"11 November 2020" Archive

DGGI Mumbai arrests 4 for passing on & availing fictitious ITC

Release ID: 1672040 (11/11/2020)

Four persons have been arrested by the Mumbai Zonal Unit of Directorate General of GST Intelligence (DGGI-MZU), under CBIC, on Tuesday (November 10, 2020)....

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Auto-populated Form GSTR 3B (PDF) from October 2020 onwards

GSTN Advisory (11/11/2020)

Auto-populated Form GSTR 3B (PDF) for the taxpayers, from the month of October 2020 onwards 1. GSTN has earlier introduced Form GSTR-2B, a static statement with details of ITC available for a tax period, for the benefit of taxpayers. GSTR-2B is an auto-drafted Input Tax Credit (ITC) statement generated for every recipient, on the basis [&...

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Labour Reforms 2020

The article is about the New Labour Codes 2020 passed by the Parliament and assented by the Hon’ble President of India. The article contains few important highlights of the three new labour codes and it gives a gist about how the new labour codes will revamp the existing labour laws and its benefits to the […]...

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“Lock Stock and Barrel – of Debit & Credit Notes with Tax Invoices under GST -Parable of Not a Penny More and Not a Penny Less”

In this article, an attempt has been made to correlate two popular maxims - lock stock and barrel meaning entirely, from top to bottom with that of Not A Penny More and Not A Penny Less in the context of Debit and Credit Notes with Tax Invoices under the provisions of GST Act, 2017...

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Do you know the tax implications on Diwali gifts?

Diwali for everybody is like meeting their friends and exchanging gifts. The gifts can be sweets, dry fruits, and other valuable items like silver or gold coins. But did you ever thought that these gifts may have some tax implications too?? No… Everybody believes that these gifts are not taxable in their hands. You are […]...

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GIST of GST notifications issued on 10.11.2020

CBIC has issued various notifications yesterday i.e on 10th Nov, 2020 amending various rules in respect of return filing. A summary of the same is as below: ♦ Notification No. 82/2020 – Central Tax Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 have been notified. Highlights of the same are: e.f. 01.01.2021, an opti...

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“Drag along” and “Tag along” provisions under shareholders’ agreement & their enforceability

Under the Indian Companies Act, shareholders do not run any company, only the directors do. It is recognized that the directors represent the interests of the shareholders. Shareholders’ Agreement can outline who can appoint directors, how they are to be appointed and what percentage is required to remove a director. The right to appoin...

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Guidelines for Other Service Providers in BPO & ITeS Sectors

With an aim to qualitatively improve the Ease of Doing Business of the IT Industry particularly Business Process Outsourcing (BPO) and IT Enabled Services, the Government has drastically simplified the Other Service Provider(OSP) guidelines of the Department of Telecom. The new guidelines tremendously reduce the compliance burden of the B...

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GST Form-2B – Auto-drafted ITC

CBIC has inserted new FORM-2B – Auto-drafted ITC Statement- under  60(7) vide Notification No. 82/2020–Central Tax dated 10th November, 2020. Please find bellow the format of New Form-2B Auto-drafted ITC Statement, Advisory and Instruction for filing of the same. 1. Terms Used :- a. ITC – Input tax credit b. B2B – Business to...

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Anti-dumping duty on imports of Acrylic Fibre from Thailand removed

Notification No. 36/2020-Customs (ADD)/G.S.R. 707(E) (11/11/2020)

Notification No. 36/2020-Customs (ADD)- Seeks to rescind notification No. 27/2015-Customs (ADD) dated 1st June, 2015 to remove the anti-dumping duty applicable on imports of acrylic fibre from Thailand GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 36/2020-Customs (ADD) New Delhi, the 11th November, 2020 ...

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Anti dumping duty on Clear Float Glass import from Malaysia

Notification No. 37/2020-Customs (ADD) (11/11/2020)

Notification No. 37/2020-Customs (ADD) dated 11.11.2020 -Seeks to impose definitive anti dumping duty on Clear Float Glass originating in or exported from Malaysia. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 37/2020-Customs (ADD) New Delhi, the 11th November, 2020 G.S.R. (E).-Whereas in the matter of ...

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No penalty if no deliberate attempt to evade payment of taxes

Advent Computer Services Ltd. Vs ACIT (ITAT Chennai)

Advent Computer Services Ltd. Vs ACIT (ITAT Chennai)  It is an admitted fact that assessee has not reported capital gain derived from transfer of equity shares in pursuant to the direction of the Hon’ble High Court of Madras for amalgamation of M/s. i Theories Business Factory India Pvt. Ltd., with the assessee company, even though [&h...

