INTEREST U/S 50 OF CGST ACT SHOULD BE CHARGED ON NET LIABILITY : MADRAS HC

In Writ Petition Nos. 23360 and 23361 of 2019 & VMP Nos. 23106 and 23108 of 2019, Hon’ble Madras HC has held that : I am supported in my view by a recently inserted proviso to Section50(1) reading as below :Provided that the interest on tax payable in respect of supplies made during a tax …

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INTEREST UNDER SECTION 50(1) OF THE CGST ACT SHALL BE CHARGED ON NET CASH LIABILITY. WE WILL GIVE PROSPECTIVE EFFECT ON IT : CBIC TWEETED

There are some discussions in social media w.r.t. interest calculation on delayed GST payments post a few media reports regarding Rs. 46000 Cr interest on the delayed GST payments to be collected by tax authorities. On this issue of interest calculation, it is clarified that- The GST laws, as of now, permit interest calculation on …

INTEREST UNDER SECTION 50(1) OF THE CGST ACT SHALL BE CHARGED ON NET CASH LIABILITY. WE WILL GIVE PROSPECTIVE EFFECT ON IT : CBIC TWEETED Read More »

NO NEED FOR RE-EVALUATION OF ANSWER BOOKS OF CA EXAMS & TO AMEND REGULATION 39(4) OF THE CA REGULATIONS, 1988 : ICAI

The high level committee constituted by the ICAI for providing their recommendations on Review of Examination Processes and Regulations says that there is no need for re-evaluation of answer books of CA exams and it does not recommend the same. Consequently, there is no need to amend the existing provisions of Regulation 39(4) of the …

NO NEED FOR RE-EVALUATION OF ANSWER BOOKS OF CA EXAMS & TO AMEND REGULATION 39(4) OF THE CA REGULATIONS, 1988 : ICAI Read More »

BIGGEST CONTROVERSY BETWEEN GST COUNCIL & SPECIAL SECRETARY AND INTERFERENCE OF HIGH COURT

We all know the suggestion made by the GST Council in its 31st Council Meeting for amendment in Section 50 of the CGST Act, 2017 which is as under : “Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after …

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LLP ANNUAL REPORT FORMAT

XYZ………. LLPLLPIN: ……………………… CONTENTS Member’s Report Partners’ Responsibilities Statement Independent Auditor’s Report Limited Liability Partnership Balance Sheet Limited Liability Partnership Profit & Loss Account Notes to the Financial Statements LLP’S PARTNERS’ REPORT The Partners present their ………..st/rd Annual Report on the affairs of the LLP together with the Auditor’s Report and Financial Statements for the Financial Year …

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INTEREST UNDER SECTION 50(1) WILL BE LIABLE ON GROSS TAX LIABILITY AS SHOWN IN GSTR-3B : CBIC

F. No. CBEC-20/16/07/2020- GST Dated the 10th February, 2020 Dear Principal Chief Commissioner/ Chief Commissioner, Kind attention is drawn towards the cases wherein the taxpayers have filed their FORM GSTR-3B returns belatedly without discharging the applicable interest payable on the delayed payment of tax under the sub-section (1) of the Section 50 of the Central …

INTEREST UNDER SECTION 50(1) WILL BE LIABLE ON GROSS TAX LIABILITY AS SHOWN IN GSTR-3B : CBIC Read More »

REPRESENTATION OF TAX BAR ASSOCIATION, JODHPUR AGAINST TECHNICAL GLITCHES FACED BY TAXPAYERS AT GSTN PORTAL

Date : 11/02/2020 To, The Commissioner, CGST, Central Goods and Services Tax, Jodhpur Hon’ble Sir, Greetings of the day! Sub.: Representation against Technical Glitches faced at GST Portal and Request for Extension of Due Date for GSTR-1 and GSTR-9/9C for F.Y. 2017-18. Tax Bar Association, Jodhpur registered under Section 12AA of the income tax act, …

REPRESENTATION OF TAX BAR ASSOCIATION, JODHPUR AGAINST TECHNICAL GLITCHES FACED BY TAXPAYERS AT GSTN PORTAL Read More »

GST DEPARTMENT STARTED SENDING NOTICES UNDER SECTION 50 OF THE CGST ACT, 2017

After issuance of notices under section 16(4) of the CGST Act, 2017 and under rule 36(4) of the CGST rules, 2017, GST department started sending notices under section 50 of the CGST Act, 2017 to recover the interest liability from taxpayers. The draft of notice received by a taxpayer is as under. Contents are hidden. …

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SHOCKING : ONE TIME BILLIONAIRE ANIL AMBANI SAYS ‘HE IS NOW WORTH NOTHING’

