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 […]
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.
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 […]
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 […]
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 […]
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 […]
In this article, I wish to discuss one such effect when the Government issued a circular to clarify the ambiguity prevailed in determination of value of supply viz. whether FOB value or Invoice value has to be adopted as value of supply in case of Export of goods under GST regime.
For FY 2017-18 and 2018-19, the registered person shall have an option to upload the details for the entries in Table 8A to 8D duly signed, in PDF format in FORM GSTR-9C (without the CA certification).] For FY 2019-20, it may be noted that the details from FORM GSTR-2A generated as on the 1st November, […]
The GST regime has been marked by continuous reforms. It is onerous on the part of the taxpayers to keep in touch with the latest developments. Here is a quick digest of QRMP scheme for your ready reference. A WHO IS ELIGIBLE FOR THE QRMP SCHEME Registered person whose AGGREGATE TURNOVER (IN PREVIOUS FY) <= […]
Will threshold limit of 5 crore as mentioned in 44AB applicable for AY 2020-21? Yes, it will be applicable. NOTE: The discussion in article is only w.r.t Tax Audit for person carrying on Business. FACTS: 1) Before amendment, applicable limit u/s 44AB for getting Tax Audit done is 1 crore. 44AB clause a in FA […]
