Lift is not a machine , it is part of Building, is it true . is the ITC claimable on purchase of Lift . Let us discuss whether lift is machine or Building only we would reach to conclusion of ITC is eligibility. Section 17(5) blocks credit of works contract and goods or services received […]
As PASSED BY LOK SABHA ON 16.9.2020 Bill No. 114-C of 2020 THE BANKING REGULATION (AMENDMENT) BILL, 2020 A BILL further to amend the Banking Regulation Act, 1949. BE it enacted by Parliament in the Seventy-first Year of the Republic of India as follows:— 1. Short title and commencement. (1) This Act may be called […]
The e-invoicing system is also available for the E-Commerce Operators (ECO) to report the invoices to the Invoice Registration portal, generated by them on behalf of the suppliers. The e-invoicing system identifies the e-Commerce operators based on the taxpayer type in the GST registration details. The taxpayer having the type as ‘TCS’ will be enabled […]
Background The GST Council, in its 37th meeting on 20th September 2019, has recommended introduction of electronic invoice (‘e-invoice’) in GST in a phased manner. (While the initial date for roll out was 1st April, 2020, the Government had notified 1st October, 2020, as revised date for implementation of e-invoicing.) GST e-invoice System is a path-breaking […]
ITO Vs Trilokpati Exim Pvt. Ltd. (ITAT Kolkata) When assessee had allotted shares for consideration other than cash then provisions of section 68 (cash credit) does not apply FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal filed by the Revenue, pertaining to assessment year 2012-13, is directed against the order passed by the Commissioner […]
