On 21st June 2021, CBIC issues clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March 2020. The Circular has come after various references received by the CBIC from trade and industry seeking clarification on applicability of Dynamic Quick Response (QR) […]
Posted inMAGAZINES
Webinar on Understanding Complete Code of GST Litigation
RTCA/TCA is Organising Two Day Webinar with Dr (CA) Jatin Harjai to Understand the Complete Code of GST Litigation. Speaker: Dr (CA Jatin Harjai) Date and Time: 24 & 25th June (Evening 4-7 PM) Link: https://us02web.zoom.us/j/5193972690 Meeting ID: 519 397 2690Passcode: RTCA RegardsTeam RTCA/TCA
Posted inMAGAZINES
Summary of Circular No. 11 Issued by the CBDT on 21st June 2021
Under Sec 206AB and 206CCA, the Deductor has to verify if the Vendor has filed the Return of Income for the Previous 2 years. If not, a higher rate of TDS will be applicable for that particular Vendor. The Income Tax and CBDT have enabled a new feature and clarified as follows: i) A New […]
Posted inTC
E-filing Portal of Income Tax Appellate Tribunal (ITAT) will be Launched on 25th June 2021
The Income Tax Appellate Tribunal (ITAT) has issued a public notice on 21st June 2021 which is quoted as under: In continuation of Notice dated 4th June, 2021 on the above subject, I am happy to inform that Shri Ravi Shankar Prasad, Hon’ble Union Minister of Law & Justice, Communications, Electronics & Information Technology, Government […]
Posted inMAGAZINES
AAR Gujarat’s Judgement on Some Services Related to Gold [Read Judgement]
Case: Uday Laxman Jadhav (Legal name), Shree Ashapuri Touch Refinery (Trade Name). Dated: 14.10.2020 Query: What will be the applicable GST rate for the activity carried out by the applicant? (supply of Labour) To Download the Judgement, Please Click Here
Posted inMAGAZINES
Free Certificate Course on International Taxation
Free Certificate Course on International Taxation
Posted inMAGAZINES
Vikram A Sarabhai Community Science Centre: AAR Gujarat
Case: Vikram A Sarabhai Community Science Centre. Dated: 30.07.2020 Question1: Whether GST is applicable on any of the activities carried on by the applicant? Question 2: Whether GST registration is required or not? To Download the Judgement, Please Click Here
Posted inMAGAZINES
All About Mobile App Launched by the Income Tax Department
With phones widely used, the department has claimed that new IT return e-filing portal and the new mobile app will be easy to use for taxpayers. It will help taxpayers to gather information like ITR form, pre-filled income tax details, Saral income tax facility, refund claim and other facilities. The mobile app has various other […]
Posted inMAGAZINES
AAR Gujarat’s Judgement on Services Provided by Way of Appointing Doctors, Nursing Staffs etc [Read Judgement]
Case: Sparsh OHC Manpower Services. Dated: 30.07.2020 Query: Specified services i.e. appointing Doctors, Nursing Staffs, and Ambulances and relating administrative services etc. covered under GST, whether it falls in the category of taxable or exempted services? Ruling by AAR: In view of the above discussion, services provided by the applicant fall under the category of […]
Posted inBUSINESS & ECONOMY
Government Increases Limit of Foreign Direct Investment (FDI) in Insurance Sector from 49 Percent to 75 Percent
The Department for Promotion of Industry and Internal Trade (DPIIT) has notified the government’s decision to increase the foreign direct investment (FDI) limit in the insurance sector under the automatic route to 75 per cent from 49 per cent earlier. FDI in the insurance sector was increased from 26 per cent to 49 per cent […]
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Accumulated Savings are Acceptable Reason u/s 69A for Cash Deposit upto Rs 2.5 Lacs by Housewives under Demonetization: ITAT
Agra ITAT upholds cash deposit of Rs. 2.11 lacs into bank account during demonetisation period by the Assessee-individual for AY 2017-18; Assessee is a housewife having no source of income and claimed that the cash deposited into the account are sourced from her earlier years savings. During scrutiny, Revenue made the addition of Rs. 2.11 […]
