"20 October 2017" Archive

CBEC refunded Rs. 132 Crore out of 753 Crore of IGST paid on July exports

DO.No.32/CH(EC)/2017 20/10/2017

Out of a total claim of Rs. 753 Crore of IGST paid on exports made in July 2017, the refund amount sanctioned so far has touched Rs. 132 Crore within a span of 10 days. Board is according utmost priority to early sanction of the remaining refund claims...

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Interest u/s 234A/ 234B cannot be levied in absence of any mention in Assessment Order

Income Tax Officer Vs. M/s. Heritage Project (ITAT Amritsar)

In the absence of any specific mention of the Assessing Officer in the assessment order for charging of interest u/s 234A and 234B, no interest would be recovered from the assessee merely by way of a demand notice....

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S. 271B No penalty Failure to get accounts audited for Bona fide belief that assessee not liable to get audited

Manoj S. Gugale Vs. ITO (ITAT Pune)

The issue is with respect to levy of penalty under section 271B of the Act. It is an undisputed fact that assessee is engaged in the business of Advertising Agency and during the year under consideration the commission earned from the Advertising Agency was not in excess of the limits prescribed under section 44AB for the purpose of getti...

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No penalty for Bona fide belief that capital loss was not required to be considered U/s. 10(38)

DIT Vs. Nomura India Investment Fund (Bombay High Court)

DIT Vs. Nomura India Investment Fund (Bombay High Court) Provisions of section 271(1)(c) can only be invoked upon satisfaction of the ingredients as laid down in the said section. In the present case, it appears that the assessee had disclosed in its return the loss of Rs. 80.64 Crores sustained by him and further in the return, note was ...

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Pilot implementation of paperless processing under SWIFT

Public Notice No. 08/2017-JNCH 20/10/2017

It is brought to the notice of the trade, public and all stake holders that with the objective of reducing physical interface between Customs, other regulatory agencies and the trade, and to further enhance the speed of clearance of import cargo, it has been decided to introduce a facility to upload digitally signed supporting documents o...

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Addition of Krishnapatnam port for import of new vehicles

Notification No. 36/2015-2020-DGFT 20/10/2017

Krishnapatnam port is being added to the list of 14 existing ports/ICDs. thereby taking the total number of ports/ICDs to 15, for importing new vehicles....

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Deemed Exports & Refunds under GST

Deemed export has been defined under Section 2(39) of CGST Act, 2017 as supplies of goods as may be notified under section 147 of the said Act. As per Sec 147 of CGST Act, the Government may, on the recommendations of the Council, notify certain supplies of goods as deemed exports, where goods supplied do not leave India, and payment for ...

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All about Late fee amount shown in GSTR 3B of September, 2017

Information to taxpayers regarding Late fee amount shown in GSTR 3B of September, 2017 Some taxpayers are reported that there is late fee amount shown in their GSTR 3B return, for the month of September, 2017, even though the last date of filing GSTR 3B return for the month of September, 2017, is 20th October, […]...

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GST Impact on Buying / Selling Used Vehicles

Let us discuss in this article the Impact of GST on Buying / Selling a Used Vehicle. Since the transactions happen in different ways, broadly as below, we shall discuss the impact of GST accordingly. Individual Sells to Individual (C2C), Individual Sells to Un-registered Dealer (C2C), Individual Sells to Registered Dealer (C2B), Registere...

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Filing of GSTR – 1 through TallyERP.9

GSTR – 1 is the monthly return to be filed by a Registered Person under GST Regime. GSTR – 1 includes the details of all outward supplies made in the given period. Ensure you have installed the latest GST Offline Tool for filing returns. The outward supplies include B2B, B2C invoices, adjustments to sales made in […]...

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