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Archive: December, 2020

Posts in December, 2020

Model Standing Orders for Manufacturing Sector, 2020

December 31, 2020 9498 Views 0 comment Print

(1) These Model Standing Orders may be called the Model Standing Orders for Manufacturing Sector, 2020; (2) They extend to all States and Union territories within India to the industrial establishments employing three hundred or more number of workers who are working in the industrial establishments, and which are covered under the Occupational Safety, Health and Working Conditions Code, 2020 (37 of 2020) and the rules made thereunder, under the control of Central Government or the State Government engaged in manufacturing sector.

Model Standing Orders for Service Sector, 2020

December 31, 2020 7140 Views 0 comment Print

(1) These Model Standing Orders may be called the Model Standing Orders for Service Sector, 2020; (2) They extend to all States and Union territories within India to the industrial establishments employing three hundred or more number of workers who are working in the industrial establishments and which are covered under the Occupational Safety, Health and Working Conditions Code, 2020 (37 of 2020) and the rules made thereunder under the control of Central Government or the State Government engaged in service sector.

Tax Exemption For LTA Under Special Cash Voucher LTC Scheme

December 31, 2020 148362 Views 127 comments Print

1. The Government vide office memorandum no. OM No F. No 12(2)/2020-EII (A) dated 12th October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Central Government employees. 1.1 The Central Board of Direct Taxes issued a press release on October 29, 2020, to provide a similar scheme & income-tax exemption to non-central […]

Majors below permissible age can legally Live- in but cannot marry- a legal anomaly

December 31, 2020 1323 Views 0 comment Print

The Punjab & Haryana High Court has recently in the case of Priyapreet Kaur and Another v. State of Punjab and Others [CRWP-10828-2020 (O&M)] on 23 December 2020 has held the boy & the girl, both being major, have a right to live in but cannot marry because the boy is below the permissible  marriageable […]

Important Amendment in E-way bill w.e.f 01st January 2021

December 31, 2020 73842 Views 9 comments Print

Due to various changes in the E-invoice mechanism and as per latest amendment in Rule 138 of CGST Rule. There will be a significant change in the process of generation and validation of e-waybill. W.e.f 01st January 2021. Few of the changes are as follows The Direct E-Waybill generation through Web/Offline/API will be blocked w.e.f […]

Input Tax Credit Dilemma: Analysis of 14th Amendment to CGST Rules, 2017

December 31, 2020 2436 Views 0 comment Print

Cases of tax evasion and frauds have significantly increased under the GST regime since its implementation and especially the cases of fake invoicing to wrongfully avail the Input Tax Credit (ITC) are rising rapidly, which has become a major cause of concern for the government. Alone in the month of November, 2020, hundreds of arrests were made and thousands were booked, for illegally availing ITC by using fake invoices without actually supplying goods or services, thereby causing heavy losses to the government.

Merchant Trade – Intermediary Trade

December 31, 2020 94077 Views 41 comments Print

What is Merchant Trade: Merchanting trade is one where shipment of goods takes place from one foreign country to another foreign country without touching DTA i.e. Customs. In Indian Context, the trade is called Merchanting Trade when, – The supplier of goods will be resident in one foreign country – The buyer of goods will […]

Addition for LTCG merely based on 3rd Party statement without any corroborative material is not sustainable

December 31, 2020 1845 Views 0 comment Print

Kalpana Mukesh Ruia Vs DCIT (ITAT Mumbai) As regards the issue of additions on merits for the bogus long-term capital gain (LTCG), we note that the same is based upon the modus operandi of earning bogus long-term capital gain in general mentioned by the assessing officer. It is further more based upon the statements obtained […]

No bail to person accused of fraudulently availing ITC of Rs.7 Cr from Patiala House Court

December 31, 2020 1137 Views 0 comment Print

DGGI Vs Abhit Manohar (Patiala House Court) Applicant/accused is Masters in Business Administration. He is reported to be the sole proprietor of M/s Sri Siddhivinayak Ventures and reportedly raised taxable invoices to the tune of Rs.150 crores without any movement of goods. During the course of investigation, it was revealed that input tax credit of […]

Exchange Fluctuation Loss on Forward Contracts are allowable

December 31, 2020 2136 Views 0 comment Print

ABB Global Industries and Services Pvt. Ltd. Vs DCIT (ITAT Bangalore) A perusal of the order of the AO shows that the AO called upon the assessee to justify the allowability of the losses on account of exchange loss on forward contracts. The assessee gave two submissions dated 8.1.2014 and 23.1.2014, copies of which are […]

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