Paras Khanna

CA का छात्र 📚 | BCom | GST में पूर्णतः विलीन | Further Studies Plan - MCom • MBA • LLB • PGDFMP |

Born in 90s & 🔥
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[Paras Khanna @BluntExpress]

Dear @Infosys_GSTN , @cbic_india
Why the system is making the blocks red when I am myself setting off the liabilities using rule 88A ? (not using system suggested figures)
Further the error calls me pay IGST tax when there is no IGST liability.

@abhishekrajaram

[CA Chirag Chauhan @CAChirag]

How much Gold Jewellery and Ornaments you can hold legally without proof?

As per many High Court Judgements, & CBDT Instruction No 1916

Married Women – 500 grams
Unmarried Women – 250 grams
Male Member – 100 grams

For example, in a family consisting of a Father, Mother, Married Son & his Wife and unmarried Daughter, total 5 members can hold
2 Married Women – 500 *2 = 1000 gms
2 Male Member – 100*2 = 200 gms
1 Unmarried Women = 250*1 = 250 gms
Total = 1450 gms of Gold Jewellery

The CBDT guidelines in Instruction No 1916 define the limits for Search operation and seizure and not for assessment, however, various High Court rulings considering Indian Traditions and Customs are of the opinion that such holding found in possession will not be questioned for its source and acquisition.

The quantities specified in the instruction are to be treated as reasonable and therefore explained and should not be the subject matter of additions during assessments

As per Hindu Tradition, gold is given as streedhan or inherited via Will or else received as gift during marriage or other occasions as customary practice since time immemorial. Many times the invoice or proof of buying is not available. In such cases, the limits as mention above can be assumed as reasonable as per Hindu traditions and the status of the family.

Note the above limits are applicable only for Gold Jewellery in form of ornaments and not for Gold coins or bars.

Further, there is no ceiling or limit upto which you can own Gold Jewellery and Ornaments or Gold Coins or Bars provided it is acquired from the explained source of income and inheritance (Eg proof like bills and Will), meaning legitimate holding of Gold to any extent is permissible and protected

#Tax #GoldTax #Gold #GoldHolding

[Abhishek Raja "Ram" @abhishekrajaram]

📢 A comprehensive guide to Indian Income Tax notices:
1. Notice u/s 143(1) - basic assessment
2. Notice u/s 143(2) - scrutiny assessment
3. Notice u/s 148 - reopen assessment
4. Notice u/s 245 - set off
5. Notice u/s 264 - rectification
More details in the thread👇

[Abhishek Raja "Ram" @abhishekrajaram]

A person registered under GST will be allowed to claim input credit only if all the following conditions are met:

1They must be registered under GST
2The purchase must be for business purposes
3They must possess the tax invoice
4They should have received the goods or services or both
5The supplier must have filed monthly/quarterly GSTR-3B
6The supplier must have paid output tax
7Depreciation cannot be claimed on the ITC component
8Payment is to be made within 180 days.

As per Section 16 (2) (c) of CGST Act, the recipient of goods and services can avail ITC only if supplier has deposited the tax with government either in cash or through utilisation of input tax credit.

So if the supplier has not paid the taxes then recipient/buyer cannot take Input tax credit.

The Madras High Court in the case of M/s. D. Y. Beathel Enterprises v. the State Tax Officer wherein the buyer has claimed the ITC depending on the return filed by the supplier, however, the supplier failed to pay the tax to the government even though the supplier has collected the taxes from the buyer.

The single judge bench of Justice G.R. Swamynathan quashed the order demanding entire tax liability from the buyer and remanded back to the authority for fresh adjudication.

In the case of M/s Honeywell Automation India Ltd. v. Commissioner of Trade & Taxes, Delhi (Appeal No: 08-11/ATVAT/2019 dated August 13, 2021), the Appellate relied on the judgment of Suvasini Charitable Trust v. Government of NCT of Delhi & Another, [W.P. © 4086/2013 dated October 26, 2017] wherein it was held that the Revenue is precluded from invoking section 9 (2) (g) of the DVAT Act to deny ITC to a purchasing dealer who has bona fidely entered into a purchase transaction with a registered selling dealer who had issued a tax invoice reflecting the Taxpayer Identification Number (“TIN”).

