"13 February 2020" Archive

ICRICT: OECD’s proposed reform will fail to generate meaningful additional tax revenue

ICRICT: The OECD’s proposed reform will fail to generate meaningful additional tax revenue, especially for developing countries Today, the OECD has presented its impact analysis of its proposed reform to address the tax avoidance by multinational corporations. If ambitious enough, it could bring a significant change to century old inter...

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Posted Under: Income Tax |

Educational Material on Indian Accounting Standards 20

Educational Material on Indian Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance Ind AS 20 is to be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance. This Educational Material on Ind AS 20, Accounting for Gov...

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Posted Under: Income Tax |

Tender for Appointment of GST Auditor with BHEL

Invitation Of Applications For Appointment Of GST Auditor For Financial Year 2018-19 by Bharat Heavy Electricals Limited (BHEL)...

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Posted Under: Income Tax |

E-Invoice System User Manual for Tax Payers

1. Introduction 1.1 Background The GST Council has approved introduction 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. Since there was no standard for e-invoice existing in the country, standard fo...

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Posted Under: Income Tax |

E-Invoice System User Manual–Bulk E-invoice Generation Tool

The GST Council has approved introduction 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....

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Posted Under: Income Tax |

DGGI busts firm for making bogus ITC invoices of more than Rs 268 crores

DGGI busts firm for making bogus Input Tax Credit invoices of more than Rs 268 crores The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Nitin Jain, resident of Sonepat, Haryana, proprietor of M/s Shiv Trade Incorporation, Delhi, for issuing bogus invoices. During investigation it was...

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Posted Under: Income Tax |

The Market Update: Growth-Inflation mix deteriorates

The inflation print for January jumped up to 7.6% while Industrial production contracted by -0.3% in December 2019. The inflation spike was driven by higher food prices, rise in medicine and telecom prices and an unfavorable base effect. We expect the January print to be the peak as onions prices have started cooling off in recent days an...

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Posted Under: Income Tax |

GST: Liability of interest U/s. 50 is automatic but quantification needs arithmetic exercise

Assistant Commissioner of CGST & Central Excise Vs Daejung Moparts Pvt Ltd. (Madras High Court- Third Member)

Assistant Commissioner of CGST & Central Excise Vs Daejung Moparts Pvt Ltd. (Madras High Court) View of Third Member The question raised is as to whether interest on delayed payment of tax as contemplated under Section 50 of the Central Goods and Services Tax Act, 2017, is automatic or the same is to be determined, […]...

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Registration and Compliance of Peer to Peer Lending Platform-NBFC

NBFC –Peer to Peer Lending platform (NBFC-P2P) is a type of Non-Banking Financial Company which carries on the business of providing services of Loan facilitation to willing lenders and borrowers through online platform. This type of Non-Banking Financial Company is not allowed to accept deposits or lend on its own....

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Posted Under: Income Tax |

Section 271G Penalty for failure to furnish information / document as per provisions of section 92D

The penalty provision of section 271G of the Income Tax Act applies to the person (who has entered into an international transaction / specified domestic transaction) fails to furnish information / document within the prescribed time limit as specified under provisions of section 92D (3) of the Income Tax Act. The current article tries to...

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Posted Under: Income Tax |