"10 November 2020" Archive

Provisions relating to Quarterly Return Monthly Payment Scheme

Circular No. 143/13/2020-GST (10/11/2020)

Government has issued following notifications to implement the Scheme of quarterly return filing along with monthly payment of taxes...

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GST E-invoicing mandatory from 01.01.2021 if TO exceeds Rs. 100 Crores

Notification No. 88/2020–Central Tax/S.O. 704(E) (10/11/2020)

CBIC notifies that E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate turnover (TO) in any of the Financial Year from 17-18 exceeds Rs. 100 Crores. From 01-01-2021, e-invoicing mandatory for taxpayers with aggregate turnover more than Rs. 100 Cr. E-Invoicing in terms of rule 48(4) of the CGST...

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Due date for filing ITC-04 for July 2020 to September 2020 extended

Notification No. 87/2020–Central Tax [S.O. 703(E)] (10/11/2020)

Due date for filing ITC-04 (Job worker return), in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 extended to 30th November 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 87/2020–Central Tax ...

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CBIC rescinds notification related to due dates of filing GSTR-3B

Notification No. 86/2020–Central Tax [S.O. 702(E)] (10/11/2020)

CBIC rescinds notification  No. 76/2020-Central Tax, dated the 15th October, 2020 vide which CBIC has notified Due dates of filing of GSTR-3B for the period October, 2020 to March,2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 86/2020–Central Tax New Delhi, the 10th Nove...

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CBIC notifies procedure for those opting to file GSTR 3B Quarterly

Notification No. 85/2020–Central Tax/S.O. 701(E) (10/11/2020)

CBIC notifies procedure for Quarterly filing of GSTR 3B vide Notification No. 85/2020–Central Tax dated 10th November, 2020. This notification shall come into force with effect from 18th day of January, 2021....

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CBIC notifies new rules for Monthly/Quarterly filing of GSTR 1

Notification No. 84/2020–Central Tax/S.O. 700(E) (10/11/2020)

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No. 84/2020–Central Tax New Delhi, the 10th November, 2020 G.S.R. 700(E).—In exercise of the powers conferred by proviso to sub-section (1) of section 39 read with proviso to sub-section (7) of section 39 of the Central Goods and Ser...

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CBIC notifies time limit for furnishing FORM GSTR-1

Notification No. 83/2020–Central Tax/S.O. 699(E) (10/11/2020)

Time limit for furnishing the details of outward supplies in FORM GSTR-1 of the said rules for the class of registered persons required to furnish return for every quarter under proviso to sub-section (1) of section 39 of the said Act, shall be extended till the thirteenth day of the month succeeding such tax period....

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CBIC notifies New rules for Inward/Outward Supplies, GST Returns & New form GSTR 2B

Notification No. 82/2020–Central Tax [G.S.R. 698(E)] (10/11/2020)

CBIC has vide Notification No. 82/2020–Central Tax dated 10th November, 2020 amended/substituted and inserted GST Rules as follows:- 1. Substituted rule 59 related to Form and manner of furnishing details of outward supplies with effect from the 1st day of January, 2021 2. Substituted rule 60 related to Form and manner of ascertaining d...

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CBIC notifies date of applicability of amendment in Section 39- CGST Act 2017

Notification No. 81/2020–Central Tax/S.O. 4043(E) (10/11/2020)

Central Government hereby appoints the 10th day of November, 2020, as the date on which the new provisions of section 39 of the Central Goods and Services Tax Act, 2017  shall come into force, which were introduced by Finance (No. 2) Act, 2019 (23 of 2019). Section 39 deals with provisions related to Furnishing of […]...

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Procedure for Removal of Director by Shareholders (Section 169 of Companies Act, 2013)

Generally management of the company lies with the Board of directors of the company and they always work for the betterment of the company and its shareholders, they are effectively the agents of the company, appointed by the shareholders to manage its day-to-day affairs and with respect to the same principle the Companies Act, 2013 [&hel...

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Anti-Dumping Duty on flax fabrics (Flax content more than 50%)

Notification No. 35/2020-Customs (ADD) (10/11/2020)

Notification No. 35/2020-Customs (ADD) -seeks to impose Anti-Dumping Duty on flax fabrics (having flax content of more than 50%) imported from China and Hong Kong for a period of 5 years. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 35/2020-Customs (ADD) New Delhi, the 10th November, 2020 G.S.R. (E). ...

