Daily Archives: March 14, 2017

waiver of loan cannot be taxed as “ book profit .”

By | March 14, 2017

Capital surplus on account of waiver of loan: The Mumbai Bench of the Income-tax Appellate Tribunal held that a capital surplus in respect of the waiver of loan amount cannot be regarded as amount available for distribution through the profit and loss account. A mere disclosure of an extraordinary item in the profit and loss account does… Read More »

Payments for global telecommunication facility not “ fees for technical services ”

By | March 14, 2017

Payments for global telecommunication facility not “fees for technical services” The Supreme Court of India held that payments received by a Danish shipping company for its global telecommunication system (payments from Indian agents) were reimbursements in nature. Because no profit element was embedded in these payments and also because the foreign company had not provided any technical… Read More »

Illegal business Loss is allowed as Business expenses

By | March 14, 2017

HIGH COURT OF GUJARAT Rama Natha Gadhavi v. Income-tax Officer K.S. JHAVERI AND K.J. THAKER, JJ. TAX APPEAL NO. 505 OF 2009 DECEMBER  4, 2014 R.K. Patel, Adv. for the Appellant. Pranav G. Desai, Adv. for the Respondent. JUDGMENT K.S. Jhaveri, J. – This is an appeal by the appellant-assessee, seeking to challenge the order… Read More »

Footwear Design and Development Institute Bill 2017 – Download/Print

By | March 14, 2017

THE FOOTWEAR DESIGN AND DEVELOPMENT INSTITUTE BILL, 2017 Bill No. 45 of 2017 Date of Introduction : 14/03/2017  (Lok Sabha) to establish and declare the Footwear Design and Development Institute as an institution of national importance for the promotion and development of quality and excellence in education, research and training in all disciplines relating to… Read More »

Presentation -PPT-on Pradhan Mantri Garib Kalyan Yojana 2016

By | March 14, 2017

Pradhan Mantri Garib Kalyan Yojana, 2016 Download Presentation -PPT-on Pradhan Mantri Garib Kalyan Yojana 2016 Related Post on PMGKY 2016 Particulars Notification No Date New Taxation Bill to Tax undisclosed Income received assent of President ,  Taxation Laws (Second Amendment) Act, 2016..   15.12.2016 Pradhan Mantri Garib Kalyan Deposit Scheme 2016 S.O. 4061(E). 16.12.2016 Amendment… Read More »

Free E Book – ” Compliances of Service Tax in Banking Sector “

By | March 14, 2017

“Compliances of Service Tax in Banking Sector” Dear Professional Colleagues, Service tax on Banking and other financial services was imposed w.e.f.16-07-2001. The taxation of services has also undergone a paradigm shift from positive list to negative list in the year 2012. Post implementation of taxation of services based on negative list, service tax compliance has… Read More »

Inter-state River Water Disputes (Amendment) Bill 2017 introduced in Lok Sabha

By | March 14, 2017

Inter-state River Water Disputes (Amendment) Bill, 2017 introduced in Lok Sabha A Revolutionary step: Uma Bharti Union Minister of Water Resources, River Development and Ganga Rejuvenation Sushri Uma Bharti introduced Inter-State River Water Disputes (Amendment) Bill, 2017 in Lok Sabha today. Introducing the Bill the Minister called it a “Revolutionary step” towards the resolution of… Read More »

Service Charges by hotels and restaurants are Discretionary/ Voluntary

By | March 14, 2017

Service Charges are Discretionary/ Voluntary: Ministry of Consumer Affairs, Food and Public Distribution The Ministry of Consumer Affairs, Food and Public Distribution has issued advisory to all the State Governments/UTs to sensitise the companies, hotels and restaurants in the state regarding the relevant provisions of the Consumer Protection Act, 1986 on unfair trade practices. It… Read More »

Mandatory for Hospitals to disclose cost of Coronary Stents

By | March 14, 2017

Mandatory for Hospitals to issue detailed bills to patients, separately disclosing cost of Coronary Stents State Governments and State Drug Controllers advised to exercise Powers under Para 30 of DPCO, 2013 to check artificial shortage of Stents Minister of State for Chemicals & Fertilizers, Road Transport & Highways and Shipping, Shri Mansukh L. Mandaviya, while… Read More »

Spread interest over to relevant financial years before deducting TDS – High Court to Insurance Company

By | March 14, 2017

Issue :- Insurance Company deposited with Workmen’s Compensation Commissioner Rs. 2,46,600/- after deducting, by way of TDS Rs.15,793/- original claimant filed application before the Workmen’s Compensation Commissioner with the grievance that the said amount of Rs.15,793/- could not have been deducted and he is entitled for full amount and interest as awarded by the judgment dated… Read More »

