"03 September 2020" Archive

6 Case Studies on RCM reporting in GSTR-9 & 9C of FY 2018-19

Part III  of GST Audit Series: 6 Case Studies on Reverse Charge Mechanism (RCM) reporting in GSTR-9 & 9C of FY 2018-19. Issues discussed regarding- 1. How to report 17-18 transactions of RCM paid in 18-19? 2. RCM paid by DRC 03, how to report? 3. How to report RCM issues in GSTR 9 and […]...

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e-Nomination facility for NPS subscribers

CIR No : PFRDA/2020/37/SUP-CRA/15 (03/09/2020)

PFRDA has issued a Circular pertaining to ‘e-Nomination facility for NPS Subscribers’ in order to help and guide the Subscribers of NPS in understanding detailed provisions regarding ‘Nominations’ under NPS and process flow of e-Nomination facility....

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12 Case Studies on Inward Supplies of FY 17-18 reporting in GSTR 9 & 9C of FY 18-19

Part II of GST Audit Series: 12 Case Studies on Inward Supplies of FY 17-18 reporting in GSTR 9 & 9C of FY 18-19. How to report Input Tax Credit of 17-18 in GSTR 9 and 9C of 18-19? 1. 12 Case studies covering all issues of ITC reporting of 17-18 transactions in 18-19. 2. […]...

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12 Case Studies on Outward Supplies of FY 17-18 reporting in GSTR-9 & 9C of FY 2018-19

GST Audit Series Part I: 12 Case Studies on Outward Supplies of FY 17-18 reporting in GSTR9 & 9C of FY 2018-19.  Highlights: How to report Outward Supplies Tax of 17-18 in GSTR 9 and 9C of 18-19. 1. Total 12 Case studies covering all issues of reporting 17-18 transactions in 18-19. 2. Where to […]...

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Rate of Stamp duties in Gujarat

What is Stamp duty? Stamp duty is the tax amount an individual pays to the Government (Central and/or State of Gujarat) for executing various types of deeds or documents which have some sort of financial exchange, transaction or obligation associated with it. Stamp duty is also chargeable on the registration of sale, purchase or transfer ...

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Understanding Offences & Penalties under Companies Act, 2013

Chapters XXVIII and XXIX of Companies Act 2013 provide for the manner in which a company would be adjudicated for non-compliances of the provisions of the Act....

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Extension of Stay of Demand Allowed if Delay in Not Disposing of Appeal is Not Attributable to Assessee

United Spirits Ltd. Vs JCIT (ITAT Bangalore)

The issue under consideration is whether the second extension of stay of demand against ITAT appeal will be allowed to the assessee?...

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Architectural Services provided to Singapore Entity Taxable at 10% when DTAA Benefit is Available

Mantri Technology Constellations Pvt. Ltd. Vs DCIT (ITAT Bangalore)

The issue under consideration is whether the architectural services provided to Singapore Entity taxable at 10% or 20% when the benefit of Double Taxation Avoidance Agreement (DTAA) is available?...

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In a tax neutral exercise, no addition towards unutilized CENVAT credit is warranted

Asta India Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

whether the CIT (A) is correct in confirming addition u/s 145A of the Act to closing stock for unutilized Cenvat credit in respect of credit inputs or capital goods purchased?...

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Assessment Order Passed in Name of Amalgamated company i.e. Non-Existent Entity is Void-ab-Initio

Siemens Limited Vs DCIT (ITAT Mumbai)

The issue under consideration is whether the Assessment Order against non-existent entities will be considered as valid in law?...

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NCLAT dismissed Insolvency Proceedings Initiated against Tata Chemicals

Allied Silica Limited Vs Tata Chemicals Limited (NCLAT, Delhi)

The issue under consideration is whether the initiative of insolvency proceedings against Tata Chemicals is sustain even if the corporate debtor has not complied with the procedural aspects?...

