"15 July 2020" Archive

GST AAR cannot rule on services provided during Service Tax Regime

In re Woodkraft India Limited (GST AAR Maharashtra)

In re Woodkraft India Limited (GST AAR Maharashtra) Q1&2 Whether in the facts & circumstances of case, applicant is liable to pay GST in respect of Tax Invoice No. 01 dated 25/06/2018 / R.A. Bill No 22 for Rs. 2,42,09,594/-, toward civil and interior work done of M/s Oil & Natural Gas Corporation Ltd. under […]...

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Income Tax software not allowing Full & proper interest

Problem in software issue in allowing Full and proper interest allowable u/s 244-A of Income TAx Act, 1961 while processing Income Tax returns for AY 2019-20...

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Amendments to Rates of Duty Drawback effective from 15.07.2020

Circular No. 33/2020-Customs (15/07/2020)

Government made certain amendments in All Industry Rates (AIRs) of Duty Drawback vide Notification No. 56/2020-Customs (N.T.) dated 13.07.2020. These changes are effective from 15.07.2020....

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GST Advance ruling cannot be sought on goods not in existence

In re Saint-Gobain India Private Limited (GST AAR Maharashtra)

Goods in respect of which supply being undertaken or proposed to be undertaken, should be existing. In the subject case applicant has submitted that they are proposing to manufacture the impugned product, which are presently not in existence. Thus their application is also barred under Section 95 of the CGST Act....

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Import Policy of Power tillers & its components amended

Notification No. 19/2015-2020-DGFT [S.O.2352(E)] (15/07/2020)

DGFT vide Notification No. 19/2015-20 dated 15.07.2020 has amended Import Policy and Policy Conditions of Power tillers and its components. They are now under the ‘Restricted’ category. Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No. 19/2015-2020 New ...

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Procedure for allocation of import authorization of Power tillers

Public Notice No. 13(2015-2020)-DGFT- F.No. 01/89/180/48/AM-13/PC-2[A]/E-5928. (15/07/2020)

DGFT vide Public Notice No. 13/2015-2020 dated 15.07.2020 has prescribed the procedure for Import authorisations to implement the restriction imposed on Import of power tillers and its components Government of India Ministry Of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 13/(2015-202...

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Tariff Notification No. 57/2020-Customs (N.T.), Dated: 15.07.2020

Notification No. 57/2020-Customs (N.T.) (15/07/2020)

Tariff Notification No. 57/2020-Customs (N.T.), Dated: 15.07.2020 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. 57/2020-CUSTOMS (N.T.) New Delhi,...

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FAQs- Sanchit application For Import Export Users

Q: What is eSanchit application? The Central Board of Indirect Taxes & Customs (CBIC) has launched eSanchit (e-Storage and Computerized Handling of Indirect Tax documents) for paperless processing, uploading of supporting documents and to facilitate the trading across Borders. It has already been made available to importers and export...

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Why a senior citizen should invest in Senior Citizen Savings Scheme?

All retired senior citizens are finding it difficult to meet both their ends due to double whammy of constant inflation accompanied with reducing interest rates all around. The interest rates offered by banks on fixed deposits have come down to around 6%. Though the private banks and corporate offer higher rates they cannot risk their [&h...

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Relaxation in the time-limit in the deadline to file ITR

In its notification on July 13, the Income Tax Department has allowed one-time relaxation to the taxpayers for such one- time relaxation for the taxpayers under the verification of tax-returns that are pending due to non-filling of the Form ITR-V. The relaxations have been given those pending due to the non-filling of the form of ITR-V...

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