"05 May 2020" Archive

How to correct mistakes of GST challan through Form GST PMT 09?

GST PMT-09 is the form for relocating the falsely or erroneously paid GST through cash ledger. For example, if you have paid CGST instead of SGST, you can rectify it by using this a form which is known as GST PMT-09. The government has now made Form PMT-09 live from 21st April 2020, for taxpayers so that they can rectify the mistakes that...

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GST Refund cannot be withheld for ‘Want of Cross-Verification Details’

ACC Limited Vs Asst Commissioner CT (Telangana High Court)

In our opinion, this action of the respondents is also violative of Art.14,19,265 and 300-A of the Constitution of India. The respondents cannot be permitted to take advantage of their own negligence, assuming that the Demand drafts handed over by the petitioner, were not presented and encashed by the respondents....

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An Analysis of Finance Act, 2020 vis-à-vis GST

Introduction The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017. Article analyses Amendment CGST Act, 2017 in Section 2 […]...

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All About Reverse Charge Mechanisms In GST Law

In Goods and Service Tax there are Two methods to Collect Taxes that is Forward Charge Mechanisms and Reverse Charge Mechanisms. In Every Law passed by the Government to collects taxes, it has to introduce two type of Power to Collect Tax that is Levy of Tax (which is Section 9 of CGST Act, 2017 […]...

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Cenvat Credit not reversible in absence of Physical removal of capital goods

Vodafone Mobile Services Limited Vs CCE&ST (CESTAT Chandigarh)

Cenvat held that appellant is not required to reverse Cenvat credit as the capital goods have not been physically removed from the premises where they were initially installed....

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Notices related to Assessments under GST

Show Cause Notice: This is a popular term used under erstwhile central excise regime now travelled in to GST. There is no definition of either notice or show cause notice under section 2. The term show cause attached to notice only amplify its meaning and intent....

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Detailed Discussion on E-Way Bill under the GST

1. What is an eWay Bill? E-Way Bill is an Electronic Way bill for movement of goods to be generated on the e-Way Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in. Alternatively, E-way ...

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Capital Assets | Short Term | Long Term | Taxation & Classifications

Capital gains is considered as one of the most crucial head of income. Since it is that crucial, everybody needs to be doubly sure at the time of computation of tax liability from capital gains. Many times, we observed that there is always a confusion regarding bifurcation of short term and long term capital asset […]...

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TDS Provisions related to Small Businesses & Covid 19 Relief

TAX DEDUCTION AT SOURCE (TDS) In order to ensure better tax compliance and ensuring the timely payment of tax to the Government treasury, a mechanism has been established by making it mandatory for certain persons responsible for making payment of some expenses to deduct tax from such payment and deposit it to the Government account. [&he...

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Section 54F Exemption allowable despite Non-Claim in Income Tax Return

Srinivas Bejgam Vs ACIT (ITAT Hyderabad)

Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for de...

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Section 194E TDS on payments to non-resident sports associations

Pilcom Vs CIT West Bengal (Supreme Court)

Payments made to the Non-Resident Sports Associations represented their income which accrued or arose or was deemed to have accrued or arisen in India. Consequently, assessee was liable to deduct Tax at Source in terms of Section 194E....

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TCS – Detailed Analysis of Amendment by Finance Act, 2020

TCS- The New Move! (detailed analysis with the Budget 2020 and The Finance Act 2020 insertions/amendments) India is a land of diversity with population count of over 135 crores. To run such a colossal nation, government requires a lot of resources. Such resources are collected in form of tax payments that a person makes to […]...

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Direct & Indirect Taxes Updates- April 2020

DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues clarification regarding short deduction of TDS / TCS due to increase in rates of Surcharge by Finance Act 2019. (Circular no. 8/2020 dated 13th April 2020)Recent circulars/ notifications/ rules/ clarifications/News ♦ Government issues ...

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No Tax on amount received by Partner on reduction in Profit Sharing Ratio

Anik Industries Ltd. Vs DCIT (ITAT Mumbai)

Anik Industries Ltd. Vs DCIT (ITAT Mumbai) During assessment proceedings, it transpired that the assessee was a partner of 30% in a partnership firm namely M/s Mahakosh Property Developers (in short ‘firm’). During the year, the assessee received a sum of Rs.400 Lacs on account of surrender of 5% share of profit from 30% to [&...