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GST Order Served by Uploading it on Web Portal is Valid

Pee Bee Enterprises Vs Assistant Commissioner (Kerala High Court)

whether the serving of assessment order by uploading it on web portal and not communicated separately to the assessee will be considered as valid under law?...

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8 day stay of GST Search Authorities at premises of petitioner is illegal

Paresh Nathalal Chauhan Vs State of Gujarat (Gujarat High Court)

The issue under consideration is whether the act of residing in the premises of the petitioner for 8 days in case of search is permissible under Act?...

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Goods cannot be detained merely because Consignee mentioned as Unregistered Person in E-Way Bill

ABCO Trades (P) LTD Vs The Assistant State Tax Officer (Kerala High Court)

The issue under consideration is whether detention of goods merely because the consignee is mentioned as an unregistered person in the e-way bill is justified in law?...

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No Capital Gain arises if Permissive Possession Not handed Over to Builder during Concerned Year in case of JDA

A. R. Prasad Vs ITO (ITAT Bangalore)

The issue under consideration is whether the capital gain will be chargeable in case of JDA even if Permissive possession was not handed over to builder during the concerned year?...

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Holding of AGM of company for calendar year 2020 (i.e. COVID-19 period)

Holding of annual general meeting (AGM) of the company for the calendar year 2020 (i.e. COVID-19 period) The Companies, which would like to hold its Annual General Meeting for the calendar year 2020, shall follow the procedure laid down below: Case 1: Where the Companies are required to provide e-voting to its members facility under [&hel...

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Options to EOU? ‘Manufacture & Other Operations in Bonded Warehouse’

New Foreign Trade Policy was expected w.e.f. 1st April 2020 addressing the issues, which was raised by USA against India before WTO Authority and WTO Authority have held the EPCG Scheme, DFIA Scheme, EOU Scheme and SEZ Scheme violating the principles of WTO. Albeit Govt of India have filed the appeal against the same and […]...

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Zero rated supplies under GST

Introduction What is the need for Zero Rating? As per section 2(47) of the CGST Act, 2017, a supply is said to be exempt, -when it attracts nil rate of duty or -is specifically exempted by a notification or -kept out of the purview of tax (i.e. a non-GST supply). When a good or service […]...

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Grant of Parole/Furlough to inmates & their premature release from Prison

F. No. 17013/23/2020-PR (03/09/2020)

Prison, as a deterrent and an institution of correctional administration, is a key constituent of criminal justice system. Imprisonment besides being a mode of punishment also aims at protecting the society from criminal activities. A balance is, therefore, considered essential between ensuring the rights of inmates and protecting the soc...

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Available Functionality for Tax Payers in GST Portal as on 29.08.2020

Available Functionality for Tax Payers in GST Portal as on 29.08.2020 # Module / Area FORM/FOR FORM Components/Details 1. Refund Claiming Refund for multiple financial year in single refund application Earlier, the GST System didn’t allow clubbing of tax periods of more than one financial year while applying for refund in Form GST RFD 0...

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What is Pradhan Mantri Awas Yojna?

House is one of the most precious possession of a human being. It involves a lot of hard work and years of determination. Everyone wishes to have a beautiful and good house. No one likes to live on rent. But unfortunately, not all people get the opportunity to build their own houses. The reason behind […]...

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Mental Cruelty is no less severe ground than physical Cruelty in cases of Divorce

The Uttrakhand High Court has on 29th August 2020 passed a landmark judgment in a case maintaining that Section 13 of the Hindu Marriage Act prescribes a provision for divorce and recognizes cruelty but doesn’t limit to just physical cruelty on the part of the spouse as a ground for divorce. Thus, cruelty shall include physic...

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Major Impacts in Income Tax Faceless Assessment Scheme

Arjuna,the faceless scheme aims to eliminate the human interference between the taxpayers and the Income Tax department. There are Regional Assessment Centres, which would consist of Four Major Units – Assessment unit, Verification Unit, Review Unit & Technical unit. All Actions of AU,VU, RU & TU Officers are approved by the respective ...

