Composition Scheme is uncomplicated and simple scheme under GST for small taxpayer. They can get relaxation from monotonous GST formalities and can also pay tax at a fixed rate of Turnover. This scheme is only applicable to those whose turnover is not exceeding Rs. 1.5 Crores. ELIGIBLITY FOR COMPOSITION SCHEME: A taxpayer whose turnover is […]
Disallowance could not be made on interest for earning exempt income under section 14A as assessee had available, non-interest-bearing funds larger than the investments made in tax- free securities.
Extension of Due date for Renewal of FCRA registration : On 30th September Ministry of Home Affairs wide notification No. II/21022/23(22)/2020-FCRA-III extended the validity of the registration certificate issued under the Foreign Contribution (Regulation) Act, 2010 expiring during the period between 29th September, 2020 and 31st December, 2021 upto 31st December, 2021. Consequences of Non […]
Introduction: Inventory management is related to planning, procuring, storing and providing the appropriate material of right quality, right quantity at right place in right time so as to co-ordinate and schedule the production activity in an integrative way for an industrial undertaking. It is a system & processes that identify inventory requirements, set targets, provide […]
Jana Urban Services For Transformation Pvt. Ltd. Vs DCIT (ITAT Bangalore) The ld.DR contention is that as per sec.43B(b) of the Income-tax Act and explanatory notes to Finance Act 1983, that Employees’ Contribution was never intended to be covered by sec.43B. This has been reiterated and reinforced through Explanation 5 to sec.43B and Explanation 2 […]
In re Skechers South Asia Private Ltd (CAAR Mumbai) 45th GST Council meeting was held on 17.09.2021. In the meeting, GST rate changes in order to correct inverted duty structure in footwear was discussed. The fitment committee has proposed increasing the rate on footwear having sale value less than Rs 1000 to 12% from 5%. […]
A conclusion is arrived at in respect of these transferred applications, where the applicants have failed to reaffirm their desire for obtaining an advance ruling. Hence, the applications mentioned in annex to this ruling are rejected on the ground of non-prosecution.
In re Amazon Seller Services Pvt. Ltd. (CAAR Mumbai) Classification of four different devices, namely, Audio Receiver (Echo Link) having model no. SXP16E, Audio Transceiver and Amplifier (Echo Link Amp) having model no. K9Y29E, Media Transmission Device (Echo Auto) having model no. BP39CN, and Echo Flex having model no. C77A68. Audio Receiver (Echo Link) having […]
Biesse Manufacturing Company Pvt. Ltd. Vs DCIT (ITAT Bangalore) We have noticed that the turnover of the assessee company for software development segment was Rs. 4.56 crores and hence the assessee company falls in the category of companies having turnover of Rs. 1 to 200 crores. The coordinate bench in the case of Autodesk India […]
In re Garware Industries Limited (GST AAR Maharashtra) Question: – Whether as per Notification no. 20/2019 dated 30/09/2019, services provided by Garware industries Limited falls under clause (id) Heading 9988. Answer:- The Impugned services provided by applicant falls under clause (id) Heading 9988. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, MAHARASHTRA PROCEEDINGS (Under […]
