This article is penned down to enlighten the implications in respect of capital goods that are lost, stolen, destroyed or disposed by way of gift and sale of capital goods under Goods and Services Tax Act, 2017. Page Contents ♦ Meaning of Capital Goods ♦ Meaning of Supply in context to “Transfer/Disposal of Capital Goods” […]
Students at all levels may please note that the Institute on account of cancellation and merging of May 2020 examination with November, 2020 examination due to Covid-19 pandemic as a one-time measure has granted upto one year extension in the validity period of registration at all levels.
Supertron Electronics Pvt. Ltd Vs DCIT (ITAT Kolkata) The admitted fact is that no notice u/s 143(2) of the Act was issued to the assessee for both the assessment years. Only a notice u/s 148 and Section 143(2)(1) of the Act was issued. Under these circumstances we have to hold that the assessment orders for […]
Absence of e-way bill or non generation of e-way bill, being a technical mistake or breach may be contravention of the rule 138 & 138A as such it will result into imposition of penalty Rs. 10,000/.
Same Deutzfahr India P Ltd Vs State of Telangana (Telangana High Court) Once it is clear that petitioner has additional place of business in the State of Telangana in Bongulur village, Ibrahimpatnam Mandal and the goods were being transported to that address from its Corporate office at Ranipet, Tamil Nadu State, it cannot be said […]
The US dollar is the most popular currency worldwide. Its rate is affected by several key factors. Here is an overview of these correlations. US Dollar Rate and the Four Factors That Affect It No other currency beats the US Dollar. It is used for most international transactions. Travelers and traders exchange other currencies to […]
Background 1. India has entered into several bilateral and multilateral treaties (referred to as Free Trade Agreements (FTA)) to promote cross-border trade. Examples include treaties with Singapore, Chile, Malaysia, Korea, Japan, SAARC members, etc. Article XX, containing general exceptions, under the General Agreement on Tariffs and Trade(GATT) permits granting preferential tax rates on the importation […]
Telangana High Court rules in favor of Deutzfahr India. Unjust GST and penalty collection revoked. Key insights into the case explained.
Arpit Parcel Service Vs State of Gujarat (Gujarat High Court) 1. Heard Mr. Ashish B. Desai, learned advocate for the petitioner and Mr. Dharmesh Devnani, learned AGP for respondent State. 2. By way of this petition, under Article 226 of the Constitution of India, the petitioner has challenged the impugned notice dated 08.08.2020 in Form […]
Tax Collection At Source (TCS) Under Newly Introduced Section 206C(1H) of The Income Tax Act, 1961 Wef 01/10/2020 1. BASIC FEATURES: a) Section is applicable only in case of seller whose total sales, gross receipt or turnover from the business carried on by him exceeds Rs. 10 crores during the financial year immediately preceding financial […]
