Soma Roy Burman takes charge as new Controller General of Accounts

Smt. Soma Roy Burman, a 1986-batch Indian Civil Accounts Service (ICAS) Officer, took charge as the new Controller General of Accounts here today. Smt. Burman is the 24th Controller General of Accounts (CGA) and is the seventh woman to hold this coveted position. The Government of India appointed Smt. Burman, as the Controller General of Accounts […]

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State has No Power to Rescind Notification Providing for Rebate in Respect of Tax Payable: SC [Read Judgment]

The Supreme Court of India Civil Appellate Jurisdiction decided the seminal question involves in the appeals is about the power of the State to rescind notification providing for rebate in respect of tax payable under the Uttar Pradesh Trade Tax Act, 1948 and thus withdrawing the facility even in respect of industrial units, which had […]

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GST: Rates quoted separately for Spare Parts / Accessories and Services are not Composite Supply, says AAR [Read Order]

The Kerala Authority for Advance Ruling (AAR) ruled that, when the rates are quoted separately for the supply of spare parts/ accessories and the supply of service, then Repair Rate Contract can’t be considered as a composite supply. The ruling was made by the bench consisting of B.G. Krishnan & B.S. Thyagarajababu on an application […]

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PwC hiring Tax Manager

The PricewaterhouseCoopers Service (PwC) has invited application from qualified Chartered Accountants, Cost Accountants for the post of Tax Manager. PricewaterhouseCoopers Service Delivery Centre ( Kolkata) Private Limited is a joint venture in India among members of the PricewaterhouseCoopers network that will leverage the scale and capabilities of the network. It is a member firm of […]

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Inability to Meet the Contractual Obligation can’t be Termed as Infraction of Law: ITAT Delhi [Read Order]

The Income Tax Appellate Tribunal ( ITAT), Delhi has held that inability to meet the contractual obligation cannot be termed as an infraction of the law. The revenue authority filed an appeal before ITAT Delhi challenging the order passed by the learned Commissioner of Income Tax (Appeals)-6, Delhi in the case of M/s Mahavir Multi-trade […]

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Critical Analysis of Key Recommendations of Company Law Committee to amend the Companies Act, 2013

In September 2019, the Government had formed the Company Law Committee (‘CLC’) to further decriminalise the provisions of the Companies Act, 2013 (‘the Act’) based on their gravity and to take other related measures to provide further ‘ease of living for corporates’ in the country. The CLC noted the progress made consequent to the Companies […]

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Notice is must for Completing Assessment U/S 143(3): ITAT Pune

In a recent case, the Income Tax Appellate Tribunal ( ITAT ) Pune Bench held that the basic requirement of completing assessment under Section 143(3) of the Income Tax Act is that notice under section 143(2) of the Act must be issued. The ITAT also said that, Section 292B of the Income Tax Act cannot […]

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Unlimited Revision of Form GST TRAN-1 not allowed: Allahabad HC [Read Order]

In a recent case, the writ petitioner – company has approached Allahabad High Court essentially seeking its intervention to allow the petitioner to file a revised declaration in FORM GST TRAN-1 or manually. The court held that every registered person is allowed to revise such declaration once and submit the revised declaration in FORM GST […]

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Tips for Uploading GST Refund application on GST Portal

ICAI extends Payment of Membership / COP Fees for the year 2019-20

The Institute of Chartered Accountants of India ( ICAI ) has further extended the payment of Membership / Certificate of Practice Fees for the year 2019-20 31st December 2019. In an announcement issued today, ICAI said that, “It has been decided to extend the last date for payment of Membership /COP fee for the year […]

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IBBI amends Insolvency Resolution Process for Corporate Persons Regulations, 2016

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 on 28th November 2019. Some of the amendments made by these Regulations are consequential to the Insolvency and Bankruptcy Code (Amendment) Act, 2019, which came into force on 5th August, […]

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Services under Separate Agreements Can’t be Clubbed together to Levy Services Tax: CESTAT [Read Order]

The New Delhi Bench of the Customs Excise and Service Tax Appellate Tribunal (CESTAT) has held that, services under Separate Agreements cannot be clubbed together to levy the Service Tax. The appellant has filed this appeal before Customs, Excise & Service Tax Appellate Tribunal New Delhi challenging the Order passed by the learned Commissioner of […]

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GST E-Invoicing mandatory for Businesses with Rs 100cr Turnover from April 1, 2020

From 1st April 2020, the E-invoicing will be mandatory for both these businesses categories. For businesses having turnover less than 100 Crore, it would remain voluntary and on trial basis from 1st April 2020. The upcoming ‘E-invoicing’ system will be a boon to MSMEs as it will open the facility of instant bank loans for […]

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GST Evasion: CGST Vadodara cracks down GST Non Payment Case worth Rs 5.74 Cr

As a major crackdown on the GST evaders, on the basis of specific intelligence collected by data analysis, the officers of Central GST, Vadodara-I have booked a case against M/s ABC Auto Link, 1401, ABC House, GIDC, Near L86T Niro, Ranoli, Vadodara, Gujarat, an authorized dealer of Tata Motors, for collecting an amount as Tax […]

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CCI approves acquisition by Amazon.com in Future Coupons

The Competition Commission of India (CCI) approves the acquisition by Amazon.com NV Investment Holdings LLC  in Future Coupons (Private) Limited, under Section 31(1) of the Competition Act, 2002, today. The proposed combination pertains to the acquisition by the Acquirer of approximately 49% of the voting and non-voting equity shares of the Target (“Proposed Combination”). The […]

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Parliament clears The Chit Funds (Amendment) Bill, 2019 [Read Bill]

After the Lok Sabha, Rajya Sabha has also passed the Chit Funds (Amendment) Bill, 2019. The finance ministry proposed amendments to chit funds law after several alleged frauds reported over the last few years. Several innocent and poor investors were duped by such schemes. The Chit Funds (Amendment) Bill, 2019 was introduced in Lok Sabha on […]

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Analysis of CBIC Notifications issued in respect of Jammu & Kashmir detailing the Migration Plan from Erstwhile State of J & K to UTs of J & K and Ladakh

