📺 *Updates*
➡1. Sale proceeds of agricultural land acquired to non-agriculture purposes wasn’t entitled to capital gains exemption
Synthite Industrial Ltd. v. Commissioner of Income-tax
➡2. Depreciation claim is mandatory before computing profits eligible for sec. 80-IA relief: Apex Court
Plastiblends India Ltd. v. Additional Commissioner of Income-tax, Mumbai
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#Economy:The International Monetary Fund has slightly raised its projection for economic growth of major economies, but it drastically scaled down the one for India by 0.5% to a four-year low of 6.7% for 2017-18 due to demonetisation and GST.
#Finance: 4.3 million of the 5.3 million businesses scheduled to submit GSTR-1 had filed the final sales returns. Once a taxpayer files GSTR-1, the corresponding entries in GSTR-2A of his buyer shall get auto populated. The buyer shall finalise his GSTR-2 after making modifications, if required, in GSTR-2A and avail the Input Tax Credit.
#Drug pricing regulator NPPA has sought explanation from 21 hospitals for not displaying on homepage of their websites prices of knee implant systems at which they are billing the patients.The hospitals, which are in Rajasthan and Gujarat, have been given seven days time to respond and explain reasons for not adhering to the Govt directives.
#A week after Petroleum Minister urged the state Govts to cut the VAT on petrol and diesel, two BJP-ruled states Gujarat and Maharashtra have today slashed the VAT on fuel. The decision will provide a big relief to the middle class during Diwali festival and vacation.
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📚LEGAL PROVISION 📚*_
_Legal Provision of the Day *"Punishment Where No Specific Penalty or Punishment Is Provided"* ._
_*Legality*_: _Section 450 of Companies Act, 2013 correspond to section 629A in Companies Act, 1956_.
_*Effective*_: _12th of September, 2013_
_*Provision*_: _If a company or any officer of a company or any other person contravenes any of the provisions of this Act or the rules made thereunder, or any condition, limitation or restriction subject to which any approval, sanction, consent, confirmation, recognition, direction or exemption in relation to any matter has been accorded, given or granted, and for which no penalty or punishment is provided elsewhere in this Act, the company and every officer of the company who is in default or such other person shall be punishable with fine which may extend to ten thousand rupees, and where the contravention is continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which the contravention continues._.
_*Brief of Provision*:_ _Where there is no penalty prescribed for contravention of any provision of Companies Act, 2013 company and officer or any other person (Statutory Auditor, Secretarial Auditor, Internal Auditor) will be liable a fixed fine of Rs. 10,000 however the default is continue one they have to pay 1,000 for each day after contravention till the default continue ._
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CGST Sections
Section 31 - Tax Invoice
This Section provides for issuance of tax invoice within the prescribed period showing the prescribed particulars. This section empowers the Government to specify services, for which any other document issued in lieu of tax invoice, shall be deemed to be tax invoice & also specify services where no tax invoice is required to be issued. This section also provides for issue of documents other than tax invoice in certain cases. New Flowcharts Added | Related FAQs Added | Key Points Added
Section 33 - Amount of Tax to be indicated in tax invoice and other documents
Section 33 outlines the requirement to mention the tax amount in all documents such as a tax invoice, or other documents when a supply of goods/services is made for a consideration. This Section overrides this Act or any other law in force as on date. Interpretation Added
Press Release
Ministry of Finance | 22-September, 2017 14:35 IST
Clarification about Transition Credit
Ministry of Finance | 22-September, 2017 20:16 IST
Notification Issued for GST Actionable Claim On Branded Food Products
Ministry of Finance | 20-September, 2017 20:48 IST
Notification regarding GST rate for branded cereal, pulses and flour
Notifications
Order-04/2017-GST | 29/09/17
Extension of time limit for intimation of details in FORM GST CMP-03
36/2017-Central Tax | 29/09/17
Eighth amendment to CGST Rules, 2017
30/2017-Central Tax (Rate) | 29/09/17
Exempting supply of services associated with transit cargo to Nepal and Bhutan.
31/2017-Integrated Tax (Rate) | 29/09/17
Exempting supply of services associated with transit cargo to Nepal and Bhutan.
