"15 November 2020" Archive

Mismatch in GSTR-1 & 3B not Conclusive for Suppression of Tax

It is held by Appellate Authority – GST, ANDHRA PRADESH in case of Sri Kali Krishna Industries Vs Assessing Authority AP that mere mismatch in GSTR 3B & GSTR 1 is not conclusive for any suppression of tax. The contentions submitted by the taxpayer need to be examined before issuing an order. Brief Fact of […]...

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GST Return Filling System (version 3.0) From 01-01-2021

FROM 01-01-2021 , GST RETURN FILING SYSTEM will see complete change. (We call it version 3.0) . Intention to Overhaul GST return filing system, But is it the correct solution in reality??? We will find out that in future . FYI, NOTIFICATION 82 TO 85 to notify/amend rule 60/61/62/61A. Also Circular No. 143/13/2020 is issued […]...

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Forthcoming amendments in GST returns – Part 2 of 2

In the previous part of this article, we had discussed the updates pertaining to GSTR-3B and R-1. To read the same, kindly refer to the link – (https://taxguru.in/goods-and-service-tax/forthcoming-amendments-gst-returns-part-1.html) In this article, we would be discussing the important aspects to be considered by the taxpayers due t...

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Forthcoming amendments in GST returns – Part 1 of 2

Recent notifications from CBIC dated 10th November 2020 tend to implement several amendments pertaining to returns to be filed by the registered persons. Being most of the taxpayers are choked with GST – annual returns, ITR filing, day-to-day business chores, etc. This article summarizes the amendments notified in a lucid way. For t...

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Delete TP adjustment by way of royalty Against Himalaya Drug Company- ITAT Directs AO

The Himalaya Drug Company Vs ACIT (ITAT Bangalore)

Himalaya Drug Company Vs ACIT (ITAT Bangalore) We noticed that the assessee has exported finished goods to its AEs located in various Countries and the AEs have only marketed the goods. Since the finished goods exported by the assessee are drugs and beauty care items, the assessee was required to comply with the requirement of […]...

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Stamp duty, registration charges on Transfer of Capital Assets Allowable

DCIT Vs B. E. Billimoria & Co. Ltd. (ITAT Mumbai)

DCIT Vs B. E. Billimoria & Co. Ltd. (ITAT Mumbai) The material on record would show that the assessee being resident corporate assessee was assessed for the year under consideration u/s. 143(3) on 27/10/2017. During assessment proceedings, it transpired that the assessee sold an office premises vide agreement dated 31/03/2015 for a co...

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MSMEs to implement IT infrastructure to support electronic invoices in 50 days

The Government recently had stated that e-invoicing or electronic invoicing in s going to be mandatory for any business that has a turnover of above Rs 100 crore. The limit was Rs 500 crore according to the previous regulations. The small businesses previously who were not required to bother regarding e-invoicing under the Goods and Serv...

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Availability of alternate remedy is no bar in entertaining a complaint under Consumer Protection Act, 1986

Imperia Structures Ltd. Vs Anil Patni And Another (Supreme Court of India)

Imperia Structures Ltd. Vs Anil Patni and Another (Supreme Court) Section 79 of the RERA Act bars jurisdiction of a Civil Court to entertain any suit or proceeding in respect of any matter which the Authority or the adjudicating officer or the Appellate Tribunal is empowered under the RERA Act to determine. Section 88 specifies […]...

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Concept of Reinsurance and Risk Management

CONCEPT OF REINSURANCE  The Insurance companies generally take risks of insured in return for the premium. We know that these insurance companies are also prone to various types of risks. Since they are engaged in Financial Services and hence risks related to finance is huge in modern scenario. These risks increase more and more after [&...

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Practical Problems in Two Wheeler Industry in India

Looking at the present GST  Collections, I personally doubt if there can be a rejig in the GST Rates on two wheelers because this is one main source of income which the GOI cannot ignore. It will continue to be taxed in the 28 % Slab....

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October 2021