ITC of tax paid on almost every inputs and input services used for taxable supply of taxable goods or services or both is allowed under GST except a small list of items provided u/s. 17(5) of CGST Act.
[Notification No. 62/2019 For giving effect to the E-assessment Scheme, 2019 the Central Government hereby makes the following directions
The assessment under E-assessment Scheme, 2019 shall be made as per the following procedure, namely (i) the National e-Assessment Centre shall serve a notice on the assessee under sub-section (2) of section 143, specifying the issues for selection of his case for assessment;
1. ITC is available only if the supplier has deposited it with the Government:2. ITC is not available in respect of goods/ services used for construction of immovable property 3. ITC cannot be availed once the due date of submitting GSTR 3B of September of the next financial year is over 4. ITC is not available in respect of motor car 5. ITC is not available in respect of food and beverages: Composite supply
M/s. Siddharth Enterprises Vs NODAL Officer (Gujarat High Court) Hon’ble High Court held that Transitional credit can’t be denied only because form Tran 1/ Tran 2 couldn’t not be filed. Requirement of filing of Trans 1 and Trans 2 returns is procedural in nature and not mandatory and therefore right of transitional credit can not […]
Real Estate Sector needs a bigger dose of corrective measures and concessions to bring out this sector from the red. One of the Demands of the Real Estate Sector is to Suspend Section 43CA & Section 56 (x) of the Income Tax Act.
The parameters for manual selection of returns for Complete Scrutiny during financial year 2019- 20 are as under.- (i) Cases involving addition in an earlier assessment year(s) on a recurring issue of law or fact:- (a) exceeding Rs. 25 lakhs in eight metro charges at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune while at other charges, quantum of addition should exceed Rs. 10 lakhs; (b) exceeding Rs. 10 crore in transfer pricing cases.
Six things which every GST registered person must do in September 2019 includes Reconciliation of ITC claimed in GSTR 3B, Reconciliation GSTR 2A with books of Accounts, Reconciliation GSTR 1 with Sales Invoices, Reconciliation GSTR 1 with GSTR 3B, Ensure filing of GSTR 1 & GSTR 3B for FY 2018-19 and Rectification of Mistakes while filing GSTR 3B.
UCO Bank invites online applications from practicing firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank.
Income Tax department made history with a quantum jump in the e-filing of Income–Tax Returns With an All time high record of 49 lakh 29 thousand and 121 ITRs filed in a single day on 31st August 2019. The Income Tax department has made history with a quantum jump in the e-filing of Income–Tax Returns […]
