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Archive: 09 December 2020

Posts in 09 December 2020

Cash Credit Account cannot be attached to recover GST dues

December 9, 2020 6264 Views 0 comment Print

Cash Credit Account cannot be ordered to be attached. In other words, the Cash Credit Account is an account, which enables the assessee to borrow the money from the bank for the purpose of its business. Any money, therefore, which the bank may make available to the assessee would necessarily be in the nature of a loan or cash credit facility.

Advocates Vs. Goods And Services Tax (GST) | GST on Legal Services in India

December 9, 2020 34386 Views 2 comments Print

I would like to submit that I had various meeting with various Advocates (Practice in Civil, Criminal and/or Tax), but all they are confused to understand whether they are covered under any exemption notification or they will have to pay the tax liability under Forward Charge Mechanism (‘FCM’) or Reverse Charge Mechanism (‘RCM’). Even, they […]

Section 14A Disallowance cannot exceed exempt income: ITAT Pune

December 9, 2020 1851 Views 0 comment Print

Santosh Mohanlal Rathi Vs DCIT (ITAT Pune) ITAT followed Hon’ble Bombay High Court decision in the case of M/s. Nirved Traders Pvt. Ltd., Vs. DCIT (ITA No.149/2017 dated 23.04.2019) wherein the Jurisdictional High Court held that the disallowance under Section 14A of the Act read with Rule 8D(2) of the Rules cannot exceed the Assessee’s […]

Analysis of ITC Utilization in DRC-03 for GSTR-9 & GSTR-9C

December 9, 2020 62997 Views 8 comments Print

We are at the flag end of filing the annual return and audit certification (GSTR 9 & 9C) For FY 2018-19 (courtesy of multiple extensions) i.e. on 31st December 2020. Taxpayers have an option to pay additional liability not declared in GSTR-1 or GSTR-3B, in GSTR-9 through Form DRC-03 based on Para 4 of GSTR-9 […]

9 States successfully completed One Nation One Ration Card Reform

December 9, 2020 915 Views 0 comment Print

So far nine States have successfully completed reforms in PDS and implemented One Nation One Ration System.  These States are : Andhra Pradesh, Goa, Haryana, Karnataka, Kerala, Telangana, Tripura and Uttar Pradesh.  On completion of reforms, additional borrowing permission of Rs.23,523 crore has been issued to them. 

CBDT issues FAQs on UDIN

December 9, 2020 56562 Views 4 comments Print

Q.1 What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called “Unique Document Identification Number (UDIN) “. Unique Document Identification Number (UDIN) is […]

Regularization of Firms & Professional Immunity to Chartered Accountants

December 9, 2020 8163 Views 1 comment Print

In India, majority of business class population comes from middle class and what business they do is of no relevance here but how they do is of utmost relevance. We all know the concept of sole proprietorship and partnership firms and yes this “firm” is the way in which how majority people work. Did you […]

GST compensation shortfall – 6th Instalment of Rs.6000 crore released

December 9, 2020 378 Views 0 comment Print

The Ministry of Finance has released the weekly instalment of Rs. 6,000 crore to the States to meet the GST compensation shortfall.  Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States

Detection of fake ITC to the tune of Rs. 154 Crores

December 9, 2020 8556 Views 0 comment Print

Detection of availment and passing of fake ITC to the tune of Rs.154 Crores by issuance of fake invoices to the tune of Rs.1101 Crores by 206 units sprawling all over India—Regarding.

HC refuses bail to director accused of money laundering

December 9, 2020 1746 Views 0 comment Print

Money laundering is a serious economic offence and serious threat to the national economy and national interest and, these offences are committed with cool calculation with the motive of personal gain regardless of the consequences on the society.

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