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Archive: 12 March 2021

Posts in 12 March 2021

CBDT notifies reporting of Capital Gain, Dividend, Interest Income in SFT

March 12, 2021 23952 Views 0 comment Print

CBDT notifies that For the purposes of pre-filling the return of income, a statement of financial transaction containing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income shall be furnished by specified persons at such frequency, and in such manner, as may be specified […]

MEIS benefit cannot be denied for mere procedural lapse of declaration of intent on free shipping bill

March 12, 2021 2811 Views 0 comment Print

Inox India Pvt Ltd Vs. Union of India (Gujarat High Court) Conclusion:  Since on noticing that the declaration of intent on the shipping bill for claiming the benefit under the reward scheme was made mandatory w.e.f 01.06.2015 under the Foreign Trade Policy, 2015-20 or the Handbook of Procedure, 2015-20, therefore, there could be no exclusion […]

Clarification on GST refund & Adjusted total turnover calculation

March 12, 2021 129501 Views 1 comment Print

CBIC issues Clarification in respect of refund claim by recipient of Deemed Export Supply, Extension of relaxation for filing refund claim in cases where zero-rated supplies has been wrongly declared in Table 3.1(a) and The manner of calculation of Adjusted Total Turnover under sub-rule (4) of Rule 89 of CGST Rules, 2017 vide Circular No. […]

GSTN New Functionality of SELECTION OF CORE BUSINESS

March 12, 2021 16518 Views 0 comment Print

GSTN New Functionality of SELECTION OF CORE BUSINESS The following notification is popping up these days every time the dealer logs in to the GST portal to go to the Profile page and select the nature of your Business. All the Registered dealers are getting this notification, and you have an option to select between […]

Invoice Furnishing Facility for Taxpayers who opted for QRMP

March 12, 2021 1662 Views 0 comment Print

Attention GST Taxpayers who have opted for QRMP Scheme! Enjoy the convenience of Invoice Furnishing Facility (IFF) to enable the flow of ITC to the recipients by furnishing B2B invoices for February 2021 by March 13, 2021.

IGST Refunds with Benefits under Advance Authorization -Important Observations

March 12, 2021 55509 Views 6 comments Print

Now Rule 96(10) of the CGST Rules, 2017 contains the provisions which restrict an exporter from claiming the refund of the IGST paid on exports if the exporter avails any of the benefits of the notifications stipulated therein which includes the benefits in terms of IGST exemption on imports made under the scheme of Advance Authorisation.

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