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Archive: 22 December 2020

Posts in 22 December 2020

Join Us for an Exclusive Webinar: GST on Corporate Guarantees

December 4, 2024 2886 Views 0 comment Print

Join us on 8th Dec for a live webinar on GST and corporate guarantees. Learn valuation, co-guarantor liability, cross-border impacts, and practical examples.

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 5550 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!

Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020

December 22, 2020 108936 Views 0 comment Print

(1) These rules may be called the Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020. (2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette.

Late fees for delay in furnishing of FORM GSTR-4 waived for Ladakh dealers

December 22, 2020 1359 Views 0 comment Print

Late fee payable for delay in furnishing of FORM GSTR-4 for the Financial Year 2019-20 under section 47 of the said Act, from the 1st day of November, 2020 till the 31st day of December, 2020 shall stand waived for the registered person whose principal place of business is in the Union Territory of Ladakh. […]

GST- Govt notifies 9 Sections of Finance Act, 2020 wef 01.01.2021

December 22, 2020 10773 Views 0 comment Print

Government notifies Sections 119,120,121,122,123,124,126,127 and 131 of Finance Act, 2020 (12 of 2020) related to GST w.e.f 1st January 2021 vide Notification No 92/2020-Central Tax dated 22nd December 2020. Details of such amendment with reference to CGST Act, 2017 is as follows:- Section 10 of CGST Act, 2017- Composition Scheme In section 10(2) of the […]

NAA holds McDonald’s franchisee Hardcastle Restaurants Guilty of Profiteering

December 22, 2020 1926 Views 0 comment Print

The Hon’ble National Anti-Profiteering Authority (NAA), in the case of DGAP vs. Hardcastle Restaurants [Case No. 79/2020 dated December 9, 2020] held that, the Hardcastle Restaurants (Respondent) has committed an offence by denying the  benefit of rate reduction to the buyers of his products in contravention of the provisions of Section 171(1) of the Central […]

How to increase GST revenue – More Reforms

December 22, 2020 7932 Views 0 comment Print

Before enacting any law in India, I am sure that government would have received feedback from all sectors and stake holder. The law has undergone many amendments due to correcting drafting errors, changing business scenario and difficulty faced in adopting such provisions equally. In this paper, the authors try to express how to increase the […]

Extend CFSS 2020 & LLP Settlement Scheme 2020 to 31.03.2021

December 22, 2020 26673 Views 2 comments Print

Tax Bar Association, Guwahati has requested for Extension of Companies Fresh Start Scheme i.e. CFSS 2020 and LLP Settlement Scheme 2020 to to 31st March, 2021. Request is been made to Smt. Nirmala Sitharaman, Hon’ble Minister of Finance & Minister of Corporate Affairs. Full text of the Representation is as follows:- Tax Bar Association (Registered […]

Section 11 exemption cannot be denied merely for non filing of Form no. 10

December 22, 2020 7554 Views 0 comment Print

Trust For Reaching The Unreached Through Trustee Vs CIT (Exemptions) (Gujarat High Court) The writ-applicant is a public charitable trust. The writ-applicant seeks to challenge the order passed by the respondent dated 26th August 2019 under Section 119(2)(b) of the Income Tax Act, 1961, rejecting the application filed by the writ-applicant for condonation of delay […]

Deduction of Health & Education Cess from Taxable Income

December 22, 2020 43629 Views 1 comment Print

Interesting Income Tax Issues: Deduction of Health and Education Cess from Taxable Income : AY 2020-21 Background Sec. 40(a)(ii)  of the Income –tax Act provides that  ‘any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise […]

CRIP initiation under IBC suspended till 24th March 2021

December 22, 2020 2289 Views 0 comment Print

Government issued Notification No. S.O. 4638(E) dated 22nd December, 2020 extending the suspension of Sections 7, 9 and 10 [meant no fresh insolvency filings could be made by financial creditors, operational creditors, and the corporate debtor itself] under Insolvency and Bankruptcy Code by another three months. The suspension was due to expire on 25th December, […]

No Penalty if issue is debatable on which Appeal is been admitted

December 22, 2020 8283 Views 0 comment Print

Delhi High Court has upheld the deletion of the penalty on the ground i.e. the fact that appeals were admitted proved that the issue was debatable.

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