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Archive: 08 December 2020

Posts in 08 December 2020

Course on Mastering GST Sections Effortlessly with Memory Techniques!

December 22, 2024 11061 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Income Tax Department searches leading Coal Traders of Assam

December 8, 2020 540 Views 0 comment Print

The Income Tax Department started a search and survey action on 04/12/2020 in the cases of leading Coal Traders of Assam. The search and survey actions are being carried out at 21 locations in Guwahati, Digboi, Margherita and Delhi.

Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2020

December 8, 2020 12189 Views 0 comment Print

(1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2020. (2)  They shall come into force on the date of their publication in the Official Gazette.

Income Tax Department conducts searches in Odisha

December 8, 2020 450 Views 0 comment Print

The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus entities.

Deemed exports under GST – An Analysis

December 8, 2020 11169 Views 3 comments Print

The concept of deemed exports is exhaustive. Thus, an attempt has been made in this article to show the practical aspects which we have to face while filing a refund application on account of deemed exports. Claiming the refund either by the supplier or the recipient will be based upon the mutual agreement. As an industry practice filing the refund application by the supplier could make him compete in the market.

Third Party Invoicing in case of Preferential Certificates of Origin issued in terms of DFTP for wholly obtained goods

December 8, 2020 5874 Views 0 comment Print

CBIC has received representations from trade with regard to use of third party invoicing while claiming preferential tariff treatment in terms of Duty Free Tariff Preference Scheme for Least Developed Countries (DFTP) in respect of wholly obtained goods.

Accepting assignment as IRP after 31.12.2019 without valid AFA- Reg.

December 8, 2020 798 Views 0 comment Print

In the present matter it is observed that, Mr. Sawhney had provided his consent to accept the assignment in Form-2 on 05.04.2019 prior to the amendment made to IP regulation for acceptance of assignment in matter CIRP of MLP Developers & Promoters Private Limited before 31.12.2020. However, it is observed that the date of commencement […]

No Service Tax on commission from foreign companies in convertible foreign exchange

December 8, 2020 3099 Views 0 comment Print

Wintech Taparia Ltd. Vs Commissioner of Customs (CESTAT Delhi) The appellant has not contended that it is not rendering a service under the category BAS. What is, however, contended by the appellant is that the services rendered by the appellant qualify as export of service under the 2005 Rules and, therefore, the appellant would not […]

Deduction in respect of health insurance premia under Section 80D of Income Tax Act, 1961

December 8, 2020 11790 Views 2 comments Print

Deduction under section 80D of the Income Tax Act, 1961 (‘IT Act’) is available in addition to the deduction of Rs. 1.50 Lakhs available collectively under section 80C, section 80CCC and section 80CCD (1) of IT Act. The individual can claim a tax deduction for the health insurance premium paid for self, parents, children, and spouse. […]

Validity of October 2020 Dated invoices without IRN & QR code issued by tax payers covered under Rule 48(4)

December 8, 2020 2682 Views 3 comments Print

Validity of October’20 Dated invoices without IRN and QR code issued by tax payers covered under Rule 48(4) Objective and Scope 1. whether the invoices issued with October 2020 date by tax payers who are required to issue invoice as per Rule 48(4) i.e. e-invoice procedure are valid invoices as per law? 2. Is there […]

Canteen in Factories- GST ITC and GST Liability

December 8, 2020 11517 Views 5 comments Print

Companies/ Factories  provide canteen facility to its employees as per Factories Act, 1948. Section 46 stipulates that any factory employing more than specified number of workers is required to provide canteen facility to its employees. Since this is mandatory, ITC of canteen services provided to employees should be available in view of proviso to section 17(5)(b) of CGST Act.

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