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Que. Id Date Description
37986
Feb, 17
2019
GST - ( REPORTING OF SAC CODE WISE SUMMARY OF INWARD SUPPLIES IN ANNUAL RETURN - GSTR 9 )

Whether SAC code wise (Services) summary of inward supplies is required under GSTR 9-Annual return. As per my understanding HSN wise (Goods) summary is required for inward supplies.

BY: DEEPAK ARYA

Total Answers : 2 | View Answers | Post Answers

37984
Feb, 16
2019
GST - ( SEZ UNIT )

Sir We are suppling material to unit In SEZ. As per his registration certificate the status of Tax payer is "Regular". We are treating it as zero rated and supplying it under LUT without payment of duty. On pointing out that company that they are not registered as SEZ Unit they Took new registration number under Status "SEZ Unit". Now i want to know for old supply can we treat it as zero rated or we have to raise debit note. or it does not make any difference for status as the unit is situated in SEZ.

BY: VIPIN GUPTA

Total Answers : 1 | View Answers | Post Answers

37985
Feb, 16
2019
Capital Gains - ( CAPITAL GAIN IN CASE OF DEVELOPMENT AGREEMENT )

Assessee entered into development agreement with a developer to construct multi store residential building on his land. The assesse will receive 8 flats after construction of building as consideration. Now the assessee has sold 4 flats in the building for which completion certificate has not been obtained from the competent authority. The remaining 4 flats will be sold after obtaining completion certificate. The development agreement executed in the F.Y. 2016-17. And the 4 flats are sold by the assessee in the financial year 2018-19. The completion certificate will be obtained in the F.Y. 2019-20, and the remaining 4 flats will also be sold in the F.Y. 2019-20. My question is how to calculate capital gain tax u/s 45(5A) relating to transfer of land and transfer of 4 flats prior to obtaining completion certificate in the F.Y. 2018-19. Further how to calculate capital gain tax on transfer of remaining 4 flats after transferring the same in F.Y. 2019-20 after obtaining completion certificate. Please do the needful

BY: MAHADEO VIRUPAX WALI

Total Answers : 1 | View Answers | Post Answers

37983
Feb, 15
2019
GST - ( GST ON IMMOVABLE PROPERTY )

Company is registered in Delhi and have a permanent establishment there. It owns a property in other state and which is rented out. Please suggest if GSTIN is required for other state also or we can charge IGST on rent from our location in Delhi .

BY: CHARU PALIWAL

Total Answers : 2 | View Answers | Post Answers

37977
Feb, 14
2019
GST - ( GST ON INCENTIVES )

Petroleum Companies pay incentives (sort of quantity discount) for dealers, depending on their off take. Are dealers liable to pay GST on such incentives received.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

37978
Feb, 14
2019
GST - ( GST ON MESS RUN BY IIT AND HOSTEL FEES )

Whether GST on Mess run by IIT is exempt since inception or are to be taken as exempt from 01/012019 in view of circular no. 85/04/2019. If since inception what is regarding payment already deposited as GST treating the same as taxable.

BY: SUNIL KUMAR AGARWAL

Total Answers : 1 | View Answers | Post Answers

37979
Feb, 14
2019
GST - ( GST ON NOTIONAL INCOME )

A GST registered person gives away commercial space to a trader by taking quite a large amount as refundable deposit. The understanding is the trader will use the space for business purpose for a period of 7 years without payment of any rent, after expiry of 7 years he has to surrender the place back to the Landlord who will return the large deposit received. As per Income Tax Law the landlord has to pay Income tax on the notional rental income in respect of above arrangement. I would like to know GST implication on the Land lord in the above circumstance.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

37980
Feb, 14
2019
GST - ( REFUND QUERY )

answer to my query no 36975. Pls reply

BY: Viral Shah

Total Answers : 0 | View Answers | Post Answers

37981
Feb, 14
2019
GST - ( REFUND QUERY )

Department had asked clarification for ITC on SS utensils which is finished product. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged 18%, selling utensils at 12%. we are also purchasing ss utensils 12% and selling it@ 12%. As all the items i.e. ss utensils purchased and manufactured are sold from common stock it is difficult to separate manufactured & purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST -31/12/18 issued in which point 4a mentioned - Where there are multiple inputs attracting different rates, in the formula provided in rule 89(5) of the CGST Rules, Net ITC covers ITC availed on all inputs irrespective of their rate of tax. We applied for refund of inputs only. But Departmental officer denied that ss utensils purchased is not input under inverted tax structure. Rule 89(5) Max. Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. We are eligible for refund by considering the NET ITC of all input availed.If we take all the sales (mfg & trading) under inverted sales then tax on all sales should be reduced as per formula, net ITC should include for all input as per formula. Means as per formula given by rules refund for trading items of finished product is nullified. As tax on inverted sales @12% is reduced from Net ITC which also include tax on finished product@12%. Please suggest that stand taken by department is correct?

BY: Viral Shah

Total Answers : 0 | View Answers | Post Answers

37982
Feb, 14
2019
GST - ( GST ITC )

Sir, Can a works contractor who is engaged in supply of construction services of immovable properties like roads, can claim itc on input goods like cement etc. There is no sub contract in this case.

BY: a akhilesh

Total Answers : 2 | View Answers | Post Answers

37975
Feb, 13
2019
DIRECT TAXES - ( TDS ON SALE OF PROPERTY )

A FLAT COSTING RS 80 L, IS PURCHASE BY TWO BUYER, SHARING 50% EACH. I WANT TO KNOW WHETHER TDS ON SALE OF PROPRETY IS REQUIRED TO BE DEDUCTED AS EACH BUYER SHARE IS LESS THAN 50 L, BUT OVERALL COST OF PROPERTY IS RS 80 L 2. A ENTERS INTO AN AGREEMNT TO BUY A FLAT OF RS 60 L WITH A BUILDER , DELIVERY OF FLAT WILL BE MADE IN NEXT TWO YEARS, AND AMOUNT IS ALSO PAYABLE BY A IN SCHEDULE WAY SPREAD OVER 18 MONTHS, I WANT TO KNOW WHEN TDS WILL BE DEDUCTED, VIZ ; WHETHER IT WILL BE DEDUCTED AT THE LAST PAYMENT DATE, OR TDS WILL BE DEDUCTED AS SCHEDULE PAYMENT IS MADE, OR IT SHOULD BE PAID IN ONE INSTANCE SAY IN 1ST PAYMENT MADE TO BUILDER

BY: pradeep kumar agrawal

Total Answers : 3 | View Answers | Post Answers

37976
Feb, 13
2019
GST - ( VALUATION )

Dear Sir, I client in the business of erection of plant i.e prefabricated buildings. He is constructing the same for himself. Please guide how to value it or should we reverse the input tax credit and credit purchase account or some other way i.e Builidng Dr To Cenvat Credi To Purchases To Manufacturing Exp

BY: VIPIN GUPTA

Total Answers : 2 | View Answers | Post Answers

37973
Feb, 12
2019
GST - ( BLOCKING OF CREDITS - SEC 49A OF CGST ACT )

One of my clients is engaged in trading. Typically, Interstate purchases are 90% and intra state purchase are 10% of total purchases. All sales are intra state. With the introduction of Sec 49A, it seems that CGST credit shall never be available for utilisation to him. Is there any way to overcome this unwarranted blocking of credits. Thanks

BY: RAHUL PARASRAMPURIA

Total Answers : 2 | View Answers | Post Answers

37974
Feb, 12
2019
IFRS - ( CONSOLIDATED FINANCIAL STATEMENTS )

Indian Public Limited Company maintaining Financial Statements as per OLD AS; and its Subsidiary Company is maintaining Financial Statement as per Ind-AS (Due to Joint Venture Company requirements-Ind AS applicable to JV Company). How Consolidation will be done in this case.

