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Archive: 11 May 2023

Posts in 11 May 2023

Top Reasons to Choose NPS for Retirement Planning

May 11, 2023 1050 Views 0 comment Print

The best way to plan for retirement is to invest funds in schemes dedicated to retirement, such as NPS. Ensuring your retirement corpus is secure and growing steadily can help you enjoy your retirement without any financial stress.

Composition Scheme Under GST – A Boon to Small & Medium Scale Enterprises

May 11, 2023 21768 Views 0 comment Print

The composition scheme under the CGST Act is intended specifically for small taxpayers in order to facilitate compliance and simplify tax levies. It is a supplementary scheme. A person who qualifies for this scheme must pay quarterly tax at the prescribed rate on his or her earnings. There is no input tax credit available if the composition scheme is chosen.

No Service Tax liability when construction of flat is for personal use of service recipient

May 11, 2023 951 Views 0 comment Print

Projects executed prior to June 01, 2007, which were in the nature of composite works contract, could not be brought within the fold of commercial or industrial construction service or CC services and for the period post June 01, 2007, the liability to pay Service Tax could be fastened under CC services only if the activities were in the nature of service simpliciter.

How to Effectively Handle a Show Cause Notice in GST

May 11, 2023 1872 Views 0 comment Print

When you receive a Show Cause Notice (SCN), take your time to carefully read and understand the allegations made against you. Make sure you know which legal provisions you are accused of contravening, and what specific actions or omissions are being questioned. Take note of the timeline and deadline for submitting your reply.

Excise Duty based on ACP fixed by Commissioner payable unless Assessee submit evidence of Actual production

May 11, 2023 300 Views 0 comment Print

Hazra Iron Works Vs Commissioner of Central Excise (CESTAT Kolkata) Appellant has not paid the duty as per the ACP (Annual Capacity of Production) fixed by the Commissioner for the years 1997-1998 and 1998-1999. The Appellant’s contention is that they have not opted for payment of duty under 96ZP(3) and hence they are liable to […]

Classification of goods manufactured out of carbon fibres with wooden handle

May 11, 2023 252 Views 0 comment Print

Appellant imported Paddle of canoes. Goods are manufactured out of carbon fibres with wooden handle. Appellant sought to classify goods under heading 95062900

AO cannot treat donation given as Bogus without conducting any inquiry

May 11, 2023 2901 Views 0 comment Print

Ravindra K. Reshamwala Vs DCIT (ITAT Mumbai) It could be seen that the assessee had given donation on 21/06/2004 against valid receipt issued by the Trust. The donation was made through cheque which got cleared from assessee’s bank account. The assessee was issued requisite Form No.58A by the trust. The trust had valid registration at […]

Section 107 of GST- 4 Months may be 121 or 122 days – HC

May 11, 2023 1332 Views 0 comment Print

Shri Ram Ply Product Vs Addl. Commissioner (Allahabad High Court) Section 107 of the Uttar Pradesh Goods and Services Tax Act, 2017 provides that an appeal, against any decision or order passed under this Act or the State Goods and Services Tax Act by the adjudicating authority, may be filed before appellate authority within the […]

CESTAT on disallowance of CENVAT Credit attributable to trading activities

May 11, 2023 1011 Views 0 comment Print

ThyssenKrupp Industries India Pvt. Ltd. Vs Commissioner of CE & ST (CESTAT Mumbai) Appellant undertake design, engineering, manufacture, supply, transport and erection & commissioning activities of various projects. They supply/sale duty-paid / non-duty paid materials, components, structural steel, parts, and machinery etc. for the said projects, which are either cleared from their manufacturing units or […]

Sales tax subsidy received by assesee from Haryana Govt. is capital receipt

May 11, 2023 516 Views 0 comment Print

Delhi High Court held that sales tax subsidy received by assessee be treated as capital receipt and not be added to income of asseseee.

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