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09 December, 2017

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How to Calculate Anti Profiteering Amount for Real Estate Developers and Builders

How to Calculate Anti Profiteering Amount for Real Estate Developers and Builders


Anti Profiteering, as the name suggests, is a check against profiteering – something which ought to be ethical but is now a legal issue in Goods and Service Tax.


Concept 
The Government wants that GST should not lead to general inflation and for this, it becomes necessary to ensure that benefits arising out of GST implementation be transferred to customers so that it may not lead to inflation. For this, anti profiteering measures will help check price rise and also put a legal obligation on businesses to pass on the benefit.


08 December, 2017

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How to File Complaint of Anti Profiteering Under GST

How to File Complaint of Anti Profiteering Under GST

With the Implementation of GST, one of the areas which has invited the most attention of all three stakeholders i.e. Government, Suppliers and Customers has been Anti Profiteering. On one hand where the government has been stern on the cases of non passing of profits to customers, suppliers have been confused amidst non availability of modus operandi to arrive at accurate tax benefits and continuous pressure from both government and customers.

05 December, 2017

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Cost Shared by Group Companies on Cost to Cost Basis is Not Liable to TDS

Cost Shared by Group Companies on Cost to Cost Basis is Not Liable to TDS

2017 (11) TMI 1139 - ITAT MUMBAI

Dy. CIT, Cir. 6 (2) , Mumbai Versus M/s KPMG Advisory Services Pvt Ltd. And Vice-Versa

TDS u/s 194I - disallowance of support service charges in respect of rent payment sustained by the CIT(A) u/s 40(a)(i) for failure to deduct tax at source - Held that:- In this case, there is no dispute with regard to the fact that KPMG has taken premises on rent from landlords. There is no dispute with regard to the fact that KPMG has complied with TDS provisions on such rental payments. The assessee has made the payment on the basis of agreement with KPMG which clearly states that the common cost incurred by KPMG shall be shared by group companies on cost to cost basis. Therefore, considering the facts and relying upon the ratio in Result Services Pvt Ltd (2012 (7) TMI 217 - ITAT DELHI) we are of the view that there is no obligation on the part of the assessee to deduct TDS on reimbursement of support service charges to KPMG. Hence, we direct the AO to delete the disallowance made u/s 40(a)(i) towards rent payments. - Decided in favour of assessee. 

04 December, 2017

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Treatment of VAT & CST Security Deposits Made to VAT Department – Can Credit be Claimed in TRAN-1?

Treatment of VAT & CST Security Deposits Made to VAT Department – Can Credit be Claimed in TRAN-1?

Question:- What is going 2 happen to d VAT/TIN security deposits?? Can i carry forward as SGST Credit in Trans - 1 as it was adjustable against d VAT Liability previously?? Or I have to wait for refund window to claim refund?? 

03 December, 2017

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Lucknow, Jaipur, Indore and Nagpur Are High Return Real Estate Investment - CII

Lucknow, Jaipur, Indore and Nagpur Are High Return Real Estate Investment - CII

THE JLL India and CII Report on retail revolution has noted that 20 cities including tier 2 cities such as Lucknow, Jaipur, Chandigarh, Kochi, Patna, Bhubaneshwar, Indore and Nagpur, are going to be the next retail destinations in the country.

The study bases its findings on key parameters such as total retail stock, upcoming supply, retailer presence, retailer expansion plans and investments. It gives details on various formats of developments that Tier 2 and 3 cities are currently witnessing.

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According to JLL-CII report, the retail sector in Tier 2 and 3 cities has witnessed a much higher investment of USD 6,192 million between 2006 and 2017 as against USD 1,295 million that came to Tier I metro cities during the same period.

02 December, 2017

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Haryana VAT R2 Due Date Extended to 31.12.2017


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Haryana VAT R2 Due Date Extended to 31.12.2017

The Due Date of Annual VAT Return in Haryana has been extended from 30th November, 2017 to 31st December, 2017.
ORDER 

Consequent upon implementation of electronic governance under sub¬section ( 1) of Section 54-A of the Haryana Value Added Tax Act, 2003 vide order dated 05.08.2015, I am satisfied that circumstances exist for extension of period prescribed for furnishing of online annual returns for the year 2016-17.

17 November, 2017

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No GST on Advance Receipts against Outward Supply of Goods – Common Sense Prevails

No GST on Advance Receipts against Outward Supply of Goods – Common Sense Prevails

In a welcome step, it has been notified that GST shall be payable only at the time of invoice as per Section 12(2)(a) of CGST Act,2017 for all outward supply of goods for all assesses irrespective of taxable turnover. This is a welcome step and has made situation now similar to earlier vat laws as under earlier vat regime also, the vat was payable on invoice event and not advance event.

Note that the benefit of this is only extended to goods and not services as for services it was the earlier of payment or invoice even in the earlier service tax Regime.
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14 November, 2017

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Didn’t Understood Why Delhi High Court thrashed ICDS? – Here’s the Simplified Version of Story

Didn’t Understood Why Delhi High Court thrashed ICDS?  – Here’s the Simplified Version of Story

By CA Ankit Gulgulia (Jain)

“CBDT is meant to clarify the law, not change it. At the highest it can additionally notify the change in rates of depreciation etc.” {Para 97}

“The ICDS is not meant to overrule the provisions of the Act, the Rules thereunder and the judicial precedents applicable thereto as they stand.” {Para 102(ii)}

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Perhaps, the above two lines of the judgement sums it up as how the Hon’ble Delhi Court sees the ICDS as encroaching the right of parliament and against well settled judicial precedents on computation of Income under the Provisions of Income Tax Act, 1961 and rules thereunder.

11 November, 2017

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23RD GST COUNCIL MEETING DATED 10TH NOVEMBER, 2017 – ALL CHANGES IN ONE MEGA COMPILATION

23RD GST COUNCIL MEETING DATED 10TH NOVEMBER, 2017 – ALL CHANGES IN ONE COMPILATION
By CA Ankit Gulgulia (Jain)
As expected the 23rd GST Council has taken several liberative measures to enhance the overall GST Experience and make it a more compliable and less tax burdensome. Below is the Detailed Compilation of all the changes that will effectuate because of decisions in this meeting. Relevant notifications are not referred to since they are pending yet to come out. The Changes mentioned below are all applicable from 15th November, 2017 unless otherwise mentioned.

04 November, 2017

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From Today No Need to File Separate PAN/TAN Application under Company Incorporation Process

From Today No Need to File Separate PAN/TAN 

Application under Company Incorporation Process

As part of its continuous efforts for simplifying Incorporation related process for providing Ease of Doing Business to stakeholders, MCA will be dispensing with the requirement of separately uploading Forms 49 A& 49B after filing SPICe e-forms. 


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