CA Ankit Gulgulia

Taxability of Transfer of Development Rights in Positive List, Negative List & GST ERA

Goods and Services Tax - Article covers Taxability of Transfer of Development Rights in Positive List, Negative List and GST ERA - A Comparative Analysis of Indirect Tax Applicability...

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10% Tax on LTCG on Equity Shares & EOFs with Sample Calculation

Goods and Services Tax - The Taxes shall arise for Gains Booked on Long Term Capital Assets being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018...

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GST on Printing Industry – A Detailed Analysis & Item Wise Rate Table Study

Goods and Services Tax - Printing Industry is a very wide Industry ranging from Newspapers to Commercial Books and Periodicals. Involvement of Jobwork and changes in definitions have made significant changes in the way GST Applies on Printing Works vis-à-vis Earlier VAT & Service Tax Regime....

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Valuation of supply under CGST Act, 2017 and Rules thereof– A Simplified Analysis

Goods and Services Tax - Value for supply of goods and services is important part of GST since the valuation will determine the corpus of tax leviable on each GST transaction. Value means price of any goods or service on which tax to be imposed particularly when parties are related or distinct person. Section 15 of the CGST Act, 2017 speaks on valuation and that ...

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How to be Successful in CA Practice

Goods and Services Tax - So, I think the topic itself is of high appeal to all the youngsters to enter in the field of chartered accountancy for making a career in India’s supreme finance field. As a CA Student you do articleship to learn the basics of the field be it taxation or auditing....

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Service Tax Audits by Department – A Detailed Legal Analysis

Mega Cabs Pvt. Ltd. Vs Union Of India & Ors. (Delhi High Court) - Held by Hon’ble Delhi HC-Rule 5A(2) as amended in terms of Notification No. 23/2014-Service Tax dated 5th December 2014 of the Central Government, to the extent that it authorises the officers of the Service Tax Department, the audit party deputed by a Commissioner or the CAG to seek production o...

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Recent Posts in "CA Ankit Gulgulia"

Taxability of Transfer of Development Rights in Positive List, Negative List & GST ERA

Article covers Taxability of Transfer of Development Rights in Positive List, Negative List and GST ERA - A Comparative Analysis of Indirect Tax Applicability...

Read More
Posted Under: Service Tax |

10% Tax on LTCG on Equity Shares & EOFs with Sample Calculation

The Taxes shall arise for Gains Booked on Long Term Capital Assets being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018...

Read More
Posted Under: Service Tax |

GST on Printing Industry – A Detailed Analysis & Item Wise Rate Table Study

Printing Industry is a very wide Industry ranging from Newspapers to Commercial Books and Periodicals. Involvement of Jobwork and changes in definitions have made significant changes in the way GST Applies on Printing Works vis-à-vis Earlier VAT & Service Tax Regime....

Read More
Posted Under: Service Tax |

Valuation of supply under CGST Act, 2017 and Rules thereof– A Simplified Analysis

Value for supply of goods and services is important part of GST since the valuation will determine the corpus of tax leviable on each GST transaction. Value means price of any goods or service on which tax to be imposed particularly when parties are related or distinct person. Section 15 of the CGST Act, 2017 speaks on valuation and that ...

Read More
Posted Under: Service Tax |

How to be Successful in CA Practice

So, I think the topic itself is of high appeal to all the youngsters to enter in the field of chartered accountancy for making a career in India’s supreme finance field. As a CA Student you do articleship to learn the basics of the field be it taxation or auditing....

Read More
Posted Under: Service Tax |

Impact of Union Budget 2017-18 On Real Estate Sector

The Union Budget was presented on 1st February, 2017 by Indias Finance Minister Arun Jaitely. After the event of demonetisation, Union Budget 2017-18 was an extremely high-focus event....

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Posted Under: Service Tax |

Impact of Demonetization on Real Estate in India

Be it the tax reforms or demonetization or interest rate cuts or Shrinking stock markets real estate sector always reflects without a doubt...