BY: PANKAJ SHARMA

Total Answers : 1 | View Answers | Post Answers

36973
Feb, 11
2019
GST - ( REFUND DUE TO INVERTED TAX STRUCTURE )

We had received deficiency memo in which Department had asked the clarification for Input credit on SS utensils which is finished product. We are selling the ss utensils. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged @ 18% while we are selling utensils at 12%.. However, simuntanouly we are also purchasing ss utensils @ 12% and selling the same @ 12%. As all the items i.e. ss utensils purchased and manufactured are under common pool (stock), there is very difficult to separate manufactured and purchased utensils. Department is denying the refund for Ss utensils under Net ITC formula for calculation. As per t Circular No. 79/53/2018-GST dated 31/12/18 issued by government in which point no 4 (a) on page no 3 & 4 specifically mentioned as below. “Representations have been received stating that while processing the refund of unutilized ITC on account of inverted tax structure, the departmental officers are denying the refund of ITC of GST paid on those inputs which are procured at equal or lower rate of GST than the rate of GST on outward supply, by not including the amount of such ITC while calculating the maximum refund amount as specified in rule 89(5) of the CGST Rules. The matter has been examined and the following issues are clarified: a) Refund of unutilized ITC in case of inverted tax structure, as provided in section 54(3) of the CGST Act, is available where ITC remains unutilized even after setting off of available ITC for the payment of output tax liability. Where there are multiple inputs attracting different rates of tax, in the formula provided in rule 89(5) of the CGST Rules, the term „Net ITC? covers the ITC availed on all inputs in the relevant period, irrespective of their rate of tax. Section 2(59) says input” means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. We herby applied for refund of inputs only .i.e. goods.

BY: Viral Shah

Total Answers : 0 | View Answers | Post Answers

36974
Feb, 11
2019
GST - ( REFUND DUE TO INVERTED TAX STRUCTURE )

Deficiency memo received in which asked clarification for ITC on SS utensils which is finished product. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged 18% while selling utensils at 12%. Simultaneously we are also purchasing ss utensils 12% and selling it@ 12%. As all the items i.e. ss utensils purchased and manufactured are sold from common pool (stock), there is very difficult to separate manufactured and purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST dated 31/12/18 issued in which point no 4 (a) mentioned as below. Refund of unutilized ITC in case of inverted tax structure, as provided in section 54(3) of the CGST Act, is available where ITC remains unutilized even after setting off of available ITC for the payment of output tax liability. Where there are multiple inputs attracting different rates of tax, in the formula provided in rule 89(5) of the CGST Rules, the term „Net ITC? covers the ITC availed on all inputs in the relevant period, irrespective of their rate of tax. Section 2(59) says input” means any goods other than capital goods used or intended to be used by a supplier in the course or furtherance of business. We applied for refund of inputs only. But Departmental officer denied that ss utensils purchased is not input under inverted tax structure. As per Rule 89(5) Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. Net ITC shall mean input tax credit availed on inputs during the relevant period. In formula, there is no anywhere mentioned that, Net ITC should not include Input procured at lower or equal rate. circular also clarify the above matter. Therefore, we are eligible for refund by considering the NET ITC of all input availed. If we reduced net I

BY: Viral Shah

Total Answers : 0 | View Answers | Post Answers

36975
Feb, 11
2019
GST - ( REFUND-INVERTED TAX STRUCTURE (PL. NOT CONSIDER QUE ID 36973 AND 36974) )

Purchasing SS patta which is coverted into utensils through jobwork. SS Patta charged 18%, selling utensils-12%. we are also purchasing & selling ss utensils-12%. As all ss utensils purchased & manufactured are sold from common stock it is difficult to separate sales of manufactured & purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST -31/12/18 issued in which point 4a mentioned - Where there are multiple inputs attracting different rates, in the formula provided in rule 89(5) of the CGST Rules, Net ITC covers ITC availed on all inputs irrespective of their rate of tax. Departmental officer denied that ss utensils purchased is not input under inverted tax structure. Rule 89(5) Max. Refund Amount = {(T/o invertedrated) x Net ITC ÷ Adj.TotalT/o} - tax on inverted rated supply). We are eligible for refund by considering the NET ITC of all input availed.If we take all the sales (mfg & trading) under inverted sales then tax on all sales should be reduced as per formula, net ITC should include for all input as per formula. Means as per formula given by rules refund for trading items of finished product is nullified. As tax on inverted sales @12% is reduced from Net ITC which also include tax on finished product@12%. we correct or not?

BY: Viral Shah

Total Answers : 0 | View Answers | Post Answers

36976
Feb, 11
2019
INDIRECT TAXES - ( CREDIT CALCULATION FOR GST REFUND UNDER INVERTED STRUCTURE )

Department had asked clarification for ITC on SS utensils which is finished product. We are purchasing SS patta which is coverted into utensils by way of jobwork. SS Patta is charged 18%, selling utensils at 12%. we are also purchasing ss utensils 12% and selling it@ 12%. As all the items i.e. ss utensils purchased and manufactured are sold from common stock it is difficult to separate manufactured & purchased utensils. Department is denying the refund for Ss utensils Net ITC which is purchased by way of finished product. Circular No. 79/53/2018-GST -31/12/18 issued in which point 4a mentioned - Where there are multiple inputs attracting different rates, in the formula provided in rule 89(5) of the CGST Rules, Net ITC covers ITC availed on all inputs irrespective of their rate of tax. We applied for refund of inputs only. But Departmental officer denied that ss utensils purchased is not input under inverted tax structure. Rule 89(5) Max. Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. We are eligible for refund by considering the NET ITC of all input availed.If we take all the sales (mfg & trading) under inverted sales then tax on all sales should be reduced as per formula, net ITC should include for all input as per formula. Means as per formula given by rules refund for trading items of finished product is nullified. As tax on inverted sales @12% is reduced from Net ITC which also include tax on finished product@12%. Please suggest that stand taken by department is correct?

