Daily Archives: October 3, 2018

National Financial Reporting Authority constituted from 01.10.18 under Companies Act 2013

By | October 3, 2018

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 1st October, 2018 S.O. 5098(E).—In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 1st October, 2018 as the date on which the provisions of sub-sections (1) and (12) of Section… Read More »

MSP enhanced for Rabi Crops of 2018-19 by Govt of India

By | October 3, 2018

Ministry of Agriculture & Farmers Welfare Cabinet approves enhanced Minimum Support Prices (MSP) for Rabi Crops of 2018-19 Season to be marketed in 2019-20 Season. Posted On: 03 OCT 2018 Giving a boost to farmers’ income, the Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved the increase in… Read More »

Liberalisation of External Commercial Borrowings (ECB) Policy by RBI

By | October 3, 2018

RBI/2018-2019/54 A.P. (DIR Series) Circular No.10 October 3, 2018 To All Category-I Authorised Dealer Banks Madam / Sir, External Commercial Borrowings (ECB) Policy – Liberalisation Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraphs 2.4.5, 2.4.6 and 2.5 of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and… Read More »

Category: RBI

Occasion not necessary to receive gifts , Sec 68 addition deleted by ITAT

By | October 3, 2018

  sub-sections 56(2)(v), 56(2)(vi) & 56(2)(vii) shall not be applicable if any sum is received from any relative ( as defined in explanation (e) to section 56). There is no mention about the occasion to be a necessary condition for receiving any sum from any relative. In the instant case, the alleged gifts of Rs.50,000/-,… Read More »

GST (Compensation to States) Act 2017 is constitutionally valid : Supreme Court Judgment

By | October 3, 2018

The Compensation to States Act, 2017 does not violate Constitution (One Hundred and First Amendment) Act, 2016 nor is against the objective of Constitution (One Hundred and First Amendment) Act, 2016. Parliament has full legislative competence to enact the Act and the Act having been enacted to implement the Constitution (One Hundred and First Amendment)… Read More »

ICAI GST E-Newsletter August 2018 edition

By | October 3, 2018

ICAI GST E-Newsletter August 2018 edition Indirect Tax Committee of ICAI relased GST E-Newsletter August 2018 edition E-Newsletter on GST- August, 2018 edition Click here  Contents are 1. GST updates Articles 1. The Taxable Event in GST – “Supply” 13-15 2. Offences and Penalty Provisions  under GST 16-19 3. GST fermenting grounds for litigation? Forth Coming… Read More »

Category: GST

Sec. 89 Income Tax relief allowed for arrears of perquisites : ITAT

By | October 3, 2018

IN THE ITAT AGRA BENCH (SMC) Rajesh Kumar v. ACIT 1(1)(1), Agra A.D. JAIN, JUDICIAL MEMBER IT APPEAL NO. 198 (AGRA) OF 2018 [ASSESSMENT YEAR 2014-15] JULY  16, 2018 Ajay Kumar Sharma, AR for the Appellant. Waseem Arshad, Sr. DR for the Respondent. ORDER   1. This is assessee’s appeal for A.Y. 2014-15 against the CIT (A)’s action of… Read More »

GST confiscation proceedings valid if notice issued to driver of vehicle : HC

By | October 3, 2018

HIGH COURT OF CALCUTTA Jaspal Singh v. Assistant Commissioner of State Tax, Kharagpur DEBANGSU BASAK, J. W.P. NO. 15026 (W) OF 2018 AUGUST  16, 2018 Anil Dugar Ms. Rajarshi Chatterjee, Tapan Bhanja , Abhratosh Majumder, P. Dudhoria and A. Mazumder for the Appearing Parties. JUDGMENT 1. A notice dated May 15, 2018 passed by the Assistant Commissioner of Sales Tax, Kharagpur Range is under challenge… Read More »

No GST on license Fee for sale of liquor for human consumption : HC

By | October 3, 2018

HIGH COURT OF PUNJAB AND HARYANA Divya Singla v. Union of India RAJESH BINDAL AND AMIT RAWAL, JJ. CWP NO. 12390 OF 2017 (O&M) AUGUST  27, 2018 Deepak Gupta, Adv. for the Petitioner. Anshuman Chopra, Adv. for the Respondent. ORDER Rajesh Bindal, J. – The petitioners approached this Court seeking quashing of notice dated 15.05.2017 whereby the respondent asked the petitioner… Read More »

New GST News 03.10.2018

By | October 3, 2018

New GST News 03.10.2018 [ Join online GST Course by CA Satbir Singh ] New GST News GST and Income Tax Calendar October 2018 : Due Dates GST TDS Accounting Entries in Supplier Books Taxmann GST Audit & Annual Return 2018 Edition Book by Aditya Singhania How e-commerce seller can take credit of GST TCS… Read More »

Category: GST

Taxmann GST Audit & Annual Return 2018 Edition Book by Aditya Singhania  

By | October 3, 2018

Taxmann GST Audit & Annual Return Description GST Audit Report  Clause-wise detailed analysis How to do various reconciliations in GSTR 9C Explanation using practical examples Action to be taken for each clause Checkpoints while doing GST audit Interlinks with Audited Annual Financial Statements GST Annual Returns Table-wise detailed discussion Practical Scenarios in tabular presentation Interlinks… Read More »

Category: GST

GST Anti-Profiteering Mechanism FAQs

By | October 3, 2018

GST Anti-Profiteering Mechanism What is an ‘Anti-profiteering’ activity? The suppliers of goods and services should pass on the benefit of any reduction in the rate of GST on such supplies or the benefit of input tax credit to the recipient by way of commensurate reduction in prices. The wilful action of not passing of such… Read More »

Category: GST

GST National Anti-Profiteering Authority- Procedure & Methodology

By | October 3, 2018

National Anti-Profiteering Authority- Procedure & Methodology In exercise of the powers conferred under Rule 126 of the Central Goods & Services Tax Rules, 2017, the National Anti-Profiteering Authority under the Goods & Services Tax hereby notifies the following Methodology and Procedure for determination as to whether the reduction in the rate of tax on the supply… Read More »

eSANCHIT Process Guide for electronic document upload

By | October 3, 2018

eSANCHIT Process Guide eSANCHIT – Step-by-Step Procedure for electronic document upload The following steps are the step by step procedures involved in uploading of the supporting documents: Step 1: Prepare Supporting Documents in digital format Before uploading the document, the importer, exporter, Customs broker (referred to hereinafter as ‘submitter’) may ensure that the document is… Read More »

eSANCHIT : Document to be uploaded by Govt agencies instead of importer/exporter : Circular No 35/2018-Customs

By | October 3, 2018

ICEGATE – Facility of uploading document on eSANCHIT by Government agencies instead of importer/exporter after Pilot Project Circular No 35/2018-Customs F. No. 450/148/2015-Cus-IV Government of India Ministry of Finance, Department of Revenue (Central Board of Indirect Taxes and Customs) ***** Room No. 229 A, North Block , New Delhi , Dated 01st October, 2018 To… Read More »