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Archive: 23 September 2020

Posts in 23 September 2020

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6996 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

GST on Sale/transfer/disposal of Capital Goods – A new pandora box under GST!

September 23, 2020 173619 Views 1 comment Print

This article is penned down to enlighten the implications in respect of capital goods that are lost, stolen, destroyed or disposed by way of gift and sale of capital goods under Goods and Services Tax Act, 2017. Page Contents ♦ Meaning of Capital Goods ♦ Meaning of Supply in context to “Transfer/Disposal of Capital Goods” […]

ICAI extends validity of Registration Period

September 23, 2020 6894 Views 1 comment Print

Students at all levels may please note that the Institute on account of cancellation and merging of May 2020 examination with November, 2020 examination due to Covid-19 pandemic as a one-time measure has granted upto one year extension in the validity period of registration at all levels.

Reassessment not valid if No notice under section 143(2) issued to assessee

September 23, 2020 2385 Views 0 comment Print

Supertron Electronics Pvt. Ltd Vs DCIT (ITAT Kolkata) The admitted fact is that no notice u/s 143(2) of the Act was issued to the assessee for both the assessment years. Only a notice u/s 148 and Section 143(2)(1) of the Act was issued. Under these circumstances we have to hold that the assessment orders for […]

No Penalty for Not Generation of E-way Bill – Section 129

September 23, 2020 58620 Views 2 comments Print

Absence  of  e-way  bill  or  non generation of e-way bill, being a technical mistake or breach may be contravention  of  the  rule  138  &  138A  as  such  it  will  result  into imposition of penalty Rs. 10,000/.

No illegality on Transport of Goods from one place of Business to other

September 23, 2020 2805 Views 0 comment Print

Same Deutzfahr India P Ltd Vs State of Telangana (Telangana High Court) Once it is clear that petitioner has additional place of business in the State of Telangana in Bongulur village, Ibrahimpatnam Mandal and the goods were being transported to that address from its Corporate office at Ranipet, Tamil Nadu State, it cannot be said […]

Discover four factors that influence the value of the US dollar

September 23, 2020 5697 Views 0 comment Print

The US dollar is the most popular currency worldwide. Its rate is affected by several key factors. Here is an overview of these correlations. US Dollar Rate and the Four Factors That Affect It No other currency beats the US Dollar. It is used for most international transactions. Travelers and traders exchange other currencies to […]

Free Trade Agreements – Additional Obligations on Importers

September 23, 2020 3966 Views 1 comment Print

Background 1. India has entered into several bilateral and multilateral treaties (referred to as Free Trade Agreements (FTA)) to promote cross-border trade. Examples include treaties with Singapore, Chile, Malaysia, Korea, Japan, SAARC members, etc. Article XX, containing general exceptions, under the General Agreement on Tariffs and Trade(GATT) permits granting preferential tax rates on the importation […]

No taxable event under GST on mere inter-State transfer of goods – HC directs refund of Tax & Penalty

September 23, 2020 2571 Views 0 comment Print

Telangana High Court rules in favor of Deutzfahr India. Unjust GST and penalty collection revoked. Key insights into the case explained.

HC order release of goods & Truck on payment of GST & Penalty alongwith furnishing of Bank Guarantee

September 23, 2020 1668 Views 0 comment Print

Arpit Parcel Service Vs State of Gujarat (Gujarat High Court) 1. Heard Mr. Ashish B. Desai, learned advocate for the petitioner and Mr. Dharmesh Devnani, learned AGP for respondent State. 2. By way of this petition, under Article 226 of the Constitution of India, the petitioner has challenged the impugned notice dated 08.08.2020 in Form […]

Income Tax TCS under Section 206C(1H) Wef 01/10/2020

September 23, 2020 9819 Views 2 comments Print

Tax Collection At Source (TCS) Under Newly Introduced Section 206C(1H) of The Income Tax Act, 1961 Wef 01/10/2020 1. BASIC FEATURES: a) Section is applicable only in case of seller whose total sales, gross receipt or turnover from the business carried on by him exceeds Rs. 10 crores during the financial year immediately preceding financial […]

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