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Archive: 04 January 2021

Posts in 04 January 2021

GTA services- Applicability of GST on diesel filled free of cost by service recipient

January 4, 2021 2289 Views 0 comment Print

In re Arvinder Singh Bhatia (GST AAR Chhattisgarh) As to whether diesel filled free of cost by the service recipient in the engaged chartered (dedicated) vehicles would form part of supply of service charged by the applicant and whether GST would be leviable on value of diesel filled free of cost by the service recipient […]

IGST under RCM on deemed Ocean freight on import of goods on CIF basis

January 4, 2021 4620 Views 0 comment Print

In re Khaitan Chemicals and Fertilizer (GST AAR Chhattisgarh) Payment of IGST under reverse charge mechanism (RCM) on deemed Ocean freight on import of goods (raw material) on CIF basis? In terms of prevailing provisions of the IGST Act, 2017 and the Rules made there under as discussed above, the applicant in addition to IGST […]

Machinery part replacement expense not resulting in production capacity increase is revenue expense

January 4, 2021 717 Views 0 comment Print

Jaya Hind Industries Limited Vs DCIT (ITAT Pune) which is used in the robotic arms forming part of high pressure die casting machines can be allowed as revenue expenditure. The factual submissions made on behalf of the appellant are that the expenditure was incurred on replacement of Gripper which is part of robotic arms forming […]

Notification No. 02/2021-Customs (N.T./CAA/DRI), Dated: 04.01.2020

January 4, 2021 2493 Views 0 comment Print

Notification No. 02/2021-Customs (N.T./CAA/DRI), Dated: 04.01.2020- Amendments in the Notification No. 82/2016-Customs (N.T.) dated 07.06.2016 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) NOTIFICATION New Delhi, the 4th January, 2021 Notification No. 02/2021-Customs (N.T./CAA/DRI) S.O. 26(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. […]

Notification No. 01/2021-Customs (N.T./CAA/DRI), Dated: 04.01.2021

January 4, 2021 1410 Views 0 comment Print

Notification No. 01/2021-Customs (N.T./CAA/DRI), Dated: 04.01.2021- Appointment of Common Adjudicating Authority MINISTRY OF FINANCE (Department of Revenue) (Central Board of Indirect Taxes and Customs) (Directorate of Revenue Intelligence) New Delhi, the 4th January, 2021 Notification No. 01/2021-Customs (N.T./CAA/DRI) S.O.25(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette […]

Rate of Interest for EPF Members for year 2019-20 declared

January 4, 2021 2112 Views 0 comment Print

The Ministry of Labour and Employment, Government of India, has conveyed the approval of the Central Government under para 60(1) of Employees’ Provident Fund Scheme, 1952 to credit interest @ 8.50 % for the year 2019-20 to the account of each member of the EPF Scheme as per the provisions under Para 60 of EPF Scheme, 1952.

Open GSTN portal to enable refund application or accept manually

January 4, 2021 3366 Views 0 comment Print

Atibir Industries Co. Ltd. Vs The Union of India (Jharkhand High Court) Conclusion: On discovering of technical glitches faced by assessee-company, GST Authority was directed either to open GSTN portal enabling assessee to file its application for refund in GST RFD-01 or to manually accept the application for refund pertaining to the period 2017-18 and […]

Foreign Currency Forward Contract loss for foreign currency liability allowable

January 4, 2021 1452 Views 0 comment Print

Deep Industries Ltd. Vs DCIT (ITAT Ahmedabad) Assessee in the present case has secured such loss with respect to the liability in foreign currency which may arise at the time of payment by way of taking of forward contract. The assessee to secure the loss on account of foreign currency fluctuation has taken a forward […]

What to do with ‘Black Money’- Ways to convert it – ‘opportunities’ galore

January 4, 2021 25686 Views 2 comments Print

The subject lures any reader because most of us are in possession of ‘Black Money’ & are interested in finding a device to convert  their ‘dirty money’ nicknamed as ‘Black money’ into ‘White money’. The moment the colour of the money changes from dark, dingy, gloomy & frightening ‘black’ to sparkling, radiant, warm & appeasing […]

Analysis of critical Changes in GST w.e.f. 1st January 2021

January 4, 2021 71781 Views 4 comments Print

Impact Analysis & comments on critical Changes made in GST w.e.f. 1st January 2021  1. Background The year 2020 can be easily be labeled as ‘coming out of comfort zone’ year for the entire world. This year has seen series of changes in GST as well like E-Invoicing, proposed changes in GST Returns, Introduction of […]

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January 2021