"03 January 2020" Archive - Page 4

Annual Compliance Applicable for Small Companies

The concept of small companies was introduced by the companies act, 2013 for the first time. According to the Act some companies are termed as small companies based on their capital and turnover for the purpose of providing certain relief/exemptions to these companies. What is a small company?  Section 2(85) of Companies Act, 2013 defin...

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Posted Under: Company Law |

Mixed Supply of duty credit scrip with other Services attracts 18% GST

In re RB Shah Enterprises India Private Limited (GST AAR Tamilnadu)

The applicant supplies consultancy services to the clients relating to the Customs/DGFT/other statutory requirements for import of goods. by advising, updating on the incentives available, facilitating for the same, documents preparation related to duty payments, tracking of the goods, etc ....

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Paper based gift vouchers classifiable under CTH 4911

In re Kalyan Jewellers India Limited (GST AAR Tamilnadu)

In the case of paper based gift vouchers classifiable under CTH 4911 the applicable rate is 6% CGST as per Sl.No. 132 of Schedule II of the Notification No. 1/2017-C.T.(Rate) dated 28.06.2017 and 6% SGST as per Sl.No. 132 of Schedule II of Notification Ms. No. II(2)/CTR/532(d-4)/2017 vide G.O. (Ms) No. 62 dated 29.06.2017 as amended....

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No ITC on construction of an immovable property on own account

In Sree Varalakshmi Mahaal LLP (GST AAR Tamil Nadu)

In Sree Varalakshmi Mahaal LLP (GST AAR Tamil Nadu) Section 17(5) (d) provides that no ITC is available in respect of any goods or services received by a taxable person for construction of an immovable property on his own account even if such inputs and input services are used in the course and furtherance of […]...

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GST Tax liability on medicines supplied to in-patients through pharmacy

In re CMC Vellore Association (GST AAR Tamil Nadu)

In re CMC Vellore Association (GST AAR Tamil Nadu) 1. Tax liability on medicines supplied to in-patients through pharmacy Medicines, drugs, stents, consumables and implants used in the course of providing health care services to in-patients admitted to the hospital for diagnosis, or medical treatment or procedures is a composite supply of...

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Capital Gains on Land and Building-A Practical Approach

The Income Tax law on capital gains on the transfer of movable and immovable assets is a much debated subject from its inception and a lot of clarity has emerged over a period of time through various amendments to the law, judicial decisions and  clarificatory notifications/ circulars.The Entry  82 of List I to the Constitution [&hellip...

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Posted Under: Company Law |

Blocking of E-way Bill

E-way bills is an electronic document generated for the specific movement of goods from one place to another and of value more than Rs. 50,000. In the background of decrease in collection of GST revenue, Govt has implemented Rule 138E of CGST rules from 1st December 2019 as per which if taxpayer has not filed […]...

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Posted Under: Company Law |

AAAR ruling on Value to be adopted for supply to distinct person

In re Specsmakers Opticians Private Limited (GST AAAR Tamil Nadu)

In re Specsmakers Opticians Private Limited (GST AAAR Tamil Nadu) The issue before us relates to determination of value to be adopted in respect of supply to distinct persons of the appellant in the course of business. appellant, has claimed before the Lower Authority that applying the Second Proviso to Rule 28 of CGST Rules […]...

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ITC paid on lease/hire of cranes for furtherance of business allowable

In re Sanghvi Movers Limited (GST AAAR Tamilnadu)

In re Sanghvi Movers Limited (GST AAAR Tamilnadu) The appellant is eligible to avail full input tax credit of tax paid by SML Ho on the lease/hire of cranes to them for furtherance of business, subject to other conditions of eligibility to such credit as per section 16 of CGST/TNGST Act 2017 Applying the statutory […]...

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FAQs: Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019

Who is eligible to file declaration under SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019? Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:...

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Posted Under: Company Law |