Reading Time: 2 minutes Authority for Conducting exams for GST Practitioners, The Central Board of Indirect Taxes and Customs (“CBIC”) vide Notification No. 24 /2018 – Central Tax dated May 28, 2018, has decided that the National Academy of Customs, Indirect Taxes and Narcotics, Department of Revenue, Ministry of Finance, Government of India, as the authority to conduct the examination for GST Practitioners as
Read More
Reading Time: 2 minutes GST on Farmers, The Central Board of Indirect Taxes & Customs has given Clarification on the GST implication related to farmers on 28th May 2018, according to the press release issued by CBIC “It has been reported in the certain section of the Press that certain changes have been made in GST law relating to farmers, which
Read More
Reading Time: 5 minutes Provisional Assessment in GST, In case, the supplier is unable to determine value/rate of tax on goods/services or both applicable he can request Asst. /Dy. Commissioner of Central Tax, giving reasons for payment of tax on the provisional basis. Provisional Assessment in GST Introduction A supplier will come to know the extent of his tax liability which
Read More
Reading Time: 12 minutes SFT Reporting 1. What is the legal framework for reporting Statement of Financial Transactions (SFT)? Section 285BA of the Income Tax requires specified reporting persons to furnish the statement of the financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of the financial transaction required to be furnished under sub-section (1)
Read More
Reading Time: 2 minutes Specified 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
Read More
Reading Time: 3 minutes Incorporation 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
Read More
Reading Time: 10 minutes Treatment 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
Read More
Reading Time: 2 minutes Arrest 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
Read More
Reading Time: 2 minutes Determination 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
Read More
Reading Time: 2 minutes In 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,
Read More
