Nandhakumar & Sundaran
Chartered Accountants, Auditors

By: Nandhakumar & Sundaran | February 18, 2019

The Centre has exempted industries like steel, cement and metal from mandatory prior environment clearance for setting up a new or expanding the existing captive power plant employing waste heat recovery boilers (WHRB) without using any auxiliary fuel. The exemption to industries having potential for heat recovery has been given to promote energy conservation and reduce green house gas emissions, according to an order. This exemption was so far given to thermal power plants using waste heat boilers without any auxiliary fuel.


Source: Thehindubusinessline

Category: News 

Tags: News 

By: Nandhakumar & Sundaran | February 18, 2019

An Advanced Authority Ruling (AAR) has upheld that merger of a proprietorship firm as a going-concern with a company is not a supply and hence it does not involve payment of Goods and Services Tax (GST) on the fixed or current assets. Also, un-utilised ITC (Input Tax Credit) balance of the firm can be transferred to the company which is taking over, the ruling said. The applicant is BM Industries, a proprietorship firm based in Yamunanagar, Haryana, engaged in manufacture and sales of aluminium profiles.


Source: Thehindubusinessline

Category: GST 

Tags: GST 

By: Nandhakumar & Sundaran | February 18, 2019

CBIC has reiterated/ clarified that registered persons (especially in the banking, insurance, telecom, etc. sectors) are required to indicate the place of supply along with the name of the State in the Tax Invoice  in the case of an inter state supply of goods or services to comply with CGST Rule 46(n) and to avoid penal action under sections 122 or 125 of the CGST Act, 2017, vide Circular No. 90/09/2019 GST dt. 18 Feb. 2019, as under:


Compliance of rule 46(n) of the CGST Rules, 2017 while issuing invoices in case of inter- State supply.


1. A registered person supplying taxable goods or services or both is required to issue a tax invoice as per the provisions contained in section 31 of the Central Goods and Servi...

Category: GST 

Tags: GST 

By: Nandhakumar & Sundaran | January 23, 2019

Non-filers of GST returns for six consecutive months will soon be barred from generating e-way bills for movement of goods. The Goods and Services Tax Network is developing an IT system such that businesses that have not filed returns for two straight returns filing cycles, which is six months, would be barred from generating e-way bills, an official said. “As soon as the new IT system is put in place, the new rules will be notified.”


Source: Thehindu

Category: News 

Tags: News 

By: Nandhakumar & Sundaran | January 23, 2019

The government has cracked the whip on several large companies, which had either failed to deposit tax deducted at source (TDS) with the income tax (I-T) department or delayed the payment, with claims against top 10 such entities adding up to nearly Rs 350 crore. I-T authorities have gone ahead and launched prosecution action, while some of the companies have come forward to settle the cases. Under the law, individuals as well as companies have to deduct tax for several payments — ranging salaries to rent and payments to contractors above a specified threshold.


Source: Economictimes

Category: News 

Tags: News 

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