BY: Vasav S Shah

Total Answers : 0 | View Answers | Post Answers

36977
Feb, 11
2019
GST - ( INPUT TAX )

A dealer has some unutilized GST input tax in electronic credit ledger. From a particular date, the goods dealt by him becomes non taxable and hence writes off the balance of input tax in electronic ledger. Can this write off be disallowed u/s 43B , since relevant input taxes were incurred in earlier years or can be disallowed as “ Prior Period expenses”.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

36978
Feb, 11
2019
GST - ( PAYMENT OF BRANCH FOR BRANCH TRANSFER AND 180 DAYS RULE )

We have taken GST Registration in Gujarat and Maharashtra i.e. Two States, Maharashtra Branch transfer goods to Gujarat Branch as transfer raw material and we processed the same and manufactured finished goods and thereafter we sale the goods to the Maharashtra State, My Question is that the limit of 180 days payment condition is applicable to branch transfer also or not ? Please confirm whether it is compulsory to make payment to branch

BY: Tausif Yasinbhai Vora

Total Answers : 1 | View Answers | Post Answers

36979
Feb, 11
2019
GST - ( IN LIGHT OF GST AMENDMENT ACT - SECOND REGISTRATION )

In light of GST Amendment Act which become effective from 01.02.2019, I want to know can a pvt. ltd. company get second GST Registration in the same state? Looking at the fact that the Business Vertical concept is abolished.

BY: SK

Total Answers : 1 | View Answers | Post Answers

36972
Feb, 10
2019
GST - ( GST REGISTRATION )

A club incorporated as trust under Travancore Cochin Literary Societies Act, formed to promote pigeon fancying. The club collect subscription fee yearly from its members. The members are located all over India. Whether they require to register under GST as they collect membership free from other states too? Can they be exempt from registration as they do not do any other business activities other than exhibition of pigeons .

BY: Babitha

Total Answers : 1 | View Answers | Post Answers

36971
Feb, 09
2019
MERGER & ACQUISITION - ( CONVERSION OF PROPRIETORSHIP TO PARTNERSHIP OF CA FIRM )

Hi all, I am a Chartered accountant started practice in 2016 in proprietorship concern and having trade name registered under ICAI . My Spouse recently qualified as CA in Nov 2018 exams and we want to Convert my proprietorship firm into partnership firm without changing the trade name as registered in ICAI. My question is whether proprietorship experience (3 years) is continued in partnership firm ..?? Whether the experience will count for bank audit empanelment under partnership firm..?? Whether can i proceed with this conversion, Kindly suggest me. Thank you

BY: VAMSHI KRISHNA NANGUNURI

Total Answers : 2 | View Answers | Post Answers

36968
Feb, 08
2019
GST - ( GST RATE )

GST on Job Work, “A” Sends his material for Job Work to “B”. B, while doing the process, adds his own material and completes the Job Work. Can “B” charge only 18% GST for his service or he has to charge separately for materiel added at the appropriate rate applicable to such material.

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

36969
Feb, 08
2019
GST - ( GST RATE )

A dealer in Karnataka buys Goods from Maharastra. The transporter in Maharastra has charged freight of 10000 for moving goods from Maharastra to Karnataka. Is dealer in Karnataka liable to pay CGST and SGST or IGST on freigh charges of 10000 under RCM

BY: Ethirajan

Total Answers : 2 | View Answers | Post Answers

36970
Feb, 08
2019
TDS/TCS - ( INTEREST U/S.201(1A) APPLICABLILITY )

Disallowance for non deduction of TDS. Form 26A collected from deductee. Whether deductor is still liable for payment of interest u/s 201(1A)?

BY: BAJAJ RADHESHYAM NANDKISHORE

Total Answers : 1 | View Answers | Post Answers

36966
Feb, 07
2019
Capital Gains - ( RURAL AGRICULTURAL LAND IN INDIA )

What significance of Notification No 77(E) 1973 in respect of Rural Agricultural land in India on capital Gain Tax for sale of a land. has this notification been replaced by any other notification or it has become ineffective now ?

BY: CA. SHARMA RAJESH CHANDRA

Total Answers : 2 | View Answers | Post Answers

36967
Feb, 07
2019
DIRECT TAXES - ( TCS ON SALES OF VEHICLE )

Section 206C(1F) applicability of one authorized dealer sales vehicle to another authorized dealer as per instruction given by the manufacturer without any margin. What is implication of above section, Should deduct TCS or sales without deduction of TCS?

BY: VIKASH KUMAR JHA

Total Answers : 0 | View Answers | Post Answers

36962
Feb, 05
2019
INTERNATIONAL BUSINESS - ( FORMATION OF NEW COMPANY OUT OF INDIA (CHINA) )

Facts of the case- The Assessee is engaged in the Manufacturing-cum-Trading business and wants to incorporate a company/joint venture in foreign country (china) and make some investment by the Indian Company and some by Chinese Investors. Query- 1) what is the procedure for investment in Chinese Company by Indian company? 2) The RBI & FEMA compliances in the said case? 3) Please suggest what will be tax compliance under these transactions?

BY: GOPAL KUMAR AGRAWAL

Total Answers : 0 | View Answers | Post Answers

36963
Feb, 05
2019
MISC. - ( BENAMI TRANSACTION )

X an individual purchases a flat in the name of his married daughter, ie consideration is provided by X out of his known sources and flat is registered in the name of Married daughter, whether Benami Act will involved in this transaction.

BY: pradeep kumar agrawal

Total Answers : 3 | View Answers | Post Answers

36964
Feb, 05
2019
COUNCIL DECISION - ( PROCEDURE FOR CONVERSION OF A CA PARTNERSHIP FIRM INTO CA LLP )

Hello, Does anyone can share any document or link describing the procedure for conversion of an existing CA partnership firm into a CA LLP firm. I know the required formalities to be completed and filed with MCA. I just need the requirements from ICAI with regards to the existing FRN for continuing the practice and to inform ICAI about the change of legal status. Thanks a lot in advance.

BY: Prasen Pal

Total Answers : 1 | View Answers | Post Answers

36965
Feb, 05
2019
GST - ( PROFESSIONAL PROVIDING SERVICES TO PERSON REG. IN OTHER STATE )

Mr. R who is a Madhya pradesh based CA professional having turnover 10 lacs, is providing return filing & consulting services to a GST registered (in Gujrat) person, whether Mr. R is liable to compulsory registration in GST ..? if yes under which section of GST Act...?? Is there any turnover related exemption available to Mr. R...?

BY: Satyendra Bhana

Total Answers : 1 | View Answers | Post Answers

36961
Feb, 04
2019
GST - ( 079710 )

my client resides in UP, owns a residential building having 5 floor at banglore and let out the same to company who manages PGs , flat, accomodation etc to their clients. There are 31 rooms in that building and company has given a Rent @ 7000/- p.m of each room to my clients i.e 217000/- p.m . my querry is that whether my client is require to take registration under GST and should charge the IGST @ 18% or there is exemption as considered the same as for residential purpose. pl. clarify the same

BY: SANDEEP KAPOOR

Total Answers : 2 | View Answers | Post Answers

36959
Feb, 02
2019
MISC. - ( FULL TIME CA PRACTITIONER (COP HOLDER) CAN START PRIVATE TUTORSHIP )

whether a full time CA practitioner (COP holder) can start his private tutorship..? whether any permission is required to be obtained from institute for the same..? whether he can perform attest function along with private tutorship..? what we mean by general & specific permission given by the institute..?

