"10 November 2020" Archive - Page 4

Rule 6(3) of CCR inapplicable if wrongly taken credit was reversed subsequently

Mould Equipment Limited Vs Commissioner of CGST & CX, Howrah Commissionerate (CESTAT Kolkata)

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...

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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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Posted Under: Service Tax |

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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Posted Under: Service Tax |

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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Posted Under: Service Tax |

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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Posted Under: Service Tax |

Valuation provisions to be considered at confiscation stage & not seizure

Commissioner of Customs (Preventive) Vs Bushrah Export House (CESTAT Delhi)

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 o...

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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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Posted Under: Service Tax |

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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Posted Under: Service Tax | ,

Service tax not applicable on permanent transfer of IP Rights

SKOL Breweries Ltd. (Now known as Anheuser Busch InBev India Ltd.) Vs C.C.E & C.S.T. (CESTAT Bangalore)

Assignment of trademark and the IPR were amounted to permanent transfer and no service tax was applicable on permanent transfer of IP Rights by Foster's to assessee. ...

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