"30 December 2019" Archive

Last date of filing of CRA-4 (cost audit report) extended to 29.02.2020

General Circular No. 17/2019 (30/12/2019)

General Circular No. 17/2019- Last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2018-19, without payment of additional fee, has been further extended till 29.02.2020. General Circular No. 17/2019 F.No. 52/50/CAB/2019 GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS 5th Floor, ‘A̵...

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Refunds of only Rs. 3,604 Crores are pending with Customs: CBIC

Exporters have already been paid IGST refund of over Rs.1.12 lakh Crores and over 83,500 exporters have been benefited by these refunds. This shows that the government’s efforts to fast track refunds under GST especially to exporters are yielding results. Refunds of only Rs. 3,604 Crores are pending with Customs and out of about 185,000...

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Posted Under: Company Law |

Due date for linking of PAN with Aadhaar extended to 31st March 2020

Notification No. 107/2019-Income Tax [S.O.4708(E)] (30/12/2019)

The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020 vide Notification No. 107/2019 dated 30th December, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 107/...

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CBDT notifies Director General, ACB, Govt of Rajasthan U/s. 138(1)(a)(ii)

Notification No. 106/2019-Income Tax [S.O. 4709(E)] (30/12/2019)

Central Government hereby specifies Director General, Anti-Corruption Bureau, Government of Rajasthan, Jaipur under section U/s. 138(1)(a)(ii)...

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Rule 119AA Modes of payment for purpose of section 269SU

Notification No. 105/2019-Income Tax [G.S.R. 960(E)] (30/12/2019)

Rule 119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes...

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Help Line for queries relating to notices issued by NeAC

Pr.CCIT(NeAC)/2019-20/64 (30/12/2019)

Help Line for queries relating to notices issued by the National e-Assessment Centre  NeAC - delhi.ito.hq.pccit.neac@incometax.gov in, 18001801961 (e-filing; general queries)...

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UTGST: Changes in GST rate on goods | 38th GST Council Meeting

Notification No. 27/2019-Union Territory Tax (Rate) (30/12/2019)

Notification No. 27/2019-Union Territory Tax (Rate)– Seeks to further amend notification No. 01/2017-Union Territory Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting. Government of India Ministry of Finance Department of Revenue Notification No. 27/2019-Union Territory Tax ...

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IGST: Changes in GST rate on goods | 38th GST Council Meeting

Notification No. 26/2019-Integrated Tax (Rate) (30/12/2019)

Notification No. 26/2019-Integrated Tax (Rate)- Notification No. 01/2017-Integrated Tax (Rate) amended to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 26/2019-Integrated Tax (Rate) New Delhi, the 30th December...

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CGST: Changes in GST rate on goods | 38th GST Council Meeting

Notification No. 27/2019-Central Tax (Rate) (30/12/2019)

Notification No. 27/2019- Central Tax (Rate) dated 30th Dec, 2019 i. Seeks to further amend notification No. 01/2017-Central Tax (Rate), to change the rate of GST on goods as per recommendations of the GST Council in its 38th Meeting. ii. Rate of GST rate on Woven and Non-Woven Bags and sacks of polyethylene or polypropylene […]...

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Changes in Tax Rate of Domestic Company in India

In this article attempt is made to discuss and summarise the changes in the Tax Rate for Domestic Companies after introduction of The Taxation Law (Amendment) Act 2019 which received the assent of the President on 11th December 2019. Detailed discussion of the newly incorporated provisions and existing provisions has been done in the subs...

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Posted Under: Company Law |

Disclosures Required to be Made by Listed Companies

Listed Companies are the ones whose shares are listed on recognised stock exchange(s). All Listed entities are required to make disclosures to the concerned stock exchange(s) from time to time under various regulations issued by SEBI (Securities and Exchange Board of India). Following are some of the regulations under which disclosures ar...