As per Jammu and Kashmir Reorganisation Act, 2019, the State of J & K has been divided between Union Territories, namely, UT of J & K and UT of Ladakh. The appointed date for the same was 1st October 2019. Now, in order to give effect to the changes brought by Jammu and Kashmir Reorganisation […]

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Amazon hiring Chartered Accountants, Cost Accountants

The Amazon is hiring qualified Chartered Accountants, Cost Accountants for the post of Senior Financial Analyst. Responsibilities include: Accounting and Control: · Own financial reporting and may teach others e.g. own the delivery of complete month-end close of Accounts Payable accounting functions, reporting decks, reconciliations etc. · Provide support/direction for process or problem resolution. · […]

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GST Annual Return Update on GST Portal : GSTR 9 and GSTR 9C

New Changes in GSTR-9 and GSTR-9C likely to enable on Dec 10: CBIC

The Central Board of Indirect Taxes and Customs ( CBIC ) has said that, new changes in Annual Return (GSTR-9) and the Reconciliation Statement ( GSTR-9C ) likely to enable on December 10th, 2019. Recently, the Central Government has made some changes in the forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) vide […]

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CA’s are not Authorized to Certify ITR as True Copy: ICAI issues FAQs [Read FAQs]

In a Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) Unique Document Identification Number (UDIN) said that, Chartered Accountants ( CA ) are not authorised to certify Income Tax Return (ITR) as True copy. UDIN is an important step in ushering transparency and combat malpractices in the industry. […]

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High Court may Reject a Petition Admitted initially on Ground of Availability of Alternate Remedy, rules Supreme Court

The Supreme Court of India in the case of Genpact India Pvt Ltd v. DCIT held that a petition that is admitted by the High Court may be rejected by the Court on the ground of availability of an alternative remedy. In the instant case, the petition challenging the determination of liability under Section 115QA […]

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Builder held Guilty of Profiteering by NAA

The National Anti Profiteering Authority ( NAA ) in the matter of Sh Paval Antony v. M/s Shree Mahalakshmi Enterprises in case no. 58/2019 held the respondents to be guilty of profiteering. The Respondent had started construction of the project ‘Risington’ in the year 2014 for building 1228 apartments out of which 161 flats have […]

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CBIC enables New Facility to issue GSTR-3A notices in bulk to Non-Filers through Email

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled new facility to issue GSTR-3A notices in bulk to non-files through email. The GSTR-3A is a notice for Defaulters of Goods and Services Tax ( GST ) Return Filing. GSTR 3A will be issued by the tax authorities to the taxpayers for […]

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MCA extends last date of filing of Form NFRA-2 [Read Circular]

The Ministry of Corporate Affairs ( MCA ) has extended the last date of filing of Form NFRA-2 which is required to be filed under rule 5 of the National Financial Reporting Authority Rules, 2018. In a Circular issued by MCA stated that, the time limit for filing Form NFRA-2 will be 90 days from […]

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Breaking News ! GST Eway Bill for Gold and Precious Stones Movement

Calcutta HC allows to file GST TRAN-1 even after deadline for Genuine Internal System Failure [Read Order]

The Calcutta High Court has allowed filing GST TRAN-1 ever after the deadline for genuine internal system failure of the petitioner. The petitioner Mr. Mrinal Ghosh submitted that, it could not attempt to file GST TRAN –1 form on GST portal because his own system was down. On 9th January, 2018, deadline having expired on […]

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ICAI signs MoU with Kuwait Accountants and Auditors Association (KAAA)

The Institute of Chartered Accountants of India (ICAI) signed the Memorandum of Understanding (MoU) with the Kuwait Accountants and Auditors Association (KAAA) in Kuwait on November 21, 2019. The signing of the MoU between ICAI & KAAA would facilitate both institutions working together to strengthen the accounting, financial and audit knowledge base in Kuwait. Under […]

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Lok Sabha passes Bill to Ban E-Cigarettes [Read Bill]

The Lower House of the Parliament, Lok Sabha today passed a bill to ban E-Cigarettes, i.e, The Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Ordinance, 2019. Electronic-cigarettes are battery-operated devices that produce an aerosol by heating a solution containing nicotine, which is the addictive substance in combustible cigarettes. […]

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GST Evasion: DGGI Gurugram arrests two for GST Fraud involving Rs 141 crores

The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana has arrested two for GST Fraud involving Rs. 141 Crores. The arrested persons are Shri Deepak Mittal, resident of Mayur Vihar, New Delhi, and proprietor of M/s DK Enterprise and Shri Ankur Garg, resident of Hansi, District Hisar, Haryana, proprietor of M/s Garg […]

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Cabinet approves Extension of Term and Coverage of Fifteenth Finance Commission

The Union Cabinet chaired by Prime Minister Narendra Modi today approved the Fifteenth Finance Commission to submit the first report for the first fiscal year viz. 2020-21 and to extend the tenure of XV-FC to provide for the presentation of the final report covering FYs 2021-22 to 2025-26 by 30th October, 2020. The extension of […]

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Cabinet approves Agreement and Protocol between India and Chile for Avoidance of Double Taxation

The Union Cabinet chaired by Prime Minister Narendra Modi today approved the signing of the Double Taxation Avoidance Agreement ( DTAA ) and Protocol between the Republic of India and the Republic of Chile for the elimination of double taxation and the prevention of fiscal evasion and avoidance with respect to taxes on income. Major […]

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GST: CBIC notifies Transition Plan for Jammu and Kashmir Reorganization

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified Transition Plan under Goods and Services Tax ( GST ) for Jammu and Kashmir Reorganisation. According to the notification, a special procedure in respect of the transfer of Input Tax Credit (ITC), payment of tax, the period of return filing etc. The […]

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CBIC extends due dates of GSTR-1, GSTR-7 and GSTR-3B in Jammu and Kashmir [Read Notification]

The Central Board Indirect Taxes and Customs ( CBIC ) has extended due dates of the GST Returns, i.e., GSTR-1, GSTR-7 and GSTR-3B in Jammu and Kashmir. According to the Notification, “for registered persons whose principal place of business is in the State of Jammu and Kashmir, the time limit for furnishing the details of […]

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Concept ‘Allowed Loss and Consumption’ would not Qualify as ‘Consideration’ for Levy of Service Tax: CESTAT [Read Order]

In a recent case,  the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) New Delhi held that the concept of “allowed loss and consumption” in the Agreement between the parties was to remit performance of the obligation and would not qualify as “consideration” for the services of regasification. In the instant case Service […]

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GST ITC Transition Plan for Jammu and Kashmir reorganization w e f 31....

