Late Submission Fee (LSF) Amount involved in reporting (in Rs.) Late Submission Fee (LSF) as % of amount involved * Maximum amount of LSF applicable Up to 10 million 0.05 percent Rs.1 million or 300% of the amount involved, whichever is lower More than 10 million 0.15 percent Rs.10 million
OVERVIEW OF E-WAY BILL
Introduction: Under the Pre-GST regime, E-way bill enforcement was considered as one of the biggest impediments for smooth movement of goods as multiple check posts created lot of logistic inefficiency and harassment from tax officers. Trade expected that there will not be any e-way bill system under GST as the
ANTI – PROFITEERING
The ideology of anti-profiteering is pretty simple that any benefit arising because of change in the indirect tax law should not be enjoyed by the business but has to be passed on to the consumers. Since indirect taxation is a burden on consumer, any profit arising because of change in
CARRY FORWARD OF LOSS IN SEARCH CASES
As per the provisions of Sec 80 of Income Tax Act, 1961 (‘Act’) assessee has to file return as per Section 139(3) of the Act to carry forward Business Loss/ Loss from Speculative Business/ Loss under the head Capital Gains etc. Sec 139(3) requires the assessee to file return of
Section 7 v/s Section 12 of IGST Act
By this time, the entire trade has understood the concept of inter and intra state supplies and happily charging the applicable taxes. Needless to say, if a supply is an intra-state, Central Goods & Services Tax (CT) and State Goods & Services Tax (ST) shall be applicable and if the
Filing of Appeal by the Income Tax Department – Latest
Sec 268A of the Income-tax Act (‘IT Act’) empowers Central Board of Direct Taxes (‘CBDT’) to issue instructions, orders/ directions to the income-tax authorities for fixing monetary limits as it deem fit for regulating filing of appeal by any income-tax authority. These instructions have to be complied with by income-tax
TP Updates 2018
Amendment in Computation Mechanism of Secondary adjustment F. No. 370142/12/2017-TPLdated 19thJune, 2018 Background – Rule 10CB of the Income-tax Rules, 1962 (‘the Rules’) was inserted vide Notification No. GSR 590(E) dated 15th June, 2017. Under sub-rule (1) of the said rule 10CB, a uniform time limit of 90 days, starting
IND AS 115 – Revenue from Contracts
The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115, Revenue from Contracts with Customers (which is based on IFRS 15, Revenue from Contracts with Customers) as part of the Companies (Indian Accounting Standards) Amendment Rules, 2018. The new standard is effective for accounting periods beginning
