There has been a confusion among the dealers whether the consideration for supplies can be paid by book adjustments under GST Act. In many businesses, the dealers buy and sell goods or services from one another for which they don’t make payment in cash rather they adjust the book entries for such purchases and sales. […]
Key Point ♦ The Income Tax Department has changed the E-filing portal for the convenience of taxpayers and tax consultants. ♦ As the due dates of Tax Audits and Income tax return filing have been extended, the Ministry of Corporate affairs also had to extend the due date by 2 months with the condition for […]
KIOCL’s accounting policy for Foreign Exchange (Fx) Forward Contracts is erroneous and it is in non-compliance with the classification and measurement requirements of Ind AS 109, Financial Instruments (Ind AS 109).
In BMG INFORMATICS PVT. LTD. v. UNION OF INDIA [Case No. WP(C)/3878/2021 dated September 02, 2021], BMG Informatics Pvt Ltd (the Petitioner) after submitting a claim for a refund under FORM-GST-RFD-02 under Section 54(3)(ii) of Central Goods and Services Tax Act, 2017 (CGST Act) received a Show-Cause Notice dated April 10, 2020 (SCN) rejecting the […]
Extended period of limitation can be invoked only when ‘suppression’ or ‘collusion’ is wilful with an intent to evade tax In M/s. SOTC Travels Services Pvt Ltd. v. Principal Commissioner of Central Excise, Delhi-I [SERVICE TAX APPEAL No. 50046 of 2016 dated September 20, 2021] the current appeal has been filed challenging Order in Original […]
Kerala High Court Advocate Association Vs Assistant Commissioner (Kerala High Court) Kerala HC issued notice to Govt. in writ challenging GST on goods and services provided by Association to its members Kerala High Court Advocates’ Association (Petitioner) filed a Writ Petition challenging GST on goods and services provided by the Petitioner to its own members. […]
EIT Services India Pvt. Ltd. Vs JCIT (ITAT Bangalore) It has been submitted by Ld.AR that working capital and risk adjustment was denied to assessee on the ground that assessee failed to demonstrate such differences could have any impact on assessee’s profit. It has been submitted by Ld.AR that the submissions advanced by assessee demonstrating […]
On 1st July 2021, our beloved Goods and Service tax Act celebrated its 4th Birthday. GST was introduced for 3 major purposes as One nation One tax, ease of compliances and seamless flow of credits to remove the cascading effects of the taxes. However in the last 4 years GST is reshaping itself by more […]
CBIC came with a clarification vide Circular no. 162 dated 25th September 2021 regarding the refund of taxes wrongly to the Government. There were few doubts which to a certain extend has been cleared. Firstly, the manner to claim refund of wrongly paid taxes was a big challenge as there was no properly laid procedures, […]
हाल ही में सुप्रीम कोर्ट के जज न्यायमूर्ति धनंजय यशवंत चंद्रचूड़ ने छठे मुख्य न्यायाधीश एमसी छागला की स्मृति में आयोजित आभासी कार्यक्रम में व्याख्यान देते हुये समाज के बौद्धिकों से जो कुछ आह्वान किया उसका सारांश यही है कि तथ्यपरक आवाज उठाते रहना है । इसके कुछ ही दिन पहले टेलीविजन परिचर्चा के दौरान […]
