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In a recent ruling, the Bangalore branch of the Income Tax Appellate Tribunal (ITAT) has made it clear that marketing and advertising expenses made for the assessee, Herbalife International India Pvt. Ltd’s manufactured products do not fall under the purview of foreign transactions. Following the submission of the income tax return, the case of the […]
In accordance with Notification No. 13/2017, Central Tax (Rate), dated June 28, 2017, which provides details on the services liable for tax under the Reverse Charge Mechanism of the CGST Act, services rendered by directors of a company or a body corporate situated in a taxable area to the said company or body corporate will […]
In the month of May, the GST collections of India surged by 11.5%, standing slowest in 6 months to cross Rs 1.57 lakh cr with the revenue from the domestic transactions rising 11% and imports which generate 12% additional taxes compared to before year. May’s revenue for the transaction that takes place in the month […]
Traders and retailers have praised the Central Board of Indirect Taxes and Customs (CBIC) initiative to find out bogus GST registrations and make offenders pay for the deed. Fake registrations are used to submit invoices for the input tax credit (ITC) even in the cases of not offering delivery of goods or services. The ‘Special […]
The manufacturing job work of chocolates is liable to 5% Goods and Service Tax (GST), according to a decision by the Telangana Authority for Advance Ruling. The applicant, M/s Gandour India Food Processing Pvt. Ltd., is a major player among Rangareddy, Hyderabad’s chocolate manufacturers. It is renowned for offering services in the following industries: sugar-coated […]
Recently, the Government of India released a notification and mentioned that a 20% tax will be levied as TCS on international usage of credit cards. As per the notification, usage of international credit cards will be included under the Liberalised Remittance Scheme (LRS). It was cleared by the Finance Ministry in the notification that Foreign […]
This week, The Central Board of Indirect Taxes and Customs (CBIC) introduced a new module to check GST returns automatically. This system is able to identify mistakes or differences between various types of tax returns. If such discrepancies are found. assessees will receive a notice informing them about errors. It works by correlating different returns […]
The last date for Goods and Transport Agencies to utilise the option of paying GST on an advance charge basis for the current FY to May 31 by the Government. The option of collecting and paying GST on a forward charge basis is available to goods transport companies under the GST system. However, if they […]
The Telangana Authority of Advance Ruling (AAR) has ruled that the supply of ambulances received by the Tripura Government is liable for 28% because it is considered an interstate supply. The two-judge bench of Kasi Visweswara Rao and Sahil Inamdar held that the tax being levied on goods shall increase during supply under the provisions […]