“The value of my investments has collapsed. I don’t hold assets which can be liquidated,” Ambani said. The brother of Asia’s richest man was ordered to set aside $100 million in his dispute with three Chinese banks, even as he pleaded poverty. “The value of my investments has collapsed,” Anil Ambani said, according to a …

SHOCKING : ONE TIME BILLIONAIRE ANIL AMBANI SAYS ‘HE IS NOW WORTH NOTHING’ Read More »

Sahin Bagh

JUST IN : SUPREME COURT REFUSES TO INTERFERE IN ORDER PASSED BY RAJASTHAN HC FOR GSTR-9 AND 9C

In the matter of UOI vs Tax Bar Association, Hon’ble Supreme Court through its bench comprising of Hon’ble Justice R F Nariman & Hon’ble Justice Ravinder S Bhatt, at the outset, refused to interfere in order as passed by Hon’ble Rajasthan High Court and also clarified that there would be no penal consequences for delayed …

JUST IN : SUPREME COURT REFUSES TO INTERFERE IN ORDER PASSED BY RAJASTHAN HC FOR GSTR-9 AND 9C Read More »

PRACTITIONER’S GUIDE TO AUDIT OF SMALL ENTITIES (UPDATED 2020) : BY ICAI

PREFACE As we all are aware that smaller entities make a substantial contribution to our Indian economy, and quantitatively the majority of audits are also audits of smaller entities. In India, all entities particularly those in the corporate sector are required to get their accounts audited and even in case of non-corporate sector also, audit …

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THEN AND TODAY’S QUESTION : WHY ADVOCATE SHANTI BHUSHAN MOVED TO SUPREME COURT ON INCOME TAX DEDUCTION FOR HEART SURGERY ??

Income Tax cases are often sordid matters involving deceit, dishonesty and general untasteful behavior. Once in a blue moon though, one may stumble upon a heartwarming story in tax, like the case of Shanti Bhushan vs. CIT. The eminent lawyer Shanti Bhushan, in this particular case, claimed that the expense of having a coronary surgery …

THEN AND TODAY’S QUESTION : WHY ADVOCATE SHANTI BHUSHAN MOVED TO SUPREME COURT ON INCOME TAX DEDUCTION FOR HEART SURGERY ?? Read More »

STEP BY STEP PROCESS TO FILE ECR

STEP BY STEP PROCESS TO FILE ECR

Point 1: Login to EPFO portal using your ECR portal credentials: Once logged in, you can check the details of Establishment Name,Establishment ID, Exemption Status (PF, Pension, EDLI), Establishment Address and PF office. Point 2: To upload ECR, go to Payments tab >> ECR [UPLOAD] Point 3: On next screen, i.e. ECR File Upload, click on ‘ECR Help File’ to …

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MCA

COMPANIES (INCORPORATION) AMENDMENT RULES, 2020 WHICH WILL COME INTO FORCE W.E.F. 15th FEB, 2020

G.S.R……..(E)._ In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (lncorporation) Rules, 2020, namely: Short title and commencement- (1) These rules may be called the Companies (lncorporation) Amendment Rules, …

COMPANIES (INCORPORATION) AMENDMENT RULES, 2020 WHICH WILL COME INTO FORCE W.E.F. 15th FEB, 2020 Read More »

TDS RATE CHART FOR F.Y. 2020-21 (A.Y. 2021-22)

Section Particulars TDS Rate Individual/ HUF (Indian Resident)(in %) TDS Rate for  (NRI) in India (in %) Domestic Company (in %) Other than domestic Company (in %) 192 Payment of salary Normal Slab Rate Normal Slab Rate – – 192A Payment of accumulated balance of Provident fund which is taxable in the hands of an …

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INCOME TAX DEPARTMENT LAUNCHES E-CALCULATOR FOR COMPARISON OF TAX BETWEEN OLD AND NEW TAX REGIME

The Income-Tax Department has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions, for ITR filing as announced in the recent Budget, officials said on Thursday. The calculator, with a comparative table to compare taxes in the old and the new …

INCOME TAX DEPARTMENT LAUNCHES E-CALCULATOR FOR COMPARISON OF TAX BETWEEN OLD AND NEW TAX REGIME Read More »

RAJASTHAN HIGH COURT

TAXPAYERS OF RAJASTHAN CAN FILE GSTR-9 AND 9C (F.Y. 2017-18) WITHOUT LATE FEES UP TO 12th FEB, 2020 – RAJASTHAN HC

In PIL No. 1805/2020, Adv. Sanjay Jhanwar, Adv. Rahul Lakhwani and Adv. Prateek Gattani appeared for the Petitioner (Tax Bar Association, Jodhpur) before the High Court of Rajasthan regarding technical glitches being faced by the taxpayers in filing of GSTR-9/9C on the GSTN portal.  The counsels also informed the court regarding new ways of extension of …