BY: Satyendra Bhana

Total Answers : 2 | View Answers | Post Answers

36960
Feb, 02
2019
GST - ( RATE OF TAX ON HOTEL INDUSTRY )

Supplier engaged in Hotel industry where food and rooms are given and also supplies liquor. Hotel has tariff ranging from 1000 to 8000. query 01. Rate of GST on Food whether 5% or 18% query 02. what is the base for common Input Tax Credit reversal as there is liquor supply i.e Non GST Supply. query 02. Can Hotel charge GST on food @5% where tariff is less than Rs.7,500.00 and 18% on food where tariff rate is more than Rs.7,500.00 in same hotel. if yes how ITC to be reversed to the extent of 5% food rate charged to customer.

BY: Sachin

Total Answers : 0 | View Answers | Post Answers

36956
Feb, 01
2019
GST - ( CATERING STALL AT RAILWAY STATION PLATFORM )

My business is outdoor catering services in Bangalore and I am collecting and paying the GST @ 18% (9% SGST+9% CGST)and I am claiming the Input credit on Purchases. Now I have received the letter of allotment for running the Catering Stall at Tirunelveli (Kerala) Railway Station on Platform.i.e. following doubts to be clarified:- 1. How much GST I have to Pay for running the catering stall at railway station Platform in kerala 2. Can I claim the input on purchases made for doing the sale at catering stall on Railway station 3. I am herewith attached the license fee paid document, I have remitted an amount of Rs. 1480900/- (License fee Rs. 1255000 + 18% GST Rs. 225900/-) can I claim the input of Rs. 225900 GST paid on license fee. 4. whether I can claim the same input against my regular outdoor catering business other than railway catering stall Please give your valuable suggestion in the above matter

BY: NARENDRA SINGHVI

Total Answers : 1 | View Answers | Post Answers

36957
Feb, 01
2019
CORPORATE & OTHER LAWS - ( CHANGE IN MEMBERSHIP OF OPC )

I wish to know that whether the member can be changed in case of an OPC..?? Thanx in advance

BY: CA Neha Gupta

Total Answers : 2 | View Answers | Post Answers

36958
Feb, 01
2019
DIRECT TAXES - ( TDS ON PARTNERS REMUNERATION U/S 195 OF A FOREIGN PARTNER )

There is a foreign partner of a resident partnership firm. Whether TDS u/s 195 is required to be deducted while making paying remuneration to him. and whether TDS u/s 195 is required to be deducted in case the profit earned is also paid to that partner. Thanx

BY: CA Neha Gupta

Total Answers : 3 | View Answers | Post Answers

36955
Jan, 31
2019
GST - ( GST ON ADVANCE PAYMENT RECEIVED FROM CLIENT )

Suppose a work contract is awarded to a Company by the Client for Rs.112 crs including Rs.12 crs towards GST @ 12%. The company has awarded the same Contract to a sub-contractor for Rs.100 crs. including Rs.10.71 crs towards GST @ 12%. The Net Profit of the Company is Rs.10.71 crs. which should be remained at the end of the contract as net cash generated from the Project. Now if the Client has paid Rs.100 crs as advance payment then company has to pay immediately the GST on advance amounting to Rs.10.71 crs. On completion of Project, the company have will to Client and Sub-contractor will bill to company. At this point there is a GST Payable of Rs12 crs out of which we may adjust GST of Rs.10.71 crs already paid on advance. Net GST Payable is Rs.1.29 crs and GST Input is Rs. 10.71 crs. Hence there will be an input Claim of Rs.9.42 crs. Therefore, after the end of the project, there is a shortage of Cash of Rs.9.42 crs. instead of surplus of cash of Rs.10.71 crs. Refund of Input Claim of Rs.9.42 is not certain. Hence the conclusion is that the project is not beneficial to the company due to cash shortage. If there is any valuable guidance suggestion to sort out the above issue, please intimate the same.

BY: Sachin Aggarwal

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36953
Jan, 30
2019
AUDIT - ( CONCURRENT AUDTIOR )

Can Concurrent auditor of bank signoff the DP calculation note prepared by Bank for their working capital borrower on the basis of stock statement received from the borrower?

BY: RAHUL VERMA

Total Answers : 4 | View Answers | Post Answers

36954
Jan, 30
2019
DIRECT TAXES - ( JAWAHARLAL JAIN )

WHETHER CULTIVATION OF VERMICULTURE IS AGRICULTURAL INCOME UNDER THE INCOME TAX ACT 1961?

BY: CA. JAIN JAWAHAR LAL

Total Answers : 1 | View Answers | Post Answers

36952
Jan, 28
2019
COUNCIL DECISION - ( CAN PARTNER IN A CA FIRM BECOME PARTNER IN NON-CA CONSULTING LLP )

Hello, Could you please help me with my below mentioned query- A member of ICAI is a partner of a CA partnership firm. Now, he is planning to become a partner in an LLP consulting firm (non CA firm- in the domain of tax consulting, internal audits, IT audits etc.). Would it be allowed as per the regulations of ICAI? Would there be any professional misconduct? Thanks a lot in advance. Regards, Prasen

BY: Prasen Pal

Total Answers : 0 | View Answers | Post Answers

36950
Jan, 27
2019
GST - ( GST ON SALE OF USED CAR )

A Firm is having Car under Fixed Assets in its books. It decides to sell used car to somebody. As Car selling is not its business,Whether it should charge GST on it

BY: Mahesh Kumar

Total Answers : 3 | View Answers | Post Answers

36951
Jan, 27
2019
MISC. - ( CAN PARTNER IN A CA FIRM BECOME PARTNER IN NON-CA CONSULTING LLP )

Hello, Could you please help me with my below mentioned query- A member of ICAI is a partner of a CA partnership firm. Now, he is planning to become a partner in an LLP consulting firm (non CA firm- in the domain of tax consulting, internal audits, IT audits etc.). Would it be allowed as per the regulations of ICAI? Would there be any professional misconduct? Thanks a lot in advance. Regards, Prasen

BY: Prasen Pal

Total Answers : 1 | View Answers | Post Answers

36949
Jan, 26
2019
INDIRECT TAXES - ( PENALITY FOR NOT FILING ITC4 IN GST )

An asessee is not filing quarterly ITC 4 returns as he is not having details of Goods sent for washing and received back datewise as he is a small businessman. Whether there are any penal provisions under the act

BY: Mahesh Kumar

Total Answers : 2 | View Answers | Post Answers

36947
Jan, 25
2019
GST - ( REGISTRATION )

Individual service provider having TO of 10L per annum, Sold a residential property for 20L (Personal asset) and Shares for 20L. is he require to obtain GST registration

BY: Sai Ram

Total Answers : 5 | View Answers | Post Answers

36948
Jan, 25
2019
GST - ( GST ON DOMESTIC MONEY TRANSFER )

Is there any guideline from RBI and CBIC for Valuation of Domestic Money transfer Services.

BY: Ashish Kumar Goyal

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36945
Jan, 24
2019
GST - ( 079710 )

A is a prop firm and registered service provider of security services now whether he is require to charge GST on forward basis or Service recipient itself deposit the same on RCM basis

BY: SANDEEP KAPOOR

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36946
Jan, 24
2019
GST - ( MARGIN CALCULATIONS BY E-COMM OPERATORS - MYNTRA, ETC )

While selling Goods through MYNTRA/JABONG, etc, they charge the Supplier Commission on Product MRP (i.e. inclusive of GST) and the contract says that the commission so charged is exclusive of GST i.e. GST Shall be charged over and above such commission. Now this leads to Double collection of GST by such E-Comm Operator. Is it legally tenable to collect commission on GST value as well?

