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Archive: 16 February 2021

Posts in 16 February 2021

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices?

April 29, 2024 7014 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Join Live Webinar and get Book on Section 43B(h)

April 29, 2024 5073 Views 1 comment Print

Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down intricacies of Section 43B(h)

No encashment of bank guarantee until expiry of 3 months from Order: Kerala HC:

February 16, 2021 2115 Views 0 comment Print

Varahamurthi Flexirub Industries Pvt. Ltd Vs State Tax Officer (Kerala High Court) Varahamurthi Flexirub Industries (P.) Ltd. (Petitioner) received an order of confirmation of penalty from the State Tax Officer (Respondents). The Petitioner had challenged the order of the Respondents in directing bank to invoke bank guarantee and to forward demand draft of value of […]

Sanction of IGST refund where records not transmitted to ICEGATE

February 16, 2021 8808 Views 0 comment Print

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 respect of Shipping Bills filed upto 31.03.2019.

GST: Revenue cannot attach bank accounts having debit balance

February 16, 2021 10947 Views 0 comment Print

Skylark Infra Engineering Pvt. Ltd. Vs Additional Director General (Punjab & Haryana High Court) The object and intention of legislature to endow Commissioner with power of attachment under Section 83 is very clear. It is drastic and far-reaching power which must be used sparingly and only on substantive weighty grounds and reasons. The power should […]

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

February 16, 2021 2472 Views 0 comment Print

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 be […]

Streamlining of Customs Post Clearance Audit work ­Instructions

February 16, 2021 1920 Views 0 comment Print

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:

HC directs DGFT Surat decide on removal of IEC code from denial entity list

February 16, 2021 1929 Views 0 comment Print

Gujarat HC directs DGFT to address petitioner’s plea on Import Export Code (IEC) denial. Full text of the judgment included.

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

February 16, 2021 1821 Views 0 comment Print

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.

ITC benefit cannot be denied merely for entering details in Wrong Column

February 16, 2021 5349 Views 0 comment Print

Ram Auto Vs Commissioner of Central Taxes & Central Excise (High Court Madras)  In this case The petitioner had filed FORM GST TRAN-1 in time. His only grievance is that he is being denied the benefit of input tax credit for having entered the details in wrong column. The learned counsel for the petitioner drew […]

Exposure Draft of Regulatory Assets AND Regulatory Liabilities

February 16, 2021 501 Views 0 comment Print

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.

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

February 16, 2021 40194 Views 1 comment Print

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 legal and interpretational issues, including the taxable event itself!

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