"03 August 2022" Archive

Clarification on GST rates & classification (goods) – 47th GST Council meeting

Circular No. 179/11/2022-GST 03/08/2022

F. No. CBIC-190354/172/2022-TRU Government of India Ministry of Finance Department of Revenue (Tax Research Unit) North Block, New Delhi Circular No. 179/11/2022-GST | Dated: 3rd August, 2022 To, Principal Chief Commissioners/ Principal Directors General, Chief Commissioners/ Directors General, Principal Commissioners/ Commissioners of Ce...

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GST on liquidated damages, compensation & penalty out of breach of contract

Circular No. 178/10/2022-GST 03/08/2022

GST applicability on liquidated damages, compensation and penalty arising out of breach of contract or other provisions of law...

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CBIC clarifies GST rates & exemptions on 16 services

Circular No. 177/09/2022-TRU 03/08/2022

Rate of GST applicable on supply of ice-cream by ice-cream parlors during the period from 01.07.2017 to 05.10.2021; Applicability of GST on application fee charged for entrance or the fee charged for issuance of eligibility certificate for admission or for issuance of migration certificate by educational institutions;...

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Request to Withdraw GST on Pre-packaged Labeled Food Items

All Gujarat Federation of Tax Consultants has made a representation related to Withdrawal of GST on Pre-Packaged Labeled food items on 02nd August, 2022. Please find attached herewith the copy of the representation. We thank the Chairman and the Members of the Representation Committee of & Chairman & Members of the Indirect Tax co...

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Income Tax Department searches Healthcare Provider Groups

Income Tax Department conducts searches on Healthcare Provider Groups in Haryana and Delhi-NCR The Income Tax Department carried out search and seizure operations on 27.07.2022 on several groups engaged in the healthcare services by running hospitals. A total of 44 premises were covered during the search action in Delhi-NCR. During the co...

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E-Invoicing under GST if turnover exceeds Rs. 10 crore

E-Invoicing for whose turnover exceeds Rs. 10 crore [ Notification No. 17/2022-CT dated 01-08-2022] With effect from 1st October 2022, CBIC has notified that e-invoicing shall be mandatory for all assesses having turnover more than 10 crores in any financial year from 2017-18 to 2021-22. ♦ The aggregate turnover will include the turnove...

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Calculation of Depreciation As per Companies Act, 2013

The Depreciation Formula and the useful life is being provided in Schedule II of Companies Act, 2013 to calculate the rate of depreciation as per Companies act. MEANING OF DEPRECIATION – As per Companies Act, 2013 “Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable...

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Proceedings for A.Y 2013-14 & 2014-15 cannot be reopened beyond 4 years

Proceedings for A.Y 2013-14 & 2014-15 cannot be reopened beyond 4 years even in the light of Apex Court Ashish Agarwal case if original assessments are completed: In cases where Scrutiny assessments were made for A.Y’s 2013-14 and 2014-15 after thorough verification of facts and material on record, subject to the true and full discl...

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GST on Rental Income

APPLICABILITY OF GST ON RENT ♦ The basic definition of outward supply includes rental income in the ambit of supply. Renting of immovable property is specifically considered as a supply of services in the GST regime. ♦ As per the GST Act, the following types of rents are covered under GST: any lease, tenancy, easement, […]...

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Building of Valuation Profession in Indian Economy

A Profession is a disciplined group of individuals who adhere to ethical standards and hold themselves out as and are accepted by the public as possessing special knowledge and skills in a widely recognised body of learning derived from research, education and training at a high level and who are prepared to apply this knowledge […...

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