GST Evasion: Central GST Delhi North Commissionerate unearths racket involving Supply of Goods-less Invoices and Invoice-less Goods

Central GST Delhi North Commissionerate has unearthed a racket involving supply of goods-less invoices and invoice-less goods. One person has been arrested and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), New Delhi at Patiala House Courts. The accused was found to be operating 10 fake firms which were created […]

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NAA Finds Builder guilty of not passing ITC Benefits to Flat Buyers [Read Order]

The National Anti Profiteering Authority ( NAA ) in an application filed by MS Santosh Kumari v M/s Aster Infrastructure held that the methodology adopted by the DGAP to compute credit of central excise after the imposition of GST appeared more rational. Also, the respondent’s computation of 50% of the credit to be passed on […]

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KPMG hiring CA Freshers

The KPMG is hiring Chartered Accountant ( CA ) freshers for the post of Associates in Bangalore. The Associate should have prior experience either during CA Articleship or other relevant experience in audit attestation domain and should have proven experience in audit service delivery. Prior team management skills and ability to handle stakeholder relationships would […]

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Denial of Benefit of Rate Reduction to Buyers is Resorted to Profiteering: NAA finds Johnson and Johnson guilty [Read Order]

In recent case, the National Anti-Profiteering Authority (NAA) has held that the denial of the benefit of rate reduction to the buyers of the product, and increasing the base price more than what he was entitled to increase has resorted to profiteering which is an offence under section 171(3a) of the act and therefore liable […]

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Madras HC disallows Reassessment Proceedings merely on Change of Opinion [Read Judgment]

The Madras High Court has disallowed the Reassessment proceedings merely on his change of opinion on the basis of the same facts and circumstances which has already been considered by him during the original assessment proceedings. The Court has also observed that, an issue of disallowance once decided in the regular assessment cannot be reopened […]

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GST E-way bill Blocking Started

Mere admitted liability does not attract Section 79 of CGST Act: Madras HC quashes GST Department proceedings to Recovery of Tax [Read Judgment]

The Madras High Court has quashed GST department’s proceedings against the petitioner to the recovery of Tax. The Petitioner has challenged the proceedings of the first respondent dated 07.08.2019 addressed to the fourth respondent through which, the fourth respondent was directed to recover a sum of Rs.53,28,645/- from the account maintained by the petitioner on […]

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GSTN Workshop on New Return (Trial) for Stakeholders

The Goods and Services Tax Network ( GSTN ) is conducting a workshop on New Return (Trial) for Stakeholders. The GSTN has released a trial version of the New Returns (Trial) Offline Tool of Form GST ANX-1, Form GST ANX-2 (with Matching Tool built in it) and a template for Purchase Register to be used […]

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Inclusion of ICAI Members on NFRA Board would not Create Conflict of Interest, says Anurag Thakur

In a written reply to a question in Lok Sabha today, Anurag Thakur, Union Minister of State for Finance & Corporate Affairs said that, inclusion of Institute of Chartered Accountants of India (ICAI) members on the NFRA (National Financial Reporting Authority) Board is that it would not create a conflict of interest situation. The Ministry […]

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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019: 26, 142 applications received so far

The aim of Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 is to help taxpayers, including small taxpayers, in clearing the baggage of disputes under legacy taxes (Service Tax and Central Excise), which are subsumed in Goods and Service Tax. This was stated by Shri Anurag Thakur, Union Minister of State for Finance & Corporate Affairs, […]

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GSTN already Initiated Process of Transfer of 51% Equity of the Company held by Non-Government Institutions: Anurag Thakur

The GST Council in its 27th meeting held on 4th May, 2018 resolved that GSTN will be converted into a 100% Government-owned entity by transferring 51% equity shares held by the Non-Government Institutions to the Centre and States equally. This was stated by Shri Anurag Thakur, Union Minister of State for Finance & Corporate Affairs, in […]

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Payment of Pension to Retired Employees is not Charity: Kerala HC denies Section 12AA Registration to GCDA [Read Judgment]

The Kerala High Court has ruled that, Payment of pension to the retired employees of the GCDA, in the discharge of the statutory obligation under Part III of the Kerala Service Rules, is not a charity or bounty. The Court also rejected the Registration under Section 12AA of the Income Tax Act. The GCDA has […]

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70 CA, ICWA vacancies in West Bengal Audit and Accounts Service

The West Bengal Public Service Commission (WBPSC) has invited applications from qualified Chartered Accountants, Cost Accountants for the posts in West Bengal Audit and Accounts Service Recruitment Examination, 2019. The Public Service Commission, West Bengal will hold the West Bengal Audit and Accounts Service Recruitment Examination, 2019 on the results of which recruitment will be […]

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GSTAT: Delhi HC directs GST Council, Central Government to consider Formulation of Appropriate Amendments in CGST Act [Read Order]

The Delhi High Court has directed the Goods and Services Tax ( GST ) Council, the Central Government to consider the formulation of appropriate amendments in the Central Goods and Services Tax (CGST) Act. In the case of Bhartiya Vitta Salhakar Samiti v. Union of India & Ors, W.P.(C) 6900/2018, the Hon’ble Delhi High Court vide Order […]

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CBIC issues Clarification on Job Work on Manufacturing Services on Physical Inputs Owned by Others [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued clarifications on the scope of the notification entry at item (id), related to job work, under heading 9988 of Notification No. 11/2017-Central Tax (Rate) dated 28-06-2017. According to the notification entry at item (id) under heading 9988 of Notification No. 11/2017-Central Tax […]

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Capitalising Amounts by Transferring to Capital Account without Crediting to Profit and Loss Account attracts Penalty: ITAT [Read Order]

In a recent case, the Income Tax Appellate Tribunal ( ITAT ) Delhi upheld the view of Assessing officer(AO) that on one hand the assessee had made the borrowers and paid interest on such borrowers and on the other hand has parked such interest-bearing funds towards advances on which no interest has been earned by […]

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Land Development does not constitute Sale, Taxable at Transaction Value actually Paid: AAR [Read Order]

