Availment of ITC under GST
Q.1 When the your supplier has NOT filed GSTR – 1 for the MONTH within DUE DATE? Impact on Recipient i.e YOU: [Section 16(2)(aa) with...
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Intermediary Services under GST
An Intermediary is a person who overpass the gap between the business and its customers. In today era, the role of intermediary is very essential...
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Section 43B applicability on Electricity Duty payable by Electricity Distributor
Whether Section 43B is applicable on Electricity Duty payable by the Licensee Assessee being Distributor of Power and Electricity – Recent Judicial Pronouncement Held by...
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Section 17(5) of GST– List of Ineligible or Blocked ITC
‘Input tax credit’ means claiming the credit of tax paid on the purchase of goods or services or both which are used for providing output...
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Amendment In Import-Export Code (IEC) Provisions
1. The Central Government has made some amendments under Foreign Trade Policy, 2015-2020, under Chapter 1 and Chapter 2 of FTP, 2015-2020, through the Notification...
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SEBI Proposes New T+1 Settlement Scheme for Stock Market
Steps Taken by SEBI to Improve Risk Management Procedures in Indian Stock Market. SEBI Proposes New T+1 Settlement Scheme for Stock Market The Securities and...
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GST on e-commerce explained with Restaurant example
With effect from 1st Oct 2018, e-commerce companies like Amazon, Flipkart etc were made liable to collect TCS (tax collected at source) at 1 %...
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CBDT approves Indian Institute of Science Education & Research under Section 35(1)(ii)
CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’ under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for...
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Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns
Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns 24/01/2023 Recently, a functionality of “Automated Drop Proceedings” of GSTINs suspended due...
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Tax Implication on Gifts Under Section 56(2)(VI) of Income Tax Act, 1961
Income Tax Act defines taxable gifts as under “gift means property which is a capital asset of the assessee (i.e., recipient), namely, Money, Immovable property...