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Vighnaharta’s enlightment on extended reporting to taxpayers!

SFT return is mandatorily to be filed by all persons having bank transactions above Rs. 30 lakhs, all professionals and business having turnover above Rs 50 lakhs & payment of rent above Rs. 40,000....

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Taxpayer’s Independence dependent on following things

Arjun (Fictional Character): Krishna,the taxpayer’s charter has been announced the by PM Modi on 13th August 2020. What is it about? Krishna(Fictional Character): Arjuna,PM Modi divulged the taxpayer’s charter by introducing the charter platform as “Transparent Taxation – Honoring the Honest“, that focuses on faceless assess...

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History of Indian Securities Market over the last century

SEBI which has done great services to our nation through regulating the business in stock exchanges, securities markets, and various other functions contains in its web site the history of the Indian securities market over the last century. This article intends to introduce you to various historical narratives that led our nation through ...

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Procedure For Incorporation of LLP Through Fillip

Procedure For Incorporation of Limited Liability Partnership (LLP) Through Fillip A Limited Liability Partnership is a partnership firm registered under the Limited Liability Partnership Act, 2008 as a separate legal entity. LLP offers the partners to enjoy the benefits of limited liability at a low cost. PROCEDURE FOR INCORPORATION: Acqu...

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An overview of Joint-Stock Company

The company form of business organization came into existence because of the defects of the sole proprietorship and partnership form of business organization. As the business expands, it requires huge capital investment and expert professional management and it also involves huge risk. Sole proprietorship and partnership forms of business...

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GST rate on GTA Services under RCM – 12% or 5%?

In accordance with Notification No. 11/2017- Central Tax (Rate) dated 28th June, 2017, GST under Reverse Charge Mechanism is payable on supply of services by a goods transport agency (GTA) in respect of transportation of goods by road to- -any factory registered under or governed by the Factories Act, 1948(63 of 1948);or -any society regi...

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Indian government blocks 118 Mobile Applications

Today, we heard the news item through TV, newspapers and other media that the Ministry of Electronics and Information Technology, Government of India invoking it’s power under section 69A of the Information Technology Act read with the relevant provisions of Information Technology (Procedure and Safeguards for Blocking of Access of Info...

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MEIS Benefits Capped !!!

DGFT has released a Notification No. 30/2015-20 dated September 01, 2020, wherein they have clarified on the 'Ceiling / Cap on MEIS Benefits which are available to Exporters on exports made from September 01, 2020 to December 31, 2020'....

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CBIC notifies Rate of Exchange of Foreign Currencies wef 4.9.2020

Notification No. 84/2020 - Customs (N.T.) (03/09/2020)

Exchange Rates Notification No. 84/2020-Custom (NT) dated 03.09.2020 [Effective from 04th September, 2020 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) ***** Notification No. 84/2020 – Customs (N.T.) New Delhi, dated the 3rd September, 2020 12 Bhadrapada 1942 (SAKA) In ...

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Cessation of ‘Aditya Birla Idea Payments Bank Ltd’ as a banking company

RBI/2020-21/32 DOR.No.Ret.BC.12/12.07.150/2020-21 (03/09/2020)

We advise that the Aditya Birla Idea Payments Bank Limited has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 with effect from July 28, 2020...

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Cessation of ‘Westpac Banking Corporation’ as a banking company

RBI/2020-21/31 DOR.No.Ret.BC.11/12.07.150/2020-21 (03/09/2020)

We advise that the Westpac Banking Corporation has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 vide Notification DOR.IBD.No.100/23.13.138/2020-21 dated July 18, 2020...

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Exclusion of ‘Westpac Banking Corporation’ from Second Schedule to RBI Act, 1934

RBI/2020-21/30 DOR.No.Ret.BC.10/12.07.150/2020-21 (03/09/2020)

We advise that the Westpac Banking Corporation has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DOR.IBD.No.99/23.13.138/2020-21 dated July 18, 2020,...