30/2017-Union Territory tax(rate) | 29/09/17
Exempting supply of services associated with transit cargo to Nepal and Bhutan
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Depreciation Claim is Mandatory for Claiming Benefit of s. 80-IA of Income Tax Act: SC [Read Judgment]
Read more at: http://www.taxscan.in/depreciation-claim-mandatory-claiming-benefit-s-80-ia-income-tax-act-sc/11961/
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Frequently Asked Questions (FAQs)
on Insolvency and Bankruptcy Code 2016
Q.1 Why does the Insolvency and Bankruptcy Code, 2016 (IBC) seem to be a big legislative reform?
Ans. The Code mainly addresses the five most important areas which were not dealt with earlier-First, the Code provides for a single platform for insolvency resolution process. Earlier there were various different legislations.
Two, it is time bound, it sets a time limit of 180 days for formulation and approval of insolvency resolution plan, with a one-time extension upto 90-days.
Three, it shifts the control of affairs of the company from the hands of Board/ Promoters to Resolution Professional till the resolution plan is finalised. Fourth, the control of assets moves from debtor to creditors. Fifth, the Code provides for the resolution of debt while the company continues to operate as a going concern.
Q.2 Who are the beneficiaries under the Code?
Ans. Debtor (Corporates/individual and other debtors) - A debtor can revive its debt crisis through effective time bound resolution mechanism. Creditors - Can expect of repayment of their loans or amount due. Small Companies/Start-ups/Unlisted Companies - Can revive their business through fast track insolvency resolution process.
Small Traders/Farmers - Can come out of insolvency through fresh start process.
Q.3 Who can file application for initiation of Corporate Insolvency Resolution Process under the Code?
Ans. Where an application is filed against a Company or LLP under the Code, the process is termed as Corporate Insolvency Resolution Process (CIRP) which may be initiated by:
(i)Financial Creditors like banks, financial institutions/debenture/ deposit holders or individuals
(ii)Operational Creditors like supplier of goods or service providers or any workmen, or employee etc.
(iii)Corporate Debtor i.e. the Company or the LLP itself Provided such Company/LLP must have defaulted in repayment of an amount of Rs. 1,00,000/- (Rupees One Lac) or more.
In view of the recent order of the Hon'ble Supreme Court of India in the matter of the homebuyers, those who have not received possession of their flats have got a ray of hope that their interests will be protected in pending insolvency proceedings against a company.
Q.4 If an application is admitted against a Company under the Code, does that mean that the Company has become insolvent?
Ans. No, it does not mean Company has become insolvent, it indicates there is a need for business and /or financial restructuring of the Company.
Q.5 Before which forum should a person file an application for Initiation of CIRP? Also, whether the forum for filing application against individual and partnership firm is same or different?
Ans. The forum for initiating CIRP is National Company Law Tribunal (NCLT).
The forum for filing application against an Individual or Partnership Firm is Debt Recovery Tribunal (DRT).
Q.6 Is NCLT a Court?
Ans. NCLT is a Tribunal vested with the powers of a Court.
Q.7 Who conducts CIRP and how does It work?
Ans. CIRP is conducted by an Insolvency Professional (IP) who is appointed as Resolution Professional (RP) for this purpose. Once an application for insolvency resolution is admitted against a Company before NCLT, the NCLT appoints an RP. Immediately thereafter the powers of Board of Directors of the Company are suspended and the control of affairs of the Company shifts to the hands of RP. The RP then advertises for claims, constitutes a Committee of Creditors (CoC) with representatives of creditors of Company as its members. The CoC approves the resolution plan for restructuring and revival of Company including debt restructuring which is finally approved by NCLT. Once CIRP starts, all legal proceedings including existing ones are stayed.
Q.8 Is it necessary for every creditor to submit his/its claim? If yes, then within what time?
Ans. Upon appointment of a Resolution Professional by NCLT, the RP is required to issue a public announcement. A creditor must submit proof of claim within the time provided in public announcement. A creditor, who fails to submit proof of claim within the time limit stipulated in the public announcement, may submit such proof till the approval of a resolution plan by the committee of creditors.
Q.9 Whether the Coda will help in Improving India's Global standings In ease of doing business?
Ans. With the time bound process under the Code, it is expected that India's ranking in the World Bank report on ease of doing business will improve substantially.
