"13 September 2020" Archive

Inquiry before DGGSTI -ITC on fake GST invoices – FAQs

Inquiry before DGGSTI in respect of allegation of fraudulent ITC on fake invoices under GST Act Q.1. Nodal officer is State Government SGST officer and DGGSTI is CGST officer who has a power to issue summons under the Act? Ans:- As far as inquiry investigation is concern DGGSTI has a power to investigate the case […]...

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Decriminalise certain offences under GST Law: ICAI CMA

Penalty for violation of statutory provisions involves a penalty of money and confiscation of goods and these penalties are imposable by the department authorities. Criminal punishment is of imprisonment and fine, which can be granted only in a criminal court after prosecution but these are also provided under GST Law....

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HC accepts WRIT on ITC blockage due to non-filing of GSTR 3B

M/s Kalpsutra Gujarat Vs The Union of India (Gujarat High Court)

Kalpsutra Gujarat Vs Union of India (Gujarat High Court) HC issued notice to the department to understand from the respondents whether the omission on the part of the third party (Seller) in filing the GSTR-3B for the relevant period would be sufficient to block the Input Tax Credit of the writ applicant. We would also […]...

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GST e-invoice/IRN System- FAQs

What is e-invoicing? ‘e-invoicing’ means the invoice shall be prepared after obtaining an Invoice Reference Number (IRN) by uploading specified particulars (in FORM GST INV-01) on the notified Invoice Registration Portals (IRP)....

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GST E-Invoice System- Highlights with FAQs

Taxpayers whose aggregate turnover during the financial year 2019-20 exceeds Rupees five hundred crore (Rs. 500 crore) are required to upload the Invoice details on the Government Invoice Registration Portal (IRP) w.e.f. 01st October 2020 Join us to know how to + Register the Invoice + Generate IRN for the supplies + Upload in e-Invoice [...

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Faceless Assessments – A Paradigm Shift towards Digital & Anonymous Tax Administration!!

1.1 Faceless assessments: A Paradigm Shift towards Digital & Anonymous Tax Administration!! Well Yes Friends, FACELESS ASSESSMENTS have become a REALITY now… Our Hon’ble PM Sh. Narendra Modi has launched a new platform for Transparent Taxation for ‘Honouring the Honest Taxpayers’, coining three new terms viz. Seamless, Painles...

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ST refund of tax paid on advance for which service not rendered due to merger cannot be denied

Lancor Holdings Limited Vs The Commissioner of G.S.T. and Central Excise (CESTAT Chennai)

Lancor Holdings Limited Vs The Commissioner of G.S.T. and Central Excise (CESTAT Chennai) There is no dispute as to the eligibility or otherwise for refund except the claim being rejected as barred by limitation. There is also no dispute that both the service provider and the service recipient having merged into a single entity, there [&h...

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Cestat referred issue of ST reverses charge on salary of seconded employee’s to Larger Bench

M/s Canon India Pvt Ltd Vs Commissioner, Goods & Service Tax (CESTAT Chandigarh)

M/s Canon India Pvt Ltd Vs Commissioner, Goods & Service Tax (CESTAT Chandigarh) The issue involved in the present case is in respect of levy of service tax on the amounts paid as salary to expats under the taxable category of Manpower Supply Services. With effect from 01.07.2012, the law as introduced by the way […]...

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Income tax TCS provisions applicable from 01st Oct 2020

Quick view on the New income tax provisions applicable from 01st Oct 2020. As all aware of the Amendment  made in the  section 206C in the budget 2020 by inserting subsections. 1. insertion of subsection – 206(1G) 2. insertion of subsection – 206(1H) insertion of subsection – 206(1G)  Section read as follows  (I) after sub-secti...

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FAQs on recent Amendments in Indian Stamp Act, 1899

Frequently Asked Questions (FAQs) on Indian Stamp Act, 1899 Amendments and Rules made thereunder Q.1 Why amendments in the Indian Stamp Act, 1899 have been made? Answer: The amendments have been carried out with respect to securities market transactions. The present system of collection of stamp duty on securities market transactions has ...

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How to Cancel GST Registration- GST Registration Cancellation

Taxpayers who have already registered under the GST Act can apply for cancellation of GST registration any time if they think they should close their business or in case any situation arises. Once the registration is cancelled it is no longer required to pay tax or collect tax from ordinary people. WHAT WILL HAPPENED ONCE […]...

