"24 January 2020" Archive

AAR: GST leviable on compensation paid to lessor for vacating its claim

AR, Goa held that compensation paid by Applicant on lessor’s deposit would clearly qualify as ‘supply of service’ under clause 5 of Schedule II of CGST Act, 2017 and therefore liable to GST....

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GST: Provisions of Finance No. 2 Act 2019 applicable from 01.01.2020

Implications of Notification 01/2020-Central Tax dated 01-01-2020 on the various GST related provisions of Finance No. 2 Act 2019 Finance No. 2 Act 2019 was enacted on 01-08-2019. GST related amendments are contained in section 92 to section 116 of the Finance No. 2 Act 2019. As per section 1(2)(b) of the Finance No. 2 […]...

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Provisions of Anti-Profiteering Mechanism Under GST Law

Anti-profiteering measures have been incorporated under GST law to provide benefit of reduction in GST rates to the consumers in terms of reduced prices and not allow more profit margins to the businessmen. The suppliers of goods and services must pass on any reduction in the rate of tax or the benefit of input tax […]...

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IT Search in group running renowned educational institutions

NA 24/01/2020

The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group....

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GST Taxpayers can now file GSTR-3B Returns in a Staggered Manner

Welcome Move by the FM: Now the GST Taxpayers can file their GSTR-3B Returns in a Staggered Manner What is GSTR 3B? GSTR-3B is a monthly self-declaration that has to be filed by a registered dealer. It is a simplified summary return of inward and outward supplies and the purpose of the return is for taxpayers to […]...

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Implications of GST Notification dated 29-01-2019 on CGST (Amendment) Act, 2018

Implications of Notification 02/2019-Central Tax dated 29-01-2019 on the various GST related provisions of The Central Goods and Services Tax (Amendment) Act, 2018. The Central Goods and Services Tax (Amendment) Act, 2018 was introduced in Lok Sabha by the Minister of Finance, Mr. Piyush Goyal on August 7, 2018. It amends The Central Good...

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GST – E-Invoice API Developer’s Portal- FAQs

The GST Council has approved the implementation of ‘e-Invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System, starting from 1st January 2020 on voluntary basis. Being the first Invoice Registration Portal (IRP), National Informatics Centre, has made the e-Invoice ...

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Section 270A(1) Penalty for under-reporting & misreporting of income

Penalty under section 270A of the Income Tax Act for under-reporting and misreporting of income can be imposed by the Assessing Officer / the Commissioner (Appeals) / the Principal Commissioner / the Commissioner. Under the current article, we would thoroughly understand the penalty provisions attached with the under-reporting and misrepo...

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Pension to Salaried – Tax provisions

To discuss the tax treatment of the pension received, comprehensively, the employees have been divided in two types, government and non-government. Even the pension received can be of two types, commuted and uncommuted....

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No more interactions with tax officials! I-T Dept goes online with scrutiny work!

CBDT has issued instruction dated 12th February 2018 to conduct assessment proceedings in scrutiny cases electronically, saying that except for search-related assessments, proceedings in other pending scrutiny assessment cases shall be conducted only through the E-proceeding functionality in ITBA/e-filing....

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