24. Appointment of Officers of SGST as proper officer in certain circumstances – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 24 Model IGST Law [ Nov 2016] [24. Appointment of Officers of SGST as proper officer in certain circumstances  The officers appointed under the SGST Acts shall, to such extent and subject to such conditions, as may be prescribed in the… Read More »

23 Appointment of officers under Integrated Goods and Services Tax Act 2016 – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 23 Model IGST Law [ Nov 2016] Appointment of officers under the Integrated Goods and Services Tax Act, 2016 (1) The Board may appoint such persons as it may think fit to be officers under the Integrated Goods and Services Tax Act,… Read More »

22 Classes of officers under Integrated Goods and Services Tax Act 2016 -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 22 Model IGST Law [ Nov 2016] CHAPTER- XI ADMINISTRATION  Classes of officers under the Integrated Goods and Services Tax Act, 2016 (1) There shall be the following classes of officers under the Integrated Goods and Services Tax Act, 2016 namely; (a)… Read More »

21 Import of services or inter-State supply of goods and/or services made on or after appointed day – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 21 Model IGST Law [ Nov 2016] CHAPTER– X TRANSITIONAL PROVISIONS  Import of services or inter-State supply of goods and/or services made on or after the appointed day  Notwithstanding anything contained in section 12 and 13 of the CGST Act, 2016 import… Read More »

20 Refund of IGST paid on supply of goods to outbound tourist – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 20 Model IGST Law [ Nov 2016] Refund of IGST paid on supply of goods to outbound tourist  (1) The IGST paid on any supply of goods to outbound tourist shall be refunded, in the manner and subject to such conditions… Read More »

19 Tax wrongfully collected and deposited with Central or State Government -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 19 Model IGST Law [ Nov 2016] Tax wrongfully collected and deposited with the Central or a State Government  (1) A taxable person who has paid IGST on a supply considered by him to be an inter-state supply, but which is subsequently… Read More »

17 Application of certain provisions of CGST Act 2016 – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 17 Model IGST Law [ Nov 2016] CHAPTER– IX MISCELLANEOUS Application of certain provisions of the CGST Act, 2016 The provisions relating to registration, valuation, time of supply of goods, time of supply of services, change in rate of tax in… Read More »

15 Apportionment of tax collected under Act and settlement of funds -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 15 Model IGST Law [ Nov 2016] CHAPTER- VII APPORTIONMENT OF TAX AND SETTLEMENT OF FUNDS Apportionment of tax collected under the Act and settlement of funds (1) Out of the IGST paid to the Central Government in respect of inter-State… Read More »

13 Claim of input tax credit, provisional acceptance, matching, reversal and reclaim of input tax credit or reduction in output tax liability – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 13 Model IGST Law [ Nov 2016] CHAPTER– VI INPUT TAX CREDIT  Claim of input tax credit, provisional acceptance, matching, reversal and reclaim of input tax credit or reduction in output tax liability (1) Every registered taxable person shall, subject to such… Read More »

12 Special provision for payment of tax by a supplier of online information and database access or retrieval services located outside India to specified person in taxable territory -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 12 Model IGST Law [ Nov 2016] Special provision for payment of tax by a supplier of online information and database access or retrieval services located outside India to specified person in the taxable territory  (1) On supply of online information and… Read More »

11 Payment of tax, interest, penalty and other amounts – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 11 Model IGST Law [ Nov 2016] Payment of tax, interest, penalty and other amounts (1) Every deposit made towards tax, interest, penalty, fee or any other amount by a taxable person by internet banking or by using credit/debit cards or… Read More »

10 Place of supply of services where location of the supplier or location of the recipient is outside India – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 10 Model IGST Law [ Nov 2016] Place of supply of services where the location of the supplier or the location of the recipient is outside India (1) The provisions of this section shall apply to determine the place of supply of… Read More »

9 Place of supply of services where location of supplier of service and location of recipient of service is in India – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 9 Model IGST Law [ Nov 2016] Place of supply of services where the location of supplier of service and the location of the recipient of service is in India (1) The provisions of this section shall apply to determine the place… Read More »

8 Place of supply of goods imported into, or exported from India – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 8 Model IGST Law [ Nov 2016] Place of supply of goods imported into, or exported from India (1) The place of supply of goods imported into India shall be the location of the importer. (2) The place of supply of… Read More »

7 Place of supply of goods other than supply of goods imported into, or exported from India -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 7 Model IGST Law [ Nov 2016] CHAPTER– IV  PLACE OF SUPPLY OF GOODS AND/OR SERVICES Place of supply of goods other than supply of goods imported into, or exported from India  (1) The provisions of this section shall apply to determine… Read More »

