"05 September 2020" Archive

System computed values of GSTR-1 to be available in GSTR-3B

A pdf statement has been made available to taxpayers, filing monthly GSTR-1 statement, with system computed values of Table 3 of Form GSTR-3B. This PDF will be prepared on the basis of the values reported by them, in their GSTR-1 statement, for the said tax period....

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Reserve Bank of India: Priority Sector Lending Directions, 2020

Reserve Bank of India vides its Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2020 dated 4th September 2020 issued a detailed circular, a mammoth exercise of consolidating 49 circulars/directions issued from 2007 till date. I am proud to write this article on this topic which keeps the course o...

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SEZ Units Entitled to Claim Refund of Unutilized IGST Credits

Britannia Industries Limited Vs Union of India (Gujarat High Court)

High Court observed that as per the definition of ISD under Section 2(61) of CGST Act and facts of the present case, it is not possible for a supplier of goods and services to file a refund application to claim refund of input tax credit distributed by ISD....

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Complaints lodged in SCORES system & related correspondence, can be accessed online

Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority)

Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority) It is observed that the Action History of the complaint reveals the action taken and the date-wise progress disposal of the complaint. It is understood that all the complaints which are lodged in the SCORES system and the related correspondence, can be accessed online on SCORES we...

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Capping of Rs 2 Crore for MEIS will not affect 98% of exporters

On the issue of recent changes in the Merchandise Export from India Scheme (MEIS), the Minister said that the capping of Rs 2 Crore will not affect 98% of the exporters who claim benefit under the scheme....

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Preparatory & Auxiliary activities in Permanent Establishment: How does India cope with the dearth in determining provisions?

With the incessant global growth, the relevance of Permanent Establishment (PE) in international taxation has become paramount. In simpler terms, the expression ‘Permanent Establishment’ means a fixed place of business through which the business of an enterprise is wholly or partly carried on....

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Guidelines for Appointment of IPs as Administrators under SEBI Regulations

Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018...

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9 Suggestions on Customs Laws

All Odisha Tax Advocates Association has  made Suggestions for review of existing Customs duty exemption notifications / Customs laws and procedures to CBIC. Text of the Submission id as follows- 21’st August’ 2020 To, Shri S. W. Haider, OSD (TRU). Central Board of Indirect Taxes and Customs, Government of India, Ministry of Finance,...

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Section 206C(IH) – TCS on Sale of All Goods – New tool to curb and track usage of unaccounted money

TCS- New tool to curb and track usage of unaccounted money The Government of India has introduced a new section 206C(1H) with regards to ‘Tax Collection at Source‘. Applicable to everyone having turnover of Rs. 10 crores in last financial year from 01.10.2020. (A) EXTRACTS OF THE SUB-SECTION New sub-section (1H) under Section ...

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Pure Agent Concept under GST

An agent is a person who has been authorised to act or represent on behalf of some other person, that some other person may called as Principal. An agent is under the control (is obligated to) the principal, and (when acting within the scope of authority delegated by the principal) binds the principal with his […]...

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May 2021