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GST Podcast-53*
*First decision of Supreme Court of India in Goods & Services Tax Act, 2017 clarifying the responsibility of GST payment in case of sale of Minerals through E-Auction*
*Dear Learned Professionals,*
The Apex Court on *Tuesday, 10th October 2017* delivered its *first verdict in Goods and Service Tax Act, 2017* in the case of *Samaj Parivartana Samudaya & Ors. V. State of Karnataka & Ors.-Writ Petition (s)(Civil) No(s) 562/2009.*
The Supreme Court while delivering the above-mentioned verdict clarified that in case of sale of mineral through e-auction, GST is payable by the buyers of mineral directly to the lessee and lessee shall be responsible for making all compliances under the GST Act, 2017.
Further, the Apex Court also directed the ‘Monitoring Committee’ to take necessary action to enable the lessee to claim & obtain the benefit of *Input Tax Credit* under the GST Act, 2017.
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CBEC’s Directive on Processing of Refund of IGST paid on Export of Goods [Read Instruction]
Read more at: http://www.taxscan.in/cbecs-directive-processing-refund-igst-paid-export-goods/11931/
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UAE VAT: FTA Opens Registration Window for Companies
Read more at: http://www.taxscan.in/uae-vat-fta-opens-registration-window-companies/11959/
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As per Circular no. 8/8/2017-GST
Issued on 4-10-17
It is clarified that the acceptance of LUT for supplies of goods to Nepal or Bhutan or SEZ developer or SEZ unit will be permissible irrespective of whether the payments are made in Indian currency or convertible foreign exchange as long as they are in accordance with the applicable RBI guidelines. It may also be noted that the supply of services to SEZ developer or SEZ unit under LUT will also be permissible on the same lines. The supply of services, however, to Nepal or Bhutan will be deemed to be export of services only if the payment for such services is received by the supplier in convertible foreign exchange.
So, Export of Goods to Nepal and Bhutan can be made without payment of tax on LUT.
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CBEC’s Directive on Processing of Refund of IGST paid on Export of Goods [Read Instruction]
Read more at: http://www.taxscan.in/cbecs-directive-processing-refund-igst-paid-export-goods/11931/
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Quick Reference to " Sectors in which Foreign Venture Capital Investor is allowed to Invest" :-
1. Software Development.
2. Hardware Development.
3. Seed Research.
4. Seed Development.
5. Biotechnology.
6. Nanotechnology.
7. Dairy Industry.
8. Poultry Industry.
9. Infrastructure Sector.
10. Production of Bio- Fuels.
11. Research of New Chemical entities in Pharmaceutical Sector.
12. Development of New Chemical entities in Pharmaceutical Sector.
13. Hotel - Cum- Convention Centres with seating capacity of more than 3 K.
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CBEC’s Directive on Processing of Refund of IGST paid on Export of Goods [Read Instruction]
Read more at: http://www.taxscan.in/cbecs-directive-processing-refund-igst-paid-export-goods/11931/
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👉🏻ICAI seeks post graduation status for CA qualification.*
(ICAI said it has sought post graduation degree status for CA qualification. CA intermediate programme should be accorded the graduation degree status.)
👇🏻 👇🏻 👇🏻
https://goo.gl/qhxe2m
*👉🏻No extension of last date for filing GSTR-1 for July, 2017.*
(The last date for filing GSTR-1 for the month of July, 2017 is 10th October, 2017. An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July.)
👇🏻 👇🏻 👇🏻
https://goo.gl/JtwY4d
*👉🏻Take action against foreign accounting firms violating law - SC.*
(SC asked the government to take action against those foreign accounting firms which are operating in India and found violating the law in any manner.)
👇🏻 👇🏻 👇🏻
https://goo.gl/Kbcuwb
*👉🏻Partners Required for Various Locations.*
(We, a 25 years old CA firm based, are looking for Chartered Accountants to set up branch offices accross the country)
👇🏻 👇🏻 👇🏻
https://goo.gl/kBrMtA
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Quick Reference to " Important Features of NBFCs w.r.t. Depositors " :-
1. NBFCs can accept/ renew public deposits for min. 1 year & max 5 year.
2. Deposits repayable on demand is not allowed.
3. Max. Interest rate is of 12.5% which can be paid by NBFCs to Depositors.
4. Deposits of NBFCs are not insured.
5. NBFCs are not allowed to offer gift to the Depositors.
6. NBFCs cannot offer Incentives and additional benefit to Depositors.
7. Minimum Credit Rating is mandatory for NBFCs.
8. Repayment of Deposit by NBFCs are not guaranteed by RBI.
9. CoR i.e. Certificate of Registration issued by RBI sould be posted by NBFC on its website.
10. Generally, if there is default in repayment of Deposit by NBFCs then Depositor can apply to Consumer forum or Civil suit in court of law.