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Form GST TRAN 1 filing relief Circular not relatable to gross delay in raising claim or omission to include correct details

C. Prasannakumaran Unnithan Vs Gst Council (Kerala High Court)

C. Prasannakumaran Unnithan Vs GST Council (Kerala High Court) The controversy in the Writ Appeals and the Writ Petitions arose on the Goods and Services Tax regime coming into effect from 01.07.2017. The dealers who were covered under the earlier regime were required to upload FORM GST TRAN 1 within the time stipulated, to avail [&hellip...

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Enforcement of contractual restrictions on transfer of shares not incorporated in AOA of a company

Enforcement of contractual restrictions on the transfer of shares which are not incorporated in Articles of Association (AOA) of a company One of the first judgments of the Supreme Court on enforcement of contractual restrictions on the transfer of shares, is the landmark case of V.B. Rangaraj vs. V.B. Gopalkrishnan and others on 28th No...

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Midnight GST Summons for on spot examination & other Issues

Observations of Telangana High Court in Agarwal Foundries Private Limited Rama Towers Vs Union of India pronounced on 06-11-2020 in a case where both revenue and assesse made counter allegations of physical assault on each other on various issues as under: a) Whether midnight summons can be issued for on spot examination ? It was [&hellip...

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Rights issue of units by an unlisted Infrastructure Investment Trust (InvIT)

Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT ...

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GST Intelligence Department cannot resort to physical violence

Officials belonging to GST Intelligence Department cannot resort to physical violence while conducting interrogation of Petitioners and their employees in connection with inquiry proceedings...

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RERA Compliances in Uttar Pradesh and Haryana

Uttar Pradesh RERA (UPRERA) And Haryana RERA (HARERA) Compliances UPRERA COMPLIANCES 1 QPR updation u/s 11(1) Comment Due Date of Compliance Penalty Quarterly up-to-date the list of number and types of apartments or plots, asthe case may be, booked; (c) quarterly up-to-date the list of number of garages booked; (d) quarterly up-to-date th...

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ICAI invites suggestions for improvement in functioning of MCA-21 Portal

The Ministry of Corporate Affairs (MCA) has taken up to build a new MCA21 v3 system – upgraded version of MCA- 21 portal to enable easy and secure access of MCA services. It is expected to be filled with latest features and technology. The core objectives of MCA21 v3 system are promoting automation, integration with external regulatory,...

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FMV of shares: Jurisdiction of AO to reject valuation methods adopted by Assessee

Canvera Digital Technologies Pvt. Ltd Vs DCIT (ITAT Bangalore)

Canvera Digital Technologies Pvt. Ltd Vs DCIT (ITAT Bangalore) From the details filed, Ld.AO observed that, assessee had computed the value as per DCF method and that there was nothing to suggest that DCF method was an appropriate method to value the shares. Ld.AO rejected DCF method adopted by assessee for the reasons that cash […...

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Sabka Vishwas Scheme – Amount in arrears – Deposits to be adjusted after determination of amount payable

M/s. Solamalai Automobiles Private Limited Vs The Designated Committee (Madras High Court)

Solamalai Automobiles Private Limited vs The Designated Committee (Madras High Court) The Madras High Court has held that for cases falling under ‘Amount in arrears’ category under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, the deposits  should   be adjusted after the determination of the amount payable. Department...

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Prohibited goods can be provisionally released under Customs Section 110A

Sidharth Vijay Shah Vs Union of India and others (Bombay High Court)

The Bombay High Court has held that Section 110A of the Customs Act, 1962 does not impose any limitation that the  goods  categorized as ‘prohibited goods’ under Section 2(33) cannot be subjected to provisional release under Section 110A....

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Madras High Court: Allows rectification of GSTR-1 to avail credit in absence of enabling provision

The Hon’ble Madras High Court in the case of M/s. Sun Dye Chem v. The Assistant Commissioner [W.P. No. 29676 of 2019 dated November 6, 2020] has held that absence of enabling provision cannot jeopardize taxpayer from availing credit that they are entitled to, while allowing them to rectify and correct Form GSTR-1 for the […]...

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NAA directs DGAP to Recompute Profiteered Amount in case of Portonics Digital

Shri Rahul Sharma Vs Portonics Digital Pvt Ltd. (National Anti-Profiteering Authority)

Shri Rahul Sharma Vs Portonics Digital Pvt Ltd. (National Anti-Profiteering Authority) Facts of the Case: The brief facts of the case are that an application dated 26.02.2019 was filed before the Standing Committee on Anti-profiteering, under Rule 128 of the CGST Rules, 2017 by the Applicant No. 1 which alleged that the Respondent had pro...

