Clubs cannot be treated as distinct from their members and there is no sale transaction between a club and its members. Hence, there can be no sales tax or service tax on supplies by club to its members

Vide decision of Supreme Court of India in State of West Bengal  vs. Calcutta club Limited. Facts of the case: The Assistant Commissioner of Commercial Taxes issued a notice to the respondent Club assessee apprising it that it had failed to make payment of sales tax on sale of food and drinks to the permanent members during the quarter [...]

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Deferment of RCM on procurements made from unregistered person extended till September 30, 2019

The Central Board of Indirect Taxes and Customs Vide Notification No 22/2018 – Central Tax (Rate) dated 06th August, 2018 has deferred the payment of Goods and Services tax [...]

Special procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process

Taxpayers migrating to GST from previous tax regime who could not complete the registration process have been provided a procedure by way of a Notification No. 31/2018 – [...]

Further extension of time limit for date of linking PAN with Aadhar

The Central Board of Direct Taxes vide its order F.No 225/270/2017/ITA.II dated 30th June, 2018 has further extended the time limit for linking PAN with Aadhar till 31st [...]

Inclusion of bonds issued by specified financial institutions for the purpose of claiming exemption from long term capital gains under Section 54EC of the Income Tax Act, 1961.

The Central Board of Direct Taxes vide its Notification No 27/2018 and 28/2018 dated 18th June, 2018 had included the bonds issued by Indian Railway Finance Corporation [...]

Discontinuance of acceptance of cash by Stock brokers from clients

The Securities Exchange Board of India Vide its Notification No SEBI/HO/MIRSD/DOP/CIR/P/2018/113 dated 12th July stated that “All payments shall be received / made by the [...]

Deferment of RCM on procurements made from unregistered person till September 30, 2018

The Central Board of Indirect Taxes and Customs Vide Notification No 12/2018 – Central Tax (Rate) dated 29th June, 2018 has deferred the payment of Goods and Services tax [...]

Deduction of tax under section 194C will come into operation only in case of payment made by assessee.

The Honorable Supreme Court of India Vide Commissioner of Income Tax-I vs. Daulat Enterprises held that assessee is liable to deduct TDS under Section 194C of the Income Tax [...]

Trading Hours of Stock Exchanges

The Securities and Exchange Board of India Vide its circular NoSEBI/HO/MRD/DRMNP/CIR/78 dated 4th May, 2018 had permitted the stock exchanges to permit stock exchangesto set [...]

Applicability of Integrated tax on goods supplied while being deposited in a customs bonded warehouse

The Central Board of Indirect Taxes and Customs Vide Circular No 3/1/2018 –IGST dated 25th May 2018 had clarified that integrated tax shall be levied and collected on goods [...]

Payment of tax under reverse charge on purchase of Priority Sector Lending Certificate

The Central Board of Indirect Taxes and Customs Vide Notification No 11/2018 –Central tax (Rate) dated 28th May 2018 had brought supply of Priority Sector Lending [...]

Extension of time for filing return in FORM GSTR-6

The Central Board of Indirect Taxes andCustoms vide Notification No 25/2018–Central Tax dated 31st May, 2018 had extended the due date for furnishing return by an Input [...]

Guidelines on lending to priority sector for Primary (Urban) Cooperative Banks (UCBs)

The Reserve Bank of India Vide its Notification RBI/2017-18/175 dated 10th May 2018 has revised the guidelines on lending to priority sector for Primary (Urban) Co-operative [...]

Recommendations of GST Council

The Press Information Bureau in its Press Release dated 04-05-2018 gave approval for new return design and the key elements of it are as follows: i) One Monthly Return in [...]

Waiver of Late Fee payable on GSTR 3B

The Central Board of Excise and Customs Vide Notification No 22/2018 dated 14th May 2018 has waived the late fee payable on failure to furnish return in FORM GSTR 3B by the [...]

Prohibition on dealing in Virtual Currencies (VCs)

The Reserve Bank of India Vide Notification No RBI/2017-18/154 DBR.No.BP.BC.104 dated 6th April 2018 decided that with immediate effect, entities regulated by the Reserve Bank [...]