There are Two important provisions which are relevant and important in this context are Section 35(5) and Section 44(2) of the CGST Act. In terms of Section 35(5) of CGST Act “every registered person whose turnover during a financial year…
Taxation of Lottery under GST Acts
Whether CGST Act, 2017 and IGST Act,2017 to the extent proposing to tax lottery is beyond the Constitutional definition of ‘goods’? Whether lottery is ‘goods’ or n ‘actionable claim’? Held in the case of “Teesta Distributors & Ors. v. Union…
Revised return validly filed pursuant to notice u/s. 153A after Search & Seizure, is accepted, defects found in original return cannot be considered for imposing penalty u/s. 271(1) ©
The assessee filed return of income declaring a huge loss. Pursuant to the search and seizure operations u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declaring as nil income. Assessment was completed on the NIL income only.…
Input on Civil foundation for Plant & Machinery is not Allowed Held in Advance Ruling
The argument of the applicant to treat civil structures as structural support for plant & machinery is not tenable. The civil structures under consideration squarely fall under other civil structures which are excluded as per the Explanation to Section 17(5)…
Fair Market Value of property to be consider on the date of Execution of Agreement and not on the date of Registration
The assessee has entered into agreement to sale of its factory line and building on 14-8-2007 wherein consideration of Rs. 27.62 crores was decided and assessee received a sum of Rs.14.39 crore by cheque at the signing of the agreement.…
Doctors attending the medical conferences is allowable expenditure U/s 37
AO noted that assessee had incurred various expenses towards appointment of faculty doctor or assessee ‘s consultant doctor in a medical conference. AO completed assessment and made additions of that expenditure to assessee’s income. The CIT(A) granted partial relief to…
Turnover Limit has been Increased to Rs.1 Crore for Composition Scheme
an eligible registered person, whose aggregate turnover in the preceding financial year did not exceed One Crore rupees, may opt to pay, in lieu of GST payable by him, an amount calculated at the rate of,–– (i) 2% of the…
A Registered Person may choose for Composition Scheme in GST till 31.03.2017
The Registered Persons may opt to pay tax under composition scheme with effect from the first day of the month immediately succeeding the month in which he files an intimation of opting for Composiition Scheme, on the common portal on or before the…
Due for Filing ITC-01 for July17, August17 & September 17 has been extended
Declaration by the registered persons in Form GST ITC-01 who have become eligible during the months of July 17, August17 & September17 till 31.10.2017. A Registered person who has withdrawn from composite scheme is required to file GST ITC-01 containing…
GST Return Due date for Input Service Distributor for July17, August17 & September17 has been Extended
The GST Return Due date for Input service Distributors who requires to file GSTR-6 for July 17, August 17 and September 17 has been extended to 15.11.2017 by Central government vide Notification no-43/2017 Central Tax dated 13.10.2017. Share on: whatsapp
GST Return Due date for Composite Dealer has been Extended for July17 to Sept17 Querter
The Central Government has extended the Due date for Filing Returns by Composite dealer in GSTR-4 for the Quarter July17 to September 17 to 15.11.2017. The Dealers who opt for payment of GST Under Composition Scheme is required to file…
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