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Top 50 Questions UnAnswered Queries View Archive

5987 unanswered question(s) — Showing 1481–1500

Que. Id	Date	Description
19614	Mar. 02 2019	GST ON MOVEMENT OF CRANES – (GST) Dear Sir, one of our client is registered in Rajasthan and has got a contract for construction of Factory shed at Gujrat. We donot have any fixed establishment at Gujrat and have not taken any registration there. Now we have to send some cranes there for job work can be send it on delivery challan or we have to issue invoice. As i have read the circular 1/1/2017 of IGST Dt 07/07/2017 and further clarifed by 21/21/2017 that we send the cranes only between distinct persons. As we are not registered there will we be treated distinct person. Can be follow the procedure to send goods by delivery challan BY: VIPIN GUPTA No answers yet View Answers  |  Post Answers
19603	Feb. 27 2019	HOW TO REMOVE A DIRECTOR – (Companies Act, 2013) How to remove a director from private limited company, without obtaining his consent or resignation. As one of the three director is not participating in any of the activities of Company, company wants to remove him. What procedure to be followed for the same BY: SURAJ KUMAR CHOUDHURY No answers yet View Answers  |  Post Answers
19607	Feb. 27 2019	ITC setoff procedure – (GST) From 1st February 2019, IGST shall be first utilised towards payment of IGST,CGST and SGST. My query is will this set off procedure will be applied to brought forward credits of IGST, SGST and CGST already standing in electronic credit ledger. BY: Sachin No answers yet View Answers  |  Post Answers
19608	Feb. 27 2019	182513 – (Income from Other Sources) ''However, for a domestic company or a trust or institution registered under section 12A or section 12AA, the dividend is chargeable to tax under section 115BBDA at the rate of 10% if the aggregate amount of dividend received from a domestic company exceeds ? 10 lakhs.'' - in this provision why registration u/s 12A OR 12AA is differentiated where this is one thing? BY: Pavankumar R. Nipanikar No answers yet View Answers  |  Post Answers
19599	Feb. 25 2019	section 56(2)(X) of income tax – (DIRECT TAXES) An individual has defaulted in repaying Bank Loan. Later one time payment is settled and the barrower was asked to pay only let us say 2 crore as against outstanding demand of Rs.3.5 crores. Whether the sum of Rs.1.5 crores waived by the Bank will be treated as his income U/s 56(2)(X) BY: Ethirajan No answers yet View Answers  |  Post Answers
19598	Feb. 24 2019	Salary Income for Resident and Ordinarily resident – (DIRECT TAXES) I will appreciate if someone can assist me on tax liability of a resident and ordinarily resident salaried person working outside India in the following circumstances : 1. If His employer transfers his salary in his local Foreign bank account outside India. 2. If He opens a NRE account and his employer transfer salary in the same Although I have read that a Resident and ordinarily residents are liable to tax in India for his global income? BY: CA. BISHT RAKESH No answers yet View Answers  |  Post Answers
19597	Feb. 23 2019	GST – (GST) One of our client is a trader of Tyres he has received a reward for reaching a target. We have been given one bike whose market price is 75 thousand. Do we have any liablity as regards GST. We are not claiming any input on bike. We have passed entry Dr Motor bike and Credit Income in our books BY: VIPIN GUPTA No answers yet View Answers  |  Post Answers
19592	Feb. 22 2019	GST Input Tax Credit – (GST) A Business entity spends on interior including false ceiling and the service provider charges GST on works contract. The building is owned by the business entity. Is it eligible to take input credit of GST paid or interior including false ceiling. Will situation be different if the building is rented premises? BY: Ethirajan No answers yet View Answers  |  Post Answers
19593	Feb. 22 2019	Applicability of 44AD for 194J tds dedcution – (DIRECT TAXES) If an assessee provides a service and his customer deducts the tds under section 194J, is this means the assessee need to show his income under section 44ADA? The Assessee is not a profession as defined by the act. Even does not possess a college ug degree. BY: M ASHOK No answers yet View Answers  |  Post Answers
19585	Feb. 19 2019	Which part of 15CA to be filled in case of Equalisation Levy and no TDS – (DIRECT TAXES) Payment to Non Resident is not taxable in India, and no TDS is required, BUT Equalisation levy is needed to be deducted As per Rule 37BB: For "any sum chargeable under the provisions of the Act", 15CA Part A or B or C is needed For any other sum, Part D is needed. Will levy of Equalisation Levy make the amount "any sum chargeable under the provisions of the Act" and hence 15CA Part A or B or C will be needed? or does only TDS make the sume "any sum chargeable under the provisions of the Act"? BY: Gaurav S Kenkre No answers yet View Answers  |  Post Answers
19588	Feb. 19 2019	conversion of proprietorship into partnership – (MISC.) I am having my proprietorship firm since 2016, now we want to convert it into partnership firm. whether seniority of firm for bank audit empanelment of firm will be considered from existing firm or from newly formed partnership ? and also guide me for ICAI procedure regarding this conversion? Thanking You, BY: Mehul Gelot No answers yet View Answers  |  Post Answers
19581	Feb. 15 2019	GST ON IMMOVABLE PROPERTY – (GST) 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 No answers yet View Answers  |  Post Answers
19579	Feb. 14 2019	refund query – (GST) 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 No answers yet View Answers  |  Post Answers
19565	Feb. 11 2019	refund due to inverted tax structure – (GST) 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 No answers yet View Answers  |  Post Answers
19566	Feb. 11 2019	refund-inverted tax structure (pl. not consider que id 36973 and 36974) – (GST) 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 No answers yet View Answers  |  Post Answers
19567	Feb. 11 2019	Credit Calculation for GST refund under Inverted structure – (INDIRECT TAXES) 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 No answers yet View Answers  |  Post Answers
19570	Feb. 11 2019	In Light of GST Amendment Act - Second Registration – (GST) 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 No answers yet View Answers  |  Post Answers
19561	Feb. 08 2019	Interest u/s.201(1A) applicablility – (TDS/TCS) 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 No answers yet View Answers  |  Post Answers
19558	Feb. 07 2019	TCS on Sales of Vehicle – (DIRECT TAXES) 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 No answers yet View Answers  |  Post Answers
19553	Feb. 05 2019	FORMATION OF NEW COMPANY OUT OF INDIA (CHINA) – (INTERNATIONAL BUSINESS) 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 No answers yet View Answers  |  Post Answers