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Counter stroke on dark side of e-commerce (Tax Evasion)

E-commerce is the activity of electronically buying or selling of products on online services or over the Internet. The history of e-commerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform. This […]...

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Section 87A Rebate – Income Tax Act – Detailed Analysis

As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce the tax Burdon of assessee. But in industry there is always a confusion or doubt faced by professionals on availing the rebate. Hence today I am coverig this topic with in […]...

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For whom e-filing of Income Tax Return (ITR) is Mandatory

People are always get confused as to who all are require to file Income tax Return mandatorily. Since our assessment year 2020-21 has been started and now all will be geared up for filing their income tax return. Hence today I am covering this topic. Following taxpayers shall file their return of income only through […]...

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How to Register on e-filing website and related FAQs

Many times our professional colleagues met an assessee who wants to file their income tax return but they don’t have their PAN registered at Income Tax E filing portal. So in such cases professionals might face some doubts as to what is the exact procedure for register on e-filing portal since it has been changed […]...

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Income Tax on Foreign Travel

In Union Budget 2020, it is proposed to widen the scope of TCS (Tax Collection at Source). The Foreign Tour Operator will be liable to collect tax (TCS). This Section will be applicable from 1st April 2020. 1. Who Is Foreign Tour Operator And What Is Overseas Tour Package? Foreign Tour Operator is a person […]...

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While computing income U/s. 115J AO cannot tinker book profit

DCIT Vs Yahoo Software Development Private Limited (ITAT Bangalore)

Assessing Officer tinkered the book profit by adding the additional revenue on account of subsequent realization of export, while computing the book profit u/s 115JB of the Act. The assessee has revised the return of income by including the additional revenue in its total income....

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Section 292BB not save cases having complete absence of notice

ITO Vs P.N. Krishnamurthy (ITAT Bangalore)

ITO Vs P.N. Krishnamurthy (ITAT Bangalore) According to Section 292BB of the Act, if the assessee had participated in the proceedings, by way of legal fiction, notice would be deemed to be valid even if there be infractions as detailed in said Section. The scope of the provision is to make service of notice having […]...

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Restrictions on Cash Transactions under Income Tax Act, 1961

In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA ...

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House Rent Allowance (HRA) Exemption Rules & its Tax Benefits

HRA is covered under Section 10(13A) of Income Tax Act 1961. Salaried Employees who live in a Rented house can claim HRA to lower their taxes – partially or wholly. The decision of how much HRA needs to be paid is made by employer. Part of Salary is apportioned to HRA. 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? – Salaried...

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Income Tax Calculator with Form-16 & salary Statement for A.Y-2020-21

Latest Income Tax Calculator with Form-16 and salary Statement (3 in 1) for A.Y-2020-21 in Excel format. In the view of currently corona virus pandemic government has extended the due dates of various returns including TDS return up to 30 June 2020 So the date to issue Form-16 by the employer has also defer. Due […]...

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International Tax Perspective – Part I Permanent Establishments (PE)

What are Permanent Establishments? The most important issue in the treaty based international fiscal law is the concept of Permanent Establishment (PE). All the models of conventions namely:...

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Comparison of Old & New Tax Schemes for Individuals & HUFs

Government has come up with new scheme of tax for Individuals in the Budget 2020, which will be applicable from the Tax return of F.Y. 2020-21. Who can opt for the scheme? The Individuals and HUFs who does not have any Business income can opt for New Scheme. Points of difference between both schemes: 1. […]...

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Sec 194J TDS deductible on Toll Free Telephone charges (Royalty)

Vidal Health Insurance TPA (P.) Ltd. Vs JCIT (ITAT Bangalore)

Payments made by assessee towards toll-free telephone charges is royalty, in terms of section 9(1)(vi) of the Act, and is liable to deduct TDS under section 194J of the Act. We therefore are in agreement with the view taken by Ld.CIT (A)....

