Recommendation of the 38 Meetings of the GST Council

The 38 Meetings of the GST Council met under the Chairmanship of the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here today. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance. The GST Council recommended the following:

Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20

1. The parameters for manual selection of returns for Complete Scrutiny during financial year 2019-20 are as under.-

(i) Cases involving addition in an earlier assessment year(s) on a recurring issue of law or fact: –

SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019

Q 1. Who is eligible to file declaration under the SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019?

Ans. Any person falling under the following categories is eligible, subject to other conditions under the Scheme, to file a declaration:

(a) Who has a show cause notice for duty or one or more appeals arising out of such notice pending and where the final hearing has not taken place as on 30.06.2019.

Waive off of filing of FORM ITC-04 for F.Y. 2017-18 & 2018-19 i.e. details of Job work

As per section 143 of The CGST Act 2017 read with Rule 45 of the CGST Rules 2017 , 

A registered person (i.e.“principal”) may send any inputs or capital goods, without payment of tax, to a job worker for job work and from there subsequently send to another job worker and likewise, and shall bring back inputs, after completion of job work or otherwise, or capital goods, other than moulds and dies, jigs and fixtures, or tools, within one year and three years, respectively, of their being sent out, to any of his place of business, without payment of tax. Subject to condition that it will be informed to tax authority and condition prescribed under rule 45 are fulfilled.

Exemption U/S 54B cannot be claimed if new asset bought before trasnfer of capital asset

Assessee purchased two properties on 2-12-2011 and 1-2-2012. Thereafter, he sold certain parcels of agricultural land on 21-2-2012. He claimed exemption under section 54B against sale of such agricultural land. Assessing Officer (AO) had disallowed exemption in respect of one parcel of land and allowed exemption in respect of other.

सुंदर कान्ड में सफलता के सूत्र- भाग ३

राम काजु करि फिरि मैं आवौं।सीता कइ सुधि प्रभुहि सुनावौं।।
तब तव बदन पैठिहउँ आई। सत्य कहउँ मोहि जान दे माई।।
कबनेहुँ जतन देइ नहिं जाना। ग्रससि न मोहि कहेउ हनुमाना।।
जोजन भरि तेहिं बदनु पसारा।कपि तनु कीन्ह दुगुन बिस्तारा।।
सोरह जोजन मुख तेहिं ठयऊ। तुरत पवनसुत बत्तिस भयऊ।।

Gains from transfer of derivatives (F&O) by FPI also exempt from levy of enhanced surcharge

The Central Board of Direct Taxes (CBDT) has decided to withdraw the enhanced surcharge levied by the Finance (No. 2) Act, 2019 on tax payable on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Act, 1961 from the financial year 2019-20. The capital assets mentioned in the section 111A and section 112A are:

Taxability of GST on Discount

Tax treatment of discount is the most critical area of the discount saga. Discount is generally given by the supplier to boost his sales. Different types of discount prevails in the business like general discount, turnover discount, cash discount etc.

Most preferred and litigation free way of showing discounts is to show the same on the invoice but due to commercial reasons, it may not be possible to show all discounts on the invoice itself and the problem actually starts there.

Tax Authorities does not want to reduce discount from taxable value except when such discount shown in invoice itself while tax payer claim that he has never received the consideration thus it must be reduced. Honourable courts held in many cases that showing discount invoice is not solution to pass discount to customer and arrive the taxable value.

Recently GST wing of CBIC has issued a circular clarifying various issue on discount and its taxability under GST however before going into discussion of circular it would be better to look provisions of CGST Act,2017

Section 15 of the Act deals with valuation of supply in which reference of discount is found under sub section (3) of the said section, which states as under:-

न तो आयकर छूट की सीमा बढ़ी है, न ही कर-दरों में कोई बदलाव

हर कोई खुश दिखा कि आयकर छूट की ढाई लाख रुपए सालाना की मौजूदा सीमा को दोगुना कर सरकार ने पांच लाख रुपए कर दिया है। इस स्लैब की आमदनी पर आयकर की दर दस फीसद है। यानी लोगों को यह लगा कि पांच लाख या उससे ज्यादा आमदनी वाले हर आयकरदाता को सरकार ने पच्चीस हजार रुपए का सीधा लाभ मिलेगा। लेकिन बजट पेश करने के बाद पीयूष गोयल ने प्रेस कांफ्रेंस में स्थिति साफ की तो ज्यादातर लोगों की खुशी काफूर हो गई। गोयल ने साफ कहा कि सरकार ने न तो आयकर छूट की सीमा बढ़ाई है और न मौजूदा कर-दरों में कोई बदलाव किया है।
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Non-Filers Asked To Submit Income Tax Returns Within 21 Days

If you haven't filed your income tax return yet, you have few days left to do so to avoid legal proceedings. Individuals who have not filed their income tax returns (ITR) for the assessment year 2018-19 should do the same within 21 days to avoid proceedings under the Income Tax Act, news agency IANS (Indo-Asian News service) reported citing a government statement. The Central Board of Direct Taxes (CBDT) had identified through the Non-filers Monitoring System several potential individuals who had carried out high value transactions in financial year 2017-18 but had still not filed returns, the agency reported.
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