5 Levy and collection of Integrated Goods and Services Tax -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 5 Model IGST Law [ Nov 2016] CHAPTER– III  LEVY AND COLLECTION OF TAX  Levy and collection of Integrated Goods and Services Tax  (1) There shall be levied a tax called the Integrated Goods and Services Tax on all supplies of… Read More »

4 Supplies of goods and/or services in course of intra-State trade or commerce -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 4 Model IGST Law [ Nov 2016] Supplies of goods and/or services in the course of intra-State trade or commerce (1) Subject to the provisions of section 7, intra-State supply of goods means any supply of goods where the location of the… Read More »

3 Supplies of goods and/or services in course of inter-State trade or commerce -Model IGST Law [ Nov 2016]

By | March 14, 2017

  Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 3 Model IGST Law [ Nov 2016] CHAPTER- II  PRINCIPLES FOR DETERMINING SUPPLY OF GOODS AND/OR SERVICES IN THE COURSE OF INTER-STATE TRADE OR COMMERCE Supplies of goods and/or services in the course of inter-State trade or commerce  (1) Subject… Read More »

2 Definitions – Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 2 Model IGST Law [ Nov 2016] Definitions In this Act, unless the context otherwise requires,- (1) “account” means an account bearing interest to the depositor, and includes a non-resident external account and a non-resident ordinary account; (2) “appropriate State”, in… Read More »

1 Short title, extent and commencement -Model IGST Law [ Nov 2016]

By | March 14, 2017

Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016  Section 1 Model IGST Law [ Nov 2016] CHAPTER– I  PRELIMINARY Short title, extent and commencement  (1) This Act may be called the Integrated Goods and Services Tax Act, 2016. (2) It extends to the whole of India. (3) It shall come into… Read More »

Model IGST Law -India- [ Nov 2016]- Section Wise and Chapter Wise – Integrated Goods and Service Tax Act 2016

By | March 14, 2017

MODEL IGST LAW [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016 CHAPTER- I PRELIMINARY Short title, extent and commencement Definitions CHAPTER– II PRINCIPLES FOR DETERMINING SUPPLY OF GOODS AND/OR SERVICES IN THE COURSE OF INTER-STATE TRADE OR COMMERCE  Supplies of goods and/or services in the course of inter-State trade or commerce Supplies of… Read More »

Existence of undisclosed bank deposits on date of PMGKY – CBDT Clarify

By | March 14, 2017

Existence of undisclosed bank deposits non-mandatory on date of PMGKY payment: CBDT Circular No 8 of 2017 Dated 14/03/2017 Clarification on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 PMGKY scheme has commenced and it is open for declarations till March 31, 2017. Representations have been received from various stakeholders seeking… Read More »

Sovereign Gold Bond- Dematerialisation

By | March 14, 2017

Date : Mar 14, 2017 The Reserve Bank of India, in consultation with the Government of India, has issued six tranches of Sovereign Gold Bonds for a total value of ₹ 4145 crore till date. Investors in these bonds have been provided with the option of holding them in physical or dematerialized form. The requests… Read More »

Category: RBI

Transfer of right to use goods is supply of goods or supply of service under GST ?

By | March 14, 2017

Query:   Whether transfer of right to use goods will be treated as supply of goods or supply of service? Answer:  Transfer of right to use goods shall be treated as supply of service because there is no transfer of title in such supplies. Such transactions are specifically treated as supply of service in Schedule-II- Point 5(g)  of… Read More »

When to issue Tax Invoice in case of continuous supply of services under GST

By | March 14, 2017

Query:  When to issue Tax Invoice in case of continuous supply of services under GST? Answer: Issue of Tax Invoice under GST in case of continuous supply of services will depend on three conditions  :- Due date of payment is ascertainable from the contract : The invoice shall be issued before or after the payment is liable… Read More »

Person Meaning – GST Act and Income Tax Act

By | March 14, 2017

Query: Is there any difference in the scope of “person” as per GST Act and Finance Act, 1994? Answer:  The scope of definition of “Person” u/s 2(73)  of Revised Model GST Law is proposed to include: Limited Liability Partenership Any Corporation established by or under any Central, State or Provincial Act or a government company as defined… Read More »

Treatment of Discounts under GST

By | March 14, 2017

Query: What would be treatment of supply discount in calculation of Transaction Value under GST Law? Answer: According to Section 15 (3) – Value of taxable supply  of Revised Model GST Law [ Nov 2016]  – Discounts can be classified into two parts Discounts given before Supply – Discounts given before or at the time of the supply shall not… Read More »