The Authority on Advance Rulings (AAR) in Karnataka held that land development does not constitute a sale and is hence taxable at the transaction value actually paid of payable of the service as under section 31 and 15 of the Act. The Authority headed by Sri. Harish Dharnia and Dr.Ravi Prasad M.P. made the relevant […]

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Amazon hiring Tax Analysts

The Amazon has invited application for the post of Tax Analyst II – SALT – Audit from Chartered Accountant, CPA or Enrolled Agent certification. The Amazon Tax Department is a fast-paced, team-focused, and dynamic environment. This position will be responsible for supporting the audit defence function of certain US state and local non-income tax filings, […]

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GST: No ITC on Goods and Services used for Pipeline laid Outside Factory Premises, says AAAR [Read Order]

In a recent case the Maharashtra Appellate Authority for Advance Ruling held that the tie-in-pipeline laid outside the factory premise will not be construed as “plant and machinery” and hence the appellant will not be entitled to avail the ITC paid on goods and services used for the construction of tie-in-pipeline as per the provisions […]

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Job Work GST Rates Clarified by CBIC : New Circular Analysis

Rectified TRAN-1 Form can be Filed for Distribution of Accumulated Credit of Pre-GST Regime: Kerala HC

In a recent case, the Kerala High Court held that the commissioner of central tax and central excise should permit to file a rectified TRAN-1 Form electronically or manually with the appropriate corrections for distribution of accumulated credit related to the pre- GST regime. The writ petition was filed by the South Indian Bank Limited […]

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ITAT allows Deduction u/s 35(2)(AB) which was disallowed by CIT on the Ground of Non-Application of Mind [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal in the case of ACIT v M/s Crompton Greaves Ltd. held that deduction of Scientific Research Expenditure disallowed without application of mind was allowed. With respect to the first issue, the assessee had incurred in-house Scientific Research expenditure (capital and revenue) wherein it had claimed weighted […]

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SC strikes down Rules Governing Conduct of Tribunals introduced by Finance Bill, 2017 [Read Judgment]

The Supreme Court in the case of Rojer Mathew v South Indian Bank Ltd. by has struck down Tribunal, Appellate Tribunals and other Authorities (Qualification and other Conditions of Service of Members) Rules, 2017 and directed the appointments in terms of respective statutes as existed before the enactment of the Finance Bill, 2017. The constitutionality […]

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Supply of Goods through PDS not exempted from GST: AAR [Read Order]

The Authority for Advance Ruling in West Bengal ruled that Supply of goods through PDS is not exempt and hence is liable to pay GST. The Authority ruled that the Supply of goods through PDS is not exempt under Notification No.212017 – CT (Rate) dated 28/06/2017, as amended from time to time or any other […]

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GST Annual Return will be Blocked for FY 2017-18 and FY 2018-19 : GSTR9/...

CBDT Chairman inaugurates Web Portal for Exchange of Information on Income Tax Website

Shri P.C. Mody, Chairman, Central Board of Direct Taxes (CBDT), inaugurated the Web Portal for Exchange of Information on Income Tax Website here today. The Web Portal consolidates all the relevant Automatic Exchange of Information (AEOI) related information at one place for convenient access by financial institutions, Departmental officers as well as the public at […]

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Conservancy / Solid Waste Management Service For Local Governments exempt from TDS: AAR [Read Order]

The West Bengal Authority for Advance Ruling has ruled that the Conservancy/solid waste management service for local government is exempt from the payment of GST and since the Applicant is making an exempt supply, the mechanism of TDS, do not apply to the Supply. The ruling was made by a bench of the Authority consisting […]

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Disclose defaults in payment of Interest on loans : SEBI

Company under Insolvency can’t be Struck Off: NCLT sets aside ROC order [Read Order]

In a significant ruling delivered by National Company Law Tribunal ( NCLT ) Ahmedabad has set aside ROC order to struck down the name of the company from ROC register. M/s J R Diamonds P Limited, company wherein no financial creditors are their was under Insolvency process and eventually went into Liquidation. NCLT vide order […]

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ICAI announces Scholarship to Students of CA Course for the Year 2019-20

The Institute of Chartered Accountants of India ( ICAI ) has announced Scheme of Financial Assistance / Scholarship to Students of CA Course, Year 2019-20. The Board of Trustees of the Chartered Accountant Students Benevolent Fund (CASBF) has decided to provide financial assistance / scholarship for the amount of Rs. 1500/- PM, to students who […]

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Cabinet approves Taxation Laws (Amendment) Bill, 2019 [Read Bill]

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance. Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with the reduction of the rate of corporate income tax by many […]

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Cabinet approves introduction of International Financial Services Centres Authority Bill, 2019 in Lok Sabha

The Union Cabinet chaired by Prime Minister Narendra Modi yesterday approved for withdrawing of the International Financial Services Centres Authority, 2019 Bill which was introduced in the Rajya Sabha on 12th February, 2019 and pending in the Rajya Sabha and introducing the International Financial Services Centres Authority Bill, 2019 in the Lok Sabha in the  ensuing […]

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GST Return: GSTN system not functioning because of Huge Rush of Return Filing, says CBIC

Certain complaints made yesterday on the social media regarding the GSTN system not functioning are incorrect. GSTN assures that the GST Return filing system was working within expected limits. Had it not been so, how more than 11.52 lakh GSTR-3B (October) returns could have been filed yesterday on 19th Nov with about 1.82 lakh returns […]

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IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors [Read Notification]

Following the notification by the Central Government on 15th November, relating to proceedings of Personal Debtors to Corporate Debtors, the Insolvency and Bankruptcy Board of India (IBBI) today notified Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors. The following Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate […]

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MCA Secretary inaugurates IEPF Authority Help Line No. 1800-114-667

Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs, inaugurated the Investor Education and Protection Fund Authority (IEPFA) Help Line number — 1800-114-667 — and Call Centre here today. Speaking on the role of the new Help Line, the Secretary, MCA, said that in order to facilitate the investors with smooth information flow,  the step taken […]

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Lok Sabha passes The Chit Funds (Amendment) Bill, 2019