Posted inJUDGEMENT, MAGAZINES
Ruling by AAR Gujarat on Grinding of Plastic Material [Read Judgement]
Case: Manishbhai Champakbhai Mehta. Dated: 30.07.2020 Query: What is the HSN code of grinding of plastic material and what is the tax rate of said goods? Ruling by AAR: HSN code of grinding of plastic depends upon the type of polymers in primary forms of the heading 3901 to 3914 and GST rate would be […]
Posted inGST
GSTN is Organising Webinar on Recent Functionalities Related to Refunds Deployed on GST Portal
Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for […]
Posted inJUDGEMENT, MAGAZINES
18% GST will be Charged on Labour Supply if the Registered Person Does Not Meet the Criteria of Pure Agent: AAR Gujarat [Read Judgement]
Case: Bhadresh Kumar Rameshchandra Dave. Dated: 14.10.2020 Query: What will be the applicable GST rate for the activity carried out by the applicant? [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] Ruling by AAR: In view of the above discussion GST rate for the activity carried out by the applicant i.e. supply of labour would be 18% {CGST-9% […]
Posted inGST
Works Contract Service Provided by way of Construction will Attract 18% GST: CBIC Clarifies
CBIC, on 17th June 2021, says that reference has been received by the Board for a clarification whether services supplied to a Government Entity by way of construction such as of “a ropeway” are eligible for concessional rate of 12% GST under entry No. 3 (vi) of Notification No. 11/2017- CT (R) dated 28.06.2017. Solution […]
Posted inGST
CBIC Issues Clarification Regarding GST on Supply of Various Services by Central and State Board [Read Circular]
CBIC, on 17th June 2021, says that certain representations have been received seeking clarification in respect of taxability of various services supplied by Centre and State Boards such as National Board of Examination (NBE). These services include entrance examination (on charging a fee) for admission to educational institution, input services for conducting such entrance examination […]
Posted inGST
No GST on Supply of Food in Anganwadis and Schools: CBIC Clarifies
As per the recommendation of the GST Council, the CBIC has clarified on 17th June that “Services provided to an educational institution by way of serving of food (catering including mid- day meals) is exempt from levy of GST irrespective of its funding from government grants or corporate donations [under said entry 66(b) (ii)]. Educational […]
Posted inINCOME TAX
Time to Announce a Fee for Every Glitch to be Reported by CAs about New Income Tax E-filing Portal: CA Amresh Vashisht
Office of Finance Minister Smt. Nirmala Sitharaman tweeted that “Written representations are invited regarding the issues/ glitches on the new Income Tax Portal on the email address fmo@nic.in latest by 7 PM on Friday, June 18, 2021. (Prior to the meeting between senior Finance Ministry officials & Infosys on June 22).” After this tweet, one […]
Posted inMAGAZINES
State Wise List of A&H Centres for Hallmarking of Gold Jewellery
Under Hallmarking scheme of Bureau of Indian Standards, Jewellers are registered for selling hallmarked jewellery and recognise testing and hallmarking centres. BIS (Hallmarking) Regulations were implemented w.e.f. 14.06.2018. Hallmarking will enable Consumers i.e. Jewellery buyers to make a right choice and save them from any unnecessary confusion while buying gold. [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] […]
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Virtual Course on Standards of Auditing
Join Virtual course: Standards of Auditing Dates: 24, 25, 26 & 27 June Time: 3 PM to 5.30 PM [ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”2″ ihc_mb_template=”1″ ] 23 SA Covered by expert faculties Case study competition under expert’s guidance Access to recorded sessions for re-study Course completion Certificate Register: https://t.co/fHzSZFLmyW [/ihc-hide-content]
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Services Provided by an Indian Firm to Foreign Firm as an Intermediary will be Liable to CGST+SGST Instead of IGST: AAR Gujarat [Read Judgement]
