Would ‘future contracts’ be chargeable to GST? Future contracts are in the nature of financial derivatives, the price of which is dependent on the value of underlying stocks or index of stocks or certain approved currencies and the settlement happens normally by way of net settlement with no actual delivery. Since future contracts are in the… Read More »
What is the nature of income / expenditure on Collateralized Borrowing and Lending Obligations (CBLO) transactions? In CBLO transaction, the borrowing bank pays an amount as consideration to the lending bank for funds provided by it for a short term. Such amount would qualify as ‘consideration represented by way of interest or discount’ and hence, would… Read More »
Whether a ‘derivative’ is included within the meaning of ‘securities’ in Section 2(101) of CGST Act, 2017 and whether derivatives are liable to GST? Section 2(101) of the CGST Act, 2017 provides that ‘securities’ shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956… Read More »
Can value of services be enhanced by invoking the CGST Rules in case of services provided by banks at a concessional / differential rate to a recipient other than ‘related party’ / ‘distinct person’? Banks provide various services to customers for a charge. However, at times, account holders / customers are provided services free or at a… Read More »
Are services supplied without consideration to a recipient other than ‘related party’ / ‘distinct person’ taxable? Section 7 of the CGST Act, 2017 read with Schedule I thereto provides that services supplied without consideration to related persons or distinct persons only would qualify as ‘supply’. Also import of services by bank from a related person or… Read More »
Income Tax on Cash Credit : Free Study Material Here is the Free Study Material for Income Tax on Cash Credit : Income tax Treatment of cash credit Judgments No Show Cause Notice is required to be issued for making addition under section 68 of Income Tax Act : HC No Sec 68 Addition of Partners… Read More »
New GST News and Circulars 04.06.2018 [ Join online GST Course by CA Satbir Singh ] New GST News GST FAQs on Financial Services Sector published by CBIC 03.06.2018 Free Background Material on GST Acts and Rules- May 2018 Edition How to easily refer GST Act online ICAI Submited Draft ” GST Audit Report Formats… Read More »
Background Material on GST Acts and Rules- May 2018 Edition Indirect Taxes Committee of ICAI, has recently revised its Background Material on GST Acts and Rules- May 2018 Edition (Two Volumes: Vol-1 : Act & its analysis along with Rules, Vol-02: Notifications, Circulars & Orders). The publication contains in-depth clause by clause analysis of the GST Acts and… Read More »
Updated List of Goods Liable for Reverse Charge under IGST : GST News 309
VARIOUS ASSESSMENTS UNDER THE INCOME TAX LAW Article [ As Amended by Finance Act 2018 ] discusses about Assessments under Income Tax i.e Meaning of assessment, E-Assessments ,Scope/Procedure/Time limit of Assessment under section 143(1)/ section 143(3)/ section 144/ section 147 of Income tax Act Introduction of Assessment under Income tax Act Every taxpayer has to furnish the… Read More »