11. There is no Ombudsman for hearing Complaint against NBFCs.
12. Partnership and Proprietary concerns are prohibited under RBI Act, 1934 for Accepting Deposits.
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Quick Reference to " Nomination facility availability to Depositors of NBFC "
Points:-
1. Nomination facility is available to Depositors of NBFCs.
2. It deals with section 45QB of RBI act, 1934.
3. Depositors of NBFCs are allowed/ Permitted to Nominate 1 Person to whom NBFC will give/ return that amount of Deposit in the event of Death of Depositors.
4. Forms:-
DA 1 :- Nomination Form.
DA-2 :- Cancellation of Nomination.
DA-3 :- Change of Nominee.
5. NBFCs can adopt Banking Companies (Nomination) Rules, 1985 .
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Quick Reference to " Commercial Paper " :-
1. The Commercial Paper is a money market instrument.
2. It is Unsecured.
3. It is in the form of Promissory Notes.
4. It was introduced in the year 1990 in india.
5. It can be issued by Primary dealers, All- India financial Institutions, Corporates.
6. The Tangible net worth of the Company as per the latest balance sheet should be minimum of ₹ 4 crore.
7. Working capital limit should be sanctioned by Bank or All India financial Institutions.
8. Rating Requirement is mandatory to issue CP's.
9. It helps to meet short term funding requirement.
10. Min maturity Period should be of 7 days and maximum maturity Period should be of 1 year.
11. Maximum limit of amount will be Approved by BOD or Specified by Credit Rating Agency :- Whichever is lower.
12. It should be raised within 2 weeks from opening date of issue of Subsribtion.
13. CPs can be issued in ₹ 5 lakhs or multiples as a denominations.
14. The renewal of CPs are also considered as Fresh issue of CPs.
15. CPs can be in the form of Promissory Notes or In a Dematerialized form.
16. CPs are always issued at Discount to the Face value.
17. CPs cannot be underwritten.
18. It is absolutely different from Convertible Note.
19. RBI is the Regulator for CPs.
20. Only a Scheduled bank can act as an Issuing and Paying Agent for issuance of CP.
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# *GST*: CBEC issues instruction for Refund of IGST paid on export of goods under Rule 96 of CGST Rules, 2017 – Inst.No.15/2017-Customs, dt.09.10.2017
# *IBBI* has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.
# *GST*: Ministry of Commerce & Industry notifies scheme of budgetary support under GST regime to the units located in States of J & K, Uttarakhand, H.P. and North East including Sikkim which were eligible for drawing benefits under the earlier excise duty exemption / refund scheme - F.No.10(1)/2017-DBA-II/NER, dt.05.10.2017.
# *ICAI* issues Exposure Draft on AS-23 on Borrowing Costs. The last date for the comments is 31 OCT 2017.
# *ICAI* invites Suggestions for Pre-Budget Memorandum-2018.
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*Service Tax:*
*1. Goods Transport Agency (GTA)-* Since loading and unloading, handling and transportation of goods upto the destination was an integral part of C&F service, transportation charges received should form part of the consideration for C&F service and cannot be separately charged to tax under GTA.
*2017-TIOL-3602-CESTAT-DEL*
2. *Water Suply not a trading activity-* Where 90% of water supplied through pipeline was to Gram Panchayats, Nagar Palikas and Nagar Panchayats at non-commercial and highly subsidised rates, there is no profit motive and hence, not taxable under Commercial or Industrial Construction Service (CICS).
*2017-TIOL-2112-HC-AHM-ST*
*Central Excise:*
*3. Refund-* Goods cleared to a project financed by Asian Development Bank (ADB), enjoying exemption in terms of notification No. 108/95-CE are not specified in EXIM policy as 'deemed exports'– no refund u/r 5 of CCR is eligible.
*2017-TIOL-3599-CESTAT-DEL*
4. *CESTAT-* Motors, generator, engine, remnant oil arise during breaking up of ship .The sale of these cannot be considered as trading activity u/r 6 of CCR, 2004 as these items are recovered during breaking a ship and not purchased.