[Abhishek Raja "Ram" @abhishekrajaram]

🚨Sunday Special: High Court favors petitioners in recent Indian Input Tax Credit (ITC) cases under GST!

🚨 Stay updated with these latest case laws and their citations in this thread 🧵👇

[Paras Khanna @BluntExpress]

What to do with inappropriate/baseless GST Reg rejection order passed by superintendent? How to proceed with such negligence by CGST officer of CPC Cell? Where to raise the issue/complaint?
Officer asking docs on Call but not under SCN.
@Infosys_GSTN @cbic_india @abhishekrajaram

[CA Akhil Pachori @akhilpachori]

A Thread 🧵on Clause 44 of Form 3CD as per Guidance Note issued by @theicai today

Guidance Note issued after 8 years, last GN was issued in 2014

Link to download the same is here: https://t.co/fNpBNHH5yY

[Dr Jordan B Peterson @jordanbpeterson]

42 Rules for Life:

[Paras Khanna @BluntExpress]

@soumya_sharma26 I hate to lose control over my mind and/or body

[Paras Khanna @BluntExpress]

@cbic_india @Infosys_GSTN

No resolution till date. Who is responsible for this ?

[Paras Khanna @BluntExpress]

@cbic_india @Infosys_GSTN

The ticket is still open even after 1 week and is not yet resolved.
What is the implication of Sec 28(1) r.w.r. 19 for this delay ?

[Paras Khanna @BluntExpress]

@cbic_india @Infosys_GSTN

The ticket is still open even after 1 week and is not yet resolved.
What is the implication of Sec 28(1) r.w.r. 19 for this delay ?

[Paras Khanna @BluntExpress]

@cbic_india @Infosys_GSTN
I want to change principal place of business address along with state jurisdiction but the related columns are shown as blocked fields for editing.
My earlier application already rejected on account of wrong state jurisdiction.
Kindly correct system.

[Paras Khanna @BluntExpress]

@cbic_india @Infosys_GSTN
I want to change principal place of business address along with state jurisdiction but the related columns are shown as blocked fields for editing.
My earlier application already rejected on account of wrong state jurisdiction.
Kindly correct system.

[Paras Khanna @BluntExpress]

@randomyoko Share Market Fall and a huge temporary loss of my money

[Jatin Harjai @Jatin_Harjai]

#Inspection of Goods in transit

Hon'ble P&H HC has held that if the goods are accompanied with Bill and EWB, then authorities should not proceed to make case u/s 129.


Useful judgment for industry and professionals.

CWP NO. 18392/2021, Dt. 04.02.2022

[Arpit Haldia @haldiaarpit]

[2022] 134 https://t.co/ZuVjoLq17G 42 (Calcutta) HIGH COURT OF CALCUTTA-LGW Industries Ltd. v. Union of India

Gist of Cases referred by Petitioner on Validity of Input Tax Credit in Genuine Transaction..Must to be referred in submissions..Thread contains reference to decisions.

[Paras Khanna @BluntExpress]

@cbic_india what is the date of next GSTP exams ?

[Paras Khanna @BluntExpress]

@Goldenthrust ਦੂਜੇ ਤਾਂ ਪਹਿਲਾਂ ਹੀ ਲੁਧਿਆਣੇ ਨੂੰ ਕੈਲੀਫੋਰਨੀਆ ਬਣਾਈ ਬੈਠੇ ਹੈ 😂🤣

[Paras Khanna @BluntExpress]

@ramnikmann ਮੁੱਛਾਂ ਬੜੀਆਂ ਚਕਵੀਆਂ ਰੱਖੀਆਂ ਨੇ 👌

[Paras Khanna @BluntExpress]

@GurdeepMaan79 ਸਤਨਾਮ ਸ਼੍ਰੀ ਵਾਹਿਗੁਰੂ
जय सिया राम

[Jatin Harjai @Jatin_Harjai]

Rely law not circular. One more time view on limitation vindicated.

Time period for filing of Refund gets extended by the order of hon'ble SC in SMWP No. 3/2020.

After madras, now hon'ble Bom HC also confirms same in case of Saiher Supply Consulting PL Vs. UOI.

[Paras Khanna @BluntExpress]

Portal Logs me out when I add employer details in ITR-3 (also have business income).
#poorportal https://t.co/jbiY6uOYVE