"18 March 2020" Archive - Page 5

Tariff Notification No. 26/2020-Customs (N.T.), Dated: 18.03.2020

Notification No.26/2020-Customs (N.T.) [S.O. 1126 (E)] 18/03/2020

Tariff Notification No. 26/2020-Customs (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. 26/2020-CUSTOMS (N.T.) New Delhi, 18th March, 2020 28 Phal...

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No work contract when major part of contract is supply of goods

In re Prasa Infocom & Power Solutions Private Limited (GST AAR Maharashtra)

In re Prasa Infocom & Power Solutions Private Limited (GST AAR Maharashtra) From the discussions made above we find that, as per the subject agreement and documents submitted by the applicant, the major part of the contract is supply of goods. These goods are sold to the client by the applicant and they receive separate […]...

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EPFO: Preventive measures to contain spread of Novel Coronavirus

HRD/1(71)2014/Misc./Pt.II/408 18/03/2020

In order to contain the spread of Novel Coronavirus (COVID-19), some precautionary measures are required to be taken by all the employees and the Ministries/Departments. In this regard, it has been decided to issue the following advisory for the well-being of Government employees and in public interest....

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GST – Interest from extended due date of GSTR 3B

As Central Government has extended due date for filing Form GSTR 3B on various occasions for various class of person, for various states etc. Whether Central Government is right in demanding interest on late payment of liability from original due date of filing Form GSTR 3B? or extension of due date is applicable only for waiver of late f...

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Posted Under: Custom Duty |

Interest on Net Tax Liability under GST – Retrospective amendment & its consequences

The interest liability for any belated remittance is an economic consequence. The tax laws are no exception to this rule. GST law provides for interest @18% on the delayed remittance of the tax after due date. However, there was an ambiguity as to whether the interest has to be paid on Gross Tax liability (i.e. the total output tax) or on...

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Posted Under: Custom Duty |

No Tax on Compensation for Compulsory Acquisition of Agricultural Land

Sumesh Kumar Vs ITO (ITAT Delhi)

On agricultural Land no tax is payable when the compensation/enhanced compensation is received by the assessee as their land were agricultural land. The compensation was received in respect of agricultural land belonging to the assessee which had been acquired by the state government....

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No Section 54F exemption on Sale value enhanced under Section 50C

Sunil Miglani Vs DCIT (ITAT Delhi)

It is pertinent to note that the Assessing Officer admitted the claim of the assessee for exemption u/s 54F(1)(b) in respect of investment on long term capital gain but instead of taking actual sale consideration received, has adopted the figure of sale consideration by invoking Section 50C. This is not in accordance with the provision of...

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Standard on Internal Audit (SIA-150)- Compliance with laws & regulations

The Institute of Chartered Accountants of India (ICAI) has recently issued exposure draft on Standard of Internal Audit (SIA)- 150- 'Compliance with laws and Regulations'. Here in this article we would briefly understand the Internal Auditor's Responsibility with regard to Compliance with Laws and Regulations....

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Posted Under: Custom Duty |

Section 68 applies only to unexplained credit entries without proper explanation

K N R Roofing Pvt. Ltd. Vs ACIT (ITAT Bangalore)

ITAT are of the view that u/s. 68 of the Act, it is only the credit entry appearing in the books of account of an assessee for the relevant previous year, that can be treated as unexplained cash credit in the absence of proper explanation by the assessee...

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GST on imported goods supplied directly from port of import to customer

In re Kardex India Storage Solution Pvt. Ltd. (GST AAR Karnataka)

The place of supply in case of import of goods, is the location of the importer in terms of section 11(a) of the IGST Act 2017 and in the case of applicant the location of the importer is the state of Karnataka where the applicant has obtain the GST registration. Therefore, the applicant though import the goods to the port nearest to the ...

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September 2021