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Withholding of refund against demand payable for earlier years justified

Vodafone Idea Ltd Vs ACIT (Supreme Court of India)

Uptill AY 2016-17, if a scrutiny notice u/s 143(2) is issued, the return is not required to be processed u/s 143(1) for grant of refund to the assessee however, from AY 2017-18 & onwards, a different regime is prescribed by Parliament by inserting  section 241-A which required separate recording of satisfaction on part of AO that having ...

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Consolidation of Recent Circulars by MCA

Consolidation of Circular

Article consolidates Recent Circulars issued by MCA during Lockdown period i.e. Circular No. 11/2020 to Circular No. 18/2020. These Circulars were issued to Provide relief from Compliance which are falling during the Lockdown period- S. No. Circular / Notification No Date Details of Notification Clarification 1 Circular No. 18/2020 21-Apr...

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8 Special Measures under Companies Act, 2013 & LLP Act

1. No additional fee:  No Additional Fee shall be charged for late filing during a moratorium period from 01st April to 30th September 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry. (MCA may come with one more clarification on this). 2. Board Meeting Gap :  As […]...

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Right Issue (Section 62) under Companies Act, 2013

Issue of Share on Rights basis is covered under Section 62 of the Companies Act, 2013 and Companies (Prospectus and Allotment of Securities) Rules, 2014. -The Right Issue of Shares is a formal invitation to the existing shareholders of the Company to buy additional new shares; such shares are issued in proportion to existing shareholdin...

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Corona: Impact

Hit by the dreaded virus- CORONA or COVID 19, as it is called, the world (180 + countries) is under the pandemic and struggling to fight and overcome the virus. All affected nations are on their toes to combat the disease by all means in a war against Corona. This virus, as we all know […]...

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Areas of focus and auditor reporting issues related covid 19

COVID-19 issues will depend on each audit’s facts and circumstances. However, every auditor shall have to be proactive for these wholly unprecedented challenges in number of areas while carrying out their respective audits....

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Extended period of limitation could not be invoked by Department if no suppression & misrepresentation of facts

Kent Chemicals Private Ltd Vs Commissioner (CESTAT Delhi)

Kent Chemicals Private Ltd Vs Commissioner (CESTAT Delhi) The proven discharge of liability by the service provider, the same is opined to be a sufficient cause for the appellant to have a bonafide impression of him to no more be liable to pay the service tax even under reverse charge mechanism. The allegation as that […]...

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Covid19 Impact on Crude Oil, Inflation & Dollar Rate on Indian Economy

Introduction In this article I have tried to explain the impact of Covid-19 on Crude Oil, Inflation and Dollar Rate on Indian Economy in layman language and the correlation between them. History about Indian Rupees Indian Currency was never measured against dollar at the time of Independence. It was measured against Pound and only after [...

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HR Advisory for employees resuming operations Post Covid-19

HR Department of Company may consider to issue necessary Temporary Advisory/Directions for its Employees while resuming their operations Post Covid-19 As the Ministry of Home Affairs, in pursuance of its order No. 40-3/2020-DM-I (A) dated 1st May, 2020, has issued new guidelines, effective from 04.05.2020, allowing, subject to the conditi...

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No Tax on Interest accrued on Govt grant received for construction of house for Police

PCIT Vs Punjab Police Housing Corporation Ltd. (Punjab and Haryana High Court)

Income which accrued to the Assessee from the funds of the Government which were released to it were not diverted by it and could not be diverted by to any other purpose and had to be used only for the purposes which the Government directed and in case the funds were not used the Government had the right to recall them....

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Domestic Violence Tested Positive (+): Covid-19 & Fate of Domestic Violence Act, 2005-A Legal Perspective

We all know that this lockdown has been hard on all of us, but it has been the hardest for women who are the primary victims of domestic violence. Aggrieved women are currently trapped with their abusers and their violent partners, with no escape. Violence against women has seen an exponential surge across the world during the lockdown....

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COVID Economic Impact– Is selective lockdown is viable option?

Given that at the time of writing this, no cure has been developed for COVID-19 and a suitable vaccine still in development, this note analyses whether lockdown of business (Complete or Partial) might have been the best way to handle the crisis. While we are always wise in hindsight, given that we are still living through the pain inflict...