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All About Employee Stock Option Plan (ESOP)

Employee Stock Option Plan (ESOP) or Equity incentive plan is the scheme through which the companies provide ownership rights to its employees. ESOP is governed through Section 62(1) (b) of the Companies Act, 2013 (CA, 2013) and SEBI (ESOS and ESPS) Guidelines, 1999 as amended....

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When Income of Previous Year assessed in Previous Year itself

Cases where Income of a Previous Year will be assessed in the Previous Year itself under Income Tax Act, 1961. General Rule:- Income of a previous year is assessed in the assessment year following the previous year. Exception to this rule:- Cases where income of a previous year is assessed in the previous year itself:- […]...

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Refund of Tax wrongly collected & paid under Section 77 of CGST & Section 19 of IGST

Refund of Tax wrongly collected and paid under Section 77 of CGST and Section 19 of the IGST Goods and Services Tax [GST] is a destination-based consumption tax and the GST rates of tax on supplies of goods or services or both are the same throughout the country. This principle of destination-based consumption tax is […]...

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GST on Constructed Property

Under GST law, to levy the GST on any of the activity, the activity should falls under the definition of the ‘supply’ which defined under the Section 7 of the Central Goods and Services Tax Act, 2017 (‘CGST Act, 2017’) which inter-alia includes all the forms of the supply of goods or services or both […]...

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Surplus consideration received on ‘Surrender of Booking Rights’ tantamount to ‘Capital Gains’

Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT)

Mukesh Sohanraj Vardhan Vs. ITO (Mumbai ITAT) The ITAT Mumbai has put to rest an important controversy in the case of Mukesh Sohanraj Vardhan vs Income Tax Officer Mumbai decided on 28 August 2020 by holding that the extra consideration received on cancellation of Booking of Flats constitutes a ‘Capital Receipt’ and cannot be taxed a...

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Practicing Company Secretaries- Work Areas & Other Key Points

According to Section 2 (25) of the Companies Act, 2013 –company secretary in practice means a secretary who is deemed to be in practice under sub section (2) of the section 2 of the Company Secretaries Act, 1980. HOW TO OBTAIN CERTIFICATE OF PRACTICE A member has to apply for certificate of Practice in FORM […]...

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Appointment of Independent & A Women Independent Director

Appointment of Independent Director & a Women Independent Director:  1. Requirement to appoint Independent Director under the provisions of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014: ♦ Sec 149(1) – When is a Company required to appoint Independent Director on Board? E...

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Tenant is Deemed Owner in case of Long Term Lease & Rent Taxable as House Property Income

Nahalchand Laloochand (P) Ltd. Vs. DCIT (ITAT Mumbai)

whether assessee is considered as monthly tenant or deemed owner of the premises u/s.27(iiib) read with Section 269UA(f)(i) of the Act and accordingly whether rental income is taxable u/s.22 as 'income from house property' or not?...

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Depreciation charge must to Claim Section 80IB Deduction

Betts India (P) Ltd. Vs. ACIT (Bombay High Court)

whether depreciation is mandatory to be granted while determining the Appellant's entitlement to the deduction under Section 80IB of the Act, even though the Appellant had not claimed such depreciation?...

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ICES Advisory for different facets of faceless assessment

ICES Advisory No: 32/2020 (13/09/2020)

In pursuance of Board's Circular 40/2020 - Customs dated 04.09.2020, the roll-out of Faceless Assessment at an All India level in all ports of import and for all imported goods has to be enabled by 31.10.2020. The detailed roll-out plan in phases covering different Customs Zones and Chapters of the Customs Tariff Act, 1975, including the ...

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Definitions under Section 2 of IGST ACT 2017

Simplified GST Series – Important Definations –IGST ACT 2017 Hello readers, I have completed articles on CGST ACT 2017 … Now starting IGST ACT 2017 today – Today I will discuss some important definations that we all should be familiar with — Section 2 (5)- Export of goods with its grammatical variations and cognate expre...

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Foreign Tax Credit under Employee Stock Option Scheme (ESOS)

Foreign Tax Credit under Employee Stock Option Scheme (ESOS) ITR filing due date are coming closer and we all must have now initiated our tax filings as well. But here we must need not forget one important aspect, applicable if you are getting benefit of stock options as a part of your CTC in your […]...

