All You Need to Know about GST Practitioners Exam 2018: Golden Opportunity for CA, CS, CMAs
Read more at: http://www.taxscan.in/need-know-gst-practitioners-exam-2018-golden-opportunity-ca-cs-cmas/28508/
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12% GST chargeable by Sub-Contractors to Main Contractor on Works Contract Services pertaining to Railways* [Read Order]
Read more at: http://www.taxscan.in/12-gst-chargeable-sub-contractors-main-contractor-works-contract-services-railways/28448/
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The six-member task force appointed by the government to simplify India's income tax laws is likely to submit its report by end of this month. Earlier this year, the government had formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961.
CBDT Chairman expressed confidence in exceeding Rs 11.5 lakh crore direct tax collection target in current fiscal. In 2018-19 budget, the government had projected a 14.3 per cent rise in direct tax collections to Rs 11.5 lakh crore.
CBDT said no withholding tax will apply on interest payments made by an Indian company or a business trust to a non-resident in respect of offshore rupee denominated bonds issued between September 17, 2018 and March 31, 2019
Form TRAN-1 reopened for the registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council.
The GSTPs enrolled on the GST Network under sub-rule (2) of Rule 83 and covered by clause (b) of sub-rule (1) of Rule 83, are required to pass the said examination before 31.12.2018. The examination for such GSTPs shall be conducted on 31.10.2018.It will be a Computer Based Exam. registration portal, link (https://nacin.onlineregistrationform.org/)
SEBI has revised the regulations for share buyback to provide more clarity on the requirement to make public announcements. Separately, the market regulator said credit rating agencies will not carry out any activity other than the rating of securities offered through public or rights issue.
MCA is considering giving another opportunity to 2.1 million company directors who have failed to comply with the ‘know your customer’ (KYC) norms, according to a senior official. The government could give another 15 days for meeting the compliance norms or reduce the penalty for late filing.
RBI conceded before the Madras High Court that debt resolution and recovery mechanisms, such as Corporate Debt Restructuring Scheme, Strategic Debt Restructuring Scheme, Scheme for Sustainable Structuring of Stressed Assets, Joint Lenders Forum and 5/25 scheme had proved to be ineffective in resolution of stressed assets.
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2.7 Crore E-Way Bills generated in September; Maharashtra tops the Chart
Read more at: http://www.taxscan.in/2-7-way-bills-september-maharashtra/28524/
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NAA imposes Penalty on Builder for nosing GST Benefit to Flat Buyers [Read Order]
Read more at: http://www.taxscan.in/naa-imposes-penalty-builder-nosing-gst-benefit-flat-buyers/28541/
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GST Evasion: Rs. 32 Cr Penalty Levied on Punjab-based Firm
Read more at: http://www.taxscan.in/rs-32-cr-penalty-levied-punjab-based-firm/28553/
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GST payable on Executive PG Programme at IIM: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-payable-executive-pg-programme-iim-aar/28527/
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Foreign ecommerce companies rush to register for GST in all states
Companies in race to register by October 1 to comply with TCS norms.
NEW DELHI: Amazon, Google, Apple and other foreign companies operating in the ecommerce space will have to register themselves for goods and services tax (GST) in all the states in the next 10-12 days.
The government has said ecommerce companies need to collect tax at source from October 1. To comply with tax collected at source (TCS) rules, ecommerce players need to register with every state. This provision applies to foreign players as well to cater to Indian consumers.vinay
The industry has pitched for single registration in place of multiple state registrations as it would increase their compliance costs, but the government has so far maintained that they need to register in all states. Industry is pinning hopes on government permitting single registration.
Under the provisions, notified entities have to deduct up to 1% state GST and 1% central GST on intrastate supplies of over Rs 2.5 lakh. In the case of interstate supplies of over Rs 2.5 lakh, TDS will be 2% integrated GST. These provisions are aimed at checking tax evasion as TDS/TCS will leave a trail of transactions. In the case of foreign ecommerce platforms, there will be no TCS liability if the seller is based outside India.
Foreign ecommerce companies rush to register for GST in all states
A clarification to this effect was given at a meeting between ecommerce players and the Central Board of Indirect Taxes and Customs held on Tuesday, according to a person privy to the deliberations of the meeting.
Though, the provision mentions the rate as up to 1%, the rate for now will be 0.5% each for state and central GST.
For ecommerce companies, this implies a deduction of 1% from the payments to their suppliers for goods sold on their platforms that will have to be deposited with the government. Tax experts said the government should provide for centralised registration for foreign ecommerce players.
“There is no exemption from registration for foreign ecommerce companies,” said Pratik Jain, national indirect taxes leader at PwC. “Further, as per the current provisions, even foreign companies will have to take registration in each state where the vendors might be supplying from. It would mean significant increase in compliances,” he said.
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No sec. 69A additions if disputed amount was disclosed by assessee under Income Declaration Scheme, 2016
[2018] 97 taxmann.com 211 (Gujarat)
HIGH COURT OF GUJARAT
M.R. Shah Logistrics (P.) Ltd.
v.
Deputy Commissioner of Income tax, Central Circle -1(2)
Section 69A, read with section 147, of the Income-tax Act, 1961 - Unexplained money (Share application money) - Assessment year 2010-11 - Return filed by assessee-company was accepted under section 143(1) without scrutiny - Subsequently, Assessing Officer reopened assessment on ground that one, GL under Income Declaration Scheme, 2016 had declared an undisclosed cash amount, which was utilised for investment in share capital of assessee-company - Assessing Officer was of a view that cash credit received by assessee as share premium and share capital declared by said GL was undisclosed income of assessee - Whether amount which Assessing Officer sought to tax in hands of assessee was disclosed by said GL under Income Declaration Scheme and same was accepted by department, pursuant to which GL also deposited entire amount of tax with surcharge and penalty, thus, any attempt on part of Assessing officer to assess same income in hands of assessee, would amount to double taxation - Held, yes [Paras 12 and 13] [In favour of assessee]
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No GST on Educational Institutions providing Degree courses under Related Curriculums to Students: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-educational-institutions-degree-courses-curriculums-students-aar/28560/