Daily Archives: September 8, 2018

Pecuniary limit for filing an application in DRT increasesed to Rs 20 Lakh : Notification

By | September 8, 2018

The Central Govt. has raised the pecuniary limit from 10 lakh rupees to 20 lakh rupees for filing application for recovery of debts in the Debt Recovery Tribunals by banks and financial institution. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 6th September, 2018 S.O. 4312(E).—Whereas, sub-section (4) of section 1 of… Read More »

AO couldn’t change method of accounting which was adopted consistently : ITAT

By | September 8, 2018

ld. A.O was not justified in applying the percentage completion method on the assessee merely on the basis that it was followed by the developer JSM DPL and arbitrarily making addition to the income ignored the fact that project completion method/completed contract method of accounting has been consistently adopted by the assessee and even have… Read More »

GST Summon

By | September 8, 2018

GST Summon Q: What to do if GST  department officer call me to check my stock and for survey? They dont have right to check  my books without taking approve of commissioner ? Here we have compiled the Power of GST officer to Issue Summon under GST Video lecture on Summon under GST Who Can… Read More »

ITC on Lease Hold Land Payment

By | September 8, 2018

ITC on Lease Hold Land Payment Q: Can we avail ITC on lease hold land payment made upront for 20 years, and to be capitalized in books. Author Opinion : Yes you can avail ITC on Lease Hold Land Payment  if it is in relation to business , even if it is capitalised . ‘The… Read More »

Category: GST

Release of Seized goods & vehicle on indemnity bond for value of tax only without penalty amount : ALLAHABAD HC

By | September 8, 2018

Since the petitioner is a registered company and the purchaser is a Government of India Enterprise, this Court finds it proper and appropriate to protect the interest of parties to pass the following orders:— 1. The goods are directed to be released on furnishing an indemnity bond to the extent of the value of tax… Read More »

No Advance Ruling can be given on admissibility of Cenvat credit as transitional credit under GST : Madhya Pradesh AAR

By | September 8, 2018

AUTHORITY FOR ADVANCE RULINGS, MADHYA PRADESH Sasan Power Ltd., In re RAJIV AGRAWAL AND MANOJ KUMAR CHOUBEY, MEMBER ADVANCE RULING NO. 1 OF 2018 JUNE  6, 2018 Gopal Mundra, Ravi Ghiyani and Mrs. Laxmi Vyas for the Applicant. ORDER   1. Brief facts of the case 1.1 M/s. Sasan Power Ltd., Sasan (hereinafter referred to as “the Applicant”), are engaged in the business of… Read More »

HDFC Bank Loan under Pradhan Mantri MUDRA Yojana (PMMY)

By | September 8, 2018

Pradhan Mantri MUDRA Yojana Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to Rs10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY and cater to specific stages of growth of a micro entrepreneur.… Read More »

GSTR 3B Late Fee : Notifications and comments

By | September 8, 2018

GSTR 3B Late Fee GSTR 3B Late fee has been waived for some months and reduced for some months by Govt. here are the compilation of Relevant Notifications on GSTR 3B late fee. What is the late Fees for not filing GSTR 3B on due dates ? GSTR 3B Late Fees for July 2017 to September… Read More »

New changes in E-Way Bill System

By | September 8, 2018

E-Way Bill System Forthcoming changes/improvements in E-Way Bill System Explained in Hindi by CA Satbir Singh After studying the suggestions and feedbacks of the stakeholders of the e-way bill system, it has been decided to add the following changes/improvements in the e-way bill system to help the tax payers in complying with the GST processes and… Read More »

RBI (Note Refund) Rules 2009 Amended for Exchange of mutilated notes in Mahatma Gandhi (New) series

By | September 8, 2018

Amendments to Reserve Bank of India (Note Refund) Rules, 2009 RBI/2018-19/46 DCM (NE) No.657/08.07.18/2018-19 September 7, 2018 The Chairman and Managing Director / The Managing Director/ The Chief Executive Officer All Banks Madam / Dear Sir, Amendments to Reserve Bank of India (Note Refund) Rules, 2009 Please refer to the Reserve Bank of India (Note Refund)… Read More »

GST Penalty if the Tax collected not Paid

By | September 8, 2018

Whether any penalty is payable, if the self-assessed tax or any amount collected as tax is not remitted? Yes. Penalty shall be leviable under section 73(11) , where the self-assessed tax or any amount collected as tax is not paid within 30 days from the due date of payment of such tax. Quantum of penalty… Read More »