*2017-TIOL-3608-CESTAT-MUM*
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Petitions against GST: CBEC Asks Officials to Ensure Co-ordination with States [Read Instruction]
Read more at: http://www.taxscan.in/petitions-gst-cbec-asks-officials-ensure-co-ordination-states/11922/
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The government will clear pending GST refunds of exporters by November end. Over the next six months no tax will be levied on exports, the GST Council has decided: Revenue Secretary.
E-proceeding facilities launched by IT Deptt, to facilitate conduct of assessment proceeding electronically. CBDT Instruction.No. 8/2017 dt. 29.09.2017
GST: RCM on purchases from unregistered persons, TDS/TCS & full fledged E-way bill postponed till 1-4-18. Press Release Ministry of Finance of 6 October 2017.
GST: Migrated/ new assessee opt for Composition scheme till 31.3.2018 to avail it from next month onwards. File returns as normal dealer till then.
MCA issued suggestions to stake holders to file Annual filing by companies incorporated under the Companies Act, 1956/2013 for financial year 2016-17 in due time to avoid last time rush.
ICSI issued Guidance Notes on revised Secretarial Standards (SS-1 & SS-2). Are available on ICSI website at https://www.icsi.edu/ssb/Home.aspx
ICAI is organising 2 days of International Conference 360 Degree Knowledge at Mumbai on 8-9 December 2017. Register online at www.icai.org/.
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Instruction No.15/2017-Customs
F. No. 450/119/2017-Cus IV
Government of India
Ministry' of Finance
Department of Revenue
(Central Board of Excise & Custom)
New Delhi, dated the 09th October, 2017
To
All Principal Chief Commissioners/Chief Commissioners of Customs / Customs (Preventive),
All Principal Chief Commissioners/Chief Commissioners of Customs and Central Excise,
All Directors General,
All Principal Commissioners/Commissioners of Customs / Customs (Preventive),
All Principal Commissioners/ Commissioners of Customs and Central Excise.
Sir/Madam,
Sub: Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017
As you are aware, Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out of India. It provides that the shipping bill filed by an exporter shall be deemed to be an application for refund of integrated tax paid on the goods exported out of India once export general manifest (EGM) and valid return in Form GSTR-3 or Form GSTR- 3B, as the case may be has been filed. Once these conditions are met, the Customs System shall process the claim for refund and an amount equal to the integrated tax paid in respect of each shipping bill or bill of export shall be electronically credited to the bank account of the applicant mentioned in his registration particulars and as intimated to the Customs authorities.
2. The Committee on Exports setup by the GST Council has recommended that IGST refunds for exports made in July 2017 must start by 10.10.2017. This recommendation has been endorsed by GST Council in its meeting on 06-10-2017. Necessary background work is being done by the Directorate General of Systems, GSTN and Controller General of Accounts (PFMS). In order to ensure that refunds start smoothly, following guidelines are issued for the field formations-
Export General Manifest
3. Filing of correct EGM is a must for treating shipping bill or bill of export as a refund claim. Commissioners must ensure that the concerned airlines/shipping lines/carriers file EGM/Export report within prescribed time. Cases which remain in EGM error due to any reason should be followed up to ensure that records are updated at the gateway port, especially for ICDs. Exporters may be advised that they should follow up with their carriers to ensure that correct EGM/export reports are filed in a timely manner.
Details of export supplies in Table 6A of GSTR-I
4. The details of zero rated supplies declared in Table 6A of return in Form GSTR-I are matched electronically with the corresponding details available in Customs Systems as per details provided in shipping bills/ bill of export. Thus exporters must file their GSTR-1 very carefully to ensure that all relevant details match. For their convenience, the details available in the Customs System have been made available for viewing in their ICEGATE login.
4.1 Exporters who have not filed their GSTR-1for month of July 2017 may be advised to do so immediately.
4.2 For month of August 2017 and subsequent months, facility of filing GSTR-1 has not been made available by GSTN at present. In order to facilitate processing of refunds, GSTN is making available a separate utility for filing details in Table 6A of GSTR-1 on the GSTN Web portal. Exporters may be advised to submit the requisite details once GSTN develops the utility.
Valid return in Form GSTR-3 or Form GSTR-3B
5. Filing of valid return in GSTR-3 or GSTR-3B is another pre-condition for considering shipping bill/Bill of export as claim for refund. Exporters may be advised that they must file these returns expeditiously without waiting for the last date, to ensure that their refund is processed in a timely manner.
