"26 October 2020" Archive

Relationship between Consideration & Supply under GST

In this article we will discuss the relationship of supply with the consideration and its repercussions regarding the chargeability of GST. The section 7 of the Central Goods & service Tax Act talks about the scope of supply. We can in other words say that the section 7  is the  gate way to the GST. […]...

Read More

RBI direct banks for ex-gratia payment of interest on interest

RBI/2020-21/61 DOR.No.BP.BC.26/21.04.048/2020-21 (26/10/2020)

RBI direct banks to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)...

Read More

Composition Taxpayers can now file NIL statement through SMS

Goods and Services Tax Network (GSTN), the IT backbone of GST system, has launched the facility of filing of NIL statement for Composition Taxpayers. With this, Composition taxpayers can now file NIL statement in Form GST CMP-08 through SMS and without logging in to the GST portal. CMP-08 is a quarterly statement of self-assessed tax to b...

Read More

Anti-dumping investigation on imports of Choline Chloride

Case No. ADD-OI-12/2019 (26/10/2020)

Case No. ADD-OI-12/2019 Anti-dumping investigation concerning imports of Choline Chloride in all forms originating in or exported from China PR, Malaysia and Vietnam....

Read More

Compliance Calendar under Companies Act, 2013

In order to assist the Corporate Professionals, an attempt is made to prepare compliance calendar under Companies Act, 2013 as amended from time to time till date: Section No. of CA, 2013 Brief of Provisions E-form/ form and Remarks Time Limit Permissible Applicability Listed Compa-nies Unlisted Compa-nies Pvt Ltd Co 88 Every Company to k...

Read More

Plea for extension of date for SEBI Settlement Scheme

For News Plea for extension of date for SEBI Settlement Scheme SEBI had introduced a Settlement Scheme, 2020, which provides onetime settlement during the period from 1st August, 2020 and the concluding date is  31st October 2020, to provide one time settlement opportunity to the entities which have executed trade reversals in the stock ...

Read More

Different Statutory Registers under Companies Act, 2013

Transparency is very important for the society likewise Ministry of Corporate Affairs has implemented The Companies Act, 2013 in such a way that it every company run their in business in clear and transparent way. The Companies Act, 2013 and the rules states the preparation and maintenance of various registers as and when applicable to [&...

Read More

Section 54EC – Exemption on Long Term Capital Gain

Sec-54 EC – Exemption on Long Term Capital Gain on investment of Specified Bond Provisions under section 54EC provide exemption capital gain arisen on transfer of Long Term Capital Assets (whether land or building or both) when the amount is invested in specified bonds. This article discusses provisions of Sec 54EC of the Income Tax...

Read More

Faceless Assessment – New provisions in ICES

Standing Order No. 39/2020 and Public Notice No. 139/2020-JNCH (26/10/2020)

At times, the appraising officer may have to refer to a previous Bill of Entry of the importer to compare and verify valuation or other related declarations in a Bill of Entry. In many cases, RMS instructions also give reference of some previous Bills of Entry for the officer to check....

Read More

Is SMAIT a Trust registered as an AIF qualify as Qualified Buyer?

SEBI/F10/IMD/OF6/0W/KAS/2020/17875 (26/10/2020)

The existing SEBI norms limit Qualified Buyers only to those AlFs which are body corporate. Since SMAIT (the Fund) is a Trust registered as an AIF will SMAIT (the Fund) also qualify as Qualified Buyer and can invest/ acquire Security Receipts?...

Read More

Some special things related to Tax Audit

1. Tax Audit is mandatory if ‘business’ is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). [Read clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’)]. 2. However, the aforesaid limit of Rs. 1 crore shall be read as 5 crores […]...

Read More

Application for amendment in GST registration- Form GST REG-14

Rule 19 of the Central Goods and Services Tax Rules, 2017 briefly covers the provisions relating to filing of an application for amendment in GST registration. Amendment application is to be filed, electronically, in Form GST REG-14. The present article covers the provisions governing the filing of an application in Form GST REG-14 for am...

Read More

Foreign Contribution (Regulation) Amendment Act, 2020- Analysis

Analysis of Foreign Contribution (Regulation) Amendment Act, 2020 (No. 33 of 2020) Purpose and effective date Purpose – To amend the Foreign Contribution (Regulation) Act 2010. Effective date – 29th September 2020 is the date on which the amendments shall come into force (Notification S.O. 3395(E) dated 29.09.2020) Amendments in a gla...

Read More

Weekly newsletter from Chairman, CBIC dated 26/10/2020

Notification No. D.O.No.38/CH(IC)/2020 (26/10/2020)

Ministry of Finanace Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110001 Tel. No. : + 91-11-23092849, Fax No. : + 91-11-23092890 E-Mail : ajit.m@gov.in Date: 26/October, 2020 D.O.No.38/CH(IC)/2020 The use use of IT products in enhancing our service delivery has been a major theme in my recent ...

Read More

Extension of time period for import of tur during fiscal year 2020-21

Public Notice No. 27/(2015-2020)-DGFT (26/10/2020)

It has now been decided to extend the validity of license for import of tur from 15.11.2020 till 31.12.2020 and the cut—off date for ICLC for import of tur shall accordingly be 31.12.2020....

