"September, 2020" Archive - Page 20

Tariff Notification No. 92/2020-Customs (N.T.) dated 28.09.2020

Notification No. 92/2020-Customs (N.T.) [S.O. 3352(E)] 28/09/2020

Tariff Notification No. 92/2020-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 92/2020-CUSTOMS (N.T.) New Delhi, 28th September, 2020 6 A...

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Best Judgment Assessment cannot be Set Aside by Filing Return beyond specified Time Period

Softouch Health Care Private Ltd. Vs. State Tax Officer (Kerala High Court)

The issue under consideration is whether the best judgement assessment can be set aside by filing revised return beyond specified time period?...

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GST Guide for Contractors

What is the rate of GST applicable for providing Contract services? Solution: Basically Contract services qualify for the definition of Works Contract Services under section 2(119) of the CGST Act, 2017 as it has elements of both provision of services and sale of goods. Government had bifurcated the work contract services basically into t...

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Posted Under: Custom Duty |

A to Z of E-Invoicing Under GST- Detailed Analysis

A2Z OF E – INVOICING UNDER GST Further to my article An Overview of E-Invoicing Under GST, I have received a number of queries related to e-invoicing. In this article, an attempt has been made to compile all the Frequently Asked Questions and their answers suggested by the authorities on various forums. A. BASIC DETAILS […]...

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Initiation of Faceless Assessment Procedures

The CBDT is launching the Faceless Assessment in various direct & indirect tax procedures from today as announced earlier as promulgated by Prime Minister Narendra Modi as the income-tax appeals are all set to go faceless from Friday. Further, the income tax department has already enunciated PAN-India faceless assessment facil...

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Posted Under: Custom Duty |

PBPT: Prerequisites For A Valid Provisional Attachment

One of the draconian facet of the amended Prohibition of Benami Property Transactions Act, 1988 is the provisional attachment provided under Section 24 of the PBPT Act. In this piece we will discuss the prerequisites for valid provisional attachment under Prohibition of Benami Property Transactions Act, 1988....

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Posted Under: Custom Duty |

Authorized Economic Operator (AEO) Programme

Authorised Economic operator Programme (AEO) is a voluntary compliance programme by Indian customs to provides a strengthen of international supply chain facility and facilitate movement of legitimate goods....

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Posted Under: Custom Duty |

TCS on sale of Goods – Illustrations- Section 206C(1H) wef 01.10.2020

TCS on sale of Goods- Section 206C(1H) w.e.f. 01.10.2020 : Overview with Illustrations To widen and deepen the scope of early collection of revenue to the Government, Finance Bill, 2020 brought in levy of TCS (0.1% or 1% in case PAN/Aadhaar not provided by Buyer) on sale of goods for which sales consideration. Sub section 1H […]...

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Posted Under: Custom Duty |

RODTEP calculations – race against time for manufacturer-exporters

India lost the battle before the WTO panel (panel) when number of export incentive schemes that were (are) in vogue were called off as illegal per the SCM agreement. The mischief of MEIS, as pointed out by the panel, was that instead of providing countervailing rates for setting of the input taxes, the rates were […]...

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Posted Under: Custom Duty |

Liability of Legal Representative under Income Tax Act, 1961

Dear friends, as we are aware that under normal circumstances, tax is levied upon the person, who has earned income. The income tax considers him/her as assessee and income tax will be levied on all income he has earned in previous year. There are three types of assessees such as Resident and Ordinary Resident, Resident […]...

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Posted Under: Custom Duty |

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