"18 December 2019" Archive

E-invoice and QR Code under GST- 10 Things to know

E-invoice and QR Code (Notification no. 68, 69, 70, 71 & 72/2019 –Central Tax all dated 13th December, 2019) 1. Starting from April 1,2020 a new invoicing system is to be introduced in the GST business process. A standardised protocol will be enabled to generate and read electronic invoices. 2. An e-invoice raised by a […]...

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Is E-Invoicing under GST a Boon?

Background The transportation of goods from one place to another is facilitated by the filing of ‘E-Way Bills’ on the common GST portal. Similarly, the GST Council has decided to implement a system of e-invoicing which will be applicable to specified categories of persons (For large Taxpayers). e-invoicing is not the generation of inv...

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Company with huge asset base cannot be compared with company having insignificant assets

Evalueserve.com Pvt. Ltd. Vs DCIT (ITAT Delhi)

If a company is having huge asset base, brand value, goodwill and presence in global market with significant R & D, then it cannot be compared with a company which is purely captive service provider in ITeS/BPO, having low risk and insignificant assets....

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A Brief about New Section 194M of Income Tax act, 1961

A New section, 194M has been introduced vide finance act, 2019 with regard to Payment of certain sums by certain individuals or Hindu undivided family, which reads as follows: Any person, being an individual or a Hindu undivided family (other than those who are required to deduct income-tax as per the provisions of section 194C, section...

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NCLT: Directs for access of GST Portal to Corporate Debtor to pay GST liability

Any company once gone into CIRP, if at all the Corporate Debtor is to be run as a going concern, it can be obligated to pay the taxes from the date of initiation of CIRP. As to the dues of pre-admission period, the creditors, including Tax authorities, are entitled to make a claim against the Corporate Debtor as mentioned in the Insolvenc...

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Immediate Steps needed to make GST Compliances Easier

URGENT STEPS NEEDED  TO MAKE GST COMPLIANCES EASIER Business community is still not able to cope up with the GST Compliances due to various complicated and irrational provisions. Based on the feedback received from various stakeholders I have listed some of the suggestions  which will be helpful with respect to : a) ease of doing [&hell...

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FM holds Pre-Budget consultation with Finance Ministers of State/UTs

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman held the Pre-Budget consultations with Finance Ministers of States and UTs (with legislature) here today....

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Section 43B: PF & employees state insurance payment within Grace Period Allowable

CIT vs Bharat Hotels Ltd. (Delhi High Court)

Whether the payment of provident fund and employees state insurance (ESI) dues deposited by the Assessee within the grace period would qualify for deduction under Section 43B of the Income Tax Act, 1961?...

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Listing fees paid to stock exchange cannot be treated as capital expenditure

DCIT Vs Great Eastern Energy Corporation Ltd. (ITAT Delhi)

DCIT Vs Great Eastern Energy Corporation Ltd. (ITAT Delhi) In the present case, the appellant has shifted its global depository receipt exchange from AIM London stock exchange to the main market London stock exchange without increasing any capital but to provide a bigger platform to global depository receipt holders to trade their holding...

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AO cannot Reject the Claim for being raised for First Time

Curewel (India) Ltd. Vs ITO (Delhi High Court)

Assessing Officer ought to have evaluated the claim made by the assessee for write-off of liability by Canara Bank in its favour amounting to Rs. 1,36,45,525/-, and should not have rejected the same merely on the ground of it being raised for the first time....

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January 2021