BY: Ashish Kumar Goyal

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36941
Jan, 22
2019
GST - ( GST AUDIT OF BRANCH OF A PRIVATE LIMITED COMPANY )

As per provision of section 35 (5) of CGST Act, every registered person whose turnover exceeds prescribed limit has to get his accounts audited by CA or CWA. I have following questions: 1) if accounts of the company as a whole is already audited and submitted to company registrar say on 11.09.2018, last date of filing audited accounts and annual return on gst portal is 31.03.2019, GST auditor of branch of the company and company auditor are different persons/firms and appointment of gst auditor is after 11.09.2018, then is it necessary for auditing branch accounts again by branch GST auditor or it is sufficient to prepare GSTR 9C with certificate by branch gst auditor? 2) If company audited accounts are sufficient compliance of section 35(5), then what is the meaning of " submitting audited accounts with gst annual return" in case of branch gst annaul return filing as it is distinct person, i.e. separate accounts is to be prepared for branch and get it attested by company auditor or uploading company audited accounts? 3) As per companies act, 2013, only CA can do audit then conducting audit by CWA is against companies act?

BY: PRIYANK NAGORI

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36942
Jan, 22
2019
DIRECT TAXES - ( COMPENSATION RECEIVED BY PVT LTD. COMPNAY ON COMPULSORY ACQUISITION OF ITS OFFICE INDUSTRIAL LAND BY )

Industrial land owned by Pvt Ltd company has been compulsorily acquired by NHAI. Pvt. Ltd. company can claim exemption of this amount by vide circular no.36/2016 of CBDT dated 25/10/2016 ?

BY: BAJAJ RADHESHYAM NANDKISHORE

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36943
Jan, 22
2019
DIRECT TAXES - ( APEAL )

case is relating to Computation of capital gain, Assessee has claimed Cost of acqusition of asset on the basis of Engineers certificate but the Assessing officer is refuse to accept the same and case has been transfered to Department Valuation officer for valuation, for the same Ao has completed the Assessment and raise the demand, whether we go to Appeal in this regard???

BY: Ninad Prataprao Shete

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36944
Jan, 22
2019
GST - ( REGISTRATION )

Service provider is suppose to take a GST registration as his turnover crossed 20L in Previous year (2016). What are the consequences if GST registration is taken now in 2019? He didn't have Service tax registration too

BY: Sai Ram

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36940
Jan, 21
2019
GST - ( TDS UNDER GST )

Please clarify, whether a Government department which is already registered under GST and receiving Goods and Services from various parties is required to obtain separate GST number for deducting TDS under GST for Work contract supplies received by it from various supplier? Whether suppliers will require to mention the regular GST number of the Govt. department (Receiver) in their invoices or GST Number as deductor will be mentioned by them in their invoices?

BY: DINESH

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36938
Jan, 20
2019
GST - ( BLOCKING OF ITC WRONGLY AVAILED IN EARLIER TAX PERIOD )

GSTR-3B for the Month of June 2018 is filled with Wrong ITC which is more then the Actual eligible ITC. Now while filling GSTR-3B for the month of December 2018, can we show it under blocked credit ?. Such Excess Input tax credit has not be utilised so far. Should we pay any Interest?

BY: Harish

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36939
Jan, 20
2019
GST - ( PRIORITY SECTOR LENDING CERTIFICATES )

PSLC ARE TRADED ON RBI E KUBER PLATFORM WHERE IDENTITY OF BUYER AND SELLER NOT KNOWN TO EACH PARTY, HOW THESE TRANSACTIONS CAN BE CLASSIFIED AS INTER STATE OR INTRA STATE FOR PAYMENT UNDER RCM

BY: NEERAJ KUMAR GAKHAR

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36937
Jan, 19
2019
Service Tax - ( SCN U/S 73 FOR ST-3 NOT FILED AND NO REPLY FOR NOTICES )

Facts: Assessee is a Pvt. Ltd Co. , Total period of Demand is Oct 2015 to Jun 2017. ST-3 if filed for Oct 2015 to Sept 2016. Tax along with Interest for entire period is paid from Time to time . (For the period ST-3 not filed, tax was paid in April 2018). Total Demand u/s 73 is 20 Lakhs + Intt + Penalty u/s 76 & 77. Notices issued 4 times but the assesse did not reply. Now officer has asked to reply in 30 days otherwise he will decide ex-parte. Also, the SCN issued by the Officer does not has any jurisdiction. Query : 1. Can we file ST-3 now after SCN is issued ? 2. Can we ask our jurisdiction officer to issue a fresh SCN since the one issued is invalid ? 3. Can the penalty for non filing of ST-3 be waived by any way ? 4. Tax is paid under incorrect heads i.e. under Interest head in place of Main Service Tax Head, will it be an issue ?

BY: Ashish Kumar Goyal

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36936
Jan, 18
2019
GST - ( BEFORE POT (SERVICE TAX) TRANSACTION - CLARIFICATION ON CHANGEABILITY OF GST/SERVICE TAX )

I have a scenario where the services were rendered before the introduction of Point of Taxation Rules, 2011 under service tax in which case the service tax was chargeable on receipt/cash basis. What should be the tax treatment for amount received during GST regime against such services rendered prior to POT rules, 2011 Should i pay Service Tax or GST against such receipt? and how should i disclose the same in respective service tax/ gst returns?

BY: Sukesh Kumar Tumma

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36935
Jan, 17
2019
GST - ( REGISTRATION WITH GSTN )

X AND Y TWO INDIVIDUAL (BROTHER) IS CARRYING ON PROPRITORSHIP BUSINESS IN INDIVIDUAL CAPCITY AND ARE REGISTERED WITH GSTN. THEY ARE HAVING INDIVIDUAL GSTN REGISTRATION. THE PREMISES FROM WHERE THEY ARE OPERATING THE BUSIENSS WAS PURCHASED BY THEM ALONG WITH THEIR SPOUSE AND ONE MORE BROTHER WITH HIS SPOUSE PURCHASED THE ENTIRE PREMISES. THE PREMISES IS ACTUALLY CO OWNED BY 6 PERSONS, 3 BROTHERS AND THEIR SPOUSES, OUT OF THEM ONLY TWO ARE GSTN REGISTERED. NOW THE PREMISES IS GIVEN ON RENT TO THE SAME BUSINESS FIRM OF X & Y ON RENT BASIS. THE RENT IS APPROX RS 1.00 PA. MY QUERY IS WHETHER RENT WHICH IS APPROX RS 12.00 LAC PA, REQUIRED TO BE GSTN REGD. AND IF YES, HOW AND WHAT CAPACITY THE RENT PART WILL BE GSTN REGD. IT IS CO OWNED BY 6 PERSONS, AND 2 OF THE CO OWNER IS HAVING TURNOVER MORE THAN GSTN LIMIT IN THEIR FIRM. BUT 4 OF THEM ARE HAVING NO GSTN AND NEITHER THEIR PERSONAL INCOME EXCLUDING RENTAL SHARE IS TAXABLE AS PER GSTN

