"11 December 2020" Archive

Only person who borne incidence of duties/ taxes, is entitled to claim refund

M/s. CPCL has borne the incidence of Excise Duty which in law, could not be charged from it and it is a settled legal position under Section 11B of the Central Excise Act that it is only the person who has borne the incidence of Excise Duty who is entitled to claim refund....

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Posted Under: Excise Duty |

Allahabad HC: Revokes Order of Cancellation of Registration & condemns callous attitude of Department

Allahabad HC: Revokes Order of Cancellation of Registration & condemns callous attitude of the Department The Hon’ble Allahabad High Court in the matter of Ansari Construction vs. Additional Commissioner, CGST (Appeals) & Ors. [Writ Tax No. 626 of 2020 dated November 24, 2020] set aside ex-parte order seeking to cancel assessee...

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Posted Under: Excise Duty |

Dilemma on GST on Benefits given by Employer to Employee

Goods and Service Tax Act, 2017, the most revolutionary indirect tax reform, brings many challenges along with it. One such issue is whether GST is leviable on services provided by the employer to its employee. In the GST regime, for any transaction to come under the purview of GST, it must be a supply under […]...

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Posted Under: Excise Duty |

Tax liability under section 73 & 74 of CGST Act 2017- Analysis

Analysis of provisions of determination of tax liability under section 73 and 74 of CGST Act, 2017 Section 73 and 74 of CGST act deals with determination of tax liability and adjudication of case in respect of normal and fraud/ suppression case respectively. In this article we will discuss provisions of section 73 and 74 […]...

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Posted Under: Excise Duty |

Audit by GST departments – Need for all India level SOP

1. Both Central and State GST departments have started issuing notices under Section 65 of CGST/SGST Acts for conduct of audit of tax payers records for the years 2017-18 and 2018-19. 2. Section 65 of the CGST Act is reproduced hereunder – Section 65 – Audit by tax authorities (1) The Commissioner or any officer […]...

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Posted Under: Excise Duty |

Filing of Final Return (GSTR10) by GST dealers whose registration is cancelled or surrendered

Filing of Final Return (GSTR 10) by GST dealers whose registration is cancelled or surrendered As we know that GST has been implemented w.e.f 01.07.2017 in India and various exemption limit for registration has been provided from time to time. For example: at the time of implementation of GST the minimum turnover criteria was Rs […...

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Posted Under: Excise Duty |

Quarterly Return Monthly Payment (QRMP) Scheme

GST- Quarterly Return Monthly Payment (QRMP) Scheme From 01st January 2021. For migration to the scheme, taxpayers must file their GSTR-3B returns for the month of October 2020 by 30th November 2020...

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Posted Under: Excise Duty |

Cash restrictions under income tax act (with illustrations)

Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions...

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Posted Under: Excise Duty |

Compulsory Tax Audit Provisions under Section 44AB

Sec 44AB states the provisions related to tax audit of certain entities. A tax audit is an independent examination of books of account by a chartered accountant.The chartered accountant conducting tax audit gives his observations, findings and qualifications in form 3CA/ 3CB. The provisions of Sec 44AB are as: 44AB. Every person,— (a) c...

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Posted Under: Excise Duty |

Belated Income Tax Return can be revised

The valid question which comes into the mind of every person who is required to file Income Tax Return (‘ITR’) as per Income Tax Act, 1961 (‘the IT Act’), is ‘whether can a person file his ITR again which has been originally filed by that person with some mistakes or omission’. As a human being […]...

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Posted Under: Excise Duty |

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