"21 September 2020" Archive

Late fees capped at Rs. 500 for delay in filing Form GSTR 10

Notification No. 68/2020–Central Tax [G.S.R. 573(E)] 21/09/2020

Late fees capped at Rs. 500 for delay in filing Final Return in Form GSTR 10 if it is filed between 22/09/2020 to 31/12/2020 vide Notification No. 68/2020 – Central Tax dated 21st September, 2020. A taxpayer whose GST registration has either been cancelled or surrendered is required to file GSTR-10. Rs. 500 is sum […]...

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Late fees capped at Rs. 500 for delay in filing Form GSTR-4

Notification No. 67/2020-Central Tax [G.S.R. 572(E)] 21/09/2020

Late filling fees in case of delayed filing of GSTR-4 for the period July 2017 to March 2019 has been waived off fully in case of NIL tax liability and restricted to Rs. Rs 500 (Rs. 250 CGST + Rs. 250 SGST) per return in other case if Assessee furnishes the said return between the […]...

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GST: Time limit for issuing invoices in specified cases extended

Notification No. 66/2020-Central Tax [G.S.R. 571(E)] 21/09/2020

The time limit for issuing invoices in case of goods being sent or taken out of India on approval for sale or return, for the period from March 20, 2020 to October 30, 2020 has been extended to October 31, 2020 vide Notification No. 66/2020-Central Tax dated 21st September, 2020. Also Read: 1 » Late […]...

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GST-Inverted duty structure- Section 54 not violates Article 14- HC

Tvl. Transtonnelstroy Afcons Joint venture Vs Union of India (Madras High Court)

1) Section 54(3)(ii) does not infringe Article 14. (2) Refund is a statutory right and the extension of the benefit of refund only to the unutilised credit that accumulates on account of the rate of tax on input goods being higher than the rate of tax on output supplies by excluding unutilised input tax credit that accumulated on accou...

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Relax GST Annual Return & Audit dates for FY 2018-19

We humbly request for relaxation in Annual Return Filing in GSTR-9 and GSTR-9A along with GST Audit Certificate in GSTR-9C either by extension by up to 3 months i.e. till 31st December or by removal of any late fee/penalty/action for the said 3 months of relaxation....

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Additional Depreciation u/s 32(1)(iia) Allowed even if Assessee Engaged in Generation of Electricity

West Bengal State Electricity Distribution Co. Limited Vs DCIT (ITAT Kolkata)

The issue under consideration is whether Additional Depreciation u/s 32(1)(iia) will be allowed if the assessee engaged in generation of electricity?...

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Depreciation cannot be disallowed for temporary closure of Business

Ishwar Builders Pvt. Ltd Vs DCIT (ITAT Delhi)

The issue under consideration is whether disallowance of depreciation on car and interest on car loan by AO is justified in law?...

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ITAT Allowed Exemption not claimed in ITR filed due to Inadvertence

Max Life Insurance Company Ltd. Vs ACIT (ITAT Delhi)

whether the additional ground submitted by the assessee should be allowed by the tribunal by considering that the assessee has not claimed exemption in the return filed due to inadvertence?...

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Change in Inventory Valuation Method Allowed if Based on AS 2

ACIT  Vs Thiagarajar Mills Ltd. (ITAT Chennai)

The issue under consideration is whether the change in method of valuation of inventory is allowed if it is based on AS 2 as prescribed by ICAI?...

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SC upholds power of CG to impose quota restrictions on imports without adjudication procedure

Supreme Court upholds power of CG to impose quota restrictions on imports without adjudication procedure The Apex Court in a recent decision involving importers of green and yellow peas, beans has upheld the power of the Central Government to impose quantitative restrictions on the import of goods without following the adjudication proced...

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