"06 March 2020" Archive - Page 2

SC Instructs To Lift Ban on Cryptocurrency Imposed By RBI

Crypto trading started in 2009 with Bitcoin and later it grew in volumes and many other crypto players came in market with their own crypto currency. This uses strong cryptography to protect end to end financial transaction and this because a means of negotiable instrument across the globe for various transactions. Having understood that ...

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Posted Under: Fema / RBI |

Analysis of LLP Settlement Scheme, 2020 launched by MCA

Ministry of Corporate Affairs (MCA) has come up with a new scheme namely LLP Settlement Scheme, 2020 for Limited Liabilities Partnerships (LLPs), which are majorly small enterprises and struggle to make their feet stand in today’s sharp competitive market place.  Many times it has happened with these entities that, they do not have eno...

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Posted Under: Fema / RBI |

Goods Transport Agency Services not eligible for Cenvat Credit

Hindustan Copper Ltd. Vs C.C.E.& S.T. (CESTAT Mumbai)

The issues involved in this Appeal is whether GTA service is entitle as an input service in terms of Rule 2(l) of Cenvat Credit Rules, 2004 even after 1.4.2008 on FOR sales i.e. delivery upto the factory gate of the customers, which, according to Revenue, was beyond the place of removal?...

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Scrutiny Notice u/s 143(2) to Return corrected u/s 139(9): An Analysis

Please refer the order issued in the case of Kunal Structure (India) Private Limited Vs DCIT (Gujarat High Court) for the validity of issuing scrutiny notice under section 143(2) for the return filed under section 139(9).  Let us analyse the provisions of the sections to understand the order. According to the section 143(2), an Assessing...

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Posted Under: Fema / RBI |

Refund Under GST- Scope and Types

Several types of GST refund : Excess payment of tax due to mistake or inadvertence, Excess balance in Electronic Cash Ledger, Export with payment of IGST or under Bond/ LUT, Supplies made to SEZ unit/developer on payment of IGST or under Bond/LUT, Inverted duty structure, Deemed Exports, Persons holding UIN and Miscellaneous refunds...

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Posted Under: Fema / RBI |

AP HC stays recovery of Section 50 Interest on ITC under GST

Srinidhi Marketing Vs Union of India (Andhra Pradesh High Court)

Considering facts that as per Section 50 of the Central Goods and Services Act, 2017, interest is payable on the delayed payment of tax and that as per the interest statement filed along with the impugned letter, dated 07.02.2020, there was delay in filing GSTR-3B and hence, interest on 'cash set off' and 'ITC set off' has been calculated...

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Procedural law should not take away right to claim Transitional Credit: HC

Rishi Graphics Pvt. Ltd. Vs Union of India & Ors (Calcutta High Court)

Rishi Graphics Pvt. Ltd. Vs Union of India & Ors (Calcutta High Court) A procedural law should not take away the vested rights of persons that are provided to them by statute. The petitioners have approached this court with a prayer for allowing them to file/upload in GST TRAN-1. The petitioners intend to file TRAN-1 […]...

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Draft Reply to Advisory Received for Reversal / Recovery of ITC due to Time Limit U/s. 16(4)

That we are in receipt of the advisory for inadmissibility of Input tax credit availed to the tune of Rs. ………….. We understand that the said advisory is inter-alia founded on the strength of a condition / restriction laid under sub section 4 of Section 16 of the CGST Act, 2017 that any registered person shall not be entitled to ta...

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Posted Under: Fema / RBI | ,

Transfer Pricing Compliance Chart for Financial Year 2019-20

Transfer Pricing Compliance Chart for Financial Year 2019-20 which includes Transfer Pricing Audit, Transfer Pricing Study- Documentation, Return of Income (Having applicability of  Transfer Pricing Provisions), Master File, Intimation by a designated Constituent Entity, Intimation by Designated Constituent Entity and CbCR. Activity Sect...

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Posted Under: Fema / RBI |

AAR can decide question of Place of Supply: Kerala HC

Sutherland Mortgage Services INC Vs Principal Commissioner (Kerala High Court)

In the instant case, it is true that the issue relating to determination of place supply as aforestated is not expressly enumerated in any of the clauses as per clauses (a) to (g) of Sec. 97(2) of the CGST Act, but there cannot be any two arguments that the said issue relating to determination of place of supply...

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