Case: M/s Sagar Powertex Private Limited Clause(s) of Section 97(2) of CGST/GGST Act, 2017, under which the question(s) raised: (e) determination of the liability to pay tax on any goods or services or both. Ruling Sought for: M/s. Sagar Powertex Pvt. Ltd., Sagar House, Indian Red Cross Society, Nr. Old Vadaj Circle, Ashram Road, Ahmedabad […]
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Mandatory Hallmarking of Gold Jewellery Comes into force from 16th June 2021. Know the Decisions Taken by the Government
Mandatory Hallmarking of Gold Jewellery is going to come into force from tomorrow, 16th June, 2021. Based on extensive consultations with stakeholders, following decisions were taken- Hallmarking will be initially be starting from.256 districts of the country which have Assaying marking centres. Jewellers with annual turnover upto Rs. 40 lac will be exempted from mandatory […]
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Unique Webinar on Right To Information Act, 2005 (RTI)
Unique Webinar on Right To Information Act, 2005 (RTI) Date: 18th June 2021 Time: 6 PM to 8 PM Coverage : ✏ Overview of RTI Act ✏ History of the Act ✏ Important Definitions ✏ What is Information? ✏ What is Right to Information? ✏ Where RTI can be Filed? ✏ Who can file RTI? […]
![Latest GST Weekly News, Information, Judicial, Notifications & Announcements [Period 20/09/21 to 26/09/21]](https://i0.wp.com/taxconcept.net/wp-content/uploads/2021/03/New-Functionalities-on-GST-Portal-You-Must-Know.jpg?resize=660%2C440&ssl=1)
Posted inMAGAZINES
Special Webinar on Recent Issues and Developments in GST
Tax Bar Association, Jodhpur is inviting you to a scheduled Zoom meeting. Topic: GST- Recent Issues And Developments (01.01.2021 to 15.06.2021) Time: Jun 16, 2021 05:00 PM Speaker: CA Rajesh Kumar Khandelwal, Faridabad Join Zoom Meeting: https://us02web.zoom.us/j/88081390803?pwd=aWhTVXdIdDdZNm91UWlkdVR2SXYxUT09 Meeting ID: 880 8139 0803 Passcode: 485959
Posted inMAGAZINES
15 Point Summary of New Income Tax E-filing Portal
(1.) The new IT Portal gets information/ data/ linkages from various other authorities such as BANKS, CIBIL, CAMS, TRACES, CDSL, IRDA, GSTN, STOCK EXCHANGES. It is possible that the data obtained from above will be soon appearing in Form 26AS. (2.) It is likely that for faster refunds, there would be automatic 18-20 validation stages/ […]
Posted inINCOME TAX
Finance Ministry to Hold Meeting with Infosys on Issues in the New Income Tax E-filing Portal
Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants & taxpayers to be part of the interaction. Infosys team to clarify on glitches faced.
Posted inTC
CBDT Notifies Cost Inflation Index for the Financial Year 2021-22
By issuing notification on 15th June 2021, the CBDT has notified Cost Inflation Index (CII) for the Financial Year 2021-22 as 317. The notification shall come into force from 1st April 2022.
Posted inINCOME TAX, MAGAZINES
Karnataka Taxpayers Association Represents Ministry of Finance for a Sensitive Issue of Taxation Sector
As we all know that CBDT had launched new Income Tax E-filing Portal incometax.gov.in which was crashed in an hour of launching and till date, the same has not been repaired. Ministry of Finance spends Rs. 4242 crore for this new e-filing portal So in this complicate situation, Karnataka Taxpayers Association represents the Ministry of […]
Posted inINCOME TAX
CBDT Provides Relaxation in Electronic Filing of Income Tax Forms 15CA/ 15CB
In view of the difficulties faced by taxpayers in filing Income Tax Forms 15CA/ 15CB on the new Income Tax E-filing Portal, the CBDT has provided relaxation in electronic filing of these forms. The Official Press Release is attached as under:
Posted inJUDGEMENT
Common Maintenance Fund Collected from Members is Liable to GST at the Time of Actual Supply of Service [Read Judgement]
Case: The Capital Commercial Co-op. (Service) Society Limited Question-1: Whether applicant is liable to pay GST on the common maintenance fund/ deposit collected from their members? Answer: Answered in affirmative. Question-2: If Yes, then, what shall be considered as the time of supply for such transaction? Answer: The amounts so utilized for provision of service […]