"24 September 2020" Archive

Valuation Under GST – Section 15 – CGST Act, 2017

Introduction In case of GST, tax is payable on ad-valorem basis i.e., percentage of value of the supply of goods or services. Thus, it becomes important to know how to arrive at the value on which tax is to be paid. Section 15 of the CGST Act prescribes the provisions for determining the value of […]...

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Role of Payment of consideration in availment of ITC under GST

Role of Payment of consideration in availment of Input tax credit (ITC) under GST Objective and scope: – 1. whether the consideration for any supply can be paid by any other person other than the recipient? 2.If consideration is paid by 3rd party i.e. someone else then whether credit\exemption is available to recipient though there ...

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Unveiling the GST Registration Free of Cost Process

Goods and Service Tax (GST)!! Currently this word brings happiness on the face of Government because of good centralised collection of the taxes and on the other hand this brings tension on the face of the tax payers because of lots of monthly compliances, professional fees, etc etc. If in such scenario someone comes and […]...

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Ways to get away from Late fee under GST

When a registered person delays filing his regular GST return before due dates, he will be liable to pay late fee under Section 47 (2) of CGST Act, 2017. The amount of late fee payable depends on the type of return to filed, no of days of delay and due date for filing such return....

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e-Campaign for High Value Transactions in Compliance Portal

Introduction The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. Objective of the e-campaign is to facilitate taxpayers to validate their financial transaction information against information avai...

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Job work procedure under GST with reference to E Way Bills

Job Work procedure under CGST Act 2017 with reference to E Way bill Rules 2018. Meaning of Job Work – When the owner of the goods (Principle) sends his goods to a different person  for carrying out certain process, which may or may not result in the change of the specifications of the product, that […]...

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Extend dates for various provisions under GST: BCAS

BCAS submitted the ‘Representation on Extension of dates for various provisions under Goods & Services Tax Act 2017′  to the Finance Minister of India and Chairperson, GST Council. Text of the representation is as follows:- Date: September 24, 2020 To, The Hon’ble Finance Minister & Chairperson, GST Council Nort...

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Bright line test not appropriate for benchmarking AMP expenses

Haier Appliances India Pvt. Ltd. Vs. DCIT (ITAT Delhi)

Haier Appliances India Pvt. Ltd. Vs. DCIT (ITAT Delhi) This is not disputed by the Revenue as the TPO in order dated 21.10.2011 considered Vivek Limited as appropriate comparable for benchmarking AMP expenses, applying Bright Line Test. The TPO considered Vivek Limited as comparable as it is trader/re-seller of home appliances and does no...

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AO cannot treat Share Premium as Bogus without proper investigation

ITO Vs. Aravali Prime Consultants Pvt. Ltd. (ITAT Jaipur)

ITO Vs. Aravali Prime Consultants Pvt. Ltd. (ITAT Jaipur) In this case, it is noted that the AO during the course of assessment proceeding made the addition of Rs. 2,63,15,000/- (138500 shares x Rs. 190 per share) on account of share premium received on issue of shares by the assessee company. Thus the AO observed […]...

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Reopening without bringing out any fresh material on record is unjustified

ACIT Vs Shiv Offset India Pvt. Ltd. (ITAT Indore)

ACIT Vs Shiv Offset India Pvt. Ltd. (ITAT Indore) In the instant case the Ld. A.O had passed the original assessment taking into consideration of all the documents and facts of the case and again he had reopened the case without bringing out any fresh material on record and thus there was a mere change […]...

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