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Sea Cargo Manifest and Transhipment Regulations- Compliance requirements

Public Notice No. 141/2020-JNCH (11/11/2020)

Considering the disruptions caused due to Covid-19 Pandemic and non-readiness of the stakeholders, Board has issued Notification No.94/2020-Customs (N.T.) dated 30.09.2020, vide which the transitional provisions under Regulation 15(2) have been extended from 1st October, 2020 till 31st March, 2021 to enable submission of manifests under e...

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50 Transfer/postings in the grade of JCIT/Additional CIT

Office Order No. 219 of 2020 (10/11/2020)

Office Order No. 219 of 2020 The following transfer/postings (Local changes) of the officers in the grade of Joint Commissioner/Additional Commissioner of Income Tax, are hereby ordered with immediate effect and until further orders: ...

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Anti-dumping Investigation on imports of Rubber Chemical PX-13

Case No. AD-OI-17/2020 (11/11/2020)

Case No. AD-OI-17/2020 Anti-dumping Investigation concerning imports of Rubber Chemical PX-13 from China PR, Korea RP and USA - Preliminary Findings...

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Revenue to establish proximate relationship between expenditure & exempt income for section 14A disallowance

CIT Vs Sociedade De Fomento Industrial Pvt. Ltd (Bombay High Court at Goa)

CIT Vs Sociedade De Fomento Industrial Pvt. Ltd (Bombay High Court) Here, on facts, the Tribunal noted that the AO only discussed the provisions of section 14A(l) but has not justified how the expenditure the Assessee incurred during the relevant year related to the income not forming part of its total income. The AO, according […]...

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CMA Notification for Merged Intermediate & Final Exam, Dec 2020

The Institute of Cost Accountants of India has decided to conduct the Intermediate and Final Examination in December, 2020 in Online Mode. This is the merged examinations of both June 2020 term and December 2020 term....

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PM to Inaugurate Office-Cum-Residential Complex of Cuttack Bench of ITAT Tomorrow

Justice P. P. Bhatt, the President of Income Tax Appellate Tribunal, today briefed the media regarding inauguration of Office-Cum-Residential Complex of Cuttack Bench of ITAT by Prime Minister Shri Narendra Modi tomorrow. Prime Minister of India, Shri Narendra Modi Ji, will inaugurate a state-of-the-art office-cum- residential complex of ...

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Pivotal Infrastructure guilty of not passing ITC benefit to Flat Buyers: NAA

Ajay Kumar Vs Pivotal Infrastructure Pvt. Ltd. (NAA)

Ajay Kumar Vs Pivotal Infrastructure Pvt. Ltd. (NAA) It is established from the perusal of the above facts that the Respondent has benefited from the additional ITC to the extent of 2.67% of the turnover during the period from July 2017 to December 2018 and hence the provisions of Section 171 of the CGST Act, […]...

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Section 171(3A) Penalty for profiteering not retrospective: NAA

Vivek Gupta Vs Gurukripa Developers & Infrastructures Pvt. Ltd. (National Anti-Profiteering Authority)

Vivek Gupta Vs Gurukripa Developers & Infrastructures Pvt. Ltd. (National Anti-Profiteering Authority) Since, no penalty provisions were in existence between the period w.e.f. 01.07.2017 to 31.08.2018 when the Respondent had violated the provisions of Section 171 (1), the penalty prescribed under Section 171 (3A) cannot be imposed on ...

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5% BCD on specified parts for manufacture of Open Cell for LED/LCD TV Panels

Notification No. 42/2020-Customs [G.S.R. 705 (E)] (11/11/2020)

seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe 5% BCD on specified parts for manufacture of Open Cell for LED/LCD TV Panels subject to end user condition. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 42/2020-Customs New Delhi, the 11th November, 2020 G.S...

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Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2020

Notification No. G.S.R. 696(E) (10/11/2020)

These rules may be called the Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2020....

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NAA directs reinvestigation as it found profiteered amount computed as incorrect

Rahul Sharma Vs Mataji Paints and Hardware (NAA)

Rahul Sharma Vs Mataji Paints and Hardware (NAA) Facts of the Case: The brief facts of the case are that an un­dated application was filed before the Standing Committee on Anti-profiteering, under Rule 128 of the Central Goods and Services Tax (CGST) Rules, 2017 by the Applicant No. 1 alleging profiteering by the Respondent. The [&hellip...

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NAA directs DGAP to Re-Investigate as Mathematical Methodology Adopted by DGAP was Not Logical

Joydeep Sarkar Vs Himalaya Drug Company (NAA)

Joydeep Sarkar Vs Himalaya Drug Company (NAA) Fact of the Case: The brief facts of the case are that under Rule 128 (1) of the Central Goods and Services Tax (CGST) Rules, 2017 an application dated 27.11.2017 was filed before the Standing Committee on Anti-profiteering by the Applicant No. 1 alleging that the Respondent had […]...