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HVAT Amnesty Scheme for Builders – In depth analysis

Haryana Government vide Notification No. No 19/ST-1/ H.A. 6/2003/S.59A/2016 dated 12th September, 2016 launched much awaited Amensty Scheme for Developers- Haryana Alternative Tax Compliance Scheme for Contractors, 2016 (hereinafter referred to as ‘Amnesty Scheme’). The potentially trade smoothening scheme provides Developers/Builders...

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Posted Under: Service Tax |

Service Tax Audits by Department – A Detailed Legal Analysis

Mega Cabs Pvt. Ltd. Vs Union Of India & Ors. (Delhi High Court)

Held by Hon’ble Delhi HC-Rule 5A(2) as amended in terms of Notification No. 23/2014-Service Tax dated 5th December 2014 of the Central Government, to the extent that it authorises the officers of the Service Tax Department, the audit party deputed by a Commissioner or the CAG to seek production of the documents mentioned therein on dem...

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Changes in CENVAT Credit Rules, 2004 by Union Budget 2016-17

In this article Author has discussed changes in Cenvat Credit Rules, 2004 by Union Budget 2016-17 in Tabular presentation in which he has discussed nature of amendment , Related Rules, Position before the amendment and after amendment and lastly he discussed about the impact of changes....

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Role of professional Chartered Accountants in Start-Up Scheme

The role of professional chartered accountants in the start-up scheme launched by our Prime Minister is essential, vast and comprehensive. As the partners in nation building it is undoubtedly not only an opportunity in professional domain but it is also a responsibility for interest in large. As we see that the growing complexity has mad...

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31 Points You Must Know About MODEL GST ACT, 2016 (Section Wise Avenue Analysis)

The Model GST Act, 2016 released by Sub-Committee II Report is yet to be authenticated since it is not available and hosted on government’s website. Nonetheless, we try to analyse the significant areas outlined in the Model GST Act, 2016 which needs significant attention / discussion of trade at large and law-makers as well. The Law to ...

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Haryana VAT Amends 1% Composition Scheme for Developers (Rule 49A)

Vide Notification No.23/H.A.6/2003/S.60/2015 dated 24th September, 2015 the State of Haryana has amended Rule 49A of Haryana Value Added Tax Rules, 2004 in what appears as a fresh effort to rope more developers to opt for the 1% composition / Lumpsum scheme by introducing few changes and allowing fresh 60 Days to join this Notification fr...

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Posted Under: Service Tax |

Restrictions on Input Tax Credit under Haryana VAT Only to the Extent of Output Tax in Case of Interstate Sale

Notification No. 22/ST-1/H.A.6/2003/S.59/2015 dated 7th September, 2015 will have a significant impact on the Haryana VAT Payers and Buyers of Haryana Goods outside the state of Haryana. The issue is in relation to restricting the input tax credit only to the extent of Output tax liability for dealer engaged in Interstate Sale of Goods....

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Posted Under: Service Tax |

GST On Real Estate in India– A Broad Application Perspective

With the strong intent of the government in bringing the nation’s most awaited tax reform to reality we can now believe that implementation of GST in very soon going to become reality. With Recent speech of FM in Singapore indicating that GST being a transactional tax even if deferred from 1st April, 2016 can be […]...

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Posted Under: Service Tax |

Judgement of Bombay HC holding meal vouchers as ‘Goods’ & Implications

Recently the Hon’ble High Court of Bombay have pronounced an order which is a land mark judgment for Indian E-commerce Industry specifically and including Coupon / voucher sub-industry considering the vacuum of judicial pronouncements on this aspect. The matter relates to CWP No. 5653 of 2010 & 7503 of 2013 decided on 20th March, 20...

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Posted Under: Service Tax |

7 Principles of to be Successful Professional / Student

One of the biggest challenges in the professional’s life is the Mind of the professional. Surprised ! .. Let me explain you. See a trader earns by selling inventory while professional have his time as his only inventory, isn’t it ! So, your time coupled by mental quality of that time makes your inventory. Keeping this in mind it is s...

