Salient Features: Chit Funds (Amendment) Bill, 2018

Views: 156 Chit Funds (Amendment) Bill, 2018: The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to introduce the Chit Funds (Amendment) Bill, 2018 in Parliament. In order to facilitate orderly growth of the Chit Funds sector and remove...

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Audit Objection to CESTAT : An Observation

Views: 206 Audit Objection to CESTAT – Career oriented adjudication are a great burden on the Industry Only in a few and rare cases, the arguments and case law cited are studied judiciously. Because, MMC ( Monthly Monitoring Committee) of Audit will decide ( with...

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What is the taxable value of Second hand goods?

Views: 482 There is a very huge market share of used car & second hand goods sales in India and gradually growing with e-commerce platform also like Carwale, Justdial, Olx, Zigwheels etc. Even books, cloths and other low value items also getting attention in this...

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Composition Levy Scheme and Small GST Taxpayers

Views: 280 An Important notification issued by Govt. notification no. 1/2018, it is related with Composition Levy Scheme. This notification came on January 1st, 2018, by virtue of this notification the tax liability for manufacturer under the composition levy scheme, reduced from 2% to 1%,...

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Bombay High Court on Goods and Service Tax Tran-1 blockage

Views: 498 Bombay High Court on Goods and Service Tax Tran-1 blockage Abicor and Binzel Technoweld Pvt Ltd v Union of India [Writ Petition (L) No 2230 of 2018] ✍ Bombay High Court has taken serious notice of the fact that GST Network (GSTN) is...

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Clarification on Long Term Capital Gains by CBDT after Budget 2018

Views: 331 Clarification issues by CBDT through Frequently Asked Questions regarding taxation of long-term capital gains proposed in Finance Bill, 2018 – (Ref File No. 370149/20/2018-TPL DT: 04-February-2018) Under the existing regime, long term capital gains arising from transfer of long term capital assets, being equity...

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Trade Discount related Guide in GST Regime

Views: 1,739 In Indian context giving trade discounts and price reductions during negotiations after supply of goods and services is very common in business. However, if such post supply discounts were not anticipated at the time of supply, it is not allowed to be deducted...

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Snippet of Union Budget 2018 presented by Mr. FM

Views: 271 Kishan, Common Man, Business and Development friendly Budget 2018 has been present by Finance Minister Mr. Arun Jaitley before Parliament today. Here we are presenting key highlights of the Union Budget 2018. DIRECT TAX No changes in personal income tax rates. Standard deduction...

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Wrong Input Tax Credit claim in GSTR-3B

Views: 10,819 Input Tax Credit Claim : After various representations and comments received from stakeholder regarding clarification on the procedure for rectification of errors made in reporting Input Tax Credit claim while filing their GSTR-3B return, the Commissioner of GST issues guidelines and notifications. We summarized...

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Key points of 25th Meeting of GST Council at New Delhi

Views: 188 Key Points of 25th Meeting of GST council :The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of GST Council in New Delhi today. The Council has recommended policy changes and  certain changes in GST/IGST rate and clarifications in respect of...

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