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Posted Under: Company Law |

FM launches eBक्रय for online auction of assets attached by banks

Finance Minister launches eBक्रय for online auction of assets attached by banks. Steps announced for boosting digital transactions. Bankers assured of protection for prudent commercial decisions taken. Bank outreach to MSMEs and transmission of rate cuts continues....

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Posted Under: Company Law |

Incorporating a Non- Banking Financial Company (NBFC)

Article explains about Non- Banking Financial Company (NBFC), Importance of NBFC in Indian Economy, Principal Business activities (Financials Activities) of NBFC’s recognized but not limited, Restricted Activities: Activities that are exclusively restricted to be carried on by the NBFC’s, Difference between NBFC & Bank, Requiremen...

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Posted Under: Company Law |

How to Reply Show Cause Notice Received from ROC/RBI/MCA etc?

Before knowing how to draft a reply to Show cause Notice, we need to understand what is a SHOW CAUSE NOTICE??? Show Cause Notice Certain Compliances are required to be made by Corporates as per Law. Non compliance of which might lead to receiving of Show Cause Notice as in asking why the compliance has […]...

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Posted Under: Company Law |

HC Explains Law for Withholding of IT Refund under Section 241A

Maple Logistics Private Limited & Anr Vs Pr. CCIT (Delhi High Court)

Maple Logistics Private Limited & Anr Vs Pr. CCIT (Delhi High Court) Assessing Officer shall, firstly, with reasons, make a prima facie assessment of the probability that additions would be made in the Scrutiny Assessment Proceedings, secondly; he shall make an assessment of the quantum of additions, if any, that may be made to the [&...

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Posted Under: Company Law |

GST on Discounts

In any tax law, tax has to be paid on the value which is subject to tax. In case of GST, valuation principles are relevant. (a) To arrive at the fair value of consideration, to take out the effect of all the factors which could lead to suppression of value. (b) To arrive at the […]...

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Posted Under: Company Law |

Implications of IBC Amendment Ordinance, 2019

Union Government promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 on December 28, 2019. The Ordinance is effective at once. The Ordinance proposes to make amendments in the various provisions Insolvency and Bankruptcy Code, 2016; notably in Sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240 in ...

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Posted Under: Company Law |

New Year at last brings revised GST Audit Form

After many delays the utility for GST Audit was released by GSTN. The utility for GSTR-9C was updated as per notification issued on 14th November, 2019.  The year 2017 is about to end while awaiting for the audit report form. Now in the year 2020, audit of the year 2017-18 and 2018-19 will be uploaded due to GSTN Portal and Audit forms t...

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Posted Under: Company Law |

NAA held Johnson & Johnson guilty of Profiteering of Rs. 230 Cr.

Director General of Anti-Profiteering Vs Johnson & Johnson Private Limited (National Anti-Profiteering Authority)

Director General of Anti-Profiteering Vs Johnson & Johnson Private Limited (National Anti-Profiteering Authority) Profiteered amount is determined as Rs. 2,30,40,74,132/- as per the provisions of Rule 133 (1) of the above Rules as has been computed vide Annexure-13 of the Report dated 24.06.2019. Accordingly, the Respondent is directe...

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Fresh information in investigation report form- Reassessment notice valid

Chetan Sabharwal Vs ACIT (Delhi High Court)

Fresh information in the form of investigation report clearly demonstrated that initial disclosure regarding price of shares was not true and there was whole ‘live link’ between material in the form of investigation report and formation of belief that income had escaped assessment, therefore, reassessment notice was sustained as valid...

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Import Export Code Registration

In the era of Globalization, now the customer market has been shifted from local territory/Country to worldwide market. Where the trader/Service provider has been given equal opportunity to expand its market worldwide. Now, the government is focusing to make India an Export Oriented Country instead of an Import Oriented approach. The Gove...

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Posted Under: Company Law |

Listed Companies to disclose defaults on payment of Interest /Loan

SEBI’s Turn out on Defaults on Payment of Interest /Repayment of Principal Amount on Loans From Banks / Financial Institutions by Listed Entities Default occur when borrower is unable to make timely payments or avoid to make payments which ultimately lead to failure to meet the legal obligations (or conditions) of a loan. In this [&hell...