The Lower House of the Parliament, Lok Sabha has passed a bill to amend the Chit Funds (Amendment) Bill, 2019. The Chit Funds (Amendment) Bill, 2019 was introduced in Lok Sabha on August 5, 2019. The Bill seeks to amend the Chit Funds Act, 1982.  The 1982 Act regulates chit funds and prohibits a fund […]

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Supplies to Foreign going Vessels not Zero-Rated, Unless Marked Specifically: AAR

The West Bengal Authority for Advance Ruling has ruled that supply of stores to foreign going vessels, as defined under section 2(21) of the Customs Act, 1962 Act, is not export or zero-rated supply unless it is marked specifically for a location outside India. The bench constituted of Ms Susmita Bhattacharya, Joint Commissioner, CGST & […]

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Period of Holding computed from the Original date of Acquisition of Property: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal in the case of Adi D Vachha v. ITO held that period of holding the asset has to be computed not from the date when MoU was cancelled in the year 2004 but from the original date of acquisition of property. The AO noticed that the […]

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Delhi HC expresses displeasure over the Activity of Settlement Commission [Read Judgment]

The High Court of Delhi, on tuesday reinstated that the Settlement Commission is not intended to operate as a parallel, summary adjudicatory forum, to substitute the process of regular adjudication before the competent adjudicating authority. The court held that the Settlement Commission fell into serious error of jurisdiction, in settling the case arising from the […]

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[Breaking] No Arrest of Chartered Accountant or Advocates who had filed Returns but are not beneficiary or part of fraud without any Corroborative Evidence: Punjab & Haryana HC [Read Judgment]

The Punjab and Haryana High Court had observed that, Arrest of Chartered Accountant or Advocates who had filed Returns or Otherwise Assisted in Business but are not beneficiary or part of fraud merely on the basis of the statement without any corroborative evidence linking the professional with an alleged offence should be avoided. The Petitioner […]

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In a First, Indian Chartered Accountant elected as chairman of AOSSG

In a First, the Goa-based Chartered Accountant SB Zavare elected as the Chairman of the Asian-Oceanian Standard-Setters Group ( AOSSG ). Recently, Chartered Accountants from several countries and within India were in Goa for the annual three-day meeting of AOSSG. (Dr) SB Zaware, former chairman of Accounting Standards Board of ICAI elected as the AOSSG […]

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Disallowance of Interest on TDS upheld: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi Bench upheld the addition of disallowance on TDS stating that “the assessee was under statutory obligation to deduct the income tax at the time of credit or/and, payment to the payee”. However, the ITAT held that Disallowance of Vehicle Depreciation was not right stressing that “the vehicles have […]

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CBDT notifies Form No 26QD for payment of TDS for Professionals, Brokerage, Commission [Read Judgment]

The Central Board of Direct Taxes (CBDT) has notified the Form No 26QD for the payment of Tax Deduction at Source (TDS) under Section 194M of the Income Tax Act, 1961. The government vide Finance Act (No 2) 2019, recently introduced section 194M in the Income Tax Act, 1961 making it mandatory for an individual […]

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NAA Orders Reimbursement of Profiteering Amount [Read Order]

The National Anti-profiteering Authority (NAA) under the Central Goods & Services Tax Act, 2017, passed an order requiring the company to pay back the profiteering amount to the consumers. The bench consists of Sh. B. N. Sharma (Chairman), Sh. J. C. Chauhan (Technical Member) and Ms. R. Bhagyadevi, (Technical Member). The order was passed in […]

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Company Law Committee – 2019 submits its report to Finance Minister [Read Report]

The Company Law Committee was constituted by the Ministry of Corporate Affairs in September, 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates in the country. The report of the Committee was presented today to […]

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1,821 cases filed by Homebuyers against Builders under Insolvency and Bankruptcy Code

As per the information received from National Company Law Tribunal (NCLT), total 1,821 cases filed by homebuyers against builders since June, 2018, under the Insolvency and Bankruptcy Code (IBC) 2016, were pending in NCLT on 30.09.2019. Data regarding cases filed against builders for defaults of less than a month is not available with NCLT, this […]

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Difference in Accounting Policy can be Reasonable Explanation for TDS differential: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai, held that the differences in the accounting policy followed by the taxpayer and its clients, who have deducted TDS, could explain the TDS Return differential. The Tribunal consisting of Shri. Mahavir Singh, and Shri. Ramit Kochar clarified this while disposing of the case, TUV India Pvt. Ltd v. […]

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CBIC lays down Procedure for Electronic Submission and Processing of Refund Applications [Read Circular]

The Central Board of Indirect Taxes and Customs ( CBIC ) has laid down the procedure for Electronic submission and processing of Refund applications. After the rollout of GST w.e.f. 01.07.2017, on account of the unavailability of electronic refund module on the common portal, a temporary mechanism had to be devised and implemented wherein applicants […]

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Compensation in lieu of ‘Right to Sue’ of Capital Nature, not chargeable to Tax: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) in the case of M/s Chedda Housing Development Corporation v Addl. CIT held that compensation in lieu of ‘right to sue’ is of capital nature not chargeable to tax under Section 45 of the Income Tax Act. The assessee is a partnership firm engaged […]

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CBIC issues clarification on Optional Filing of GST Annual Return

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued a clarification regarding the optional filing of GST annual return under notification No. 47/2019- Central Tax dated 9th October, 2019. As per proviso to sub-rule (1) of rule 80 of the CGST Rules, a person paying tax under section 10 is required […]

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GSTR 1 Manual Rectification Allowed : GSTIN Wrongly declared

Tax Associate Vacancy in Thomson Reuters

The Thomson Reuters has invited applications from B.Com/MBA candidates for the post of Tax Associate. Thomson Reuters is the leading source of intelligent information for the world’s businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision-makers in the financial and risk, legal, tax and accounting, intellectual property […]

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Delhi HC upholds ICAI’s decision not to entertain complaint filed against Auditor after 7 years of Signing Audit Report [Read Judgment]

The Delhi High Court has upheld the Institute of Chartered Accountants of India ( ICAI’s) decision to not to entertain the complaint filed against the Auditor after seven years of signing Audit Report. The petitioner has filed the present petition impugning an order dated 1st February, 2019 passed by respondent no.2. By the said order, […]

