"16 February 2021" Archive

Sanction of IGST refund where records not transmitted to ICEGATE

Circular No. 04/2021-Customs (16/02/2021)

Several representations are being received by the Board in respect of IGST refunds which are pending due to mis-match of data between GSTR- 1 & GSTR-3B. The resolution to the above problem was provided by the Board, as an interim measure, vide Circular No. 12/2018-Cus dated 29.05.2018 read with Circular No. 25/2019-Cus dated 27.08.2019 in...

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Supply of un-assembled parts & components to railways not classifiable under Chapter 86 for lower rate of GST

Supply of un-assembled parts & components to railways not classifiable under Chapter 86 for lower rate of GST The Hon’ble AAR Haryana in M/s. JSL India Private Limited [Advance Ruling No. HAR/HAAR/R/2018-19/51 decided on April 24, 2019] held that supply of un-assembled rail coach from one unit to another unit where these goods would...

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Posted Under: Custom Duty |

Streamlining of Customs Post Clearance Audit work ­Instructions

Instruction No. 02/2021- Customs (16/02/2021)

Under the new Customs Post Clearance Audit (PCA) scheme there are Transaction Based Audit (TBA), Premise Based Audit (PBA) and Theme Based Audit (ThBA) and upon review thereof the findings are:...

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Banks may allow resident individuals to make remittances under LRS to IFSCs in India

RBI/2020-21/99 A.P. (DIR Series) Circular No. 11 (16/02/2021)

AD Category - I banks may allow resident individuals to make remittances under LRS to IFSCs in India, subject to the following conditions: i. The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities/companies resident (outside IFSC) in India....

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No addition on mere statement of person if payments made through banking channel

ACIT Vs M/s. Sreeleathers (ITAT Kolkata)

Since all the lender companies were regular income tax assessee’s & having PAN as well as their ROC details were brought to the notice of AO & their respective balance sheet showed that all of them had enough creditworthiness to lend the amounts in question to assessee and assessee had squared up the loan transaction with all these lend...

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Exposure Draft of Regulatory Assets AND Regulatory Liabilities

The Exposure Draft proposes to supersede existing IFRS 14, Regulatory Deferral Accounts, an interim Standard that permits a variety of accounting approaches for the effects of rate regulation to continue temporarily....

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Posted Under: Custom Duty |

In the course or furtherance of Business-Pre GST vs. Post GST

It has been 3 years since GST, the biggest ever indirect tax reform in India, has been implemented. GST, with its dual nature of taxation, has subsumed all but few taxes and now, it may be argued that several procedural aspects of the GST law such as returns and refunds etc. are streamlining. However, the dust is yet to settle on several ...

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Posted Under: Custom Duty |

Budget 2021: GST Audit by professionals scrapped?

This GST Charcha deciphers into recent changes in GST Laws made vide Clause No. 101, 102 and 112 of the Finance Bill, 2021 with respect to scrapping GST Audit by professionals and moving to self-certification....

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CBDT extends ad-hoc appointment to the JCIT grade of 163 IRS officers

Office Order No. 37 of 2021 (16/02/2021)

OFFICE ORDER NO. 37 OF 2021 With the approval of the Competent Authority, the term of ad-hoc appointment of the following IRS Officers to the grade of Joint Commissioner of Income Tax (JCIT) is further extended from 01.01.2021 till they join to the grade of JCIT on regular basis or till the Retirement/VRS of officials, whichever is earlie...

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GST: Power to summon persons to give evidence & produce documents

Pursuant to Section 70 of CGST Act, 2017 Proper Officer(s) under the law have the power to summon any person whose attendance he considers necessary either to give evidence or to produce a document or any other thing in any inquiry....

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Posted Under: Custom Duty |

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February 2021