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Extension of last date for filing Cost Audit for FY 2019-20

Relaxation of additional fees and extension of last date for filing Cost Audit Report (Form CRA-4) for the Financial Year 2019-20 under the Companies Act, 2013 (Act): Applicability of Cost Records: The class of Companies which must maintain cost records is specified in the Section 148 (1) of the Act. The category of companies is […...

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Procedure for Striking Off of Name of A Company

Each organization is begun with a dream to keep up its business continuously, but not all businesses square measure effective since quite an whereas past run. As we have a tendency to as of currently recognize, that there’s positive technique to consolidate a company, run a company, in like manner, there’s an exact system to [...

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15 months’ time gap in case of extension of AGM by ROC

As per Section 96 of the Companies Act, 2013 (Act), every Company other than OPC shall in each year, hold a General Meeting as its Annual General Meeting (AGM). Every Company shall hold its first AGM within nine months from the date of closing of the first financial year of the Company and thereafter in […]...

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Clarification on Asset Allocation of Multi Cap Schemes of Mutual Funds

Press Releases No. 46/2020-SEBI (13/09/2020)

SEBI has issued a circular dated September 11,2020 on Multi Cap schemes of Mutual Funds, requiring them to invest a minimum of 25% each in Large, Mid and Small Cap stocks, with the balance 25% giving flexibility to the fund manager....

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HSN Code & GST rate for Plastic Mechanical Liquid Dispenser

In re Nishith Vipinchandra Shah (GST AAR Gujarat)

In re Nishith Vipinchandra Shah (GST AAR Gujarat) Question: What is the HSN Code and rate of tax for Plastic Mechanical Liquid Dispenser? Answer: Imported Plastic Items, (stated as Plastic Mechanical Liquid Dispenser) shall be classified, under HSN Chapter sub-heading 3926.90- Others, as ‘articles, not elsewhere specified or include...

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GST: Value of supply on sale property with undivided rights of land

In re Karma Buildcon (GST AAR Gujarat)

In re Karma Buildcon (GST AAR Gujarat) Question 1. What will be the value of supply for the transaction of sale of residential/ commercial property with undivided rights of land? Answer : The value to be arrived in terms of deeming provision of Para 2 of Notification no. 11/2017-CT (Rate) dated 28.06.2017, as amended by […]...

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A cheating racket who used to dupe people for custom duty/charges busted by DIU, IGI Airport

With the arrest of a mastermind accused namely Christian Anthony Maduneme @ Chris S/o James, Age:- 32 Yrs (Nigerian National) & Shelly Achhumi @ Sttaccy D/o Luvishe Achumi, Age-41 Yrs, DIU/IGI Airport Unit has worked out a case of cheating, registered vide FIR No. 192/20 u/s 420/467/468/471/120B IPC at PS IGI Airport....

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GST on Licensing services for right to use minerals including its exploration & evaluation

In re Giriraj Quarry Works (GST AAR Gujarat)

In re Giriraj Quarry Works (GST AAR Gujarat) (i) What is the classification of service provided in accordance with Notification 11/2017-CT (Rate) dated 28.06.2017 read with annexure attached to it, , for which royalty is being paid. Ans. The activity undertaken by the applicant is classifiable under Heading 9973 (Leasing or rental service...

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GST e Invoice- NIC released updated APIs with improved validations

Version 1.03:  Date: 08/09/2020 1. Help section of e Invoice portal has been updated with new documents. 2. The following Improvements have been done in Validations in IRN Generation API. In case of Credit Note and Debit Note, tax rate can be passed with any value. Passed IGST Value of Item will not be validated […]...

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GST payable on service for maintenance of accounts to SSNNL

In re Dhirubhai Shah & Co. LLP (GST AAR Gujarat)

In re Dhirubhai Shah & Co. LLP (GST AAR Gujarat) The professional service for maintenance of accounts and allied items of work provided to  SardarSarovar Narmada Nagar Limited (SSNNL ) { A Government of Gujarat undertaking) by the applicant is a taxable service under Section 9 (1) of The CGST Act, 2017 or exempted vide […]...

