As per Circular issued, the restriction of 36(4) will be applicable where credit is availed after 09 10 2019. As credit is deemed to be availed on submission of GSTR 38, it appears to be applicable for returns of any period filed after 09. 10.2019 implying retrospective applicability (circular extending provision applicability) and discriminating eligibility of ITC for the taxpayers filing return before and after prescribed date.
t has clarified that restriction on input Tax Credit under GST shall not be imposed through common portal and will be the responsibility of the taxpayer to claim restricted input on self-assessment basis.
Interest Calculation in TDS-Demystified This article aims to simplify interest calculation when TDS CPC aims processes TDS returns with interest demands. There are two sections that are constantly used in TDS interest calculation: 1. Section 201(1A)-Interest on failure to deduct tax and interest on failure to deposit deducted tax amount. 2. Section 220(2)-Interest on failure […]
Section 94B, was inserted by the Finance Act, 2017, w.e.f. 01.04.2018 which provides that interest expenses claimed by a Company to its associated enterprises shall be restricted to 30% of its earnings before interest, taxes, depreciation and amortization (EBITDA) or interest paid or payable to associated enterprise, whichever is less.
Based on my understanding, I would like to explain the meaning of Exempt Supply under Goods & Services Tax (GST), Nil Rated Supply under GST, Zero Rated Supply under GST and Non GST Outward Supply with the help of definitions or explanations etc. given under the Central Goods and Services Tax Act, 2017 and Integrated […]
A. Internal Control verification:- As Auditor we check the Internal control, just to ascertain whether weak internal controls are materially affecting financial statements. Give separate report on internal control, wherever applicable:- – Check processing pattern of company / firm from purchase order placed by company to actual delivery to its customer. – If there are […]
Arbitration comprises of a panel of Arbitrators which can be selected by the parties and such process is a very common gesture to analyse and consummate a dispute through understanding the disparity between any contractual obligations or indenture. Notwithstanding, such freedom of process imparted to the parties, “The Arbitration and Conciliation Act” (amendment in 2016) […]
Step to Login and File Reply for Show Cause Notice from MCA-CMSStep 1 Form the copy of the Notice note down the CMS No. mentioned on the Top and Bottom of the Show Cause Notice Step 2. Open https://mcacms.gov.in/#/ on a browser Step 3. Click on Reply for Show Cause Notice Step 4 A new […]
Ministry of Micro Small and Medium Enterprises (Government of India) MSME SAMADHAAN- Delayed Payment Monitoring System FAQ of the MSME SAMADHAAN-Delayed Payment Monitoring System Q. 1 What is MSME Samadhaan Portal ? Ans : MSME Samadhaan is a Portal created by Office of DC(MSME), Ministry of Micro, Small and Medium Enterprises (MSME) where Micro and Small Enterprises […]
The taxpayers who have missed claiming transitional credits initially can now claim the same. The suggested course of action is as under: 1. Apply to the Nodal officer on or before 31.12.2019 for enabling the filing of Form GST Tran-1 online. 2. If the application is rejected or not acted in a reasonable time, file a writ petition before the Jurisdictional HC for necessary directions.