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NAA allows DGAP to recompute amount of profiteering by Subway franchisee

Deputy Commissioner of State Tax Vs Dough Makers India Pvt Ltd. (NAA)

Deputy Commissioner of State Tax Vs Dough Makers India Pvt Ltd. (NAA) Fact of the Case: The brief facts of the present case are that a reference was received from the Standing Committee on Anti Profiteering on 27.03.2019 by the DGAP, to conduct a detailed investigation in respect of an application (originally examined by the […]...

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DGAP investigation not illegal if Benefit of Tax Reduction Not Passed within Prescribed Period of 2 Months

Rahul Sharma Vs J. K. Helene Curtis Ltd. (NAA)

Rahul Sharma Vs J. K. Helene Curtis Ltd. (NAA) Facts of the Case: The brief facts of the case are that the Standing Committee on Anti-profiteering vide its communication dated 11.03.2019 had requested the DGAP to conduct a detailed investigation as per Rule 129 (1) of the above Rules on the allegation that M/s Raymond […]...

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DGAP Investigation against Cloudtail India under rule129 (1) is Legal: NAA

Samit Chakraborty Vs Cloudtail India Pvt. Ltd. (NAA)

Samit Chakraborty Vs Cloudtail India Pvt. Ltd. (NAA) Facts of the case: The brief facts of the case are that the Standing Committee on Anti-profiteering vide its communication dated 11.03.2019 had requested the DGAP to conduct detailed investigation as per Rule 129 (1) of the above Rules on the allegation made by the Applicant No. [&helli...

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NAA directed DGAP to Re-Investigate in case of Pearlite Real Properties

Sh. Parvez Khan Vs Pearlite Real Properties Pvt. Ltd. (NAA)

Parvez Khan Vs Pearlite Real Properties Pvt. Ltd. (NAA) Facts of the Case: The brief facts of the present case are that an application dated 15.10.2018 was filed before the Standing Committee on Anti-profiteering, under Rule 128 (1) of the Central Goods and Services Tax (CGST) Rules, 2017 by the Applicant No. 1, alleging profiteering [&he...

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NAA directed DGAP to Re-Investigate in case of E-Homes Infrastructure Pvt. Ltd.

Sumit Mansingka Vs E-Homes Infrastructure Pvt. Ltd. (NAA)

Sumit Mansingka Vs E-Homes Infrastructure Pvt. Ltd.  Facts of the case: The brief facts of the present case are that a complaint dated 18.12.2017 was filed before the Uttar Pradesh State level Screening Committee on Anti-Profiteering by the Applicant No.1 alleging profiteering by the Respondent in respect of purchase of a flat in the Res...

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NAA directs DGAP to reinvestigate profiteering in the case of Himalaya Real Estate

Rahul Gautam Vs Himalaya Real Estate Pvt. Ltd. (NAA)

Rahul Gautam Vs Himalaya Real Estate Pvt. Ltd. (NAA) Facts of the Case: The brief facts of the case are that the Applicant No. 1 had filed an application dated 16.10.2018 before the Haryana State Screening Committee on Anti-profiteering, under Rule 128 (2) of the Central Goods and Services Tax Rules, 2017 and submitted that […]...

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In Absence of Clear-Cut Findings, NAA directed DGAP to Further Investigate

Director General of Anti-Profiteering Vs L'Oreal India Pvt. Ltd (National Anti-Profiteering Authority)

Director General of Anti-Profiteering Vs L’Oreal India Pvt. Ltd (National Anti-Profiteering Authority) Facts of the Case: The brief facts of the case are that it was alleged that the Respondent had not passed on the benefit of reduction in the rate of GST on the Fast Moving Consumer Goods (FMCGs) being supplied by him, when [&hellip...

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DGAP directed to further Verify ITC Benefit amount under Rule 133(4)

Sh. Bhanja Kishore Pradhan Vs HCBS Promoters & Developers Pvt. Ltd (National Anti-Profiteering Authority)

Sh. Bhanja Kishore Pradhan Vs HCBS Promoters & Developers Pvt. Ltd (National Anti-Profiteering Authority) Facts of the Case: The brief facts of the case are that the Applicant No. 1 filed application, dated 19.09.2018, before the National Anti-profiteering Authority under Rule 128 (1) of the CGST Rules, 2017. The said application was ...

