GST Council Recommends GST Rates Reduction on Several Goods & for specified handicraft items GST rates have been recommended to be brought down to Nil on Sanitary Napkins & Rakhi & more Goods GST Council recommends for allowing refund to fabrics on account of inverted duty structure Rate change made in respect of footwear The […]
The GST Council in its 28th meeting took decisions relating to exemptions / changes in GST rates / ITC eligibility criteria, rationalization of rates / exemptions and clarification on levy of GST on services.
The Council approved quarterly filing of return for the small taxpayers having turnover below Rs. 5 Cr as an optional facility. Quarterly return shall be similar to main return with monthly payment facility but for two kinds of registered persons – small traders making only B2C supply or making B2B + B2C supply.
Recommendations made during the 28th meeting of the GST Council held in New Delhi on 21st 2018 Amendments to the CGST Act, 2017, IGST Act, 2017, UTGST Act 2017, and GST (Compensation to States) Act, 2017 The GST Council in its 28th meeting held here today has recommended certain amendments in the CGST Act, IGST […]
The GST Council in its 28th meeting held here today has approved the proposal to open the migration window for taxpayers, who received provisional IDs but could not complete the migration process.
Declaration of Result for CA Final Examination held in May, 2018, Foundation Exam Held in May 2018 and CPT held in June, 2018. The Institute of Chartered Accountants of India (ICAI) today announced the following results: 1. Chartered Accountants Final Examination (Existing/Revised Scheme) held in May, 2018 2. Foundation Examination held in May, 2018 3. […]
ICAI would like to clarify that the Ind AS 115 does allow recognition of revenue using Percentage of Completion Method (POCM) and has explicit and specific requirements to recognise revenue, where performance obligation is satisfied over a period of time.
CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause (x) of […]
DCIT Vs M/s. Prestige Garden Estates Pvt. Ltd. (ITAT Bangalore) Conclusion: Deduction was allowable under section 36(1)(iii) on interest on borrowing to pay earnest money deposits (EMD) to purchase properties being lands, flats, etc. as the same was for purpose of assessee’s business of acquiring properties. Held: In the present case, assessee-company was engaged mainly […]
Central Gujarat Chamber of Tax Consultants has submitted a letter to Hon’ Finance Minister of India on 19th July 2018 requesting Extension of Due Date in respect of filing ITR by to 2 Months i.e. 30.09.2018 and 30.11.2018 respectively. Earlier a letter was also written by Karnataka State Chartered Accountants Association to Extend Income Tax […]