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GST on body building on chasis of motor vehicle owned by others

In re AB N Dhruv Autocraft (India) Pvt. Ltd (GST AAR Gujarat)

In re AB N Dhruv Autocraft (India) Pvt. Ltd (GST AAR Gujarat) A. Whether the treatment or process of body building by fabrication and other processes carried out on chasis of motor vehicle owned by others is supply of services? Ans. In case the applicant received the chasis from the principal on Job work challan/ […]...

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Maize Bran cannot be considered as a ‘cattle feed’ by definition

In re Sayaji Industries Ltd. (GST AAR Gujarat)

In re Sayaji Industries Ltd. (GST AAR Gujarat) Maize Bran is used as a major supplement for cattle feed. The word ‘supplement’ is defined in dictionary as “a thing added to something else in order to complete or enhance it.” Therefore, Maize Bran is a product which is added to cattle feed to complete it […]...

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How To Incorporate A Producer Company In India

Understanding the term Producer Company: A Producer Company maybe refer to as a legally recognized entity of farmers with the objective of improving the standard of living. Producer Company can be incorporated by 10 or more individuals or 2 or more institutions or it can be a combination of both having business objectives as one […...

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GST registration applicability to franchisees of taxable person

In re Patrator (GST AAR Gujarat)

In re Patrator (GST AAR Gujarat) On going through the said clauses of the agreement, it is observed that the applicant is required to fulfill the requirements of infrastructure and manpower before commencement of operations of the Centre as per the instructions of the Company and will continue to possess it during the whole tenure [&helli...

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Report Misuse of your Income Tax e-Filing account

If you think your e-Filing account may have been compromised or accessed in an unauthorized manner, then you may be a victim of cybercrime. Please report the incident to the concerned police or cyber-cell authorities as a first step....

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Customs seizes smuggled textiles worth Rs 3.3 crore

Customs seizes smuggled textiles worth Rs 3.3 crore on fishing trawler to Bangladesh- On the basis of Specific Intelligence, a fishing trawler was intercepted by the officers of the Commissionerate of Customs (Preventive) West Bengal, in the intervening night of 06-09-2020 & 07-09-2020, which was coming from Diamond Harbour towards Sagar ...

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GST on educational assessment examination services to school

In re Educational Initiative Pvt. Ltd. (GST AAR Gujarat)

In re Educational Initiative Pvt. Ltd. (GST AAR Gujarat) (i) Whether the educational assessment examination (ASSET) with its variants) provided by the applicant to school/educational organization is exempted from payment of GST under Sr. No. 66(b)(iv) of the Not. No. 12/2017-CT (rate) dated 28.06.2017 and entry No. 69(b)(iv) of Not. No. 9...

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GST payable on Supply of residential flats before date of completion certificate

In re V 2 Realty (GST AAR Gujarat)

In re V 2 Realty (GST AAR Gujarat) Question 1. Whether selling of residential flats after date of completion certificate of commercial shops or after first occupancy in building is exempt supply? Ans. During the personal hearing, the applicant himself stated that they didn’t receive Completion Certificate in respect of their residential...

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GST exemption to Nimba Nature Cure Village on Naturopathy services

In re Oswal Industries ltd.( M/s. Nimba Nature Cure Village) (GST AAR Gujarat)

In re Oswal Industries ltd.( M/s. Nimba Nature Cure Village) (GST AAR Gujarat) The applicant M/s. Oswal Industries ltd. (M/s. Nimba Nature Cure Village) is not eligible to get the benefit of entry No.74 of exemption Notification No.12/2017-Central Tax (Rate) dated 28.06.2017. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, GUJARAT The ...

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5% GST Payable on ‘Maize Bran’: GST AAR Gujarat

In re Gujarat Ambuja Exports ltd. (GST AAR Gujarat)

In re Gujarat Ambuja Exports ltd. (GST AAR Gujarat) The product ‘Maize Bran’ manufactured and supplied by M/s. Gujarat Ambuja Exports ltd. is covered under Entry Sr.No.103A of Notification No.1/2017-Central Tax (Rate) dated 28.06.2017 of the CGST Act, 2017 on which rate of GST chargeable is 5% (2.5% SGST + 2.5% CGST). FULL TEXT OF [&h...

