Electronic Credit Ledger (ECL) could not be debited for purposes of making payment of pre-deposit of tax.

Act: Central Goods and Services Act, 2017 Facts of the case: The Petitioner is a partnership firm engaged in the business of execution of works contract including civil, electrical and mechanical.In the instant case, a demand was raised by the Deputy Commissioner of CT & GST, Barbil Circle, Jajpur, Odisha which resulted in an extra demand for [...]

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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 [...]

Extension of due date for linking PAN with Aadhar

The Central Board of Direct Taxes Vide Order F.No 225/270/2017/ITA.II dated 27/03/2018 had extended the due date for linking PAN with Aadhar Card till [...]

Applicability of Standard Deduction under Section 16 of the Income Tax Act

The Central Board of Direct Taxes Vide Press Release dated 05th April 2018 clarified that taxpayer who is in receipt of pension from his former employer shall be entitled to [...]

Exemption from payment of tax under Section 9(4) of CGST Act,2017

The Central Board of Excise and Customs Vide Notification No 10/2018 dated 23/03/2018 exempted the registered taxable person from payment of Goods and Services Tax under [...]

RBI Hikes Investment Limits For FPI’S in Govt. Securities

The limits for investment by foreign portfolio investors (FPIs) in Government securities were last increased in terms of Medium Term Framework (MTF) announced vide A.P. (DIR [...]

Companies to Disclose Demonetisation Transaction in Balance Sheet and Audit Report

Demonetisation – COMPANIES ACT, 2013 – AMENDMENT IN SCHEDULE III NOTIFICATION NO. GSR 308(E) [F.NO.17/62/2015-CL-V-(VOL.I)], DATED 30-3-2017 In exercise of the powers [...]