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FAQs on MSMED Act, 2006

Background: Micro, Small and Medium Enterprises (MSME) Sector is a dynamic and vibrant sector of the Indian Economy. It plays a major role in the economic development of our nation and has emerged as a progressive industrial area providing indefinite opportunities in employment, industrialisation and creation of new businesses. The MSMED ...

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Mutual Will comes Into Effect on Death of Either of Joint Testators

Vickram Bahl & Anr. Vs Siddhartha Bahl & Anr. (Delhi High Court)

Principle of, a mutual Will coming into effect and binding also the testator who may still be alive, on the death of one of the two testators, is well enshrined in the Indian Law....

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Protective Laws @ Purchasing Immoveable Assets

Purchasing Home and especially in a Complex is nothing short of a nightmare and there are hardly any Developers or I can say there are no Developers who have given 100 percent correct details about the proposed home and their Brochure is just an advertising kit to advertise but it just remains in the Brochure. […]...

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Sneak peek into India’s latest FDI policy-COVID-19 highlights grey areas!

Sneak peek into india’s latest fdi policy Unanticipated outbreak of the global pandemic and nationwide- lockdown caused by the Novel Coronavirus (COVID-19) has jeopardized individuals and economy as a whole. In order to abate the impact on the general public, business establishments, and managing the current situations, the Governm...

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The Indian Stamp Act, 1899- A successful fiscal legislation

The concept of relationship between a State & its subjects has grown since time immemorial and like-wise the sense of taxation & revenue of the State has grown simultaneously. Stamp duty, which is one of the most prominent ways of revenue generation in modern world, is thought to originate in the early 17th century, Holland. [&hel...

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Car mattings are not vehicle accessories for Excise Duty payment: SC

Commissioner of Central Excise Vs UNI Products India Ltd. (Supreme Court)

Commissioner of Central Excise Vs UNI Products India Ltd. (Supreme Court of India) The core issue in these appeals is as to whether car mats come under chapter-heading 57.03 or not. In the second appeal, the numerical representation of the product, as claimed by the assessee, was different but that difference is not of much […]...

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Covid-19- Relaxation Norms Proposed by SEBI For Fundraisers

The securities market regulator SEBI has recently proposed a consultation paper for stressed listed entities to solve liquidity/fundraising problems as they are facing problems due to COVID-19 pandemic, hence in view of this SEBI proposed some certain relaxations which are Briefed below write-up. INTRODUCTION: In respect of these situatio...

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SC on entitlelment of Gratuity U/s. 4(5) of Payment of Gratuity Act, 1972

BCH Electric Limited Vs Pradeep Mehra (Supreme Court)

BCH Electric Limited Vs Pradeep Mehra (Supreme Court) In a notable judgment in the field of gratuity law, the Supreme Court held that Section 4(5) of the Payment of Gratuity Act, 1972 will apply only when there are alternative options for the employee under the Act and under the terms of contract with the employee. […]...

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COVID spurs Manufacturing exodus from China: India chases opportunity with EMC 2.0

COVID spurs Manufacturing exodus from China: India ceases opportunity with EMC 2.0 Global turmoil and break with the past 27 April, 2020 may be a historic day for Wuhan, China, the epicentre for Global Coronavirus Pandemic to have discharged  its last COVID-19 patient but things are utterly gloomy in rest of the world. United States, [&h...

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SA 240 Auditor’s responsibility in fraudulent Financial Statements: Analysis

tandard on Auditing, (SA) 240, one of the most authoritative text deals with the auditor’s responsibilities relating to fraud in an audit of financial statements. With the flood of opportunities to open up for auditors to audit financial statements for the period ending 31st March 2020...

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Force majeure- The rising king of commercial contracts kingdom!

Gone are the days wherein ‘Consideration Clause’ under a Contract was used to be the KING. I still remember that during the foundation class of CS Course (now CSEET), under the Indian Contract Act, 1872, we the students, back in those days, were taught that Consideration is the most important clause while writing any Contra...

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MCA clarifies on holding of Digital AGM through VC or OAVM

General Circular No. 20/2020 (05/05/2020)

MCA clarifies on holding of Digital AGM through VC or OAVM For companies which are required to provide the facility of e-voting under the Act, or any other company which has opted for such facility and For companies which are not required to provide the facility of e-voting. ...

