editor2's Posts - Page 4

Discussion Paper Business Combinations—Disclosures, Goodwill & Impairment

Discussion Paper Business Combinations—Disclosures, Goodwill and Impairment issued by the IASB for comments The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of India. The Institute of Chartered Accountants of India (ICAI) believes that Ind AS Fr...

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Posted Under: CA, CS, CMA |

Sunset Review Investigation of imports of Sodium Citrate from China

Case No. (SSR) 09/2019 (30/04/2020)

The scope of the present review covers all aspects of the final findings No. 14/23/2013-DGAD dated 26th February, 2015 concerning imports of Sodium Citrate, originating in or exported from the People's Republic of China....

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Movement of goods, from one State to another terminates, where good have been delivered : SC

Commercial Taxes Officer Vs Bombay Machinery Store (Supreme Court)

That fiction is that the movement of goods, from one State to another shall terminate, where the good have been delivered to a carrier for transmission, at the time of when delivery is taken from such carrier....

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CBIC notifies effective date for Rule 87(13) & Form GST PMT09

Notification No. 37/2020–Central Tax [G.S.R. 266(E)] (28/04/2020)

CBIC notifies 21st day of April, 2020 asthe date from which Rule 87(13) of CGST Rules  & Form GST PMT-09  will comes into effect.  After this rule comes into effect a registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash […]...

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Kerala Flood Cess Return filing dates extended for Feb 20 to May 20

Notification No. 7/2020-State Tax (28/04/2020)

But various trade bodies/organizations have raised certain practical difficulties with regards to the filing of Kerala Flood Cess returns along with GSTR 3B returns due to the unprecedented spread of pandemic COVID-19. The matter have been examined and found that the issues raised need to be redressed....

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IP suspended for 6 Moths by IBBI for negligence in Professional Duties

Order No. IBBI/DC/23/2020 (27/04/2020)

It has been observed that unreasonable CIRP costs has been incurred by the IP in appointment of following law firms and advocates when AZB & Associates were already appointed for legal assistance during CIRP at exorbitant costs (Rs. 11 Lakh for upto 100 hours and after that Rs.12,000 per hour)....

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No GST exemption on leasing of immovable property in the nature of hotel, inn, guest house

In re Sri. Taghar Vasudeva Ambrish (GST AAR Karnataka)

The contract of the applicant group with the Company is verified and found that what is given is an immovable property consisting of only rooms with attache toilets as per the Layout of the leased premises annexed to the Lease agreement and does not fit into the meaning of a dwelling which means a house....

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GST on second hand gold jewellery purchased from individuals (Non dealers)

In re Attica Gold Pvt. Limited (GST AAR Karnataka)

In re Attica Gold Pvt. Limited (GST AAR Karnataka) a) Whether applicant dealing in second hand goods and tax is to be paid on the difference between the selling price and purchase price as stipulated in Rule 32(5) of CGST Rules, 2017 if dealer purchases used / second hand gold jewellery from individuals who are […]...

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ITAT, for the first time, holds hearing through video conferencing

A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal’s President Justice P.P. Bhatt, has, through web based video conferencing platform, heard and disposed of an urgent stay petition today. This is a first in the 79-year-old history of this Tribunal....

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Posted Under: CA, CS, CMA |

Clarification on MHA order allowing Opening of Shops

Ministry of Home Affairs issued an Order yesterday on amendments in the consolidated revised guidelines on lockdown measures to allow opening of shops....

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Posted Under: CA, CS, CMA |