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GST: Registration of Taxpayers who are Non-Filers of GSTR-3B will be cancelled before 25.11.2019, says CBIC [Read Letter]

In a letter by Office of the Principal Chief Commissioner of GST and Central Excise, Mumbai said that, Registration of Taxpayers who are Non-Filers of GSTR-3B will be cancelled before 25.11.2019. The Principal Chief Commissioner directed all Principal Commissioners and Commissioners to take proactive action against Non-Filers under GST. In the video conference with the […]

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Company Secretary vacancy in Chennai Petroleum Corporation Limited

The Chennai Petroleum Corporation Limited has invited applications from Company Secretaries for the post of Deputy Company Secretary in Grade D (Senior Manager). Chennai Petroleum Corporation Limited (CPCL), is a leading profit making Public Sector Organization and a Group Company of Indian Oil Corporation Ltd., in the field of Hydro-carbon processing with a refining capacity […]

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Circulars issued Contrary to Tribunal Rulings for Consignments pending Clearance is Impermissible: Delhi HC [Read Judgment]

The Delhi High Court has ruled in a writ petition that all Administrative, executive and adjudicatory authorities are bound by the Tribunal rulings of Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) in the absence of a ruling to the contrary by a higher authority. The issuance of contrary Circulars by the CBIC […]

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Marketing and Pre-sales Technical Support Services will be Classified as Intermediary Services: AAR [Read Order]

The Authority on Advance Rulings in Karnataka has ruled that the Marketing and Pre-sales Technical Support Services will be classified as Intermediary services under the Section 2(13) of the Integrated Goods and Services Tax Act, 2017. The Authority also ruled that Post-Sales Technical Support Services provided will be classified as Information Technology Support Services falling […]

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Foreign Exchange Loss to be allowed as Revenue Expenditure and is to be charged into the Profit and Loss Account: ITAT [Read Order]

The Cochin Bench of the Income Tax Appellate Tribunal in the case of M/s Baby Memorial Hospital v. The Assistant Commissioner of Income Tax ruling in favour of the assessee held that Foreign Exchange Loss to be allowed as revenue expenditure and is to be charged into the Profit and Loss account. The Principal Commissioner […]

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GST: Gujarat High Court issues notices to Centre, State on limiting Input Tax Credit

The division bench of the Gujarat High Court has issued notices to Centre and the State Government on limiting the input tax credit to assessees in case the details have not been uploaded by the supplier. Society of Tax Analysis and Research has moved to High Court through the Counsel Advocate Avinash Poddar. Recently CBIC […]

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Same Income cannot be Taxed in Two Assessment Years Simultaneously as per the Scheme of Taxation: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad while considering an appeal held that “The same income cannot be taxed in two assessment years simultaneously as per the scheme of taxation. Thus, while the assessee may not be permitted to defer the tax liability of income of the present year to the next year, […]

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Transaction between Family Members for Bonafide Purpose not Loan or Deposit under section 269SS: ITAT [Read Order]

In a recent order of the Income Tax Appellate Tribunal, Cuttack held that the transaction between the relatives of family members for giving support and help does not amount to loan or deposit under section 269SS of the Income Tax Act. The dispute arose during the assessment processes under the Income Tax Act. The accessing […]

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Kerala High Court stays Section 276C(1) Proceedings until Final disposal of Appeal before CIT

The single bench of Kerala High Court has held in the case of M/S.Beaver Estates PVT.LTD and Another v. The Assistant Commissioner of Income Tax and Others, that the criminal proceedings under question must be stalled till the disposal of the appeal filed in the matter before the Commissioner of Income Tax. The petitioners in […]

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Information System Audit Assessment Test will be held at 63 cities on December 28th: ICAI [Read Announcement]

The Information System Audi AT (December – 2019) is proposed to be held at 63 cities only on December 28th, 2019 (Saturday) from 9.00 AM to 1.00 PM (IST). In an announcement the ICAI said that, “the next Information Systems Audit (ISA) Course Assessment Test which is open to the members of the Institute, will […]

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EY Hiring CA, CA Inter, ICWA Inter

The Ernst & Young has invited applications from CA, MBA, M.Com, CA Inter, ICWA Inter for the post of Accounting Controller. The Assistant Accounting Controller will report into the Accounting Controller. This role will represent the respective accounting function in various leadership forums. The Assistant Accounting Controller is a member of the Global Controlling organization. The […]

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Transition Credit for EC, SHEC and KKC can be carried forward under GST

E-Court System launched in ITAT Chennai

The E-Court system has launched in Chennai bench of the Income Tax Appellate Tribunal ( ITAT). Justice P. P. Bhatt, President ITAT officially launched e-court at Chennai on Friday. A fully-equipped separate courtroom with seamless conferencing facilities has been set up at the Chennai bench of ITAT. Delhi, Mumbai, Nagpur and Ahmedabad benches of ITAT already […]

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GSTIN will be blocked for Generation of E-Way Bill If GST Taxpayer has not filed GSTR-3B for last Two Successive Months: CBIC

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled a new feature in the E-Way Bill system of blocking/unblocking of the taxpayers from next month, as per the rule. That is, if the GST taxpayer has not filed Return 3B for GST the last two successive months in GST Common portal, […]

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Chennai Metro hiring Chartered Accountant / Cost Accountant

The Chennai Metro Rail Limited has invited application from qualified Chartered Accountant or Cost Accountant for the post of Asst. Manager (Finance & Accounts) / Dy. Manager (Finance & Accounts) / Manager (Finance & Accounts). Chennai Metro Rail Limited entrusted with the implementation of Chennai Metro Rail Project requires efficient, experienced and competent person for […]

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No TDS on Agreement for Bulk Sale of Advertisement Space: Karnataka HC [Read Judgment]

In a recent case, the Karnataka High Court held that an agreement for bulk sale of advertisement space does not amount to contract for work as applicable under Section 194 C of the Income Tax Act. The issue was discussed by the Karnataka HC in the case of Times VPL Limited v. The Commissioner of […]

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ITAT cancels Section 12AA Registration of Young India

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has cancelled Young India ’s Registration under Section 12AA of the Income Tax Act, 1961. The appellant, Young Indian was incorporated as a company applied for registration u/s. 12A r/w section 12AA on 31.03.2010. It was granted registration by then DIT (Exemption), New […]

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Tis Hazari Court convicts a Company Director for holding Directorship of More than 20 Companies [Read Judgment]

The Additional Chief Metropolitan Magistrate of Tis Hazari Court, Delhi has convicted a Company Director for holding directorship of more than 20 companies under Section 165 of the Companies Act, 2013. The facts of the case are that accused has been Director in more than the maximum number of companies as laid down in Section […]

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Taxmann's #GST Practice Manual 2nd Edition 2020 Day to Day GST Practic...