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Posted Under: Company Law |

Income Tax rate for companies for Assessment Year 2020-21

Article contains Income Tax rate for domestic companies for Assessment Year 2020-21 , Conditions to opt section 115BAA of Income Tax Act, 1961, Conditions to opt section 115BAB of Income Tax Act, 1961, When 115BAB of Income Tax Act, 1961 shall not be allowed and Other amendments related to Corporate tax Rate for AY 2020-21. […]...

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Posted Under: Company Law |

Penalties, Late Fees And Interest Under GST-Overview 

Offence in general means a breach of Law or Act or any illegal act and penalty is defined as the punishment for committing an offence. Section 122 to 138 of the GST Act defines Offences and Penalties under GST. Article explains about Late Fee for delayed or non filing of GST Return, Interest for Late […]...

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Posted Under: Company Law |

Section 194M: Additional burden on Individuals/HUFs not liable to audit

Now, a new section 194M has been inserted whereby Individuals/HUFs (not covered under section 194C, 194H & 194J) shall deduct TDS @5% at the time of payment or credit in the books to any resident for:...

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Posted Under: Company Law |

CA and others convicted for Cheating Income Tax Department

CBI Vs Devendra Chaturvedi (Special Court for CBI At Greater Bombay)

CBI Vs. Devendra Chaturvedi (Special Court for CBI at Greater Bombay) In nutshell, it is the allegation against accused that they conspired to cheat the Income Tax Department and in collusion with each other during the relevant period accused No.1 prepared income tax returns with the assistance of accused No.2 in the name of accused [&hel...

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Posted Under: Company Law |

CRA-4 cost audit report due Date Extended to 29.02.2020

General Circular No. 17/2019 (30/12/2019)

Last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2018-19, without payment of additional fee, has been further extended till 29.02.2020....

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Loss claimed on forward contracts is allowable

Emmsons International Ltd. Vs ACIT (ITAT Delhi)

Emmsons International Ltd. Vs ACIT (ITAT Delhi) Exchange differences on foreign currency transactions in compliance of AS-11 need be considered in the accounts and the losses and profit arising therefrom need to be recognized as such for Income Tax purposes. It is further held that when the Revenue taxed the gains which accrued to the [&h...

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Assessee cannot be treated as defaulter for Shortfall TDS deduction

Hall Offshore Limited Vs ACIT (ITAT Delhi)

There is nothing in section 40(a)(ia) to treat assessee as a defaulter where there is shortfall in deduction of TDS and if the shortfall is due to any difference of opinion as to taxability of any item or the nature of payment falling under various TDS provisions, the assessee can only be declared to be an assessee-in-default under sectio...

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Debiting of ‘Country of Origin’ certificate – reg

Public Notice No. 118/2019-JNCH (30/12/2019)

It has been decided that for Bills of Entry having ‘Country of Origin’ benefit, the importer/CB will get the same debited in advance from officer of RMS Facilitation Centre by submitting the hard copy of Bill of Entry alongwith the original copy of COO Certificate before registration of B/E and upload the debited COO certificate in e-...

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Genuine Advances from customers cannot be treated as undisclosed income

Shri Sanjay Agarwal Vs ITO (ITAT Kotkata)

When assessee received advances from customers and the same were subsequently adjusted against goods sold to them, then, the advances could not be treated as unexplained cash credit under section 68, therefore, addition under section 68 made by AO on account of unexplained cash advances was deleted....

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CBIC amends Customs Tariff notifications No. 11 and 12/2018-Customs

Notification No. 39/2019–Customs [G.S.R. 967(E)] (30/12/2019)

Notification No. 39/2019–Customs– Seeks to amend certain Customs Tariff notifications issued under section 110 of the Finance Act, 2018 (13 of 2018) so as to align them with amended Customs Tariff GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 39/2019–Customs New Delhi, the 30th December, 2019 G...

