"18 October 2020" Archive

Optional for proper officer to communicate GST liability before issuing SCN

CBIC amended CGST Rules making it optional for the proper officer to communicate the liability before issuing SCN under Section 73/74 of the CGST Act  The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 amended Rule 142(1A) of the Central Goods and Services Tax Rules, 2017 (CGST Rules) in following manner making [&...

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Changes in GST Rules related to mentioning of HSN code 

CBIC amended CGST Rules empowering the Board to specify a class of registered person or supply of goods or services, require mentioning HSN code  The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 substituted first proviso to Rule 46 of the Central Goods and Services Tax Rules, 2017 (CGST Rules) to expand [&hellip...

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CBIC amends Rules of filing of nil GSTR 1 or GSTR 3B or CMP 08 via SMS 

CBIC amended CGST Rules w.r.t. filing of nil GSTR 1 or GSTR 3B or CMP 08 through SMS The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 substituted Rule 67A of the Central Goods and Services Tax Rules, 2017 (CGST Rules) to extend the facility of furnishing nil statement through short message […]...

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Important Changes in various GST Forms

Important Changes in various GST Forms The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 notified Central Goods and Services Tax (Twelfth Amendment) Rules, 2020 amending Central Goods and Services Tax Rules, 2017 (CGST Rules) vide which following amendments have been made in GST Forms: Form No. Particulars GSTR ...

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No Need to Furnish GSTR-9C for F.Y. 2019-20 if Turnover less than ₹ 5 crore

Taxpayers having aggregate turnover of up to INR 5 crore, not required to furnish GSTR-9C for F.Y. 2019-20 The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 substituted proviso to sub-rule (3) of Rule 80 of the Central Goods and Services Tax Rules, 2017 (CGST Rules) to relax the requirement of furnishing a [&hell...

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Non Generation of Part A of e-way Bill wef 16.10.2020 for return Defaults

No Generation of Part A of e-way Bill will be allowed if 2 consecutive returns are not filed for the tax period up to August, 2020 w.e.f. October 16, 2020  The CBIC vide Notification No. 79/2020- Central Tax dated October 15, 2020 inserted fourth proviso to Rule 138E(b) of the CGST Rules w.e.f. March 20, […]...

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Deemed dividend provisions not attracted to running account with Group companies to meet business exigencies

Budhia Agencies Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Budhia Agencies Pvt. Ltd. Vs DCIT (ITAT Kolkata) Learned authorized representative vehemently contends that the impugned deemed dividend addition is not sustainable in the eyes of law. His case as per page 4 of the paper-book indicating the assessee’s ledger in the books of M/s Republic Tractor Motor Pvt. Ltd. is that it had been [&hell...

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HC upheld Tribunal decision of estimating Profit @2% of Total Credits

PCIT Vs Shitalben Saurabh Vora (Gujarat High Court)

PCIT Vs Shitalben Saurabh Vora (Gujarat High Court) The issue in the present case relates whether the amount deposited by the assessee in the form of cash/cheques represents the income of the assessee. Admittedly, there was huge deposit of cash/cheques in the bank account of the assessee. But on perusal of the bank statement, it […...

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ITAT disallows provision for professional Cost for inconsistent accounting policies

Bain & Company India Private Ltd. Vs DCIT (ITAT Delhi)

Bain & Company India Private Ltd. Vs DCIT (ITAT Delhi) We find the AO in the instant case disallowed the provision of professional cost amounting to Rs. 94,97,000/- debited to the profit and loss account on the ground that the assessee could not substantiate the basis for making the said provision. There was no invoice […]...

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TDS not deductible on Trade Offers Provided to Distributors

Nokia India Pvt. Ltd Vs Acit (ITAT Delhi)

Assessee made the detailed submissions inter alia contending that the provision of section 194H, 194C, 194J were not applicable to the case because the payment was not for any contractor of services or work, there was no relationship of agency....

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