"28 July 2020" Archive

GST-RCM (Reverse Chage Mechanism) updated comprehensive list

IN GST regime, under RCM (Reverse charge mechanism), for supply of following services as in the table below has been notified, the GST payment of which is on the recipient of services, instead of supplier of service. For ease of understanding, updated comprehensive list is appended with notifications for amendment/insertion:- S.No. Catego...

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Levy of GST on Alcohol Based Sanitizers

In India, hand sanitizers are manufactured in the form of liquid, gel or foam and its demand has shot up during recent times. Many Sugar Mills and distilleries are also engaged in manufacturing/supplying alcohol-based hand sanitizers. In India many liquor manufacturing companies and distilleries have commenced manufacturing of sanitizers ...

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E-Way Bills Under GST- Applicability & Efficiency

One such reform launched under the new GST regime is the country wide implementation of Electronic Way Bill (E-Way Bill) system. E-Way Bill is a unique document/bill, which is electronically generated on the GST portal evidencing the specific consignment/movement of goods from one place to another, either inter-state or intra-state and of...

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Demand & Recovery | Section 80 to 84 | CGST Act 2017

Simplified GST Series /Demand & Recovery/Section 80-84/CGST ACT 2017 Article analyses Section 80 – Payment of tax and other amount in instalments, Section 81– Transfer of property to be void in certain cases,  Section 82- Tax to be first charge on property, Section 83- Provisional attachment to protect revenue in certain case...

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Reverse Charge Mechanism (‘RCM’) in case of purchase from unregistered supplier

The provision that has gathered maximum attention for its ability to create significant stress and nuisance would clearly be Section 9(4) of the Central Goods and Services Tax Act, 2017 (‘CGST Act’). Before we go to that, we should understand Reverse Charge Mechanism. Reverse Charge Mechanism (RCM). Normally, the supplier of goods or ...

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RBI Responsible for Monitoring Compliance of Loan Moratorium Circular: HC

Velankani Information Systems Limited Vs Secretary, Ministry of Home Affairs (Karnataka High Court)

The contentions of the RBI that the dispute is between the Petitioner and Respondents is not acceptable since the dispute arises out of the implementation or not of a Circular issued by the RBI. RBI is therefore directed to monitor the implementation of the Circular, including verification of whether there are Board-approved policies form...

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Tax Avoidance vs Evasion: A Harmonious reading of landmark Judgements of SC

In McDowell it was held that if a transaction was carried with an intention to avoid taxes it was up to the judiciary to decide whether the same ought to be regarded. In other words, the duty to decide the validity of the transaction was left to the court....

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General Deductions of Expenditure Under Section 37(1)

We know that there are five heads of income, in which income of any assessee has been taxed. There may be different types of income an assessee earned during previous year such as income from salary, House Property, Profit and gain from business or profession, Capital Gain and Income from other sources.  Section 28 is […]...

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Tax Credits in 26AS of TDS on Sale of Immovable Property

As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller. As we all are aware that now the format of Form 26AS has been […]...

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Consequences of Filing Income Tax Return After Due Date

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1). For a layman sometimes it may c...

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July 2021