Reading Time: 2 minutesSpecified Financial Transaction, As per rule 114E of the IT rules 1962, a Reporting Entity is required to file the statement of financial transaction in form 61A. A Reporting Entity has to report in specified SFT reportable transaction of the nature specified in this rule for the relevant financial year on or before 31st of
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Reading Time: 3 minutesIncorporation of Partnership Firm Incorporation of Partnership Firm, The Partnership firms are the most famous business entities in India which are governed by the Partnership Act, 1932. The Section 4 of the Partnership Act  1932 defines Partnership as – “An agreement between persons who have agreed to share profits of the business carried on by all
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Reading Time: 10 minutesTreatment of Information Technology Information Technology enabled Services IT ITES under GST Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or
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Reading Time: 2 minutesArrest under GST, Father Son arrested in case of fraudulent issuance of GST invoices, Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to the Copper industry. As per Section 132 of the
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Reading Time: 2 minutesDetermination The Place of Supply Determination The Place of Supply is the most important aspect of the Goods and Services Tax system, one should know the proper place of supply before doing the taxation or issuing an Invoice under GST. We should determine the place of supply so that the proper treatment of GST can be done.in
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Reading Time: 2 minutesIn the appeal no ITA 162/KOL/2017   ITO vs. M/s. Dayamayee Marble & Granite, the  Income Tax Appellate Tribunal (ITAT) Kolkata Bench, cancelling the penalty held that the capital contributed in Cash Transaction by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Income Tax Act,
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Reading Time: 2 minutesDue Date for Form GSTR3B April 2018 extended to 22.05.2018 Due Date Extension for GSTR3B, As the most of the taxpayers were suffering due to technical glitches of GST portal on Last days of filling for the Form GSTR3B, the government has extended the due date for the same  and issued a  Press Release on extension
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Reading Time: 10 minutesAppeals and Review Mechanism under GST Introduction: Appeals and Review Mechanism under GST Tax laws (or any law, for that matter) impose obligations. Such obligations are broadly of two kinds: tax-related and procedure-related. The taxpayer’s compliance with these obligations is verified by the tax officer (by various instruments such as scrutiny, audit, anti-evasion, etc.), as a
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Reading Time: 3 minutesTaxability of Tenancy Rights under GST Taxability of Tenancy Rights under GST, The Government of India has addressed the Issues related to Taxability of Tenancy Rights under GST- regarding doubts have been raised as to.- (i) Whether Transfer of Tenancy Rights to an incoming tenant. consideration of which is in form of tenancy premium Shall attract GST
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Reading Time: 11 minutesAdvance Ruling Mechanism in GST Advance Ruling Mechanism in GST, An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as
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