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Due Dates To Remember In September related to GST

As we say hello to September amidst corona times, while hot summer is collapsing into fall and slowly awakening autumn, it is also the most important month of GST law. Important dates are given below for important compliance purposes: Last date of reporting / rectification in FORM GSTR-1 for FY 19-20 Last date of rectifying […]...

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Process of AGM Extension of Pvt Ltd Company

Process of Extension Annual General Meeting For March 2020  As per Sec 96 (1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting within a period of six months, from the date of closing of the financial […]...

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Notification No. 42/2020-Customs (N.T./CAA/DRI), Dated: 03.09.2020

Notification No. 42/2020-Customs (N.T./CAA/DRI) [S.O. 3085(E)] (03/09/2020)

Notification No. 42/2020-Customs (N.T./CAA/DRI), Dated: 03.09.2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) New Delhi,the 3rd September, 2020 Notification No. 42/2020-Customs (N.T./CAA/DRI) S.O. 3085(E).—In pursuance of notification No. 60/2015-Custom...

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Notification No. 41/2020-Customs (N.T./CAA/DRI), Dated: 03.09.2020

Notification No. 41/2020-Customs (N.T./CAA/DRI) [S.O. 3084(E)] (03/09/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (DIRECTORATE OF REVENUE INTELLIGENCE) NOTIFICATION New Delhi, the 3rd September, 2020 Notification No. 41/2020-Customs (N.T./CAA/DRI) S.O. 3084(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated ...

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Revolutionising Tax Dispute Resolution Schemes – A Striking Move Towards Good Governance

THE INTRODUCTION TO THE SCENARIO The fostering of the economic growth and development have been assured and accounted in the hands of the government. The reliance for assuring the same is based on funding. The programs to provide the health, education, infrastructure and services are the bridge to achieve the unanimous goal of functional,...

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GST on Goods Transport Agency- a prevailing confusion

The levy of tax on services of transportation of goods by road has always remained a subject matter of uncertainty and litigation. Under erstwhile service tax regime, service tax was first levied on such services vide Finance Act, 1997 effective from November 16, 1997 which was subsequently withdrawn after nation-wide strikes....

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All about GSTR-2B- Auto-populated static ITC statement

All about GSTR-2B made available on GST Portal Introduction – a) Form GSTR-2B is an auto-drafted ITC statement which will be displayed for every registered person on the basis of the information furnished by his suppliers in their respective GSTR-1, GSTR-5 (non-resident taxable person) and GSTR-6 (input service distributor). b) It i...

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GST Due Dates falling in September 2020

1)  GSTR-1 GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. The return has a total of 13 sections. The due dates for GSTR-1 are based on your turnover. Businesses with sales of upto Rs. 1.5 crore have an option to […]...

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SC allows 10 years time to Telecom Companies to pay AGR dues

Union of India Vs Association of Unified Telecom Service Providers of India Etc (Supreme Court)

(i) That for the demand raised by the Department of Telecom in respect of the AGR dues based on the judgment of this Court, there shall not be any dispute raised by any of the Telecom Operators and that there shall not be any re­assessment. (ii) That, at the first instance, the respective Telecom Operators shall make the payment of 10...

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SOP | Conduct of Search & Seizure | Section 67(2) | APGST Act 2017

Ref: CCST’s Ref.No.ENFT/CEW/E1/150/2020 (03/09/2020)

The search of a place and seizure of goods/documents/books/things is conducted in terms of Section 67(2) of APGST Act, 2017. The search and seizure, if necessary, can be conducted after conducing of inspection under Section 67(1) or otherwise. The procedural aspects are dealt under Rule 139 of APGST Rules, 2017....

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Time limit and other conditions to claim ITC

One of the main objectives for introduction of GST Act is to avoid the cascading effect of taxes and to ensure seamless flow of credits. The GST law contain provisions which restricts admissibility of input tax credit of goods and/or services. The admissibility including conditions for claim of ITC contained in Section 16 of the […...

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November 2020