Without any concrete facts, reopening cannot be ordered merely on the presumption that the returned income is very shockingly lower than the total gross receipts.
GP ratio needs to be estimated which definitely involved some estimation/guess work but the said estimation/guess work should be fair, honest and rational keeping in view factual matrix of the case and cannot be arbitrarily applied at the discretion of authorities.
Stock exchanges and clearing corporations are directed to: a) take necessary steps to put in place systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations;
Presently, several State Governments have provisions for payment of a Composition levy of VAT for specified small businesses which makes compliance of tax laws easier without having to maintain copious records, registers and returns.
Telangana Legislature on Sunday passed The Telangana State Goods And Services Tax Bill, 2017, a legislation aimed at broadening the tax base and resulting in better tax compliance due to robust IT infrastructure. With approval of draft GST bill on March 31 and and subsequent assent of the same by President, Centre asked states to […]
It may be noted that if an entity does not have an unconditional right to defer the settlement of a liability then, the same shall be classified as current liability. In the given case, although it is expected that most of the customers will not surrender their connection and the deposit need not be refunded, but surrendering of the connection is a condition that is not within the control of the entity.
The Joint meeting of Bar Councils has rejected the recommendations and the proposed bill of Law Commission in toto. The Bar Councils demand the Government to throw the recommendations and bill of Law Commission in Dustbin.
Last date for submission of Application: 22.04.2017 Request for Proposal (RFP) for Appointment of Consultants for Implementation of Goods and Services Tax (GST) by Dena Bank Download Request for Proposal (RFP) Download Corrigendum – 1 to RPF Download Pre-bid Queries and Responses
In terms of section 2 (61) of CGST bill Input Service Distributor (ISD) is an office of supplier which receives tax invoice towards receipts of input services and distributes the credit of central tax, state tax or union territory tax paid on the said services under a prescribed documents to its own ‘recipient office of credit’ who is the supplier under the same PAN as that of ISD.
In the case of Satya Nand Jha vs Union of India Honourable Supreme Court Upheld the Judgment of Jharkhand High Court and upheld the constitutional validity of Section 35F of the Central Excise Act, 1944.
