"22 December 2020" Archive

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

Notification No. 94/2020-Central Tax [G.S.R. 786(E)] 22/12/2020

(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

Notification No. 93/2020-Central Tax [G.S.R. 785(E)] 22/12/2020

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

Notification No. 92/2020-Central Tax 22/12/2020

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 secti...

NAA holds McDonald’s franchisee Hardcastle Restaurants Guilty of Profiteering

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 Sectio...

How to increase GST revenue – More Reforms

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 ...

Extend CFSS 2020 & LLP Settlement Scheme 2020 to 31.03.2021

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 Associat...

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

Trust For Reaching The Unreached Through Trustee Vs CIT (Exemptions) (Gujarat High Court)

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-applican...

Deduction of Health & Education Cess from Taxable Income

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

S.O. 4638(E) 22/12/2020

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 ...

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

PCIT Vs Harsh International Pvt. Ltd. (Delhi High Court)

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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