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Archive: 22 February 2021

Posts in 22 February 2021

CBIC provides facilitation for exporters having IGST refund issues

February 22, 2021 1281 Views 0 comment Print

CBIC has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error.

Exclusion of small scale ice cream manufacturers from composition scheme benefit to be reconsidered by GST Council

February 22, 2021 5517 Views 0 comment Print

The Hon’ble Delhi High Court in Del Ice Cream Manufacturers Welfare’s Association v. Union of India and Anr. [Writ Petition No. 5252/2019 and others dated February 9, 2021] directed the GST Council to reconsider the exclusion of small scale manufactures of ice cream from the benefit of Composition Scheme under Section 10(1) of the Central […]

Leave Travel Concession Section (LTC/LTA) 10(5) of Income Tax Act, 1961

February 22, 2021 316920 Views 7 comments Print

Discover the tax benefits of Leave Travel Concession (LTC/LTA) under Section 10(5) of the Income Tax Act, 1961. Learn how to save on your taxable income.

Electronic Commerce operator in GST regime

February 22, 2021 7749 Views 0 comment Print

Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both including digital products over the digital or electronic network. Electronic Commerce Operator has been defined in Sec. 2(45) of the CGST Act, 2017 to mean any person who owns, operates or manages the digital or electronic facility or platform for electronic commerce.

Provisional Attachment under GST- Caution to be Exercised

February 22, 2021 13677 Views 0 comment Print

Now a days we have seen that  the GST department is frequently using the powers which is envisaged to it in the sec.83 of the CGST act w.r.t. to provisional attachment of the properties of the tax payer . Now voices have arose against frequent and general use of the such harsh powers even in […]

GST RULE 86B Restrictions on use of amount available in electronic credit ledger

February 22, 2021 18972 Views 3 comments Print

In order to avoid fake invoicing and curb tax evasion the Central Board of Indirect Taxes and Customs (CBIC) has introduced new rule 86B vide notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021 wherein the registered person shall be required to pay 1% of GST liability in cash […]

Direction to UOI & CBDT – Exercise of power under CGST Section 83

February 22, 2021 948 Views 0 comment Print

Direction to Union of India (UOI) and CBDT for issuing appropriate instructions or guidelines to the exercise of power under Section 83 of the CGST Act, 2017 Generally, in each and every matter in which proceedings under Section 67 of the CGST Act, 2017 are initiated, an order of provisional attachment of the bank accounts […]

Addition justified for unexplained deposit into bank account

February 22, 2021 2517 Views 0 comment Print

Karan Sharma Vs ITO (ITAT Bangalore) The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposits into various bank accounts. In such […]

Addition cannot be made on the basis of mere diary jottings

February 22, 2021 5130 Views 0 comment Print

D.S. Suresh vs ACIT (ITAT Bangalore) In the present case, the addition is based on the diary jottings found during the course of search action in the case of RNSIL on 16.02.2012. We have carefully gone through the diary jottings recorded earlier part of this order. It contains the entry No.5 – MLA Tarikere Rs.27 […]

No SVLDRS benefit if department not quantifies amount during investigation

February 22, 2021 1185 Views 0 comment Print

Karan Singh Vs Designated Committee Sabka Vishwas Legacy Dispute Resolution Scheme and Another (Delhi High Court )  Since quantification has co-relation and is interlinked with tax relief under the scheme, and the Petitioner has not made a voluntary disclosure, but has rather approached for settlement in respect of case under investigation, we find merit in […]

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