BY: pradeep kumar agrawal

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36934
Jan, 16
2019
GST - ( SURRENDER OF GST NO )

A Person had obtained GST no but lateron realised he does not require it. He is having GST paid stock with him. Is it necessary to make stock Zero while applying for Cancellation of GST no

BY: Mahesh Kumar

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36933
Jan, 12
2019
GST - ( DIFFERENT LEGAL NAME AND TRADE NAME )

Can a company with legal name as per pan card, apply for another gst registration vertical wise with different trade name. Suppose abc pvt ltd is already having gst no as per pan card and trade name is abc pvt ltd, now the same company intends to do some other kind of work, for which a different trade name is desired, can the company apply vertically for another gst no, having same legal name, but different trade name. if Yes, what kind of documents shall be required to do this

BY: pradeep kumar agrawal

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36932
Jan, 11
2019
MISC. - ( 218933 )

Internal auditors are now under pressure from Industry to also provide consulting services on tax matters. They expect the internal audit fee to cover consulting on tax matters as well. Is there any written clarification from ICAI which will help us members in convincing the industry that the two cannot be clubbed together apart from recommendations of ICAI?

BY: SRIKANTH

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36931
Jan, 10
2019
Profits & Gains of Business & Profession - ( PRESUMPTIVE TAX U/S 44AE )

Dear sir Under section 44AE for Assessment year 2019-20 it is mentioned that in case of heavy goods vehicle, net income of Rs. 1000/- per ton per month on gross vehicle weight or unladen weight to be offered for Income tax purpose. If a person have a Heavy goods vehicle gross weight of which is 42000 kg. and unladen weight is 12000 kg. Please confirm whether income shall be Rs. 42000/- p.m. or 12000/- per month. Thanks

BY: Rajesh Kumar Mandwariya

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36929
Jan, 09
2019
GST - ( SALE TO FOREIGN TOURIST IN GST )

Dear Sir, I have a query with respect of Sale to Foreign Tourist in GST. Section 8 of the IGST Act define what is an Intra State Supply, which is reproduced below 8(1) Subject to the provisions of section 10, supply of goods where the location of the supplier and the place of supply of goods are in the same State or same Union territory shall be treated as intra-State supply: Provided that the following supply of goods shall not be treated as intra-State supply, namely:–– (i) supply of goods to or by a Special Economic Zone developer or a Special Economic Zone unit; (ii) goods imported into the territory of India till they cross the customs frontiers of India; or (iii) supplies made to a tourist referred to in section 15. That as per the above provision, a supply where place of supply and location of supplier is within the same state, however if the receipt is a foreign tourist the same will be treated as inter state supply. For a example Mr John of USA ( Fulfills condition of foreign tourist) visits a showroom in Jaipur and purchased some jewellery and goods are handed over to Mr. John on the Showroom itself. In this case the place of Supply is in Rajasthan and location of Supplier is also in Rajasthan, therefore as per normal rule it is a intra state supply. However since Mr. John is a foreign tourist by virtue of the proviso, it becomes an inter state supply. (Similarly like a sale to SEZ Unit) While Filling GSTR-1, there is exist a problem that when we enter the details in Table 7 i.e Sale to Unregistered Person and select place of Supply as Rajasthan. It opens CGST and SGST only . However the tax charged is IGST due to the facts of the supply being interstate. Then the option left for Filling a the return is with selecting place of supply as other territory to open the IGST column. So kindly guide with this. In case of Supply to SEZ Unit, they have given a column of tick (Supply to SEZ with or without GST). It is required that a same column

BY: MAYANK SRIVASTAVA

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36927
Jan, 08
2019
GST - ( GST REFUND )

One of our client received foreign exchange for export done from payee's bank vostro account held with Indian Bank. The said indian bank has issued only credit advice. Upon enquiry they say FIRC is restricted to only FDI. Can we claim GST refund with the Credit advice letter as a proof of convertible foreign exchange received?

BY: SANTHANU R

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36928
Jan, 08
2019
DIRECT TAXES - ( 079710 )

The AO has assessed the Income Rs. 4.50 cr. against returned income Rs. 8.00 Lacs whether we have to submit 20% of Disputed tax or any other remedy and what is procedure for stay of such demand

BY: SANDEEP KAPOOR

Total Answers : 3 | View Answers | Post Answers

36922
Jan, 04
2019
Companies Act, 2013 - ( FILING OF ANNUAL RETURNS )

One of my clients have incorporated a company on 13.12.2017, but have not filed annual returns for the financial year 2017-18, can we file the annual returns from 13.12.2017 to 31.03.2019 at a time? If not what is the recourse available for us. Thanks in advance

BY: UDAY KIRAN

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36923
Jan, 04
2019
Companies Act, 2013 - ( COMPANY INCORPORATION )

I need to incorporate a company with 20 members and 20 directors, all the members are directors, do all the 20 members need digital signatures? How to get permission from MCA for having 20 directors for a private limited company ? Please let me know the detailed process for it.

BY: UDAY KIRAN

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36924
Jan, 04
2019
Companies Act, 2013 - ( COMPANY INCORPORATION )

I need to incorporate a private limited company with 2 directors, out of which 1 director being a NRI and other director is a normal resident, what Is the company incorporation process for this, can i carry on with normal process, or are there any specific approvals need to be taken?

BY: UDAY KIRAN

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36925
Jan, 04
2019
Companies Act, 2013 - ( ROTATION OF AUDITOR FOR PVT LTD-NON SMALL COMPANY )

X an individual appointed as auditor of Pvt Ltd (non small) company for 5 consecutive year and completed 5 year term. X also partner in a partnership firm M/s XY. Can M/s XY be appointed as auditor of the same Pvt Ltd company for next 5 years. In the light of provision rotation for firm of CA is for 10 years. Please answer.

BY: Ajay Bhalchandra Salagare

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36926
Jan, 04
2019
MISC. - ( REMITTANCE BY A FOREIGNER )

An Indian Person says some foreigner is depositing foreign currency in his account .What will be the consequencies if there is no business transaction

BY: Mahesh Kumar

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36920
Jan, 03
2019
GST - ( RCM ON SECURITY SERVICES )

From 1.1.19 Security Services have been brought under RCM u/s 9(3). Queries as below: 1. Is it mandatory RCM (i.e. security agencies cannot opt for Forward charge even if they are registered)? -- Appears to be mandatory RCM 2. What would be the position of Invoice raised on 1.1.19 for security services supplied in Dec 18. If Section 14 rationale is used, since Invoice and Payment both come after 1.1.19, Invoice will be subject to RCM GST and not forward charge GST

BY: Gaurav S Kenkre

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36921
Jan, 03
2019
GST - ( GST ON REAL ESTATE SECTOR )