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Process of RERA registration as an agent

Who is real estate agent? A real estate agent is a person who works as an intermediary to facilitate the transaction and to stimulate fair practices between buyers and the builders. What are roles of real estate agents? 1. The agents must have all the records and documents of the promoters as well as their projects. […]...

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SOPs for movement of Indian Nationals stranded outside the country

Order No. 40-3/2020-DM-I(A) (05/05/2020)

MHA issues SOPs for movement of Indian Nationals stranded outside the country, as well as, for those persons stranded in India who are desirous to travel abroad for urgent reasons Union Ministry of Home Affairs (MHA), on 01.05.2020, issued an Order and respective guidelines under the Disaster Management Act, 2005, to extend the lockdown f...

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Books cannot be Rejected for mere Non-Presentation during Survey

Mahesh Coal Traders Vs Commissioner Commercial Tax (Allahabad High Court)

Bbooks of accounts were duly presented when the show cause notice was given to the assessee, and no discrepancy was found in the same, but non-presentation of the books of accounts at the time of survey cannot be the sole reason for rejection of the books of accounts....

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Covid-19 Impact on Infrastructure and Energy Sector

Impact on Infrastructure Sector Q 1. What is the impact of the pandemic Covid-19 and the 21 day lockdown on the Infrastructure Sector in India? Ans: Due to the pandemic Covid-19, the Infrastructure Sector and the projects have been stopped until further orders and have been on a standstill in lieu of the directions of […]...

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Changes that Small & Mid-sized CA Firms should Implement after Covid -19

While many people are talking about the impact of Corona Virus on the economy, GDP, running of businesses, taxation frameworks, etc, but are silent about changes that need to be incorporated in working style of Chartered Accountants especially those who are doing practice solely or in partnerships with small teams. All disruptions, be it ...

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Lockdown 3.0 Know about the Zones With Effect from 4th May, 2020

Green Zones Districts with zero confirmed cases till date or no confirmed case in the last 21 days Red Zones Districts identified taking into account the total number of active cases, doubling rate of confirmed cases, extent of testing & surveillance feedback from the districts Orange Zones Those districts, which are neither defined a...

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Objections on Jurisdiction after Award cannot be raised if Appellant not participated in Arbitral Proceedings: SC

Quippo Construction Equipment Limited Vs Janardan Nirman Pvt. Limited (Supreme Court)

It was possible for the respondent to raise submissions that arbitration pertaining to each of the agreements be considered and dealt with separately. It was also possible for him to contend that in respect of the agreement where the venue was agreed to be at Kolkata, the arbitration proceedings be conducted accordingly....

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Goods Manufactured for use by other Manufacturers cannot be subjected to Excise U/s. 4A

T.M. Tyres Limited Vs Commissioner of Central Excise (CESTAT Hyderabad)

T.M. Tyres Limited Vs Commissioner of Central Excise (CESTAT Hyderabad) It is an admitted fact on record that the appellant is engaged in the manufacture of Butyl rubber inner tubes and such product by itself is separately identifiable and is a distinct Marketable product. It cannot be said that the product manufactured by the appellant [...

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Whether Excise Duty should be included in cost of finished goods for inventory valuation

Whether Excise Duty should be included in cost of finished goods for inventory valuation We all know that GST has been rollout from 1st July 2017 and it has subsumed a number of indirect taxes including excise duty. This means excise duty, technically, does not exist in India except on a few items such as […]...

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Public Provident Fund (Amendment) Scheme, 2020- Interest Rate Notified

Notification No. G.S.R. 290(E) (05/05/2020)

Public Provident Fund (Amendment) Scheme, 2020- The deposits made in the account between 12th December, 2019 to 31 st March, 2020 (both days inclusive) and the balances at the credit of the account shall bear interest at the rate of 7.9 per cent. per annum. Lowest balance at the credit of an account between the close of the fifth day and ...

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National Savings Time Deposit (Amendment) Scheme, 2020- Interest Rate Notified

Notification No. G.S.R. 289 (E) (05/05/2020)

National Savings Time Deposit (Amendment) Scheme, 2020- The rate of interest as specified in the table below shall be applicable to the deposits made on or after the 1st day of April, 2020 under the Scheme...

