UGC to issue a notification on Refund of Fees and Non Retention of original certificates by Institutions
Posted By Riya 1513 Views
On Tue,16th Oct, 2018
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.
The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.
Taxpayers are finding it difficult to comply with notices on detailed verification of transitional credit claims made by them under the Goods and Services Tax (GST), as the tax department has asked them to submit large volumes of documents within seven days of receiving the notices.
One such notice seen by FE has asked for “copies of Cenvatable invoices i.e inputs, input services and capital goods for the period 01.04.2016 to 30.06.2017.” This alone would entail hundreds of pages of invoices over a period of 14 months, even as these notices requires a plethora of other documents under 12 other categories of mandatory submissions.
“We have sought 15 days from the department to comply with the notice as it is physically not possible to gather all these documents without impacting the daily business,” a business owner, who has received this notice, told FE on the condition of anonymity. He added that he had claimed transitional credit of Rs 20 lakh on the pre-GST input credits.
In the GST regime, businesses are allowed to claim credit for central taxes (excise and service tax) paid on the stock bought in the pre-GST regime but sold after July 1, when GST came into existence. However, stunning the government, nearly 9.5 lakh assessees have claimed a massive Rs 1.6 lakh crore as such credits till the December 27 deadline.
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.
The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.
Taxpayers are finding it difficult to comply with notices on detailed verification of transitional credit claims made by them under the Goods and Services Tax (GST), as the tax department has asked them to submit large volumes of documents within seven days of receiving the notices.
One such notice seen by FE has asked for “copies of Cenvatable invoices i.e inputs, input services and capital goods for the period 01.04.2016 to 30.06.2017.” This alone would entail hundreds of pages of invoices over a period of 14 months, even as these notices requires a plethora of other documents under 12 other categories of mandatory submissions.
“We have sought 15 days from the department to comply with the notice as it is physically not possible to gather all these documents without impacting the daily business,” a business owner, who has received this notice, told FE on the condition of anonymity. He added that he had claimed transitional credit of Rs 20 lakh on the pre-GST input credits.
In the GST regime, businesses are allowed to claim credit for central taxes (excise and service tax) paid on the stock bought in the pre-GST regime but sold after July 1, when GST came into existence. However, stunning the government, nearly 9.5 lakh assessees have claimed a massive Rs 1.6 lakh crore as such credits till the December 27 deadline.
Comments