Read More

GST Refund on Account of Assessment/Provisional assessment/ Appeal/ any other order

Q.1 Who can file the Refund Application on account of assessment / provisional assessment / appeal/ any other order? Ans: Any person, including regular taxpayer, casual taxpayer, non-resident taxpayer or unregistered person, in whose favour an Assessment Order/Provisional Assessment Order/Appeal Order or any other Order entailing refund h...

Read More

How to claim Refund of Excess Payment of GST

Refund application on account of excess payment of tax can be filed, when the taxpayer has paid excess tax (in the form of advance tax or tax deducted/collected at source or self-assessment tax or payment of tax on regular assessment) against the tax required to be paid by him....

Read More

GST refund claim by Supplier of Deemed Exports- Procedure

If the supplier of deemed exports has not collected tax from the recipient of deemed exports and paid the tax amount to the government, then the supplier of deemed exports would be eligible to claim the refund of tax amount paid by him, by providing the declaration that the recipient shall not claim any refund with respect of the said sup...

Read More

GST Refund on Tax paid on an Intra-State Supply which is subsequently held to be Inter-State Supply & Vice Versa

FAQs on Refund on Tax paid on an Intra-State Supply which is subsequently held to be Inter-State Supply and Vice Versa. When refund application can be filed using reason as Refund on tax paid on an Intra state supply which is subsequently held to be inter-state supply and vica versa...

Read More

GST Refund on Account of Export of Services (With Tax Payment)

A. FAQs on Refund on Account of Export of Services (With Payment of Tax) Q.1 What are the preconditions for filing a refund application on account of Export of Services (with payment of tax)? Ans: The following conditions must be met, for being eligible to file Form RFD-01, to claim refund on account of Export […]...

Read More

Food Safety and Standards (Prohibition and Restrictions on Sales) Third Amendment Regulations, 2020

Notification No. Stds/O&F/Notification(12)/FSSAI-2019. (26/10/2020)

These regulations may be called the Food Safety and Standards (Prohibition and Restrictions on Sales) Third Amendment Regulations, 2020. (2) They shall come into force on the date of their publication in the official Gazette....

Read More

GST refund on supplies made to SEZ unit/developer (with tax payment)

How can I file for refund on account of supplies made to SEZ unit / SEZ developer (with payment of tax)? Filing for refunds is a post-login functionality, which means that the Taxpayer must login to the GST Portal with their valid login credentials before filing a refund application....

Read More

GST Refund on account of Recipient of Deemed Export

A. FAQs on GST Refund on account of Recipient of Deemed Export Q.1 What are Deemed Exports? Ans: Deemed Exports are those supplies of goods that are notified by the government on the recommendation of the council as ‘Deemed Exports’ where: The goods supplied do not leave India; Payment for such supplies is received in […]...

Read More

Refund of ITC accumulated due to Inverted Tax Structure (RFD-01A)

FAQs on Refund of ITC accumulated due to Inverted Tax Structure (RFD-01A) Q.1 What is Inverted Tax Structure in the GST regime? Ans: The term ‘Inverted Tax Structure’ refers to a situation where the rate of tax on inputs is more than the rate of tax on output supplies. As a result, the higher tax […]...

Read More

GST Refund for Supplies made to SEZ Unit/Developer (Without Tax Payment)

A. FAQs on Refund on Account of Supplies made to SEZ Unit/ SEZ Developer (Without Payment of Tax) Q.1 How can I get my refund of ITC on account of supplies made to SEZ Unit/ SEZ Developer (Without Payment of Tax)? Ans: You may comply with the activities as specified below: 1. You have to […]...

Read More

ITC Refund on Account of Exports Without Payment of Tax

How can I submit the application for refund of ITC on account of Exports without payment of Tax on the GST Portal? To submit the application for refund of ITC on account of Exports without payment of Tax on the GST Portal, perform the following steps: 1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed....

Read More

GST Refund of Excess Amount from Electronic Cash Ledger

A. FAQs on GST Refund of Excess Amount from the Electronic Cash Ledger Q.1 How can I claim refund of excess amount available in Electronic Cash ledger? Ans: 1. Login to GST portal for filing refund application under refunds section. 2. Navigate to Services > Refunds > Application for Refund option. 3. Select the reason of Refund ...

Read More

Refund on Account of Export of Goods (With Payment of Tax)

FAQs on Refund on Account of Export of Goods (With Payment of Tax) Q.1 Am I eligible to receive the refund of IGST and Cess paid on export of goods if I have filed GSTR-3B? Ans: Yes, you are eligible for Refund of Integrated Tax and Cess on account of Export of goods (with payment […]...

Read More

FAQs on Submitting GST Refund Pre-Application Form

GST Refund Pre-Application Form Q.1 What is Refund Pre-Application Form? Ans: Refund Pre-Application is a form, which need to be submitted by the taxpayers to provide certain information related to nature of business, Aadhaar Number, Income Tax details, export data, expenditure and investment etc. Q.2 What details are captured in Refund P...

Read More

Refund in GST regime under Section 54 read with Rule 89 & 96

Refund in GST regime For a tax payer refunds are always pleasant and it is been looked upon as a blessing in spite of the fact what it really is the reimbursement of tax payers own money by the government. This factor brings it near to recovery of money loaned to a friend that you thought […]...

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30