Dear Sir, As per my understanding if agreement executed between customer and builder. Whenever builder will complete construction up to certain stage (as mentioned in construction linked payment plan ) he have to raise demand/bill and pay GST on the basis of such billing/demand. In current scenario where real estate sector facing very serious slow down only 30 to 40% demand recovered on time and balance 60% to 70% remain outstanding and builder have to pay GST of such unpaid demand. I want to explain it in example:- Total flat 100 no. Amount of Demand Rs. 2,00,000/- each Amount of GST @ 12% Rs. 24000/- each now suppose 30% demand recovered Amount received Rs. 240000*30 = 6720000/- Amount to be paid for gst 24000*100 = 2400000/- Net Pay Out 43,20,000/- We can seen here that gst recovered only against 30 flat but pay to govt for full 100 flats. My Query is :- 1) Is my understanding (As mentioned above )is correct ? 2) Is there any way out to not gst only on receipt basis ? Please guide Thanks & Regards, CA Vikas Gupta 09983299484

BY: vikas Gupta

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36919
Jan, 02
2019
GST - ( RCM ON SECURITY GUARD (GST) NOTIFICATION ON 29/2018 – CENTRAL TAX )

AS RCM ON SECURITY SERVICES HAS BEEN INTRODUCED , ANY REGISTERED PERSON RECEIVING SECURITY SERVICES FROM ANY PERSON OTHER THAN BODY CORPORATE, IS REQUIRED TO PAY GST ON REVERSE CHARGE BASIS IT IS UNDERSTOOD THAT A REGISTERED PERSON, BUT MY QUERY IS WHERE THE PERSON RECEIVING SECURITY SERVICES FROM ANY PERSON OTHER THAN CORPORATE, IS ENGAGED IN PROVIDING GST EXEMPT SERVICES VIZ ; HEALTH CARE – DIAGNOSTIC SERVICES ,, SHOULD THIS PERSON NEEDS TO OBTAIN GST NO TO PAY RCM ON SECURITY SERVICES

BY: pradeep kumar agrawal

Total Answers : 2 | View Answers | Post Answers

36918
Jan, 01
2019
MISC. - ( TIME LIMIT FOR THE ISSUANCE OF NOTICE U/S 148 )

what is the time limit for the issuance of notice u/s 148 by Assessing Officer.?

BY: Mohit Gupta

Total Answers : 6 | View Answers | Post Answers

36915
Dec, 31
2018
Capital Gains - ( GAINS FROM OPTION TRADING )

Whether gains from Trading in options can be offered under capital gain? As per sec.2(14) capital assets means "Property of any kind held by an assessee". I feel option fits within this definition. Members views are solicited.

BY: SANTHANU R

Total Answers : 3 | View Answers | Post Answers

36916
Dec, 31
2018
Income from Other Sources - ( SEC 56(2)(VII) GIFT OF RURAL AGRICULTURE LAND )

A sold his rural agricultural land to B for Rs 45 lacs the circle rate of the land is 65 lacs A & B are not "relative" to each other the question is whether Difference of Rs 20 Lacs ( Circle Rate - Actual Consideration) will be taxed in the hand of B ? or the transaction will be out of purview of 56(2)(VII) as land in question is not a capital assets U/S 2(14) ?

BY: CA. SHARMA RAJESH CHANDRA

Total Answers : 1 | View Answers | Post Answers

36917
Dec, 31
2018
GST - ( 426683 )

I am trying to file RFD 01 online for claiming of Excess ITC in case of export without payment of tax .While filing of the Statement 3 using the online utility i am facing the problem in filing the data in the excel utility downloaded from the portal itself. The error in the excel file of utility for statement 3 says ' the file is locked for editing please unlock it and it requires password which is not available with us. Someone please advise me what can be done. Thanks

BY: ajit kumar maskara

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36914
Dec, 30
2018
GST - ( GSTR-9C )

As per GST Act every Assessee whose Annual turnover is more than Rs.2 Crore shall gst his Account Audited. In the form GSTR-9C as notified under notification no.49/2018-Central Tax, Reconciliation of turnover under point no. 5 is derived on the basis of Audited Annual Financial Statement. Let take an example of Kacchha Arhtia or del-credre Agent who is issuing invoice on behalf of Principle Supplier. As per GST act his turnover is total receipt on sale which is let suppose Rs.6 Crore (more than Rs. 2Crore ) in a financial year. but under IT Act,1961 his turnover is the amount of commission only that is let suppose Rs.10 Lakh. That's why no audit is conducted under income tax Act & any other Act. Now in this case what turnover shuld be mentioned under Point no.5A to reconcile? In point number 4 he mentioned that he is not liable to audit under any act. Please enlighten us what should we do in this case.

BY: Tushar Goyal

Total Answers : 3 | View Answers | Post Answers

36910
Dec, 29
2018
Companies Act, 2013 - ( NAME RESERVATION IN CRC )

I have applied for a Name reservation of a existing Nidhi Company. CRC has rejected the same with remarks "NOC from concerned regulatory authority has to be obtained". But in the Companies Act 2013, nowhere it has been mentioned that NOC for Name reservation has to obtained. I have raised the ticket asking CRC to quote relevant provisions in the Act. But their reply is not appropriate. How to escalate the issue or solve this issue?

BY: SANTHANU R

Total Answers : 4 | View Answers | Post Answers

36911
Dec, 29
2018
GST - ( REVERSE CHANGE ON TRANSPORT FOR F Y 17-18 )

REVERSE CHARGE ON TRANSPORT FOR F Y 17-18, IF PAID IN 18-19 NOW SAY ON 28 DEC 2018, CAN WE TAKE INPUT CREDIT OF THE SAME IN GST 3 B OF DEC 18

BY: pradeep kumar agrawal

Total Answers : 2 | View Answers | Post Answers

36912
Dec, 29
2018
GST - ( 240554 )

Incase of cable tv and internet operation, whether the GST is levied by ISP directly to Customer or it should be pass thru MSO and LCO?

BY: Sai Ram

Total Answers : 0 | View Answers | Post Answers

36913
Dec, 29
2018
GST - ( 240554 )

A GST registered dealer, Proprietor, engaged in imparting technical training. He, in his personal capacity entered into a agreement to purchase a under construction flat and paid GST (since purchased in personal capacity, input is not shown in 3B or availed). Still the property is under construction and he likes to sell the right in property for a profit of 21L. whether the sale transaction attracts GST?

BY: Sai Ram

Total Answers : 3 | View Answers | Post Answers

36905
Dec, 28
2018
GST - ( SURRENDER OF GSTIN )

I HAVE APPLIED FOR SURRENDER OF GSTIN TO WHICH QUERY HAS BEEN RAISED WHICH HAS BEEN ANSWERED SATISFACTORILY. HOWEVER, SAME HAS NOT BEEN TAKEN UP FOR REVIEW BY OFFICER. WHAT IF SAME IS NOT REVIEWED WITHIN DUE TIME BY OFFICER. WHETHER CANCELLATION CERTIFICATE WILL BE GENERATED AUTOMATICALLY OR MY APPLICATION WILL BE CANCELLED. KINDLY REVERT

BY: RAJIV CHINUBHAI MEHTA

Total Answers : 1 | View Answers | Post Answers

36906
Dec, 28
2018
GST - ( GST CLASSIFICATION )

Proprietor firm running transport of goods business owns his own trucks. whether we can say that transport of goods by road is exempt under GST as per notification 12/2017 if he is not issuing any consignment note to anybody. since reverse charge is applicable only to GTA. please guide me whether proprietor running transport business by engaging driver on salary is GTA or not.