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Sukanya Samriddhi Account (Amendment) Scheme, 2020- Interest Rate Notified

Notification No. G.S.R. 288(E) (05/05/2020)

Sukanya Samriddhi Account (Amendment) Scheme, 2020- The deposits made in the account between 12th December, 2019 to 31st March, 2020 (both days inclusive) and the balances at the credit of the account shall earn interest at the rate of 8.4 per cent. per annum. The deposits made in the account on or after the 1st day of April, 2020 and the...

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Senior Citizens’ Savings (Amendment) Scheme, 2020 – Interest Rate Notified

Notification No. G.S.R. 287(E) (05/05/2020)

Senior Citizens’ Savings (Amendment) Scheme, 2020- The deposit made under this Scheme between 12th December, 2019 to 31st March, 2020 (both days inclusive) shall bear interest at the rate of 8.6 per cent per annum. The deposit made under this Scheme on or after the 1st day of April, 2020 shall bear interest at the rate of 7.4 per cent. ...

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National Savings (Monthly Income Account) (Amendment) Scheme, 2020- Interest Rate Notified

Notification No. G.S.R. 286(E) (05/05/2020)

National Savings (Monthly Income Account) (Amendment) Scheme, 2020- The deposit made under this Scheme between 12th December, 2019 to 31st March, 2020 (both days inclusive) shall bear interest at the rate of 7.6 per cent. per annum. The deposit made under this Scheme on or after the 1st day of April, 2020 shall bear interest at the rate o...

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National Savings Recurring Deposit (Amendment) Scheme, 2020- Amount repayable inclusive of interest notified

Notification No. G.S.R. 285(E) (05/05/2020)

National Savings Recurring Deposit (Amendment) Scheme, 2020 Amount inclusive of interest repayable on an account opened between 12th December, 2019 to 31st March, 2020 (both days inclusive) and continued without any fresh monthly deposit beyond the maturity period or maturity period as extended...

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National Savings Certificates (VIII Issue) (Amendment) Scheme, 2020 – Maturity Value notified

Notification No. G.S.R. 284(E) (05/05/2020)

National Savings Certificates (VIII Issue) (Amendment) Scheme, 2020- The maturity value of an account opened between 12th December, 2019 to 31st March, 2020 (both days inclusive) with one thousand rupees shall be one thousand four hundred sixty two rupees and fifty four paisa and proportionate for deposits made with any other sum as per s...

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Kisan Vikas Patra (Amendment) Scheme, 2020- Maturity Period notified

Notification No. G.S.R. 283(E) (05/05/2020)

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 5th May, 2020 G.S.R. 283(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme to amend the Kisan Vikas Patra Scheme, 2019, namely:- 1. (1)Th...

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Profiteering if benefit of reduction in the rate of tax/ additional ITC not passed to buyers

Shri Anil Sharma Vs Printing Machine Solutions (National Anti-Profiteering Authority)

Shri Anil Sharma Vs Printing Machine Solutions (National Anti-Profiteering Authority) This Report dated 25.10.2019 has been received from the Applicant No. 2 i.e. the Director General of Anti-Profiteering (DGAP), under Rule 129 (6) of the Central Goods & Services Tax (CGST) Rules, 2017. The brief facts of the present case are that an ...

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Azeagaia Development agreed to pass on ITC benefit to Flat Buyers: NAA

Sh. Naresh K. Khetan Vs M/s. Azeagaia Development Pvt. Ltd. (National Anti-Profiteering Authority)

Sh. Naresh K. Khetan Vs M/s. Azeagaia Development Pvt. Ltd. (National Anti-Profiteering Authority) The present Report dated 24.09.2019 has been received from the Applicant No. 2 i.e. the Director General of Anti-Profiteering (DGAP) after a detailed investigation under Rule 129 (6) of the Central Goods & Service Tax (CGST) Rules, 2017....

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Customs: RIC increased on Petrol and diesel by Rs. 8 per litre

Notification No. 21/2020-Customs [G.S.R. 277(E)] (05/05/2020)

Seeks to amend notification No. 18/2019-Customs dated 6th July, 2019 so as to increase effective rate of Road and Infrastructure Cess (RIC) collected as additional duty of customs on petrol and diesel by Rs. 8 per litre GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 21/2020-Customs New Delhi, the 5th May,...

