"16 July 2020" Archive

Cancellation of GST Registration-Section 29-CGST Act 2017 GST Series – Part 19

1. The registration granted under GST can be cancelled for specified reasons. The cancellation can either be initiated by the department on their own motion or the registered person can apply for cancellation of their registration. The provisions of cancellation cover under Section 29 of the CGST Act and CGST Rule 20 to 22. 2. […]...

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RBI Fair Practices Code for Asset Reconstruction Companies

RBI/2020-21/13 DOR.NBFC(ARC) CC. No. 9/26.03.001/2020-21 16/07/2020

Asset Reconstruction Companies (ARCs) are advised to put in place Fair Practices Code (FPC) duly approved by their Board. In the matter of recovery of loans, ARCs shall not resort to harassment of the debtor. ARCs shall ensure that the staff are adequately trained to deal with customers in an appropriate manner....

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Time of Supply (TOS) under GST

Article explains When Taxpayer is Liable to pay GST, Time of Supply under Forward Charge, Time of Supply when GST is payable under Reverse Charge basis under section 9(3) and 9(4), Time of Supply in case of issue of Voucher, Time of Supply in case of issue of Residual Case and Time of Supply when […]...

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GST Rate on Sanitizers

1. Whether GST shall be levied at 12% or 18% on the supply of sanitizers has been in debate in the recent weeks. Ministry of Finance came out with a press release dated 15.07.2020 stating that ‘hand sanitizers attract GST at the rate of 18%’. The said Press Release classifies the sanitizers in the category […]...

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CBIC notifies Rate of Exchange of Foreign Currencies wef 17.07.2020

Notification No. 59/2020-Customs (N.T.) [S.O. 2350(E)] 16/07/2020

CBIC notifies Rate of Exchange of Foreign Currencies against India Rupees wef 17.07.2020 vide Notification No. 59/2020-Customs (N.T.), Dated: 16th July, 2020. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 59/2020- Customs (N.T.)  New Delhi, dated the 1...

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Appointment of CAA in case of in case of Sony India Private Limited

Notification No. 58/2020-Customs (N.T.) 16/07/2020

Appointment of Common  Adjudicating Authority (CAA) in case of in case of Sony India Private Limited by CBIC vide Notification No. 58/2020-Customs (N.T.) dated- 16th July, 2020. Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes and Customs) Notification No. 58/2020-Customs (N.T.) New Delhi, t...

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Class Action under Companies Act, 2013 | Section 246

If any numbers of members or depositors or any of them is of opinion that the affairs of the company being conducted in a manner prejudicial to the interest of the company, or its members, or its depositors, they file an application to the NCLT on behalf of members, or depositors....

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Time Table of CA Final / IPC / Foundation / Intermediate Exams

ICAI declares Schedule of examination to be held in November 2020 for next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}, Intermediate {Under New Scheme} and Final {Under Old & New Scheme} Examinations, Examinations in Post Qualification Course under Regulation 204, viz.: Insurance a...

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Merely reason to believe not sufficient to reopen assessments beyond 4 year period

Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata)

Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata) In the assessee`s case in the reasons supplied to the assesseee, as noted in above para, there is no whisper, what to speak of any allegation, that the assessee had failed to disclose fully and truly all material facts necessary for assessment and that because of this […]...

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Section 50C- No addition for Minor Valuation Differences

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata)

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata) ITAT Mumbai, in the case of M/s John Flower ( India) Pvt. Ltd, in ITA No.7545/Mum/2014, for A.Y. 2010-11, order dated 25.01.2017 held that if the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee is less [&he...

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