BY: NADIR D SHAIKH

Total Answers : 1 | View Answers | Post Answers

36907
Dec, 28
2018
GST - ( EXCHANGE OF CAR )

A GST registered person exchanges his old car for new car. The car Company credits him with 1)value of old car 2) Exchange Bonus and 3) Loyalty bonus. Item No. 1 is subject to GST as per notification No.8/2018 dated 25th January 2018. Are loyalty Bonus and exchange bonus are also subject to GST.

BY: Ethirajan

Total Answers : 1 | View Answers | Post Answers

36908
Dec, 28
2018
GST - ( SALE OF OLD ASSET OR ASSET UNDER SECTIOJN 17(5) )

In case an Assessee sold his old asset, purchased under VAT regime for which no ITC has been claimed by the Assessee or Asset purchased under GST regime for which no ITC has been claimed as input is blocked input under sec 17(5) e.g. car. Whether GST is applicable on sale of these asset? if there is some way to avoid GST on these type of transaction then please enlighten me.

BY: Tushar Goyal

Total Answers : 1 | View Answers | Post Answers

36909
Dec, 28
2018
GST - ( INPUT TAX CREDIT REVERSAL )

Supplier is engaged in providing works contact service to government which attract 12% GST rate. Works contact service provider uses machinery in execution of contract for which Machine supplier is paid on hourly basis. however diesel is purchased and given to Machine supplier by the works contractors and the same is recovered from bills payable to machine supplier. Query No.01. Is common input tax credits needs to be reversed in books of works contract service provider as there is exempt supply or can it be interpreted that on purchase of diesel no input tax is availed hence no requirement of reversal. Query No.02. Is bill of supply needs to be raised for such exempt supply, however contractor is not engaged business of diesel supplier.

BY: Sachin

Total Answers : 1 | View Answers | Post Answers

36904
Dec, 27
2018
GST - ( TDS UNDER GST )

One of our Government client has deducted TDS under GST in the month of Oct, 2018 and this amount is also reflecting in GSTR 2A of that month. This amount should have been credited to our cash ledger but till date this has not happened. As a result we are not able to take credit of TDS deducted by our client. How can we claim credit of TDS amount in our return? Also TDS certificates are also not available on the GST portal in respect of such deductions, do we need to take some action on our part so that these certificates become available to us?

BY: CA. JAIN GOPAL KRISHAN

Total Answers : 2 | View Answers | Post Answers

36903
Dec, 26
2018
GST - ( CONVERSION OF PROPRIETARY INTO PARTNERSHIP )

I would like to convert a proprietary business into partnershp by drafting a p.deed and planning to avail input credit on stocks as provided u/s18(3)of CGST Act. In this regard, my queries are; 1. Whether the erstwhile proprietor has to raise a tax invoice on the Partnership Firm in view of para 1 of Sch. 1 of the act? But the newly formed partnership firm would continue the same books of account whcih is being operated by the proprietor. How accounting has to be done. 2.On the other hand, Stock being a business asset, it is not at all a supply in view of para 4(c) of Sch II of CGST act.

BY: CA. KANTIPUDI VEERA VENKATA SATYANARAYANA

Total Answers : 3 | View Answers | Post Answers

36902
Dec, 23
2018
Profits & Gains of Business & Profession - ( TAXABILITY OF INCOME FROM YOUTUBE )

A resident is getting money from YouTube for uploading videos related to art & culture. How this income will be taxed? Can it be treated u/s 4AD or 44ADA?

BY: PALLAV

Total Answers : 4 | View Answers | Post Answers

36900
Dec, 21
2018
GST - ( IMPACT OF GST )

What will be the short-term impact of GST?

BY: Mohit Gupta

Total Answers : 1 | View Answers | Post Answers

36901
Dec, 21
2018
DIRECT TAXES - ( TAXATION OF TRUST )

A trust has accumulated its income for a period of 5 years by filing Form 10. But it has not spent the amount so accumulated within that 5 years. In which year it will be taxed? In the 5th year itself or in the 6th Year. Suppose, if it is for financial year 2012-13, the time limit will expire with 31.3.2018. Whether the unspent amount will be taxed in AY 2018-19 itself or in AY 2019-20? Please clarify. Thanks.

BY: balasubramanian

Total Answers : 2 | View Answers | Post Answers

36898
Dec, 20
2018
DIRECT TAXES - ( ITR FOR 3 YEARS )

can ITR of a person be filled for 3 years at a time if Taxable income from First two years is Nil without attracting Penality

BY: Mahesh Kumar

Total Answers : 4 | View Answers | Post Answers

36899
Dec, 20
2018
CORPORATE & OTHER LAWS - ( LOAN FROM NRI DIRECTOR )

A Company is receiving loan from its Director who is a NRI. Loan is received from him in Indian Rupee from a bank account in India maintained by that Director. What are the RBI Regulation with regard to such transaction? Kindly clarify.

BY: balasubramanian

Total Answers : 1 | View Answers | Post Answers

36896
Dec, 19
2018
GST - ( EXPORT OF SERVICE TO OTHER STATES )

Whether a CA having turnover less than 20 Lacs provide interstate services without having GST number

BY: Mahesh Kumar

Total Answers : 8 | View Answers | Post Answers

36897
Dec, 19
2018
DIRECT TAXES - ( FORM 61A )

On of foreign company has invested in Indian private Limited company as FDI. We have filed form 61A . The foreign company does not have PAN No in India. There is error report coming saying PAN no required but foreign company does not have PAN card. Please advise to rectify it or can we dummy PAn and what is the pattern we should used.

BY: Shiv Mahajan

Total Answers : 1 | View Answers | Post Answers

36895
Dec, 18
2018
GST - ( RCM )

Mr A ( Registered GTA under GST) is providing Goods Transport to XYZ LTD. GST paid by XYZ ltd under RCM. Further Mr B ( Registered GTA under GST) is also providing Goods Transport to XYZ LTD. GST paid by XYZ ltd under RCM. Mr A hires services of Mr B for transportation of goods to XYZ Ltd. 1. Is it exempt as XYZ is paying under RCM. 2. If so, has Mr A to show it an inward exempt supplies in is returns.

BY: Avinash Chirania

Total Answers : 1 | View Answers | Post Answers

36892
Dec, 17
2018
GST - ( TAXABILITY OF RENTING OF VACCANT LANT )

As per chapter 4 and heading 9986 renting of agro machinery or vaccant land with or without structure incidental to its use attracts nil rate of tax.whether renting of vaccant land of about 1 acre for vehicle parking will come under that

BY: nagappan.sm

Total Answers : 2 | View Answers | Post Answers

36893
Dec, 17
2018
GST - ( TREATMENT OF COMMON CREDIT IN CASE ITC )

What is the provision regarding Reversal of Common credit of ITC under Rule 42 & 43 in case a supplier supplies both Taxable Supply and Exempted Supply ? Whether reversal to be done monthwise or annually because use of raw materials in on going process but ITC is claimed in the month goods are received ?

BY: Gaurav Kumar Baranwal

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