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Haryana VAT on Builders & Developers – The Episode & High Court Judgement

Build up to the Case The Sales tax thrust on builders and developers gained drastic momentum post the recent rulings of Hon’ble Supreme Court in L&T Limited v. State of Karnataka [Civil Appeal No.8672 of 2013 (Larger bench) which in principle accepts the law laid down in earlier judgement in case of K. Raheja case […]...

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Posted Under: Service Tax |

Delhi Value Added Tax – Legal & Procedural Relaxations Expected

Delhi Value added tax simplification has been one of major agendas of all state governments. It has been largely felt and outlined that procedural relaxation is a must to ensure smooth trade in the city or outside. At the same time it is well understood that blanket relaxations would have the other side of the coin also and can lead to un...

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Posted Under: Service Tax |

The ‘GST’ Constitution Amendment Bill, (No. 192 of 2014) – Facilitating GST Law (An Analysis)

One of the major Indirect tax reforms that the country is now on road to witness is the incarnation of a single GST law instead of multiple indirect taxes viz Service Tax, Central Excise, VAT, CST, Local Body Tax, Entry Tax etc. After a round of discussions of Hon’ble Finance Minister with State FM’s, the […]...

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Posted Under: Service Tax |

Service Tax on Transfer of Development Rights of Land – Legal Analysis

Service tax legislation has seen a lot many changes from the days it was introduced and has always been evolving to ensure effective revenue collection. A large number of issues tend to be matter of disagreement between the revenue authorities, trade at large and consultants / experts. Obviously most of them go to the judiciary […]...

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VAT Problems In E-Commerce Transactions – Amazon’s Karnataka Case Study (A Potential Noscitur Principle Issue)

E-commerce transactions in India are gaining popularity at the very fast pace majorly due to its attributes of ease of shopping, good discounts, social media integration, cash on delivery mode of payment etc. The Industry is all set to grow and beat the records considering the recent show of strength of several E-commerce companies of [&h...

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Posted Under: Service Tax |

Haryana VAT for Developers – A Sea of Uncertain Territories & Way Forward

Continuing from my earlier writings on the subject matter of Haryana Vat for developers and builders, it is quite noteworthy that the recently implemented notification of 1% composition scheme as prescribed under new inserted Rule 49A of Haryana Rules faced no changes from the earlier version of draft notification to the extent it was mad...

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Posted Under: Service Tax |

1% Scheme for Developers in Haryana (Draft Notification)

The much awaited draft notification on Composition scheme for Developers and Works contractors have been released by state government on 5th July, 2014. The same has followed the earlier notification increasing the WCT rate to 5% in Haryana as decided in cabinet meetings under the chairmanship of Hon’ble Chief Minister....

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Posted Under: Service Tax |

Service Tax and VAT Jargon on Softwares & Software Licensing

Softwares due to its very inherent nature of intangibility & deliverability have always been a matter of grey area for tax professionals and trade. This article intends to discuss the complexities surrounding the Software Industry in regard to Service tax & VAT in a simplified yet exhaustive approach. ...

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Posted Under: Service Tax |

Haryana VAT – State VAT v. Builders v. Flat Owners – A Triangular Tussle

If you have an open property interest or if you have purchased a property in Haryana or if you a builder / Developer in Haryana, then you might have been aware about few frivolous issues viz, demand notice that the builders are raising on the buyers on account of additional Haryana VAT and recent case […]...

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Posted Under: Service Tax |

Haryana VAT – A Hurting Amendment to Builders and Property Buyers

Haryana VAT Circular dated 10.2.2014 on Builders – Takes a U-Turn on Valuation under Composition scheme to hurt the Builder’s and Property Buyers by Including the Land Value in the Total Taxable Value Haryana VAT has released a circular yesterday which amends the earlier circular No. 952/St-1 dated 7-5-2013 regarding the valuation...

