"14 December 2019" Archive

CBIC implements Mandatory GST E-invoices and QR Code in phased manner

CBIC have issued five Central Tax notifications on 13.12.2019 i.e. Notification no. 68/2019 –Central Tax to Notification no. 72/2019 –Central Tax Gist of these notifications: 1. E-invoicing facility will effective from 1st January, 2020 on optional basis. 2. In case of B2B supplies made by the registered person, whose aggregate turnov...

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Electronic Invoice in GST- Summary of 5 New Notifications

Govt. issued notifications Notification No. 68/2019–Central Tax, to  72/2019 dated 13th December, 2019, which are related to E-Invoicing under GST.  Summary of all these notifications is as mentioned below- GST Update 13/12/2019 (E-Invoice) Notification No. & Date of issue Subject Summary Notification No. 72/2019-Central Tax ,dt. ...

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Nestle’ guilty of profiteering as not adopted correct methodology to pass on ITC Benefit

Director General of Anti-Profiteering Vs M/s Nestle India Ltd (National Anti-Profiteering Authority)

Director General of Anti-Profiteering Vs M/s Nestle India Ltd (National Anti-Profiteering Authority) 1. The present Report dated 08.10.2018 and the supplementary Reports dated 16.01.2019, 01.02.2019, 15.03.2019, 08.05.2019 and 12.06.2019 have been received from the above Applicant (here-in­after referred to as the DGAP) after detailed in...

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Builder denies ITC benefit to buyers post-GST implementation: NAA held guilty of profiteering

Sh. Santha Sivaram Vs Virgo Properties Pvt. Ltd. (National Anti-Profiteering Authority)

Sh. Santha Sivaram Vs Virgo Properties Pvt. Ltd. (National Anti-Profiteering Authority) We have carefully considered all the submissions filed by the Applicant No. 1, the Respondent and the other material placed on record and find that the Applicant No. 1, vide his complaint dated 05.04.2018 had alleged that the Respondent was not passing...

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NAA has power to set Methodology ∓ procedure for determining anti-profiteering amount

Kerala State Screening Committee on Anti-Profiteering Vs IFB Industries Ltd. (National Anti-Profiteering Authority)

Kerala State Screening Committee Vs IFB Industries Ltd. (National Anti-Profiteering Authority) The Respondent further objected that no methodology and procedure for determining the anti-profiteering amount had been prescribed by Legislature and the provisions of Section 171 of the CGST, Act and Rule 122 to 137, being part of a taxing Stat...

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NAA held Builder Guilty of not passing ITC benefit to Flat Buyers

Pawan Kumar Vs S3 Buildwell LLP (National Anti-Profiteering Authority)

Pawan Kumar Vs S3 Buildwell LLP (National Anti-Profiteering Authority) Provisions of Section 171 of the CGST Act, 2017 are aimed at ensuring that the recipients get the commensurate benefit, in the form of reduction in prices, in case of any tax rate reduction and/or incremental benefit of ITC which has become available to them due [&hell...

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NAA held Builder Guilty of not passing ITC benefit to Customer

Sh. Pawan Kumar Vs Apex Meadows Pvt. Ltd (National Anti-Profiteering Authority)

The Respondent has computed the interim GST benefit by estimating taxes which were a cost to him in the pre-GST regime. We find that it is a methodology based on estimated or assumed figures which is not accurate and we agree with the methodology adopted by the DGAP while determining profiteering....

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HC Directs revenue to allow petitioner to file GST TRAN-1

The Hon’ble HC, Calcutta in the matter of Mrinal Ghosh v. Union of India & Others [W.P. No. 9821 (W) of 2018 decided on November 21, 2019] directed the Revenue  to allow the Petitioner to file GST TRAN- 1 to enable him to obtain credit accrued in his favour prior to the transition. Facts: Mrinal […]...

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Able2Extract Professional 15: New Interface, Batch Creation & More (+Usage Tips for Taxes!)

Each year you can always be sure of two things: tax season and upgraded software. The latter is true for a tool we’ve covered before: Able2Extract Professional. This PDF tool is ideal for both corporate and individual needs. Last year, we honed in on its PDF signatures feature and how to sign PDF documents. While […]...

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Presentation by Chief Economic Adviser on measures to boost Indian Economy

Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, held a press conference on the measures taken to boost economy.  Chief Economic Adviser K. Subramanian, gave a presentation on Major Interventions to Boost Economy....

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