"02 March 2020" Archive

Govt notifies value of supply of lottery for GST

Notification No. 08/2020-Central Tax [G.S.R. 147(E).] (02/03/2020)

The value of supply of lottery shall be deemed to be 100/128 of the face value of ticket or of the price as notified in the Official Gazette by the Organising State, whichever is higher. Organising State has the same meaning as assigned to it in clause (f) of sub-rule (1) of rule 2 of […]...

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SMS Charges as cost’ of participating in KBC was not unfair trade practice

Star India (P) Ltd. Vs Society of Catalysts & Anr. (Supreme Court)

Star India (P) Ltd. Vs Society of Catalysts (Supreme Court) It is apparent that the crucial question to be determined in the instant case is whether an unfair trade practice has been committed by the Appellants in the conduct of the HSHS contest, in terms of Section 2(1)(r)(3) of the 1986 Act. We hasten to […]...

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Firm busted for issuing fake invoices to claim ITC of goods worth Rs 436 crores

Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma, operating a total of 17 fake firms, procured invoices without actual supply of g...

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HC: No interim relief to directors who were disqualified u/s 164(2)

Satish Kumar Gupta Vs Union of India (Bombay High Court)

Where a director was disqualified under section 164(2) of the Companies Act 2013 for not filing Financial Statements and Annual Returns continuously for a period of three years, then, the disqualification was incurred and no interim relief  was to be granted for the same as these were ministerial or administrative act of filing which was...

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Budget 2020 Impact on Residential Status of Seafarer

Impact on the Residential Status of Seafarer after reduction in number of days in Budget 2020 from 182 days to 120 days for deciding the residential status in India As per existing provision, An individual is said to be resident in India, if he— (a) is in India in that year for a period amounting […]...

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ICAI President’s Message For The Month of March, 2020

I am happy to share with you  that we have more than 80000 women CAs and close to 300000 girl students pursuing CA Course. The strength of women in the profession is growing at faster pace which is a positive sign. I wish you all happy Women’s day and my heartiest congratulations on this great occasion....

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GST Refunds under Rule 89(4) Vis-À-Vis Rule 89(4a)/(4b) –An Analysis

1. Manufacturer-exporters before the advent of GST were permitted to procure duty free inputs under the scheme of Advance Authorization as contained under Chapter 4 of the Foreign Trade Policy. Briefly the manufacturer-exporters under the Advance Authorization Scheme were granted upfront exemption from the payment of duties on procurement...

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Govt amends West Bengal Sales Tax (Settlement of Dispute) Rules, 1999

No. 331-F.T. (02/03/2020)

Govt notifies Application for settlement of arrear tax, interest, late fee or penalty in dispute under section 5 of the West Bengal Sales Tax (Settlement of Dispute) Act, 1999....

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Be Ready for New Challenges in GST Regime

Now, taxpayers and professionals are thinking to get relaxed and concentrate on core sectors of business after introduction of GST w.e.f. 1st July 2017. However, perhaps this also will become the dream, since lot of activities are in pipeline, which are given below: -E-Invoicing w.e.f. 1st April 2020 -New Tax Return e.f. 1st April 2020 [&...

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Key changes vide Companies Amendment Act 2019

The Companies Amendment Act, 2019 has been recently passed by the parliament and notified in the gazette. We aim to give you the highlights of the changes brought in through the new Amendment. Background To bring the law relating to formation, functioning and regulation of the companies in India in line with the current global scenario ...

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January 2021