"19 December 2020" Archive

Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d)

Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d) The system has started providing auto-populated GSTR-3B on the basis of GSTR-1 & GSTR-2B from the tax period of November 2020 onwards. In this auto-populated GSTR-3B, liability on account of inward supplies attracting reverse charge auto-popula...

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Extend Due Dates for Tax Audit and Income Tax Return Filing

Chartered Accountants Association, Jalandhar has made a representation to the FM and requested for extension of Due Dates for Tax Audi and Income Tax Return Filing for the Assessment Year 2020-21. Full text of the representation is as follows:- Chartered Accountants Association (C R Building, Model Town Road, Jalandhar) For correspondence...

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No penalty under SGST in case of Interstate Transaction

The Status of Kerala Vs Mohammad Sheref (Kerala high court)

The Status of Kerala Vs Mohammad Sheref (Kerala high court) It has to be borne in mind that in the case of an interstate transaction the applicable statute is the IGST Act and the power of detention is exercised by virtue of the provisions of Section 20 of the IGST Act read with Section 129 […]...

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Service Tax not payable on Interest Charged as Upfront Fee

DLF Cyber City Developers Limited Vs CST (CESTAT Chandigarh)

DLF Cyber City Developers Limited Vs CST (CESTAT Chandigarh) The sole issue is to be decided by us is that the Offshore Upfront Fee paid by the respondent is an interest or a fee. We find that if it is an interest then service tax is not payable by the appellant in terms of the […]...

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SC reprimands practice of pronouncing Final Orders without passing detailed & reasoned judgments

Oriental Insurance Co. Ltd. Vs.Zaixhu Xie & Ors. (Supreme Court)

Oriental Insurance Co. Ltd. Vs.Zaixhu Xie & Ors. (Supreme Court) Apex Court reprimands the practice of pronouncing Final Orders without passing detailed & reasoned judgments It is common knowledge that the Courts sometimes pronounce final orders at the time of hearing of the case but do not pass detailed & reasoned judgements ...

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Extension of AGM, CFSS & Filing of Financial Statements & Annual Returns- Clarification

Clarification And Impact Regarding Extension of AGM, CFSS And Filing of Financial Statements & Annual Returns In order to provide relaxation in compliance of various provisions of the Companies Act, 2013 due to the outbreak of Coronavirus, the Ministry of Corporate Affairs had extended the Companies Fresh Start Scheme, 2020 and the LL...

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GSTN Introduces Auto Populated details in Form GSTR 3B from Form GSTR 1 & GSTR 2B

Note on Auto Population of details in Form GSTR 3B from Form GSTR 1 and GSTR 2B Recently GSTN introduced a facility to auto-populate system computed details in Form GSTR-3B for taxpayers (filing their Form GSTR-1 on monthly basis), from November 2020 Tax Period onwards. The mechanism of such auto population shall be as under: […]...

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GST on Discounts & Incentives In Automobile Industry

Introduction The retail sale of various motor vehicles, which include two wheelers, three wheelers, four wheelers, various types of passenger cars, commercial vehicles and tractors etc. is done in India through a large network of automobile dealers. The retail sale of vehicles is done by dealers on a principal to principal basis by engagi...

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ITAT Allows Foreign Tax Credit under Indo-Japanese Tax Treaty to Law Firm

Amarchand & Mangaldas & Suresh A Shroff & Co Vs ACIT (ITAT Mumbai)

Amarchand & Mangaldas & Suresh A Shroff & Co Vs ACIT (ITAT Mumbai) The short issue that we are required to adjudicate in this appeal is whether or not the authorities below were justified in declining tax credit under article 23(2) of India Japan Double Taxation Avoidance Agreement [‘Indo Japanese tax treaty’, in s...

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HC directs Custom authorities to release Vessel MT Global on Furnishing of Bond & Deposit

Global Ace Shipping Lines Inc. Vs Office of The Principal Commissioner of Customs (Import-I) And Another (Bombay High Court)

Global Ace Shipping Lines Inc. Vs Office of The Principal Commissioner of Customs (Import-I) and Another (Bombay High Court) If a conveyance is used as a means of transport in the smuggling of any goods, it shall be liable to be confiscated. However, it will not be confiscated if the owner proves that it was […]...

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