"02 March 2021" Archive

MEIS benefit cannot be denied for inadvertent mistake in Application

Portescap India Private Ltd. Vs Union of India (Bombay High Court)

The objective of the MEIS scheme is to provide rewards to exporters to offest infrastructural inefficiencies and associated costs. In other words, the objective of Merchandise Exports from India Scheme (MEIS) is to promote manufacture and export of notified goods / products to notified markets and once this is done, such exporter is requi...

View e-Way Bill Blocking/Un-Blocking History

Advisory No: 03/2021 02/03/2021

A feature to view the e-Way bill blocking/un-blocking history of a tax payer is developed and is being rolled out. The feature is enabled at Pan India Level. It has the following interfaces to search the e-Way bill history of a tax payer....

HUF: An entity that emerges as a result of customary Law

Hindu Undivided Family (HUF) : An entity that emerges as a result of customary Law There are different entities which have separate legal existence some of them emerges naturally (like Humans), some of them emerges as a result of incorporation or in simple words registration under any statue (like Companies and Registered Firms) but there...

Posted Under: DGFT |

Permanent Account Number : Banker’s Perspective

In this write up I have tried to compile – provisions related with PAN under Income Tax Act, 1961 (Section 139A & 139AA and 272B), Income Tax Rules (Rule 114) and FAQs on PAN issued by Income Tax Department. For further clarity on the topic these are the references. Why PAN  PAN is the need […]...

Posted Under: DGFT |

Section 232(6) of Companies Act, 2013 enables companies to choose & state ‘appointed date’ in amalgamation scheme

RHI India Private Limited & Ors. (Appellants) Vs Union of India (NCLAT)

The NCLAT observed that the Ministry of Corporate Affairs, General Circular dated August 21, 2019 has clarified that section 232(6) of Companies Act, 2013 enables the companies in question to choose and state in the scheme an ‘appointed date'. This date may be a specific calendar date or may be tied to the occurrence of an event such as...

Posted Under: DGFT | |

Section-59 Self Assessment Under GST

Assessment Under GST Section-59 Self Assessment Overview -GST was introduced on 01st July 2017, It has been around 3.5 years, since its beginning every taxpayer had option for self assessment to rectify for any mistake or error done while complying with the provisions of GST Act & Rule made there under as per section-59 Self Assessme...

Posted Under: DGFT |

QRMP Scheme – A Half Baked Remedy

Quarterly Returns with Monthly Payment (QRMP) Scheme The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help the taxpayers having turnover less than Rs. 5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on...

Posted Under: DGFT |

SC Landmark Judgement on TDS on Royalty | Section 195 Vis A Vis DTAA

Engineering Analysis Centre of Excellence Private Limited Vs CIT (Supreme Court of India)

What is of importance is that once a DTAA applies, the provisions of the Income Tax Act can only apply to the extent that they are more beneficial to the assessee and not otherwise. Further, by explanation 4 to section 90 of the Income Tax Act, it has been clarified by the Parliament that where any term is defined in a DTAA, the definitio...

Delhi East CGST Officials arrest man for ITC fraud of Rs 38.91 crore

In the ongoing drive to counter the menace of fake billing operators, information from analytics tool NETRA (Network Exploration Tool for Revenue Augmentation), was developed by the officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi East to unearth a network of fictitious firms used to generate and pass on fake Input...

Posted Under: DGFT |

SC explains when a signed copy of award can be said to be delivered to parties by arbitral tribunal

Dakshin Haryana Bijli Vitran Nigam Ltd. Vs Navigant Technologies Pvt. Ltd.(Supreme Court of India)

Dakshin Haryana Bijli Vitran Nigam Ltd. Vs Navigant Technologies Pvt. Ltd. (Supreme Court) Sub-section (1) of Section 31 read with sub-section (4) makes it clear that the Act contemplates a single date on which the arbitral award is passed i.e. the date on which the signed copy of the award is delivered to the parties. […]...

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