Area based Excise Duty exemption does not cover exemption from Education Cess, NCCD – Analysis of M/s. Unicorn Industries Vs Union of India & Others (Supreme Court of India); Civil Appeal No. 9237 of 2019; 06/12/2019 When a particular kind of duty is exempted, other types of duty or cess imposed by different legislation for […]
Over the last few years, Information Technology has been taken as new exponential measure in India and globally for the new models of business, which has increased in the demand of digital services. In the current scenario, we have big reliance on internet for the e-business. As a result, new business models have created new […]
Credits on inputs or services which are obligatory for employer to provide to employees under any law for the time being in force being allowed. In this article, certain categories of supplies which are obligatory in nature have been identified and discussed.
India companies in order to invest funds in its business operations, explore many options like Issue of Shares, Debentures, Zero Coupon Bonds, Public Deposits, Loans from Banks and Financial Institutions and other traditional sources.
Issues under GST continue to seem like an albatross around neck of real estate developers as well as buyers. One such issue is taxability of Preferential Location Charges (PLC).
Input Tax Credit restriction – Rule 36(4) of CGST Rules, 2017 inserted vide Notification No. 49/2019 dated 09th Oct, 2019 and it was made applicable w.e.f. 09th Oct, 2019. Relevant extract of said notification is reproduced as under: – In the said rules, in rule 36, after sub-rule (3), the following sub-rule shall be inserted, […]
GST rate of Job Work (Consolidated Sheet) Notification 11/2017- Central Tax (Rate). The said notification was issued on 28th June, 2017. And is further amended by Notification No. 20/2017 (dated 22nd August, 2017), 31/2017 (dated 13th October, 2017), 46/2017 (dated 14th November, 2017), 1/2018 (dated 25th January, 2018), 20/2019 (dated 30th September, 2019.) , was […]
Contrary to the suggestion made by the policy think tank of the Government of India i.e. Niti Aayog to introduce the Gold Amnesty Scheme (‘scheme’), it has now been reported that no such scheme is under consideration by the apex body of direct taxes. The scheme proposed to exempt the levy of penalty, including interest […]
Goods and service tax, being a tax on the value addition made by suppliers, is paid by netting off the tax receivable from customers (Output GST) with the tax payable to suppliers (Input GST). Pursuant to 37th GST council meeting, CBIC has released a new notification1 inserting sub-rule 36 (4) to the CGST Rules, 2017, (‘Rules’) which curtails the maximum amount that a taxpayer can avail as Input tax credit (‘ITC’).
Under the new system of faceless e-Assessment, tax payer will receive notice on his/her registered email and/or registered account on the web portal www.incometaxindiaefiling.gov.in with real time alert by way of SMS on his/her registered mobile number. The reply to the notice can be prepared at ease by the tax payer at own residence or office and be sent to the National e-Assessment Centre by uploading the same on the designated web portal.