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Posted Under: Service Tax |

Levy of additional tax under Section 7A of the Haryana Value Added Tax Act, 2003 on lump sum paying dealers

Haryana State Government has recently clarified vide Circular No. 41/St-1, Dated:-14.1.2014 that additional surcharge i.e. at the rate of 5% shall be applicable to all the composition dealers registered under Haryana Sales tax except the retailer dealer under composition scheme pursuant to Rule 52....

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Posted Under: Service Tax |

Trade Discount after Issue of Invoice – Is it a Sales Tax ‘Mirage’?

The intent behind this write-up is to discuss the intricacies of several seemingly inconsistent judgements which have made the matter of availing trade discount a discounting issue in itself....

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Posted Under: Service Tax |

Free Supplies Does Not Constitutes Non Monetary Consideration under Service tax

Free supplies provided by service recipient to service provider for use in provision of service shall not be considered in the ambit of gross amount charged as contained in notification 15/2004 including the explanation thereto as introduced by Notification No. 4/2005-ST....

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Posted Under: Service Tax |

10 Qualities of Sachin Tendulkar That Can Make Your Professional Career / Studies Flourish

Having my morning tea and just as today it has sunk in that the Little Master from India has retired now from all forms of cricket could not resist myself from writing this blog about the qualities that he has portrayed for last 24 years in his personal and professional career....

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Eligibility of Cenvat Credit on Input Service Debit Notes

Cenvat Credit is always subjected to many queries, restrictions and ambiguities regarding its eligibility on both the legal and documentary (physical) end. In such a Scenario it becomes essential to understand the conceptual framework before establishing the eligibility of Proper Cenvat Document. ...

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Posted Under: Service Tax |

Haryana VAT : Taxability of civil works contracts/ builders and developers

Recently Haryana VAT department has released a circular which might be of interest to the developers & builders across the state and conducting operations in Haryana. The Circular is No. 152/ST-1 dated 7th May, 2013 wherein several aspects in regard to taxability of civil works contracts/ builders and developers are clarified by the depar...

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Posted Under: Service Tax |

A Sedan is Not A SUV thus only 27% Duty – Central Excise (DR-TRU)

Yes that’s how the Central Excise clarifies it, much to the relief of Sedan car manufacturers in its recent Circular No. 972/06/2013.CX dated 24th July, 2013. The issue gains significance from the fact that notification No. 12/2013-Central Excise dated 1st March, 2013 (vide Budget 2013-14) introduced a higher level of excise duty i.e. ...

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Posted Under: Service Tax |

Central Excise Audits – Practical Perspective for Assessees

Central Excise Audits have always been considered as grinding and comprehensive for the assesses because of nature of duty and complicated legal structure. The clearances, manufacture records, cenvat, job work, returns, stock, valuation, registers and other all sought of records is a clear indication of the depth required to ensure a smoo...

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Posted Under: Service Tax |

Service tax on Educational Services – A Practical Perspective

The word ‘education’ is derived from the Latin word ‘educa’ which means bringing out latent faculties. ‘Education’ means the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually or mature life; the act or process...

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Posted Under: Service Tax |

Revised Works contract composition provisions under Delhi VAT Act

CA Ankit Gulgulia (Jain) The Works contract composition provisions under Delhi VAT shall be significantly revamped w.e.f 1.4.2013. The details of Revised composition model under VAT is as detailed hereunder. Governing Statute for New Model Effectuated vide Notification No. 3(13)/Fin.(Rev-I)/2012-13/dsvi/180 dated 28th February,2013. This ...

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Posted Under: Service Tax |

Beware of 6 Months Payment Clause under Reverse Charge – Rule 7 of Point of Taxation Rules, 2011

As per the negative list regime which came into effect from 1st July, 2012 several services have been additionally notified under reverse charge mechanism. Partial reverse charge mechanism has been brought up in certain cases in case of works contract, supply of manpower etc....

