"25 February 2020" Archive

Companies (Auditor’s Report) Order, 2020 (CARO 2020)

S.O. 849(E). (25/02/2020)

(1) This Order may be called the Companies (Auditor's Report) Order, 2020. (2) It shall apply to every company including a foreign company as defined in clause (42) of section 2 of the Companies Act, 2013 (18 of 2013) [hereinafter referred to as the Companies Act], except–...

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Amendment in Export Policy of Personal Protection Equipments/Masks 

Notification No. 48/2015-2020-DGFT [S.O. 854(E)] (25/02/2020)

The Notification No. 47 dated 08.02.2020 is amended to the extent that the items specified under Serial No. 1 to 10 above are allowed freely for export. However, export of all other Personal Protection Equipment including N-95 masks or other items not specified in the exceptions above, shall remain Prohibited....

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Notification No. 17/2020-Csutoms (N.T.) dated 25th February, 2020

Notification No. 17/2020-Customs (N.T.) [S.O. 855(E).] (25/02/2020)

Notification No. 17/2020-Csutoms (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 17/2020-CUSTOMS (N.T.) New Delhi, 25th February, 2020 6 Phalguna,...

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Interest on Gross GST- Section 50(1)- Model detailed reply

In this article Author has compiled detailed reply to be submitted to GST department against Notice demanding interest on Gross GST Liability without giving Input Tax Credit for Late Submission of Form GSTR 3B under Section 50(1) of CGST Act, 2017. Text of the Submission is as follows:-  Dear Sir, R: M/s. _____________  GSTN : […...

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Posted Under: Company Law |

Download GST 2A Convertor

2A Convertor – When documents are downloaded from GSTN portal (i.e. 2A), it is not compatible for further analysis/scrutiny. This utility helps in making it compatible, comparable with books and convert in single line item with all credit notes prefixed by minus (-) sign. It is very useful for the person not using any software/tool [&he...

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Posted Under: Company Law |

Interest Saga- Gross Vs. Net GST Liability

Interest is levy on delayed payment. The intention of the legislature is also evident from the agenda of the 31st GST Council meeting and the various precedents. It is worth asking that when the amendment has been put in the Act what are the reasons for not making the amendment effective till date?...

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Posted Under: Company Law |

In case of dual views, view adopted by A.O. is valid & cannot be called erroneous

CIT Vs A.R.Builders & Developers P Ltd, (Madras High Court)

The issue under consideration is that, when two views are possible and A.O. adopt one of the view and passed his order accordingly. But that view is not acceptable by PCIT, in such case can PCIT adopt its one of the other views and call the order of A.O. the erroneous?...

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Dispute Vivaad Se Vishwas Scheme 2020- Settle your Tax disputes

BRIDGING THE DISPUTE-TRUST DIVIDE for Minimizing Tax-related Litigation Avail this golden opportunity … Settle your Income Tax disputes KEY DATE Pay by 31st March, 2020 to avoid higher payment ELIGIBILITY Appeals/ writs filed on or before 31.01.2020 and pending. Orders for which lime for filing appeal has not expired on 31.01.2020. ...

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Posted Under: Company Law |

Direct Tax Vivad Se Vishwas Bill 220-(Including Amendments )

Article explains Direct Tax Vivad Se Vishwas Bill, 2020 alongwith Further amendments proposed in the same in Cabinet Meeting on 12th February 2020 for which Notice also been given to Parliament subsequently. Article explains Key Dates under the Scheme, Definition of Appellant under Direct Tax Vivad Se Vishwas Scheme, Designated Authority,...

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Posted Under: Company Law |

Interest on Gross GST- HC dismissed petition as non-maintainable

Pushp Forgings Pvt. Ltd. Vs Union of India (Rajasthan High Court)

In this case challenge was made to notice issued by superintendent on account of delayed filing of return whereby interest on gross amount was computed under Section 50 of CGST Act, 2017. Hon'ble Rajasthan High Court dismissed the writ petition as petitioner has failed to convince why the writ is Maintainable....

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