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Total Revenue of Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018 During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE Clarification regarding applicability of standard deduction to pension received from former employer Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961(“the Act”) to provide that a taxpayer having income chargeable under … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 5th April, 2018 PRESS RELEASE CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a … Read more
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th April, 2018 PRESS RELEASE Requirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax … Read more
What is Multi-Level Marketing Company (MLM Company)? MLM (Multi-level marketing company) is a marketing promotional strategy in which a sales person sells the products or services for particular MLM business and recruits new sales promoters under his/ her downline to further sales of products and services. this is a system of marketing in which a … Read more
OVERVIEW: Over 1.62 lakh companies have not been carrying out business activities for long have been deregistered and a series of action against such shell companies have been taken, said the Minister of Finance, Mr. Arun Jaitely. Registrar of Companies (ROC), by the virtue of power conferred under Section 248, can strike off defunct and shell companies. … Read more
The time limit of filing the refund claim is to be checked from the “relevant date”. This term is defined in explanation 2 to section 54. This update is about the interpretation of term “relevant date” & its significance in determining the time limit for filing the refund claim. Section 54(1) of CGST Act, 2017 … Read more
Section 17(5) of the CGST Act, 2017 prescribes the list of blocked credits and this lists allows the ITC on few goods and services on conditional basis. The relevant part of section 17(5) reads as follows:- “(5) Notwithstanding anything contained in sub-section (1) of section 16 and subsection (1) of section 18, input tax credit … Read more
In normal parlance, there are cases where the service recipient retains a certain portion of payments to be made to the service provider. The amount so retained is paid to the service provider only after the provision of service is complete. This update seeks to take an insight into various provisions for ascertaining whether the … Read more
In the previous update we canvassed the taxability of joint development agreements under GST Regime. Through this update we would like to enumerate the provisions concerning the time of supply and the valuation of service in respect to the joint development agreements. It is pertinent to mention that there is no express provision as regards … Read more