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Posted Under: Service Tax |

SC describes ambit of Brand/trade name – Central Excise

It was held by Hon’ble Supreme Court of India that where the manufacture and sale of specified goods that do not physically bear a brand name but are sold from branded sale outlets it would disentitle an assessee from the benefit of S.S.I. Notification No. 1/93-C.E., dated 28th February, 1993, as amended from time to time. ...

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Posted Under: Service Tax |

Service Tax on Real Estate – A Practical Perspective (PART – B)

Article discusses Abatement/Valuation, Reverse Charge in Construction Activity along with different models applicable to Real estate Industry i.e. Tripartite Model, and Joint Development Model with case laws. ...

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Conflict of Service Tax & Tax Deducted at Source

Conflicts are what make legislation difficult to understand and subject to multiple views. Though we are always seeking for decision from judiciary to guide us in clear manner but the same might come much later than what we expect. There exists conflict for a transaction under various legal frameworks like:...

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DVAT & Service Tax Updates – September, 2012

Assessees have to provide data only for the period 1-4-2012 to 30-6-2012 in the first half yearly return which is due on 25-10-2012. (The data for the period from 1-7-2012 to 30-9-2012 should not be filed. Modifications will be made in the ACES so that any data filed for this period is rejected. Till such time as the modifications are mad...

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Posted Under: Service Tax |

Service Tax on Real Estate – A Practical Perspective (Part – A)

This article aims to discuss few essential issues that require to be addressed in light to the changes brought by negative list provisions, the jeopardy created by the board’s circulars and complexity of structures adhered to in this industry. Broadly the article shall cover the aspects as mentioned hereinafter: - (Strictly relevant to ...

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Reverse Charge – Practical Issues, Invoice & Cenvat

Service tax legislation has been amended vigorously by Finance Act, 2012. One such amendment relates to the increase in number of services that shall be subject to reverse charge mechanism. The intention behind such restructuring is that it has been noticed that a number of registrants collect the tax but do not pay the same to the Depart...

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Posted Under: Service Tax |

DLF – BCCI (IPL) Sponsorship Service Tax- Case Analysis

DLF Limited entered into an agreement with BCCI-IPL dated 13.02.2008 and for title sponsor agreement wherein it was appointed as exclusive title sponsor of the League for the Cricket IPL 20-20 matches at a consideration of Rs. 40 crores. Crucially, the taxability of this service shall be governed by finance Act prior to amendment made by ...

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Posted Under: Service Tax |

Service Tax Penalty under Section 76 & 78 prior to May 2008

Where a person is liable to pay service tax u/s 68 and fails to credit the tax or any thereof to the account of the Central Government within the prescribed time limit then he shall be liable to pay taxes along with applicable interest under section 75 and face penal consequences under section 76, 77 and 78. Interest under section 75 is m...

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Posted Under: Service Tax |

DVAT for Works Contractors – Jargon Simplified

Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As per Central Government), TDS and WCT Deductible (as required in most of state act) all on on...

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Posted Under: Service Tax |

Excise Duty on Branded Readymade Garments

In Recent times the Rollback of Excise Duty Exemption on Branded Readymade Garments has been a Subject Matter of big protest from Industry. Despite all the efforts and rows the government looks in no mood to give any relaxation on the same. Excise duty at the rate of 10% shall now apply to ready-made garments […]...

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Posted Under: Service Tax |

Practical Aspects in Works Contract – A Service Tax Perspective (Part – 1)

What is Works Contract? According to Section 65 (105) (zzzza), any service provided or to be provided to any person, by any other person in relation to the execution of a works contract, excluding works contract in respect of roads, airports, railways, transport terminals, bridges, tunnels and dams, is a taxable service;...

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Posted Under: Service Tax |

A practical insight to XBRL Efiling

XBRL (Extensible Business Reporting Language) is another advanced reporting language of the XML family. XBRL ensures that the figures reported to government authorities and other organisation does not remain dormant piece of printed papers but these figures can be used in data analysis....

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Posted Under: Service Tax |

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