"14 September 2020" Archive - Page 3

EPFO: Attachment of bank accounts for enforcing appearance

File No: LC 4(42) 2020/ E- 26035/794 (14/09/2020)

Instances have been noticed in which the officers conducting inquiries u/s 7A have issued orders to attach/freeze bank accounts of the establishments/ personal accounts of the employers for alleged non-appearance in such inquiries. Such practices have attracted a lot of adverse observations from Constitutional Courts and other quarters....

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Two major enhancements on GST portal to make monthly return filing easier

Two major enhancements on GST portal to make monthly return filing easier – GSTN deployed two major functionalities in view of the simplifying GSTR-3B filing – System will compute liability and Input tax credit availability for the filer – 1.03 crore normal taxpayers are required to file monthly tax return, GSTR-3B New D...

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Posted Under: Corporate Law |

T. R. Ramnani appointed as member of Advance Ruling Authority, Maharashtra

No. GST.1020/C.R.84/Taxation-1 (14/09/2020)

Shri. T. R. Ramnani has been appointed as member of Advance Ruling Authority in place of Shri. A. A. Chahure. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 14th September 2020. NOTIFICATION MAHARASHTRA GOODS AND SERVICES TAX ACT, 2017. No. GST.1020/C.R.84/Taxation-1.— In exercise of the...

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Turant Customs – All India roll-out of Faceless Assessment

Standing Order No. 31/2020-JNCH (14/09/2020)

Identification of Customs site performing Faceless Assessment within each Zone of a National Assessment Centre (NAC) :- Board has decided to constitute total eleven (11) National Assessment Centres (NACs) for performing Faceless Assessment....

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ICAI – Clear Assessment if applying for membership after 3 years

Notification No.1-CA(7)/195/2020 (14/09/2020)

ICAI proposes following Draft Regulations which provides that A Chartered Accountants has to appear and pass the Assessment if applying for membership after 3 years of clearing CA Finals or Members who have not renewed their membership for 3 years....

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4 important Videos on GST Credit & RCM liability

Videos on multiple topics of Outward supply and GST ITC for preparation & hand holding of GSTR 9/GSTR 9C for FY 2018-19.  These videos are very important for basic understanding of taxpayers, professionals, etc. Speaker in the all the Videos is Learned CA Bimal Jain. Videos are on following for Topics- 1. Reconciliation of GST [&hell...

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Posted Under: Corporate Law |

Will Equity Support Grant is considered as subsidy in case of construction contract ???

A subsidy is an incentive given by the government to individuals or businesses in the form of cash, grants, or tax breaks that improve the supply of certain Goods and Services. With subsidies, consumers are able to access cheaper products and commodities. Markets that have positive externalities, which are extra benefits to society, tend ...

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Posted Under: Corporate Law |

4 Representations by ICAI to GST Council on 10th Sep 2020

The Indirect Tax Committee of ICAI  have made following 4 representations to GST council on 10 September 2020 which relates to request for Extension of due date of Annual Returns in GSTR-9/GSTR-9A and GSTR-9C for the year 2018-19 by 3 months to December 31, 2020, request to  Permit availment of input tax credit under GST […]...

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Posted Under: Corporate Law | ,

ITC cannot be denied for charge by seller at Higher than specified rate

Visteon Automotive Systems Pvt. Ltd. Vs Deputy Commissioner (CT) (Madras High Court)

The issue under consideration is whether the respondent was justified in directing the petitioner to reverse the input tax credit availed on capital goods in excess of 4% vide the impugned order?...

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Indian economy: Pradhan Mantri Matsya Sampada Yojana

Fisheries and aquaculture are an important sources of food, nutrition, employment, and income in India. The sector provides livelihood to about 16 million fishers and fish farmers at the primary level and almost twice the number along the value chain. Looking at its potential and necessity to utilize for economic growth, Pradhan Mantri Ma...

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Posted Under: Corporate Law |

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October 2020