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CBIC amends Customs Tariff notifications No. 82/2017-Customs

Notification No. 38/2019-Customs [G.S.R. 966(E)] (30/12/2019)

Notification No. 38/2019-Customs– Seeks to amend Customs Tariff notifications No. 82/2017-Customs, dated the 27th October, 2017 so as to align them with amended Customs Tariff. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 38/2019-Customs New Delhi, the 30th December, 2019 G.S.R. 966(E). – In...

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CBIC amends Customs Tariff notifications No. 50/2017-Customs

Notification No. 37/2019-Customs [G.S.R. 965(E)] (30/12/2019)

Notification No. 37/2019-Customs– Seeks to amend Customs Tariff notifications No. 50/2017-Customs dated dated the 30th June, 2017 so as to align them with amended Customs Tariff. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 37/2019-Customs New Delhi, the 30th December, 2019 G.S.R. 965(E).- In exer...

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Customs Tariff notifications amended to align with amended Customs Tariff

Notification No. 36/2019-Customs [G.S.R. 964(E)] (30/12/2019)

Notification No. 36/2019-Customs–Seeks to amend Customs Tariff notifications so as to align them with amended Customs Tariff Also Read- Corrigenda to Notification No. 36/2019-Customs, dated 30.12.2019 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 36/2019-Customs New Delhi, the 30th December, 2019 G...

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Anti Dumping notifications amended to align with amended Customs Tariff

Notification No. 47/2019-Customs (ADD) [G.S.R. 969(E)] (30/12/2019)

Notification No. 47/2019-Customs (ADD)– Seeks to amend Anti Dumping notifications issued under section 9A of the Customs Tariff Act,1975 (51 of 1975), read with rules 13, 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) so as to align ...

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All Authorised Payment Systems & Instruments permitted for linking with Fastags

RBI/2019-20/126 DPSS.CO.PD No.1227/02.31.001/2019-20 (30/12/2019)

The transactions in the NETC system can be performed without any Additional Factor of Authentication (AFA) and / or pre-transaction notification / alert....

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Restrictions on Input Tax Credit under GST

Central Board of Indirect Taxes and Customs issued Notification bearing No. 75/2019 Central Tax dt.26-12-2019 amended the Rule 36(4) of CGST Rules, 2017 and further added New Rule 86A which empowers the GST Department to restrict the utilisation or set off from the Electronic Credit Ledger. The said Notification authorises the Commissione...

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Posted Under: Company Law |

Clarifications on prescribed electronic modes under section 269SU

Circular No. 32/2019-Income Tax (30/12/2019)

Finance Act has also inserted section 271DB in the Act, which provides for levy of penalty of five thousand rupees per day in case of failure by the specified person to comply with the provisions of section 269SU....

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Save more with Health Insurance

Health insurance is viewed as a significant investment and therefore tax deductions are offered u/s 80D of the Income Tax Act, 1961. Under this section, deductions are provided on the policies for self, spouse, dependent children and parents. Section 80D of the Income Tax Act, 1961 allows for deduction of money towards health insurance an...

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Posted Under: Company Law |

Is Levying Tax on Deemed Dividend u/s 2(22)(e), Results in Double Taxation??

The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%, u/s 115-O of Income Tax Act, in the hands of a closely held company paying such deemed dividends. Apprehensions have been raised in some quarters as to whether the proposed amendment will result in...

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Posted Under: Company Law |

How to extend PPF account beyond 15 years

We have to initially open the Open the PPF account for 15 years and after the initial period of 15 years is over, one can keep on extending the deposit for a period of 5 years at a time. In fact, this is where the magic of PPF begins. One need not start a fresh PPF account and continue it for all of 15 years — just extend the old one fo...

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File Statement of Financial Transactions (Form 61A) by 31st May

DON'T MISS THE DEADLINE of 31st May 2018 to file Statement of Financial Transactions (SFTs) Online in Form No. 61A for specified financial transactions entered with third parties during F.Y. 2017-18...

