In re Deputy Commissioner of Central Tax in case of M/s. Shilpa Medicare Limited (GST AAAR Andhra Pradesh) M/s. Shilpa Medicare Limited, Vizianagaram, A.P and M/s. Shilpa Medicare Limited, Bangalore unit are holders of the same PAN and they are distinct persons. Hence, the provisions of Para 4(c) of Schedule II of CGST Act, 2017 […]
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’) and Section 241 under […]
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 […]
ST – Where Cenvat credit wrongly taken is subsequently reversed, it is tantamount to non-availment of credit – Rule 6(3) of Cenvat Credit Rules (CCR)is inapplicable in such circumstances: CESTAT Kolkata
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 […]
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 interest […]
Ramalinga Mills Ltd. Vs ACIT (ITAT Chennai) The issue under consideration is whether disallowance of expenditure in relation to exempt income u/s.14A read with Rule 8D of I.T. Rules, 1962 is justified in law? ITAT states that, the facts borne out from records clearly indicate that the assessee has earned dividend for the impugned assessment […]
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 businesses interact with each other.
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 been taken after […]
Commissioner of Customs (Preventive) Vs Bushrah Export House (CESTAT Delhi) Seizure for overvaluation of exports-Valuation provisions to be considered at stage of confiscation and not seizure The CESTAT New Delhi has held that provisions of Section 14 of the Customs Act, 1962 and Rule 3 of the Export Valuation Rules have to be applied only […]