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NAA directs DGAP to further Verify total amount of ITC Benefit

Ajay Kumar Vs Pivotal Infrastructure Pvt Ltd. (NAA)

Ajay Kumar Vs Pivotal Infrastructure Pvt Ltd. (NAA) Facts of the Case: The brief facts of the case are that vide their applications dated 09.10.2018 and 16.12.2019 filed before the Standing Committee on Anti-profiteering under Rule 128 (1) of the CGST Rules, 2017, the Applicant No. 1 and 2 had alleged profiteering by the Respondent [&hell...

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NAA directs DGAP to Further Investigate Matter of ITC Ltd

Director General of Anti-Profiteering Vs ITC Ltd (National Anti-Profiteering Authority)

Director General of Anti-Profiteering Vs ITC Ltd (National Anti-Profiteering Authority) Facts of the Case: The brief facts of the case are that the Standing Committee on Anti-profiteering vide its communication dated 14.09.2018 had requested the DGAP to conduct detailed investigation as per Rule 129 (1) of the above Rules on the allegatio...

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NAA directs DGAP to Re-Investigate Issues in case of Wheelabrator Alloy Castings

Kishore Arjandas Udasi Vs Wheelabrator Alloy Castings Pvt. Ltd. (NAA)

Kishore Arjandas Udasi Vs Wheelabrator Alloy Castings Pvt. Ltd. (NAA) Facts of the Case: The brief facts of the case are that vide his application dated 09.08.2018 filed before the Maharashtra State Screening Committee on Anti-profiteering under Rule 128 (2) of the CGST Rules, 2017, the Applicant No. 1 had alleged profiteering by the Resp...

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Class Action Suit under Companies Act, 2013 – Need of The Hour

In order to bring a ‘collective action’ by the ‘minority shareholder’ against the company, there was no such provision till 2013 under the Indian Companies Act. However, there were/are provisions of ‘oppression remedy’ under the Indian Companies Act i.e. Section 397 & 398 under the Companies Act, 1956 (‘the Erstwhile Act...

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Weekly GST Communique November 09, 2020

A. Important GST Judgment, Rulings of the week ending on 09th November 2020 1. Delhi High Court: Upheld the power to conduct Service Tax Audit post GST regime 2. NAA: Tata Croma told to slash prices of DSLRs, power banks; fined Rs 1.9 cr for GST-related profiteering 3. NAA: Starbucks fined for not passing on […]...

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Self Assessment Scheme under GST

Introduction Self Assessment Scheme under the GST law is not new and in the earstwhile regime also the self assessment was available. In section 70 of the Service tax law a person liable to pay service tax could himself assess the tax due on service provided by him. As per Rule 6 of the Central […]...

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Interest to be charged on Net Tax liability w.e.f July 01, 2017

The Hon’ble Madras High Court in the case of M/s. Maansarovar Motors Private Limited v. The Assistant Commissioner and Others [W.P. No. 4468 of 2020, dated 29 September, 2020] has set aside orders for levying interest on input tax credit (“ITC”) as applied on delayed payment in line with GST Council’s resolution of levying interes...

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E-Invoicing : The new lighting of GST this Diwali!

The game-changer e-invoicing system in the GST system was launched on 1st October 2020 for the businesses with an aggregated turnover of more than Rs. 500 Crores in the financial year. Completing its two and a half year journey, e-invoicing could finally find its way to get implemented from 1st October 2020, & has revolutionized the way ...

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Steps taken by SEBI to Enhance Role of a Debenture Trustee in a Company

Taking a further step to secure the interest of customers, the capital market regulator has announced provisions regarding strengthening the role of debenture trustees providing them with the power to evaluate independently and oversee the asset cover in line with the interests of the consumers. It is to be noted that the decision has b...

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MCA removes anomaly in due date extension of Filing LLP Form 8

MCA Issues Important Clarification to Rectify an Anomaly in Extension of LLP Settlement Scheme, 2020 & Due Date of Filing Form 8 for FY 2019-20. All Limited Liability Partnerships (LLPs) registered under Limited Liability Act, 2008, are required to file two statutory forms viz. Form 11 and Form 8, annually. The Annual Return in Fo...

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Foreign Contribution (Regulation) (Amendment) Rules, 2020

Notification No. G.S.R. 695(E) (10/11/2020)

(1) These rules may be called the Foreign Contribution (Regulation) (Amendment) Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Representation on mis-selling of GST database on Social Media

It is our prayer that your Honorable Self needs to intervene and get to the bottom of this to ascertain how much and how such information got leaked in public domain from the GST portal in the form of 24 Lacs Database Records consisting of GSTN Number, Business Name, Contact details and Turnover details etc....

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