"24 February 2021" Archive

Report upto two decimal places in GSTR-9 offline utility: GSTN

01/01/1970

Advisory on Annual Return (GSTR-9) The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of t...

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Rajasthan Budget 2021- Tax Proposals (Summary & Notifications)

Notification No. S.O.451. to S.O.477 24/02/2021

Rajasthan Budget 2021-22 Tax Proposals Covid- 19 has adversely affected all sectors of economic activity such as Industry, Real Estate, Tourism, Commerce, Agriculture etc. This resulted into shortfall of 32% of Budgeted revenue of the State in 2020-21. To add to this problem, Rajasthan’s share in Central Taxes reduced by 14,000 Cror...

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Embargo lifted on grant of Government Business to Private Banks

01/01/1970

The Government has lifted the embargo on private sector banks (only a few were permitted earlier) for the conduct of Government-related banking transactions such as taxes and other revenue payment facilities, pension payments, small savings schemes, etc....

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SEBI seeks report from NSE on “trading halt”

Press Release No. 8/2021 24/02/2021

SEBI has advised NSE to carry out a detailed root cause analysis of the trading halt witnessed at NSE today and also explain the reasons for trading not migrating to the disaster recovery site. SEBI has asked NSE to submit its report at the earliest....

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Reopening of assessment invalid if based on “change of opinion”

Rajarathnam’s Jewels Vs ACIT (ITAT Bangalore)01/01/1970

We are of the view that the AO has re-opened the assessment on mere change of opinion, because it is the assessing officer who took a different view at the time of reopening of assessment, i.e., he has entertained an opinion that the family members should have transferred the gold to the assessee firm and then the assessee firm should hav...

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Blocking of GST Electronic Credit Ledger – Draconian CGST Rule 86A

01/01/1970

A plain reading of rule 86A signifies that the intention of the Government is only to curb the menace of availing fraudulent credit but it has many unintended ramifications. There is also no clarity on the scope of the term 'Reason to Believe' in the given Rule 86A in sub-rule (1)(b)...

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Exemption from LEF to Exposures to foreign sovereigns

RBI/2020-21/104 DOR.No.CRE.BC.45/21.01.003/2020-21 24/02/2021

Exposures that are exempt from Large Exposures Framework (LEF) - Exposures to foreign sovereigns or their central banks that are: i. subject to a 0% risk weight under Table 2 of paragraph 5.3.1 of the Master Circular – Basel III Capital Regulations dated July 1, 2015, as modified vide circular dated October 8, 2015; and, ii. denominated...

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PLI Scheme to Promote Telecom & Networking Products Manufacturing In India

F. No. 13-01/2020-IC.—1 24/02/2021

PRODUCTION LINKED INCENTIVE (PLI) SCHEME TO PROMOTE TELECOM AND NETWORKING PRODUCTS MANUFACTURING IN INDIA- The Telecommunication sector has a pivotal role in facilitating the growth of economy. Telecom is key infrastructure and a key enabler of digital connectivity and Digital India. In the above context, it is necessary and desirable to...

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Formation of Committee to Review IRDAI’S Information & Security Guidelines

Ref. No:IRDA/IT/ORD/MISC/034/02/2021 24/02/2021

The economic situation owing to COVID-19 pandemic has seen an exponential increase in cyber-attacks across the globe and in particular, the financial sector. This situation has necessitated Regulators to re-look into their Cyber Security Guidelines applicable to all regulated entities in an effort to protect the financial systems....

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Service Tax demand on MRSA cannot sustain for the period prior to 16.5.2008

Sak Soft Limited Vs Commissioner of GST & Central Excise (Cestat Chennai)01/01/1970

ld. Counsel for appellant has also raised an argument that the demand under MRSA cannot sustain for the period prior to 16.5.2008 when the transactions of the very same nature have been subjected to service tax under Information Technology Software Services after such services became taxable. It is to be stated that ITSS is not a category...

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