"03 February 2021" Archive

14th Instalment of Rs. 6000 crore released to States

Ministry of Finance, Department of Expenditure has released 14th weekly instalment of Rs. 6,000 crore to States today to meet the GST compensation shortfall....

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Import duty on copper scrap reduced from 5% to 2.5%

Reduction of import duty on copper scrap from 5% to 2.5% announced in Union Budget 2021-22 to boost recycling of copper in the country. This will have social, environmental and economic benefits and also has employment generation potential....

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Income Tax Department conducts searches in Assam

Income Tax Department carried out search and survey action on 29.01.2021 in the cases of three leading businesses of Assam. The groups are engaged in construction, contracting and business of tea garden. The search and survey actions were carried out at 20 locations in Guwahati, Delhi, Gurugram, Kolkata, Siliguri   Alipurduar, Tezpur an...

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MCA initiates process of De-criminalisation of compoundable offences of LLP

MCA decided to initiate the process of decriminalization of compoundable offences under the limited liability partnership (LLP) Act, 2008, for greater ease of doing business for law abiding LLPs....

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Carry forward & set off of unutilized Cess against GST Output Liability not allowable

Jay Ushin Limited Vs Union of India ( Rajasthan High Court)

Jay Ushin Limited Vs Union of India ( Rajasthan High Court) Assessee was not entitled to carry forward and set off of unutilised Education Cess, Secondary and Higher Education Cess and Krishi Kalyan Cess against the GST Output Liability with reference to Section 140 of the CGST Act, 2017. FULL TEXT OF THE HIGH COURT […]...

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Assessment based on unsigned section 148 notice is bad in law

Yeshoda Electricals Vs ACIT (ITAT Bangalore)

Yeshoda Electricals Vs ACIT (ITAT Bangalore) This notice issued u/s. 148 is a manual notice and not a digital document. The digital document only does not require signature. A manual notice u/s. 148 is required to be dated and duly signed by the Officer who is issuing the same. A notice or an order without […]...

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GSTR-3B Calculation Sheet (Updated on 31.01.2021)

This GSTR-3B calculation Sheet can be used to calculate Monthly GST liability along with late fees and Interest if Any. In this calculation sheet Set-Off of GST done Automatically as per provisions of Section 49(5), Section 49A, Section 49B, Rule 88A and Circular No. 98/17/2019 GST Dated. 23.04.2019. Here on the Following basis GST Set-Of...

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GST Audit by audit professionals should continue: BVSS

Bhartiya Villa Salahkar Samiti (BVSS) has suggested Government to not to delete the provisions of GST Audit by audit professionals. Text of their Press Release is as follows:- Reg: suggestion not to delete the provisions of  ‘GST Audit by audit professionals’ (CA/ CMA) BVSS applauds the efforts of the Hon’ble FM Mrs. Ni...

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No GST Audit under Finance Bill, 2021

It is submitted that Section 35 and 44 of The Central Goods and Services Tax, Act, 2017 (CGST Act, 2017) are proposed to be amended in Finance Bill, 2021. Please note that these proposals will come into effect from a date to be notified later. It is stated that Sections 2 to 79 of Finance […]...

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Critique of Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021

Critique of Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 On 22nd January, 2021 MCA notified Companies (Companies Social Responsibility Policy) Amendment Rules, 2021. Tabular presentation of Amended CSR Rules Rule No. Old Rule New Rule Impact Rule 4 CSR activity CSR implementation Substituted Rule 5 Sub rule 2 C...

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