GST Evasion: Central GST Delhi-West Commissionerate unearths Racket of Issuance of Fake Invoices without Actual Supply of Goods and Services

The Central GST Delhi-West Commissionerate has unearthed racket of issuance of fake invoices without actual supply of goods and services by M/s Royal Sales India and 27 other dummy companies. Today, two persons have been arrested in this matter and remanded to judicial custody for 14 days by Duty Magistrate, Patiala House Courts, New Delhi. […]

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Salaries are not subject to GST, Media Report alleging Tax Authorities want to impose GST on Salaries is Factually Incorrect: CBIC

The Central Board of Indirect Taxes & Customs (CBIC) today clarified that salaries are not subject to GST and no GST has been demanded on salaries paid to CEOs or employees. The CBIC said that the media report in this regard alleging that tax authorities want to impose GST on salaries paid to employees is […]

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GST Department can’t detain Goods on ground that Transport Receipt was a Photocopy and Details filled in Transport Receipt were Handwritten: Gujarat HC [Read Judgment]

The Gujarat High Court has observed that, Goods and Services Tax ( GST ) department cannot detain goods on the ground that the transport receipt was a photocopy and the details filled in the transport receipt were handwritten. The petitioner is a proprietary concern and is duly registered under the provisions of the relevant GST […]

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CA Exams November 2019: ICAI announces Change of Venue in Lucknow City

The Institute of Chartered Accountants of India ( ICAI ) has announced Change of Venue in Lucknow City (Uttar Pradesh), in respect of November 2019 Exams. It is hereby informed that due to unavoidable circumstances, the venue of Foundation Examination scheduled on 19th November 2019 (Tuesday) in respect of some candidates at Lucknow City (Uttar Pradesh) is being […]

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GST Evasion: Racket of issuance of Fake Invoices involving GST of Rs 22 cr busted

The Central GST Delhi North Commissionerate has unearthed a racket of issuance of fake invoices without actual supply of goods and services. Shri Naveen Mutreja and Shri Keshav Ram have been arrested in this matter and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), New Delhi at Patiala House Courts. The […]

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MCA notifies Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019

The Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) today to provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers (FSPs) other than banks. The Rules shall apply to such […]

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No GST on Transportation of Students and Staff of Institute under Contract Carriage by Non-AC buses: AAR [Read Order]

The Authority of Advance Ruling ( AAR ) in Madhya Pradesh has ruled that, Goods and Services Tax ( GST ) is not applicable to Transportation of Students and Staff to institute under contract carriage by Non-AC buses. The applicant, Mrs.Bhavika Bhatia, Proprietor of Bhavika Travels, is in the business of providing services of hiring […]

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Accenture Hiring CA, CA-Inter, ICWA, ICWA-Inter candidates

The Accenture has invited applications from CA, CA-Inter, ICWA, ICWA-Inter candidates. Qualifications Minimum Requirements around Qualification and Experience 1 to 4 years experience in finance/accounting position for ANALYST. 4 to 6-year experience for SENIOR ANALYST CA Inter / ICWA Inter, MBA with specialization in finance or accounts. Qualified CA’s / ICWA’s with about 3 to […]

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Finance Ministry notifies Simplified GST Annual Return and Reconciliation Statement [Read Notification]

The Ministry of Finance has notified the simplified GST Annual Return ( GSTR-9) and Reconciliation Statement (GSTR-9C). The Government has also decided to simplify these forms by making various fields of these forms is optional. The Central Board of Indirect Taxes & Customs ( CBIC ) has notified the amendments regarding the simplification of GSTR-9 […]

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CBIC notifies Due Dates for filing GSTR-1, GSTR-3B and GSTR-7 for Jammu & Kashmir [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has issued notifications dated November 14, 2019, regarding the due dates for filing GSTR-1, GSTR-3B and GSTR-7 under GST for the registered persons whose principal place of business is in the State of Jammu and Kashmir. The due date for furnishing FORM GSTR-1 for registered […]

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CBDT Chairman expresses Hope of achieving 13.35 lakh cr Tax Collection Target

The Central Board of Direct Taxes ( CBDT ) Chairman PC Mody on Thursday expressed hope that the body will able to achieve the target of tax collection given to them at the beginning of this year. “At the beginning of this year, we were given a target of 13.35 lakh crore, out of which […]

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CA Exams: ICAI announces dates of Postponed Exams

The Institute of Chartered Accountants of India ( ICAI ) has announced dates of postponed CA exams due to unavoidable circumstances. In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2019 dated 16th August, 2019, it is notified that the Foundation, Paper 1, Final Examination {Old as well as New Scheme}, Paper 5, IRM, Paper 1, […]

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Presence of Lawyer can’t be allowed to at the Time of Questioning or Examination by the GST Officers: Delhi HC [Read Order]

The Delhi High Court has observed that, presence of a lawyer cannot be allowed to the petitioner at the time of questioning or examination by the GST officers. The Petitioner moved to the Court under article 226 of the constitution of India read with section 482 of the code of criminal procedure, 1973 for writ […]

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Income Tax Department conducts Search at 37 premises of BMC contractors in Mumbai, Surat

The Income Tax Department has conducted the search at 37 premises of Brihanmumbai Municipal Corporation (BMC) in Mumbai and Surat, of civil contractors who were allegedly involved in corrupt practices. The department stated that incriminating evidence collected during raids, carried out on November 6, clearly shows “large scale tax evasion and money laundering”. Sources said […]

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GST: All about Rule 36 (4)

No doubt, the persons dealing with GST, be the taxpayers or the practitioners would loose around 10 years of their life due to the pressure which they undergo in keeping track of all notifications, circulars and instructions from time to time; filing of returns after return; reconciliations; and to top it all, the portal glitches. […]

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Finance Ministry eases Norms of Aadhaar KYC for Opening Bank Account

The Ministry of Finance has eased norms of Aadhaar KYC for Opening the Bank Account. Norms of Aadhaar KYC are eased for opening of bank account and not for the change of address in Aadhaar, said the Department of Revenue (DoR), Ministry of Finance today while clarifying on Aadhaar KYC use with reference to its […]

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CBIC extends due date for filing GSTR-9 & GSTR -9C

The Government has decided today to extend the due dates of filing of Form GSTR-9 (Annual Return) and Form GSTR-9C (Reconciliation Statement) for Financial Year 2017-18 to 31 st December 2019 and for Financial Year 2018-19 to 31 st March 2020. The Government has also decided to simplify these forms by making various fields of […]

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Date Extended for GST Annual Return and Audit : GSTR 9 and GSTR 9C FY 20...