Bank account details
6. As per Rule 96 of CGST Rules 2017, the refund is to be credited in the bank account of the applicant mentioned in his registration particulars. As a practice, exporters have been declaring details of bank account to Customs for the purpose of drawback etc. There is a possibility that bank account details available with Customs do not match with those declared in the GST registration form. In order to ensure smooth processing and payment of refund of IGST paid on exported goods, it has been decided that said refund amount shall be credited to the bank account of the exporter registered with Customs even if it is different from the bank account of the applicant mentioned in his registration particulars. However, exporters may be advised to either change the bank account declared to Customs to align it with their GST registration particulars or add the account declared with Customs in their GST registration details.
6.1 Further, as the refund payments are being routed through the PFMS portal, the bank account details need to be verified and validated by PFMS. The status of validation of bank account with PFMS is available in ICES. Exporters may be advised that if the account has not been validated by PFMS, they must get their details corrected in the Customs system so that their bank account gets validated by PFMS. Exporters are also advised not to change their bank account details frequently to avoid delay in refund payment.
Processing of refund claims
7. Proper officer of each jurisdiction shall generate a payment scroll of eligible IGST refunds in the same manner as RoSL scrolls are generated. The scroll shall be transmitted electronically to PFMS system for onward payment into their bank accounts. Unlike RoSL where paper scrolls are to be sent by field formations, in this case, electronic verification will be done centrally by a DDO appointed in this regard. Detailed EDI procedure for processing of claims and generation of refund scrolls is being circulated by Directorate of Systems, CBEC. DG-Systems is also laying down the procedure for payment and accounting in consultation with Pr. CCA CBEC and CGA of India. Proper officers may be designated in each Commissionerate, who should be in readiness to start generating refund scrolls from 10.10.2017 onwards.
Handling of cases under Rule 96(4)(a)
8. Sub rule 4a of aforesaid Rule 96 provides that refund is to be withheld if a request has been received from the jurisdictional Commissioner of central tax, State tax or Union territory tax to withhold the payment of refund in accordance with the provisions of sub-section (10) or sub-section (11) of section 54. In such cases, the proper officer of integrated tax at the Customs station has to intimate withholding of refund to the applicant and the jurisdictional Commissioner of central tax, State tax or Union territory tax, as the case may be, and a copy of such intimation has to be transmitted to the common portal.
8.1 The Commissioners should put in place a mechanism for keeping record of such intimations received from jurisdictional Commissioner of central tax, State tax or Union territory tax and ensuring that refunds are not processed and sanctioned in such cases. Necessary communication to the applicant and the jurisdictional Commissioner of central tax, State tax or Union territory tax, in respect of claims withheld should be promptly sent. Mechanism to communicate the same to Common portal is being worked out and shall be communicated separately.
Exports in violation of the provisions of theCustoms Act, 1962
9. In case where proper officer determines that the goods were exported in violation of the provisions of the Customs Act, 1962, IGST refund has to be withheld in terms sub rule 94(4)(b) of aforesaid Rule 96. Accordingly, necessary action in such cases to ensure that IGST refund is withheld should be taken.
10. Guidelines and procedures for filing and processing of refunds of IGST paid on export goods for exports made under manual (non-EDI) shipping bills shall be communicated separately.
11. Suitable trade notices and standing orders should be issued for guidance of trade and officers respectively. Difficulties, if any, may be brought to the notice of the Board.
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Petitions against GST: CBEC Asks Officials to Ensure Co-ordination with States [Read Instruction]
Read more at: http://www.taxscan.in/petitions-gst-cbec-asks-officials-ensure-co-ordination-states/11922/
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100 Days of GST: This is How Indian Judiciary Welcomed the New Tax Law
Read more at: http://www.taxscan.in/100-days-gst-indian-judiciary-welcomed-new-tax-law/11873/
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📺 *Updates*
➡1. Trade union couldn’t file insolvency plea on behest of workmen if they didn’t have any claim
JK Jute Mill Mazdoor Morcha v. Juggilal Kamlapat Jute Mills Co. Ltd.
➡2. No TDS liability on license fees paid to IRCTC for providing catering services: Gujarat HC
Commissioner of Income-tax (TDS) v. Hakmichand D. & Sons
➡3. Mere non-appearance of payee before AO couldn't be reason for disallowance of sum paid as transportation charges
Commissioner of Income-tax-15
v. Haresh D. Mehta*
🙏;Thank you🙏
Have a nice day