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NAA directed Re-Investigation & Re-Computation of Profiteered Amount for Lifestyle International

Director-General of Anti-Profiteering Vs Lifestyle International Pvt. Ltd. (NAA)

Director-General of Anti-Profiteering Vs Lifestyle International Pvt. Ltd. (NAA) Facts of the case: The brief facts of the case are that an application dated 23.11.2017 was filed before the Standing Committee on Anti-profiteering under Rule 128 of the CGST Rules, 2017, by Ms. Neeru Varshney before the Standing Committee vide which she all...

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Respondent bound to provide invoice wise details of outward taxable supplies to DGAP: NAA

Shri Rahul Sharma Vs Barbeque Nation Hospitality Ltd. (National Anti-Profiteering Authority)

Shri Rahul Sharma Vs Barbeque Nation Hospitality Ltd.(National Anti-Profiteering Authority) Brief facts of the case are that an application dated 31.07.2018 was filed, under Rule 128 (1) of the CGST Rules, 2017 by the Applicant No. 1 alleging profiteering by the Respondent, by not passing on the benefit of reduction in the GST rate from [...

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NAA directs DGAP to verify claim of Issue of Credit notes for passing ITC benefit

Sh. Vivek Gupta Vs Maheshwari Infratech Pvt. Ltd (National Anti-Profiteering Authority)

Report of the DGAP the claim made by the Respondent that he has passed on the benefit of ITC by issuing credit notes also needs to be verified. Based on the above findings, the Report dated 24.09.2019 furnished by the DGAP cannot be accepted and the DGAP is directed to further investigate the present case under Rule 133 (4) of the CGST Ru...

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NAA directs DGAP to Further Investigate Profiteered amount by Cloudtail India

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

Samit Chakraborty Vs Cloudtail India Pvt. Ltd. (NAA) Fact 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. [&hellip...

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DGAP cannot claim non-passing of ITC Benefit to buyer without evidence: NAA

Smt. Naina Rani Vs Pivotal Infrastructure Pvt. Ltd. (NAA)

Smt. Naina Rani Vs Pivotal Infrastructure Pvt. Ltd. (NAA) Fact of the Case: The brief facts of the case are that vide her application dated 30.11.2018 filed before the Standing Committee on Anti-profiteering under Rule 128 of the CGST Rules, 2017, the Applicant No. 1 had alleged profiteering by the Respondent in respect of purchase [&hell...

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NAA directs DGAP to investigate eligibility of ITC of Buyers & Sahej Realcon

Arbind Biswal Vs Sahej Realcon Pvt. Ltd. (National Anti-Profiteering Authority)

Arbind Biswal Vs Sahej Realcon Pvt. Ltd. (NAA) Fact of the Case: The brief facts of the case are that vide his application dated 07.01.2019 filed on the Complaint Portal of this Authority which was forwarded to the Odisha State Screening Committee on Anti-Profiteering on 05.02.2019, under Rule 128 of the CGST Rules, 2017, the […]...

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IBBI DC disposes SCN issued against Mr. Vinod Kumar Kothari without any direction

Notification No. IBBI/DC/41/2020 (11/11/2020)

The IBBI had issued on 28th August, 2020, the SCN to Mr. Vinod Kumar Kothari for accepting the assignment as the Liquidator in the Voluntary Liquidation of IL&FS Portfolio Management Services Limited after 31st December 2019 without holding a valid Authorisation for Assignment (AFA) issued to him by his IPA. Mr. Kothari in his written...

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Anti-dumping investigation on imports of INA, 2-PH & 2-EH terminated

F. No. 14/22/2016-DGAD. (11/11/2020)

Termination of anti-dumping investigation concerning imports of Isononanol (INA) originating in or exported from European Union and Singapore, 2-Propylheptyl Alcohol (2-PH) originating in or exported from European Union and 2-Ethyl Hexanol (2-EH) originating in or exported from Saudi Arabia and Singapore....

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Reserve Bank of India General (Amendment) Regulations, 2020

F. No. DGBA/DBA/No 342/62.01.033/2020-21 (11/11/2020)

(1) These regulations may be called the Reserve Bank of India General (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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CBIC Issues 8 GST notifications on 10th November 2020

CBIC Issues Notification No. 81/2020–Central Tax to Notification No. 88/2020–Central Tax on 10th November 2020 related to GSTR 1, FORM GSTR-2B, GST E-Invoicing, Form GST ITC-04 (Job worker return). Vide these notifications CBIC has notified extended due date of GSTR 1, FORM GSTR-2B, GST E-Invoicing, Form GST ITC-04 and also notified p...

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