"12 January 2021" Archive - Page 3

MGSTD will issue its own separate GST circular after CBIC Circular

Circular No. JC H01-1/GST/2021/ADM-8 12/01/2021

Henceforth, whenever CBIC issues any circular, MGSTD, on its examination, would issue a separate circular regarding its applicability for the implementation of the MGST Act....

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ITAT explains CSR expenditure Allowability under section 37

Add. CIT Vs Rites Limited (ITAT Delhi)

 Addl. CIT Vs Rites Limited (ITAT Delhi) AO has disallowed claim of the assessee company qua CSR expenditure by misinterpreting the provisions contained under section 37(1) of the Act by observing that since CSR expenditure is not incurred for the purpose of carrying on the business, such expenditure cannot be allowed under the existing ...

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Bombay HC grants interim Stay to Advocate on GST notices

Sanjiv Madhusudan Shah Vs Assistant Commissioner of Central and Service Tax and Ors. (Bombay High Court)

Sanjiv Madhusudan Shah Vs Assistant Commissioner of Central and Service Tax and Ors. (Bombay High Court) Challenge made in this writ petition is to the notice to show cause cum demand issued by the Assistant Commissioner of Central Goods and Services Tax (CGST), Mumbai West dated 28.12.2020 seeking to levy service tax upon the petitioner ...

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Monthly Information Bulletin on Corporate Sector December 2020

The total number of companies registered in the country as on 31st December, 2020 stood at 2108614. Of them 753091 companies were closed. 2247 companies were assigned dormant status as per the Companies Act, 2013; 6841 were under liquidation; 39913 companies were in the process of being struck-off....

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Basics of Import

 Introduction: Export and Import trade is regulated by Directorate General of Foreign Trade (DGFT), it is a body functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India. DGFT is the regulator, promotor and facilitator of Import and Export. DGFT implements the policies and procedure from time t...

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CSR Expense by Govt Company to Comply with Govt directions is allowable

Addl. CIT Vs Rites Limited (ITAT Delhi)

Addl. CIT Vs M/s. Rites Limited (ITAT Delhi) Perusal of the assessment orders goes to prove that AO has mechanically disallowed the claim of expenditure made by the assessee company towards Corporate Social Responsibility (CSR) and sustainable development without analyzing the fact that assessee company being a Government undertaking is r...

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Exposure draft on IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2021

To give a fillip to insurance penetration and to facilitate innovations in the insurance sector, especially those triggered by technology the IRDAI notified the IRDAI (Regulatory Sandbox) Regulations, 2019 on 26th July, 2019. The Regulations are valid for a period of 2 years from the date of publication in the official gazette....

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Centrifugally Cast (Spun) Iron Pipes (Quality Control) Order, 2021

Notification No. S.O. 116(E). 12/01/2021

Conformity to standard and compulsory use of Standard Mark.- The goods or articles specified in the column (1) of the Table shall conform to the corresponding Indian Standard specified in column (2) of the said Table and shall bear the Standard Mark under a licence from the Bureau as per Scheme-I of Schedule-II of the Bureau of Indian Sta...

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Business cannot be treated transferred as going concern if liabilities not transferred

In re SCV Sky Vision (GST AAR Andhra Pradesh)

In re SCV Sky Vision (GST AAR Andhra Pradesh) Whether Sl.No.2 of the Notification No. 12/2017–Central Tax (Rate) dated June 28th, 2017 (‘Service Exemption Notification’) granting exemption to ‘Services by way of transfer of a going concern as a whole or an independent part thereof’ is applicable on the business transfer undertak...

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Milling of Red gram liable to GST @ 5%

In re Seetharamanjaneya Dal And Fried Gram Mill (GST AAR Andhra Pradesh)

In re Seetharamanjaneya Dal And Fried Gram Mill (GST AAR Andhra Pradesh) Question: Whether the supply of red gram dall 2600 MTs by receiving 3823.529 MTs of red gram under barter system attracts any tax under GST? Answer: Applicant is appointed as “miller cum transporter”, for the purpose of conversion of red gram whole to r...

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