ICAI notifies Revised Date for ISA Eligibility Test

The Institute of Chartered Accountants of India ( ICAI ) has notified the revised date for the ISA Eligibility Test to be held on 24th November 2019. Information Systems Eligibility Test scheduled to be held on 09th Nov 2019, which was postponed due to the unavoidable circumstance will now be held on 24th November (Sunday) […]

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Why Good Billing Software is a must for Business Owners

One thing that comes to mind when someone says the word business is ‘buyers & sellers’. Keeping the nature & scale of business aside, business is always about buying and selling e.g. an e-commerce company sells products to its customers, a barbershop owner offers hair-cutting services to its customers, and so on. What if the […]

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CBDT agrees to Refund Wrongly Charged Late Fee

The Central Board of Direct Taxes ( CBDT ) has agreed to refund the late fee if it is wrongly charged. In a tweet from Income Tax Department’s Official handle said that, “In a few cases, the fee under section 234F has been charged inadvertently in ITRs of Partners due to linkage of filing of Partner’s […]

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CBDT allows Exemption under section 56(2)(x) to Resident of Unauthorised Colony [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified a new Rule 11UAC in the Income Tax Rules, 1962 which provided that provisions of Section 56(2)(x) of the Income Tax Act shall not be applicable to any immovable property received by a resident of the unauthorized colony. The Newly inserted Rule 11UAC reads that, “The […]

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India and Switzerland holds Secretary-level Bilateral Meeting to discuss enhanced cooperation in fight against Tax Evasion

Fighting the menace of Black Money stashed in offshore accounts is a key priority area for the Government of India. Following the agreement between Prime Minister Narendra Modi and Swiss President Mr Ueli” Maurer for enhanced cooperation in the fight against tax evasion, the two sides have worked closely for expeditious information exchange in tax […]

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GST Practitioners Question Bank with Quick Exam Guide 2019

GST: PVC Tufted Coir Mats and Mattings Taxable at 12%, says AAR [Read Order]

The Kerala Authority for Advance Ruling in an application filed by M/s Travancore Cocotuft Pvt Ltd held that PVC tufted coir mats and mattings shall be chargeable to a GST of 12% The applicant is a manufacturer and exporter of PVC tufted coir mats and mattings. The manufacturing activity is fully mechanized. The applicant seeks […]

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Resale of Food Items and Sale of Bakery Products not Restaurant Services: AAR [Read Order]

The Kerala Authority of Advance Rulings in an application filed by M/s Square One Homemade Treats while prescribing the rates applicable on different items on bakery products held that resale of food and bakery products are not restaurant services. The applicant is engaged in the business of reselling pre-packed food products like cakes, baked items […]

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Income Tax Department conducts Search on an Educational Group in Chennai

The Income Tax Department conducted search action under the Income-tax Act, 1961 in the case of a group of trusts that are running educational institutions in and around Chennai for the past thirty years. The institutes run by the group include a number of engineering colleges, polytechnic institutes, dental college, nursing colleges, hospitals & schools. […]

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Income Tax Department busts Rs. 3300 cr Major Racket of Bogus Billing and Hawala Transactions

The Income Tax Department carried out searches in the first week of November, 2019 on a group of persons indulging in issuing bogus bills and carrying on hawala transactions. The search operations covered 42 premises across Delhi, Mumbai, Hyderabad, Erode, Pune, Agra & Goa. The search operations resulted in busting of a major racket of […]

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Budget 2020: Finance Ministry invites Suggestions from Industry and Trade Associations for changes in Direct and Indirect Taxes

The Ministry of Finance has invited Suggestions from the Industry and Trade Associations for Budget 2020-21 regarding changes in direct and indirect taxes. The Ministry has invited suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same. The Finance Ministry […]

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Delhi HC directs GST Department to Open Online Portal to file the Form TRAN-1 electronically, or to Accept Manually [Read Order]

The Delhi High Court has directed Goods and Services Tax ( GST ) department to either open the online portal so as to enable the petitioner to file the Form TRAN-1 electronically or to accept the same manually on or before 20.11.2019. The petitioner contended that, it is engaged in the business of trading of […]

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CA, ICWA vacancies in Staff Selection Commission

The Staff Selection Commission ( SSC ) has invited application from CA, ICWA candidates for the posts of Assistant Audit Officer and Assistant Accounts Officer. Staff Selection Commission will hold the Combined Graduate Level Examination, 2019 for filling up of various Group “B” and Group “C” posts in different Ministries/ Departments/ Organizations. Assistant Audit Officer/ […]

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GST Evasion: Rajasthan HC grants Bail to Accused on alleged ITC Fraud [Read Order]

The Rajasthan High Court has granted bail to Accused on alleged Input Tax Credit ( ITC ) worth Rs. 7.12 Crore has been wrongly claimed by Padmavati Industries. The petitioner was the Manager and Authorized signatory of Padmavati Industries. The petitioner contended that an amount of Rs.3.33 Crore was deposited with the Department, thus bringing […]

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No GST Registration Needed for Co-Owner in AoP until the Turnover Reached the Threshold Limit: AAR [Read Order]

The Authority of Advance Ruling in West Bengal has ruled that, GST Registration is not needed for Co-Owner in Association of Persons ( AoP ) until the turnover reached the Threshold limit under the GST Act, 2017. The Applicant is one of the co-owners of immovable property, jointly owned by three individuals. All three co-owners, […]

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