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Additional duty of excise on petrol & diesel increased by Rs. 8 per litre

Notification No. 06/2020-Central Excise [G.S.R. 279(E)] (05/05/2020)

Seeks to amend notification No. 04/2019-Central Excise dated 6th July, 2019 so as to increase effective rate of Road and Infrastructure Cess (RIC) collected as additional duty of excise on petrol and diesel by Rs. 8 per litre vide Notification No. 06/2020-Central Excise dated 5th May, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTM...

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SAED increased on petrol by Rs. 2 & on diesel by Rs. 5 per litre

Notification No. 05/2020-Central Excise [G.S.R. 278(E)] (05/05/2020)

Seeks to amend notification No. 05/2019-Central Excise dated 6th July, 2019 so as to increase effective rate of Special Additional Excise Duty (SAED) on petrol by Rs. 2 per lire and on diesel by Rs. 5 per litre. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 5/2020-Central Excise New Delhi, the 5th [&hell...

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Revised GSTR-3B Due dates for for UT of J&K, Ladakh notified

Notification No. 42/2020–Central Tax [G.S.R. 276(E)] (05/05/2020)

Revised Due dates notified for furnishing monthly returns in Form GSTR-3B for each of the months from November, 2019 to March, 2020 for for registered persons whose principal place of business is in the Union territory of Jammu and Kashmir and Union territory of Ladakh vide Notification No. 42/2020–Central Tax dated 5th May, 2020. GSTR ...

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GST annual return filing date for FY 2018-19 extended till 30.09.2020

Notification No. 41/2020–Central Tax [G.S.R. 275(E)] (05/05/2020)

CBIC Further Extends due date for furnishing GST annual return/reconciliation Statement (GSTR9 / GSTR 9C) for financial year 2018-2019 to 30th September, 2020 vide Notification No. 41/2020–Central Tax dated 5th May, 2020. GST Annual return for 2018-19: Last date for filing GST annual return specified under section 44 of CGST Act read wi...

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CBIC extends validity of e-way bills till 31.05.2020

Notification No. 40/2020–Central Tax [G.S.R. 274(E)] (05/05/2020)

Notification No. 40/2020–Central Tax-  CBIC extends validity of e-way bills till 31.05.2020 for all those e-way bills which were generated on or before 24.03.2020 and had expiry between the period from 20.03.2020 to 15.04.2020. Ministry of Finance (Department of Revenue) (Central Board Of Indirect Taxes And Customs) Notification No. 40...

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New GST registration post appointment of IRP/RP by 30.06.2020

Notification No. 39/2020–Central Tax [G.S.R. 273(E)] (05/05/2020)

Notification No. 39/2020–Central Tax- New GST Registration for corporate debtors undergoing corporate insolvency resolution process. Time limit for registration extended due to covid by substituting the following to para 2- Registration.- The said class of persons shall, with effect from the date of appointment of IRP / RP, be treated a...

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GSTR 3B- Nil Return by SMS- Companies can file through EVC

Notification No. 38/2020–Central Tax [G.S.R. 272(E)] (05/05/2020)

Notification No. 38/2020–Central Tax-  GSTR-3B can be filed through EVC till 30.06.2020 in case of registered person being Company. NIL GSTR3B Return allowed to be filed by SMS. CBIC has enabled the facility to file GSTR-3B through Electronic Verification Code (EVC) and Short Message Service (SMS) to ease the compliance procedure under...

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GST Input tax credit explained with Q&A- Part V of GST Series

Janya : Today I want to know about GST Input tax and GST Input tax credit. I want to discuss specifically today about input tax only in this session Tanishi : Yes, today, we will specifically cover practical scenarios on input tax issues. Let me first explain the theoretical concept of input tax and input tax credit. […]...

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Feasibility of Options to opt Alternative Income Tax Tax Rates

A major change was brought in the year 2019, when our Hon’ble Finance Minister Smt. Nirmala Sitharaman promulgated the Taxation Laws (Amendment) Ordinance Act, 2019 in which a completely new corporate tax regime prescribing fixed rates, as opposed to the conventional trend of prescribing the rates under Finance Act was brought into effe...

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