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 […]
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.
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-oriented intent. Accordingly, proviso to section 2(15) did not get attracted, and hence, there was no justification for denying exemption under section 11.
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.
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.
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)?
NASSCOM, a not-for-profit industry association, is the apex body for the 180 billion dollar IT BPM industry in India, an industry that had made a phenomenal contribution to India’s GDP, exports, employment, infrastructure and global visibility. In India, this industry provides the highest employment in the private sector.
Resources are scarce and have competing requirements. Further, the market and organizational failures do happen in a dynamic market conditions, requiring the reallocation of capital from inefficient to efficient uses and redeployment from failing companies to the ones which have better ideas about the ways and means to enhance the efficiency of the scarce capital.
Having heard learned counsels appearing for the parties, without any opinion on merits of the show cause notice dated 11.1.2020 issued by respondent authorities to the petitioner, at this stage, interest of justice would be served, if the concerned respondent authorities shall hear the petitioner on the issue of show cause notice and after hearing the petitioner, pass necessary orders.
The issue under consideration is whether seizure of the cash amount to the tune of Rs 66 lakhs by Senior Intelligence Officer at the time of Search Operation is justified in law?
