Blocking of e way bill on non-tiling of GST Returns has been implemented from November 28th, 2019, The NIC Karnataka in association with GSTN has developed a module in e-way bill system. where in the tax payers who have not filed […]...

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Teaching experience cannot be classified as experience in management for IP Registration

One needs to discern the predominant nature of duties of a person to determine, if he is having experience in management. Coming to the role of manager vis-à-vis teaching professional, it may be noted that in general, teaching professionals possess a cogent body of knowledge that they impart to students and sometimes are engaged in [&hel...

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ICAI debars an examiner for evaluating answer books while travelling in Bus/Tram

It has come to the notice of the Institute that an examiner was evaluating standard sample answer books while travelling in a bus/tram. The Institute has instructed all its examiners to not to evaluate and carry answer books while travelling. Accordingly, the conduct of examiner is found to be in violation of the Instruction to […]...

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Income Tax search on Share Brokers unearths Illegal Gain of Rs. 5500 Crore

The search/survey action has unravelled the entire modus-operandi which has been adopted by the share-brokers/traders to trade into the illiquid stock options in Equity Derivative Segment and thereby generate artificial losses/profit by executing reversal trades in a very short span of time. By this contrived methodology, the unscrupulous...

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Overwhelming response to Nationwide GST Stakeholder Feedback Diwas

The Central GST and State GST authorities today organized a nationwide GST Stakeholder Feedback Diwas on New GST Returns for getting an on-the-spot response to the new GST Returns in 125 cities across the country where 7500+ trade associations/stakeholders participated in the programme. The new return form is to be made mandatory from 1st...

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