TAXPAYERS OF RAJASTHAN CAN FILE GSTR-9 AND 9C (F.Y. 2017-18) WITHOUT LATE FEES UP TO 12th FEB, 2020 – RAJASTHAN HC Read More »

CBIC NOTIFIES DUE DATES FOR GSTR-3B OF JAN, 2020 TO MARCH, 2020 IN A STAGGERED MANNER (FOR TAXPAYERS UP TO TURNOVER OF 5 CRORE IN PREVIOUS F.Y.)

Notification No. 07/2020 – Central Tax, Dated 3rd February, 2020 In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the …

CBIC NOTIFIES DUE DATES FOR GSTR-3B OF JAN, 2020 TO MARCH, 2020 IN A STAGGERED MANNER (FOR TAXPAYERS UP TO TURNOVER OF 5 CRORE IN PREVIOUS F.Y.) Read More »

CBIC FURTHER EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER

Notification No. 06/2020 – Central Tax, Dated 3rd February, 2020 In exercise of the powers conferred by sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), read with rule 80 of the Central Goods and Services Tax …

CBIC FURTHER EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER Read More »

CORPORATE COMPLIANCE CALENDAR FEBRUARY 2022

CORPORATE COMPLIANCE CALENDAR FOR THE MONTH OF FEBRUARY, 2020

ABOUT ARTICLE : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non‐ compliance” COMPLIANCE REQUIREMENT UNDER : Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications …

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CHANGES IN CGST ACT AFTER UNION BUDGET, 2020

Clause No. Of Finance Bill 2020 Section of GST Act 2017   Present Provision   Proposed Provision   Remarks                 116                 2(114) ―”Union territory” means the territory of— the Andaman and Nicobar               Islands;Lakshadweep;Dadra and Nagar Haveli [and Daman and Diu]; …

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CBIC EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER

Considering the difficulties being faced by taxpayers in filing GSTR-9 and GSTR-9C for FY 2017-18 it has been decided to extend the due dates in a staggered manner for different groups of States to 3rd, 5th and 7th February 2020 as under. Group 1: Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Puducherry, Telangana, Andhra Pradesh, Other …

CBIC EXTENDS DUE DATE FOR GSTR-9 AND 9C (F.Y. 2017-18) IN A STAGGERED MANNER Read More »

STANDARD OPERATING PROCEDURE TO BE FOLLOWED BY EXPORTERS TO GET THEIR REFUND

(1.) As you are aware, several cases of monetisation of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Service Tax (IGST) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases. In all these cases …

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REPLY FORMAT FOR NOTICE UNDER SECTION 50

REPLY FORMAT FOR NOTICE UNDER RULE 36(4) OF THE CGST RULES, 2017

In previous article, we have discussed about the notices send by GST department under Rule 36(4) of the CGST Rules, 2017. After sharing of that article, we have received various queries from professionals across the country that what is required to be done in case of these notices. So, in this article ; we will …

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GST DEPARTMENT STARTED SENDING NOTICES UNDER RULE 36(4) OF THE CGST RULES, 2017

We know that w.e.f. 09th Oct, 2019, the GST department has restricted ‘the ITC to be claimed in GSTR-3B return to 120% of the eligible credit based on invoices/debit notes uploaded by the suppliers in their GSTR-1 [Rule 36(4) of the CGST Rules, 2017].’ The extract of above rule is as under : “(4) Input …

GST DEPARTMENT STARTED SENDING NOTICES UNDER RULE 36(4) OF THE CGST RULES, 2017 Read More »

REPLY FORMAT FOR NOTICE UNDER SECTION 16(4) OF THE CGST ACT, 2017

In previous article, we have discussed about the notices send by GST department under section 16(4) of the CGST Act, 2017. After sharing of that article, we have received various queries from professionals across the country that what is required to be done in case of these notices. So, in this article ; we will …

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GST DEPARTMENT STARTED SENDING NOTICES UNDER SECTION 16(4) OF THE CGST ACT, 2017

We know that the due date of claiming ITC for F.Y. 2017-18 and F.Y. 2018-19 was 30th Apr, 2019 (March, 2019 GSTR-3B) and 20th Oct, 2019 (Sep, 2019 GSTR-3B) respectively [Section 16(4) of the CGST Act, 2017]. Some taxpayers have filed their GSTR-3B for such F.Y. after due date as mentioned above and have claimed …

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