"26 August 2020" Archive

Jurisprudence on levying interest under GST – Gross or Net

In the light of above discussion, it is clear that, interest in taxation matters has to be levied as a compensation for deprival of entitled funds to revenue within due date. Whereas with respect to input tax credit, such amounts are already being collected by the revenue from the supplier of the taxpayer and levying of interest from the ...

Furnishing of GSTR 7 – Section 39(3) of CGST Act 2017

FURNISHING OF GSTR 7 – SECTION 39(3) OF CGST ACT 2017- GST SERIES – PART 27 1. The GSTR-7 form is a monthly return form required to be furnished by all the taxable persons who are required to deduct TDS (Tax Deducted at Source) under 2. Statutory Provisions : Section 39(3) – Every registered person […]...

Notification no. 63/2020-CT under GST law- nothing to be worried for

Section 100 of the Finance Act (No. 2), 2019 has been notified on 25/08/2020 vide Notification no. 63/2020-Central Tax Dated 25.08.2020. Strong reactions have been witnessed in last few hours after the aforesaid notification made public. Let us recall the total issue before making any bold reaction....

HC upheld validity of Seizure of cash by GST Authorities

Kanishka Matta Vs Union of India (Madhya Pradesh High Court)

Kanishka Matta Vs Union of India (Madhya Pradesh High Court) The petitioner’s contention is that the word “money” is not included in Section 67(2) of the CGST Act, 2017 and therefore, once the “money” is not included under Section 67(2) of the CGST Act, 2017 the Investigating Agency / Department is not competent to seize [&h...

Do the sarkar (CBIC) win over section 50 breaching what finance minister promised in 39th GST council meeting

Central Board of Indirect Taxes and Customs i.e., CBIC issued Notification Number 63/2020 – Central Tax dated 25th August 2020 regarding effective date of notification from 01-Sep-2020 with respect to section 100 of the Finance (No.2) Act, 2019 (23 of 2019) which inter alia discusses about levy of interest under section 50 of CGST Act [...

Interest on delayed payment of GST on net liability wef 01.07.2017: CBIC

Release ID: 1648751 26/08/2020

CBIC today clarified that Notification No. 63/2020-Central Tax dated 25th August 2020 relating to interest on delayed payment of GST has been issued prospectively due to certain technical limitations....

No applicability of proviso to section 2(15) if earning of surplus with no profit motive

DCIT Exemption Vs Ernet India (ITAT Delhi)

Merely earning surplus by assessee did not result into the conclusion, that assessee was carrying on its activities, which could be termed as business, trade, or commerce, charging a nominal fee to use coding system and to avail of advantages and benefits therein was neither reflective of business aptitude nor indicative of profit-oriente...

Kolkata Customs seize 25 antiques idols valued at Rs 35.3 crore

Release ID: 1648771 26/08/2020

On the night of 23rd August 2020, the Commissionerate of Customs (Preventive), West Bengal, seized 25 Antiques at South Dinajpur District of West Bengal which were being taken to Bangladesh, through Kaliyaganj border concealed in a Truck carrying Paddy....

Faceless Tax Assessment System is designed for 21st century

Release ID: 1648814 26/08/2020

A National e-Assessment Centre (NeAC) and a network of Regional e-Assessment Centres will be set up to implement the Faceless Assessment Scheme of the Income Tax Department, launched nation-wide by Prime Minister Shri Narendra Modi on 13th August, 2020....

Consider Revised Amount as Quantified Amount to Test Eligibility for SVLDR Scheme: HC

HI-Lite Projects Private Limited Vs. Joint Commissioner (Kerala High Court)

The issue under consideration is whether revised amount can be taken as the quantified amount to test the eligibility for Sabka Vikas (Legacy Dispute Resolution) Scheme, 2019 (SVLDR)?...

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