"27 July 2020" Archive

GST on E-Commerce Operators

Goods are Services Tax [GST] has been imposed on ‘supply of goods or services’ It is immaterial as to under what mode of communication the supply contract is negotiated. Tax remains the same even when contract is negotiated orally, in writing or through e-communication. Thus, on a fundamental level, GST on e-commerce operator ...

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Section 78-79 | Recovery of tax | CGST Act 2017

Simplified GST Series –Section 78-79 /Recovery of tax /CGST ACT 2017 Section 78-Initiation of recovery proceedings Any amount payable by a taxable person in pursuance of an order passed under this Act shall be paid by such person within a period of three months from the date of service of such order failing which recovery […]...

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Request for Extension of Due Date of ITR for AY 2019-20

Tax Bar Association made a request to Minister of Finance & to CBDT for  Extension of Due date in filing the Returns of Income under Income tax act for the Assessment year 2019-20 [Financial year ending 31st of March 2019]....

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SEBI Settlement Scheme 2020 – One time Settlement scheme

NA 27/07/2020

SEBI Settlement Scheme 2020 proposes to provide a onetime settlement opportunity to the entities that have executed trade reversals in the stock options segment of BSE during the period from April 1, 2014 to September 30, 2015 against whom any proceedings are pending....

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DGGI books 3 firms for Tax evasion of more than Rs 600 Crore

A case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Pvt. Ltd. & M/s. Ganpati Enterprises, who were found involved in issuance of invoices without any actual supply of goods....

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Centre Released Rs. 1,65,302 Crore as GST Compensation

Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore whereas the amount of cess collected during the year...

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A Tale of Much Ado About Nothing – Levy of GST on Real Estate

PREAMBLE That is the impressively fancy title of a comedy by William Shakespeare. The intended message, as claimed, is that deceit is not inherently evil, but something that can be used as a means to good or bad ends. There are many examples of deception and self-deception. Leaving it open to be deciphered by anyone who is […]...

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Advance Ruling | Reverse Charge Mechanism | Section 9(3) | CGST Act 2017

Whether the applicant/importer is again required to pay IGST on the component of ocean freight under RCM mechanism on deemed amount which will amount double taxation of IGST on the deemed component of ocean freight of the imported goods?...

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Interest on Income tax Refund

1. As per sec 244A (1) of Income tax act, where refund of any amount becomes due to the assessee under this Act, he shall be entitled to received simple interest there on calculated in the following manner namely :- a. Where the refund is paid out of TCS under sec 206C or paid by […]...

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Interest Calculation Under Section 234A, 234B and 234C

Interest Calculation of Under Section 234A, 234B And 234C of Income Tax Act, Along With Provision And Example Applicability:- Every Assessee is required to pay advance tax whose income tax liability is ₹10000 or more. Exception:- Resident senior citizen has not income under head of Profit & Gain from business and profession, is not ...

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