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MGST: Amendment to Notification No. 11/2017 – State Tax (Rate) to reduce SGST rate on specified supplies.

August 22, 2017 2880 Views 0 comment Print

No. MGST-1017/C.R.140(A)/ Taxation-1.— In exercise of the powers conferred by sub-section (1) of section 9, sub-section (1) of section 11, sub-section (5) of section 15 and sub-section (1) of section 16 of the Maharashtra Goods and Services Tax Act, 2017

Interest on donation with specific direction to form part of corpus of trust will be exempt U/s. 11 d with specific direction o form part of corpus of trust will be exempt U/s. 11

August 22, 2017 1917 Views 0 comment Print

CIT Vs Mata Amrithanandamayi Math (Karala High Court) A reading of section 11 shows that subject to the provisions of sections 62 and 63, the incomes enumerated therein shall not be included in the total income of the previous year of the person in receipt of the income. The person in receipt of the income, […]

India in Fast Motion

August 21, 2017 972 Views 0 comment Print

During the initial years after country’s independence, the Government of the day had three major challenges to meet – managing the massive refugee crises and the consequent re-settlement of lakhs of people; integration of more than 560 princely states into one strong nation

India carves a unique place in space

August 21, 2017 882 Views 0 comment Print

More than 53 summers ago, India had successfully put its first signature on space by launching the US-made ‘Nike-Apache’ two-stage sounding rocket (the first rocket) from Kerala’s obscure fishing hamlet Thumba.

Govt puts restriction on Import of Urad/ Moong dal

August 21, 2017 978 Views 0 comment Print

Import of Urad/ Moong shall be subject to an annual (fiscal year) quota of 3 lakh MT as per procedure to be notified. This restriction will not apply to Government’s import commitments under any bilateral/regional Agreement/MOU.

MGST: Extension of date for filing of return in FORM GSTR-3B

August 21, 2017 3960 Views 0 comment Print

No. JC(HQ)-1/GST/2017/Noti/18/ADM-8.—In exercise of the powers conferred by sub-rule (5) of the rule 61 of the Maharashtra Goods and Services Tax Rules, 2017 (hereinafter in this notification referred to as the said rules) and notification No. JC(HQ)-1/GST/2017/Noti/18/ADM- 8, dated the 8th August 2017

Section 68: Peak Credit Benefit to accommodation entry provider

August 21, 2017 3378 Views 0 comment Print

 The legal position in respect of an accommodation entry provider seeking the benefit of ‘peak credit’ appears to have been totally overlooked by the ITAT in the present case. Indeed, if the Assessee as a self-confessed accommodation entry provider wanted to avail the benefit of the ‘peak credit’, he had to make a clean breast […]

Treatment of bad debts for computation of book profit u/s 115JA/JB

August 21, 2017 16527 Views 2 comments Print

Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 2003­2004, the assessee had filed return of income declaring nil income. The Assessing Officer framed the order of assessment on 27.03.2006

Maharashtra Value Added Tax (Second Amendment) Rules, 2017

August 20, 2017 1197 Views 0 comment Print

No. VAT 1517/CR 56/Taxation-1.—Whereas, the Government of Maharashtra is satiffied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005

Tax payment, filing of GSTR-3B Return & Transitional Credit for July, 2017

August 20, 2017 15345 Views 3 comments Print

Registered persons planning not to avail transitional credit for discharging the tax liability for the month of July, 2017 or new registrants who do not have any transitional credit to avail, need to follow the steps as detailed below

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