Only eligible ITC shall be considered for calculating the 20% restricted credit. Therefore, ineligible credits say under section 17(5) shall not be considered for calculating this 20% amount. The above eligible credit shall be in respect of invoices or debit notes the details of which have been uploaded by the suppliers under section 37(1) of the CGST Act, 2017 and is available in recipient’s GSTR-2A as on the due date of filing of the returns in FORM GSTR 1 of the suppliers for the said tax period.
If you will create a list of toughest professional courses in our country Chartered Accountancy (CA) will be on the list definitely. Most of the students who belong to the commerce field, once in their life, have dreams of becoming a Chartered Accountant. And why not? Chartered Accountancy is one of the most rewarding professions. […]
Pursuant to Companies (Prospectus and allotment of Securities) Rules, 2014, every unlisted public company is required to secure International Security Identification Number (ISIN) for each type of security and facilitate dematerialisation of all its existing securities. To obtain a fresh ISIN, a company has to approach a SEBI registered Registrar to an Issue and Share […]
Ministry of Corporate affairs (MCA) has inserted a whole new compliance for Unlisted Public companies dated 10th September, 2018. The new compliance has been inserted under Rule 9A- ‘Issue of securities in dematerialised form by unlisted public companies’, after the existing rule 9 of The Companies (Prospectus and Allotment of Securities) Rules, 2014, which we […]
Under GST, tax is levied on the taxable supply of goods/services. Tax is applicable on the taxable services supplied in India. In the GST regime, intermediary services by Indian suppliers to foreign principals are taxed to GST. In common parlance, any person who enables the supply of goods/services between two persons, is considered as intermediary.
GST department has issued FAQ regarding Blocking and Unblocking of generation of E-Way Bill. W.e.f 1.12.2019 The department has taken the reference of Rule 138E of CGST Rules, 2017 and has started the process of Blocking the generation of E-Way Bill of Taxpayers who have not filed GSTR 3B for consecutive 2 or more periods. Near about 20.75 Lakhs taxpayer are affected due to non filing of GSTR 3B.
There are various provisions in the Act which give exemptions and deductions with the sole intention of promoting Social Development & Scientific Research which contributes in the overall growth of the Nation. Section 35(1)(ii) of the IT Act is one of such provision. This article is a small effort to explain how these provisions are being mis- utilised and frauds committed and the state is deprived of its genuine taxes. This information will guide the Assessing Officers when they come across any such Cases.
Special Economic Zone (SEZ) unit a designated duty-free enclave and is treated as foreign territory for trade operations, duties and tariffs. Since introduction of SEZ scheme in India, the Government have been provided the beneficial provisions in SEZ Acts and SEZ Rules for duty free procurement of goods from the abroad as import as well […]
With a view to impart greater efficiency, transparency and accountability, the idea of group assessment of income has been proposed over the last few decades. In the course of the re-structuring of the department, in 2001, a system of group assessment was sought to be introduced by way of setting up of assessment range, where Joint Commissioner of Income-tax, Assistant Commissioner of Income-tax and Income-tax officer were given concurrent jurisdiction over the cases.
The issues in GST do not seem to be paving way for solutions in near future. This article is regarding highlighting the problem in the latest circular issued by the CBIC vide Circular No. 113/32/2019-GST dated 11.10.2019 in respect of the classification of parts of medical equipments. The issue that has been dealt in point […]