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Bonus Shares and its impact on taxability of Individual

We know that making investment in securities/shares is one of the common investment avenue available to an individual in addition to making fixed deposits, purchasing land or building etc. In shares, bonus shares are often issued by the company. Bonus shares are used by the company as one of the method of capitalizing their profit [&helli...

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Posted Under: Company Law |

When a receipt is not in the character of income it cannot form part of book profit U/s. 115JB

Pr. CIT Vs Ankit Metal & Power Ltd. (Calcutta High Court)

As nature of "interest subsidy and power" depends on the purpose for which it was given, hence, in assessee’s case it was ‘capital’ in nature not liable to tax because the entire reason behind receiving the subsidy was setting up of plant in the backward region of West Bengal, namely, Bankura....

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New Proposed Lending Norms For Urban-Cooperative Banks

Press Release: 2019-2020/1541 (30/12/2019)

RBI releases draft circular on Limits on Exposure to Single and Group Borrowers/Parties and Large Exposures and Revision in Priority Sector Lending Targets for UCBs...

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Extension of validity of Pre-shipment Inspection Agencies up to 31.03.2020

Public Notice No. 51/2015-2020-DGFT (30/12/2019)

Validity of the Pre-shipment Inspection Agencies (PSIAs) as listed in the Appendix 2G of A&ANF, whose validity expires on 31.12.2019 is extended up to 31.03.2020. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade PUBLIC NOTICE No. 51/2015-2020 New Delhi Dated 30 Decembe...

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Partnership deed needs to be Registered or Notarized?

A partnership agreement is a necessity if you’re opening a business with another person. The agreement serves two purposes: it creates a legal document that provides for the rights and responsibilities of each partner and it provides you with legal recognition from the state, allowing you to do business. 1. Create a partnership agre...

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Posted Under: Company Law |

How to save Rs 1 crore with a basic salary of Rs 25,000

How to save Rs 1 crore with a basic salary of Rs 25,000 or less with Tax Benefit u/s 80C Creating a corpus of Rs 1 crore on retirement is possible for most employees. However, for those who are low-earners, it might require a bit more active approach when it is invested in systemic manner […]...

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Posted Under: Company Law |

Implementation of ICES Test Module (Sample Test Entry) – reg

Standing Order No. 28/2019-JNCH (30/12/2019)

Procedure for generating test memo at Appraising Group- While appraising the BE, the Appraiser, if desires to draw a sample of an item for testing purpose, will have to close the Appraising Option and Select Option – Sample Test Entry; from the main menu and will generate the test memo by recording the test instructions in the following...

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Section 54 deduction allowable on Purchase of house subsequent to Purchase of land for construction

Shri Dharamchand Bafna Vs ITO (ITAT Bangalore)

whether deduction u/s 54 can be denied if assessee initially purchased land with a view to put up construction but later changed his mind and instead, purchased a residential house?...

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Blocking of input tax credit-New Rule 86A introduced under GST

Rule 86A in the CGST Rules vide notification No 75/2019 has been introduced w.e.f. 26.12.2019 to empower the revenue to impose additional condition/restriction on use of amount of input tax credit available in the electronic credit ledger. This rule has given drastic powers to the Department to restrict the credit of any person in certain...

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Posted Under: Company Law |

GST input tax credit restriction new rules- Accounting perspective

GST input tax credit restriction new rules- Accounting perspective The CBIC imposed the restriction on availment of input tax credit (ITC) under GST in respect of invoices or debit notes, the details of which not have been uploaded by the supplies under sub section (1) of section 37 of CGST act. CBIC inserted the new […]...

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Posted Under: Company Law |

Goods in Transit or Transit Inventory

ALL ABOUT GOODS IN TRANSIT (GIT) OR TRANSIT INVENTORY. The term Goods in Transit (or Transit inventory) refers to inventory items that have been shipped by the seller, but not yet received by the buyer. Transit inventory is an important component of company’s inventory valuation. GIT is booked in books of accounts on quarterly basis [&h...

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Posted Under: Company Law |

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