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1. Non-refundable deposits received by Club for providing facilities to its members taxable as revenue receipt. [2017] 78 taxmann.com 338 (Mumbai - Trib.)
2. Delhi VAT: Denial of Input Tax Credit on the ground that the transactions were reflected in retail invoices and not tax invoices and therefore did not qualify for credit is not valid as the strict interpretation of Section 50(2) was unwarranted. Credit allowed. Revenue’s appeal dismissed. (J C Decaux Advertising I P Ltd. – Delhi High Court. January 9, 2017).
5. Under GST Composition Scheme in 17-18 for most Manufacturers & Restaurants @ 5% & Traders at 2% if turnover upto 50 lacs in 16-17. NA for Service sector.
4. The tax demand raised by the authorities under the proposed GST regime can be paid in monthly installments for up to two years, in case of financial hardship
5. E-Filling New TM Govt Fees Rs.4500 for individual/ startup/ Small Business. For Others Rs.9000. Physical filing Fees Rs.5000 for individual/ startup/ Small Business and for Others Rs.10000.
6. The head quarters of all PSU banks subject to audit, are expected to get a comprehensive list of firms for allotment from RBI from 06-03-2017. In turn banks are supposed to complete the allotment procedure by 16th March, 2017.
2. Delhi VAT: Denial of Input Tax Credit on the ground that the transactions were reflected in retail invoices and not tax invoices and therefore did not qualify for credit is not valid as the strict interpretation of Section 50(2) was unwarranted. Credit allowed. Revenue’s appeal dismissed. (J C Decaux Advertising I P Ltd. – Delhi High Court. January 9, 2017).
5. Under GST Composition Scheme in 17-18 for most Manufacturers & Restaurants @ 5% & Traders at 2% if turnover upto 50 lacs in 16-17. NA for Service sector.
4. The tax demand raised by the authorities under the proposed GST regime can be paid in monthly installments for up to two years, in case of financial hardship
5. E-Filling New TM Govt Fees Rs.4500 for individual/ startup/ Small Business. For Others Rs.9000. Physical filing Fees Rs.5000 for individual/ startup/ Small Business and for Others Rs.10000.
6. The head quarters of all PSU banks subject to audit, are expected to get a comprehensive list of firms for allotment from RBI from 06-03-2017. In turn banks are supposed to complete the allotment procedure by 16th March, 2017.