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12% GST Payable on Products ‘Rhyzomyx’ & ‘Rhyzomyco’

In re Novozymes South Asia pvt.ltd (GST AAR Gujarat)

In re Novozymes South Asia pvt.ltd (GST AAR Gujarat) The products ‘Rhyzomyx’ and ‘Rhyzomyco’ manufactured and supplied by M/s. Novozymes South Asia pvt. ltd., is covered under Entry Sr.No.61 of Schedule-II of Notification No.1/2017-Central Tax (Rate) dated 28.06.2017 of the CGST Act, 2017 on which rate of GST chargeable is 12% (6%...

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Micromanipulator System falls under Tariff item no. 9011

In re Shivani Scientific Industries (GST AAR Gujarat)

In re Shivani Scientific Industries (GST AAR Gujarat) The product ‘Micromanipulator system’ manufactured and supplied by M/s. Shivani Scientific Industries pvt.ltd. is classifiable under Tariff item no. 9011 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975).   The said product  is covered under Entry No. 184 of Sch...

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GST on reimbursement of Fuel Charges in the course of rental services of aircraft

In re Global Vectra Helicorp ltd. (GST AAR Gujarat)

In re Global Vectra Helicorp ltd. (GST AAR Gujarat) In terms of the valuation provisions under GST legislation, amount recovered as reimbursement (at actual) by the applicant M/s. Global Vectra Helicorp ltd. from the customer, for the fuel procured on behalf of the Customer is required to be included in the value of services provided by ...

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‘Fly Ash Bricks’ classifiable under Tariff item No. 68159910

In re Dipakkumar Ramjibhai Patel (GST AAR Gujarat)

In re Dipakkumar Ramjibhai Patel (GST AAR Gujarat) Whether supply of Fly Ash Bricks and Fly Ash Blocks are covered under Chapter heading 68159090 and liable to taxed @ 5% and @ 12% respectively under the GST Act? (1) The product ‘Fly Ash Bricks’ manufactured and supplied by Dipakkumar Ramjibhai Patel (M/s. Mahalaxmi Cement pro...

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Sprayer pumps (manually operated) falls under HSN 84248100

In re Adarsh Plant Protect ltd. (GST AAR Gujarat)

In re Adarsh Plant Protect ltd. (GST AAR Gujarat) Determination of the liability to pay tax on any goods or services or both.( ‘Sprayer pumps’ (manually operated), Stoves) (1) The product ‘Sprayer pumps’ (manually operated) manufactured and supplied by M/s. Adarsh Plant Protect ltd. are classifiable under Tariff item No.84...

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Extension of time for holding AGM for FY ended on 31.03.2020

Ministry of Corporate Affairs for considering ICSI’s representations favorably and granting relaxations in timelines for holding of AGM for the Financial Year ended on March 31, 2020....

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Issue & Redemption of Preference Shares

The Redeemable Preference Shares are those, the amount of which can be paid back to the holders of such shares. That is, the capital raised through the issue of Redeemable Preference Shares can be paid back by the Company to such shares. The paying back of capital is called the Redemption.The redemption of redeemable preference […]...

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Permit ITC availment for period till 31.03.2020 upto 31.12.2020

Request for permitting taxpayers for availment of Input Tax Credit under GST under section 16 up to the period completed on 31st March 2020 up to 31st December 2020....

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Most untouched Provision under GST Audit

The Goods and Services Tax (GST) regime, ‘mother of all tax reforms’ in India, has completed three years on July 1, 2020. The GST which was expected to create utter chaos and uncertainty for at least the next 4 to 5 years, as the initial response to the compliance platform designed by GSTN was too […]...

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Defer due date of implementation of E-Invoicing under GST

Requests to defer due date of implementation of E-Invoicing up to 1st January 2021 for convenience of the tax payers as well as increasing transparency in GST....

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Update regarding enabling on GST e-invoice portal

As a facilitation measure, all the taxpayers who were having aggregate turnover of Rs. 500 Cr. (from 2017-18 onwards) were enabled on e-invoice portal https://einvoice1.gst.gov.in/. The listing is based on GSTR-3B data, as available in GST System....

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GSTR-2B: Everything you need to know

What is Form GSTR-2B ♦ GSTR-2B is an auto-drafted ITC statement generated for the buyer on the basis of the information furnished by his suppliers. ♦ It also contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units / Developers. (This feature will be ...

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