"15 June 2020" Archive

CBIC detects GST evasion of Rs 22.73 Crores on scrap supply

Notification No. D.O.N0. 19/CH(IC)/2020 (15/06/2020)

They were able to detect another case of GST evasion of Rs 22.73 Crores on scrap purchased from Railways and on trading/ manufacturing of scrap/MS ingot/bar but passing on ITC without paying the leviable GST on their outward supplies....

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All about TDS returns

So the due date for filing of TDS return for 4th quarter (Jan 15-Mar 15) is 15th May 2015 which is about to come. As TDS return is required to be submitted electronically in some cases which can be prepared with the help of return preparation utility, to make this cumbersome process an easy one govt. has introduced a TDS Return Preparatio...

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Transfer of Immovable Properties on Sale Consideration Less Than Stamp Duty Valuation

As a general public we have tendency to save taxes by adopting various tricks and transactions. A lot of black money is generated through transfer of various types of immovable properties. The seller and the purchaser generally mutually agree on a transaction to enter into agreement at a price lower than the Fair Market Value of property ...

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How to make Payment of Demand for TDS on Property

Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property has been enabled. To Pay Such Demand Please click on the URL below ...

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Update on Recommendations of 40th GST Council Meeting

The GST Council met for the 40th time on 12th of June, 2020 through video conference. The Council made certain key recommendations on GST Law and procedures. The recommendations were mainly aimed at trade facilitation and to give relief to small taxpayers. Summary of the recommendations are given below: 1. Reduction in late fees for [&hel...

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Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020 

Notification No. FEMA. 395(1)/2020-RB (15/06/2020)

(i) These Regulations may be called the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2020. (ii) They shall come into force from the date of their publication in the Official Gazette....

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Provisions of section 55 – ‘Stamp duty value’ X ‘cost of acquisition’ (Amendment – Rationalisation in Reverse Gear)

There is no correlation - real or virtual- between the 'stamp duty value' and 'cost of acquisition'; and, as such, the amendment as proposed is both in Form and Substance, wanting/ devoid of any merit!...

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Summary of GSTR 3B Compliance post the 40th GST Council Meeting (Due dates, Interest and Late fees)

The 40th GST Council meeting took place on 12th June, 2020 via video conference, chaired by the Union Finance Minister Smt. Nirmala Sitharaman. Significant relief measures in terms of late fee and interest waivers were made. This is the first meeting that has taken place since the COVID-19 pandemic outbreak in India, and the resulting [&h...

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What my family should know?

This E-book (What my family should know) was updated on 21st May 2020 and contains a detailed checklist highlighting all the financial and non-financial information which my family should know along with a draft format of Will. We have Reproduced the content of E-book  below for ready reference of our readers. User can also download [&he...

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CBIC Begins Using e-Office in all CGST and Customs offices

The launch of e-Office marks a fundamental change in internal office procedures which is so far based on manual handling of files and paper movement. The CBIC expects e-Office would complement its many other IT led reforms which are directly aimed at enhancing the ease of doing business for the trade and industry....

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Order XXXIX | Rule 1, 2, 2A, 3| CPC 1908 | Temporary Injunctions

Indian courts regulate the granting of a temporary injunction in accordance with the procedure laid down under Order XXXIX of the Civil Procedure Code, whereas, temporary and perpetual injunctions are prescribed by Sections 36 to 42 of the Specific Relief Act....

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Lockdown Period Wages: SC asks states to facilitate negotiation between employer & employees

Ficus Pax Private Ltd. & Ors. Vs. Union of India & Ors. 9 Supreme Court)

Payment to labour during lockdown: SC on June 12 asks states to facilitate negotiations between employers & employees – no coercive action till end of July A number of writs were filed in the apex court questioning the orders issued under Disaster Management Act, 2005 and  consequential orders issued by different States  that ...

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GST Compliances in Case of Directors Remuneration

Advance Ruling of Rajasthan Authority in case of Clay Crafts India Pvt Ltd dated (20-02-2020):  As per the given ruling, GST is payable under RCM by the recipient of services, on Salary paid to director. This Ruling is given on the basis of ENTRY No 6 of Notification no 13/2017 dated 28.06.2017 and as per […]...

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Draft Securitisation Framework: A Revised Scheme for an Advanced Era

The Banking and Finance sector is all set to experience noteworthy changes in the subsequent months. The Reserve Bank of India has released the Draft Framework for Securitisation of Standard Assets and has solicited public opinion on the same....

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Analysis of Companies (Amendment) Bill 2020: Reasons for Decriminalization & Intent Behind Proposed Relaxations

Company Law Committee was constituted on 18th September 2019 in the backdrop of the government striving hard in its endeavour to facilitate ease of living for corporates in India, and for making some critical changes for the decriminalization of certain offences in furtherance of a similar step taken through the Companies (Amendment) Act ...

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Are TDS Provisions Ultra-Vires the Constitution?

(a) For Tax collecting, Government has 2 (Two) Agencies, viz. Government appointed Tax Officers (TO) and Private Tax Deductors (PTD). PTD are treated as the Assessees under the I. Tax Act (Act). Both help the Government to assess & collect tax from the Tax Deductors. ...

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ICAI provides students Option to appear in July or November exam

The students (who have already submitted online examination application for May 2020  Examination cycle) shall be allowed to OPT-OUT and carry forward their candidature to next examination i.e. November, 2020 examination cycle....

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MCA extends EGM deadline upto 30th September 2020

General Circular No. 22/2020 (15/06/2020)

MCA allow companies to conduct their EGMs through VC or OAVM or transact items through postal ballot upto 30th September, 2020....

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Reg. Anti-dumping investigation on imports of Ciprofloxac in Hydrochloride from China

Case No. ADD - OI - 32/2019 / No. 6/36/2019-DGTR. (15/06/2020)

Applicant claimed that the Ciprofloxacin HCL produced by it and that imported from the subject country are produced using the same basic raw materials having broadly similar manufacturing process & technology, functions & uses, product specifications, pricing, distribution & marketing and tariff classification. T...

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Tariff Notification No. 52/2020-Customs (N.T.) dated 15.06.2020

Notification No. 52/2020-Customs (N.T.) [S.O. 1886(E).] (15/06/2020)

Tariff Notification No. 52/2020-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 52/2020-Customs (N.T.) New Delhi, 15th June, 2020 25...

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GST Refund – Detailed Discussion

Article explains Refund in GST, Type of Refund in the GST, Time limit for GST refund claim, Details of the circular issued by Department in relation to the GST refund, Scope of GST refund, Process for the GST refund as per CGST Act,2017, Provisional GST Refund, Interest in the GST refund and Other issue and […]...

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GST Refunds for Exporter of Services – 7 Controversies

In this article I will discuss – 7 controversies in GST refund for exporters of services. These are elaborated as below: – 1. Forex Receipt – FIRC / BRC In case of service exporters, GST refunds are available on the basis of receipt of convertible foreign exchange. And to evident the payment against export invoices, [&hellip...

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Analysis of GST applicability on Directors Remuneration – Part II

Analysis of GST applicability on Directors Remuneration – Part II (Circular NO 140/10/2020- GST dated 10-06-2020) Further to my article on GST Applicability on Directors Remuneration – Part I, I have mentioned my views on the said subject. In my earlier article I had also analyzed 3 (Three) Authority of Advance Rulings on the said [&h...

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December 2020