"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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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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Computer software is goods or service for GST?

Taxability and classification with respect to Computer software has always been a litigious issue since the erstwhile service tax regime. However, the Goods and Services Tax Act (‘GST’) has to a huge extent clarified the position to be adopted with respect to procurement of computer software. This article broadly tries to analyse the ...

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Union budget 2021 – Highlights of Key Proposals, Personal Tax & Corporate Tax

Budget proposals announced by Hon’ble Finance Minister Smt. Nirmala Sitharaman on 1st February, 2021 has, as expected, brought relief for the tax payers and laid down foundation stone for expansion of economy of India and recovery of growth from the impact of pandemic Covid-19....

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