"04 January 2021" Archive

GST Case law Update – December 2020

1. Retaining by-products/scrap by job-worker – GST applicable? The High Court of Andhra Pradesh in the case of Shirdiri Sainath Industries Vs DCST 2020-TIOL-2052-HC-AP-GST has held including the value of by-products to the milling charges and assessing tax is legally unsustainable. Fact: Rice milling done on job work bases. milling char...

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CBIC rescinds Customs (Advance Rulings) Rules 2002

Notification No. 02/2021-Customs (N.T.) (04/01/2021)

Notification No. 02/2021-Customs (N.T.) – CBIC rescinds Customs (Advance Rulings) Rules 2002 which were notified by notification o No. 55/2002-Customs (NT), dated the 23rd August,2002. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 04 January, 2021 Notification No. 02/2021-Customs (N.T.) G.S.R._______...

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Customs Authority for Advance Rulings Regulations, 2021

Notification No. 01/2021–Customs (N.T.) [G.S.R. 4(E)] (04/01/2021)

Notification No. 01/2021 – Customs (N.T.)-  CBIC releases Customs Authority for Advance Rulings Regulations, 2021 which relates to filing of Advance Ruling Application. CBIC also released format of FORM CAAR-1 [See regulation 6(1)] Application form for Advance Ruling, FORM CAAR-2 [See regulation 10(1)] Appeal to the Appellate Authority...

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CBI Arrests 3 Superintendents of GST & Central Excise

CBI ARRESTS THREE SUPERINTENDENTS OF GST & CENTRAL EXCISE AND A PRIVATE PERSON IN AN ALLEGED BRIBERY CASE OF RS.10 LAKH New Delhi, 30.12.2020 The Central Bureau of Investigation has arrested three Superintendents of GST & Central Excise, Bhubaneswar and a private person(Accounts Officer of a private Educational Trust/Institute) in...

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Input Tax Credit reversal on Sale of Shares/Mutual Funds

In GST regime as well as in the previous regime, ITC on exempted supply of goods or services shall be reversed and not eligible for availment. One such exempted supply is sale of shares/mutual funds. ITC reversal on such supply is discussed as below:...

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A Journey to Arbitration & Conciliation (Amendment) Ordinance, 2020: A Critical Analysis

President of India, Shri Ram Nath Kovind promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2020 on 04th November, 2020 (Amendment Ordinance, 2020) thereby amending the Arbitration and Conciliation Act, 1996 (Arbitration Act) third time....

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ICAI extends last date for complying with mandatory CPE hours

Extension of last date for complying with the mandatory CPE hours requirement for the Calendar Year 2020 either in physical/offline mode or in virtual mode through VCM/DLH – from 31st December, 2020 to 31st January, 2021. Dear Member,   In view of impact of Covid-19 across the world and the difficulties faced by Members for completing...

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Supreme Court directed for installation of CCTV Systems at investigation agencies offices & police stations

The Hon’ble Supreme Court in the case of Paramvir Singh Saini vs. Baljit Singh & Others [Special Leave Petition (Criminal) No. 3543 of 2020 dated December 2, 2020] directed installation of CCTV- Camera at investigation agencies offices and police stations. Facts: The Hon’ble SC vide Order dated April 3, 2018 in the case of Shafhi ...

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GST refund cannot be rejected without giving opportunity of being heard

Mohalla Tech Private Limited Vs Union of India (Karnataka High Court)

The provisions of Proviso to Rule 92[3] stipulate a right to be heard; and in the present case, this right, as accepted by the learned Additional Government Advocate, is not extended to the petitioner. Therefore, the order cannot be sustained and is required to be quashed on this short ground, and the case remanded for re- consideratio...

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Due date Extension put Taxpayers under Duckworth Lewis Situation

Arjuna, after the pleads of many taxpayers & tax associations, the tax departments extended the due dates for compliances under Income Tax & GST. However, this is the third time that the Income-tax department has extended the due date for Income tax returns & audits. Plus it is the shortest extension provided in history over time....

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January 2021