"24 March 2021" Archive

Generation of GST Invoice Reference Number (IRN)

The current article explains the structure of the Invoice Reference Number; a brief understanding of the e-invoice schema and steps to generated the Invoice Reference Number (IRN). Structure of Invoice Reference Number– Basically, Invoice Reference Number (i.e., IRN) is a 64-character long number allotted by the e-invoice portal. IR...

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Levy of GST on Carbon Credits

Considering the earlier judicial pronouncement and treatment under VAT regime, the balance seems to be tilting in the favour of CERs being goods and thus subject to GST, however, GST being new law, any interpretation differing from the earlier view cannot be ruled out absolutely....

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Opting-in for Composition Scheme for Financial year 2021-22

1. How to opt-in for Composition Scheme: ♦ The eligible registered taxpayers, who want to opt-in for composition scheme for the FY 2021-22, need to file FORM GST CMP-02 application, on or before 31st March, 2021, post login on GST portal. The taxpayers may navigate as follows: Log-in>Services > Registration > Application to opt...

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Bail Granted to accused arrested for availing ineligible ITC of Rs. 9 Crore

Sunil Kumar Jha Vs Union of India & Ors. (Bombay High Court)

The Hon’ble Bombay High Court in Sunil Kumar Jha and Akshay Chhabra v. Union of India & Ors. [Writ Petition (ST) No. 5484 of 2021 & Writ Petition (ST) No. 5486 of 2021, decided on March 11, 2021] granted bail to the accused arrested under Section 69 of the Central Goods and Services Tax Act, […]...

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HC on GST discrepancies vs Fake Invoice or undisclosed Sale

Jai Maa Jwalamukhi Iron Scrap Supplier Vs State of U.P. (Allahabad High Court)

Jai Maa Jwalamukhi Iron Scrap Supplier Vs State of U.P. (Allahabad High Court) 1. When the respondents have not denied the issuance of the invoice and the e-way bills uploaded against subject transactions it has to be assumed that the invoice and the e-way bills had been issued. 2. Once the respondent admits that the […]...

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Tax treatment of dividend received from company

Under the current scenario up to  AY 2020-21, if a shareholder gets dividend from a domestic company then he shall not be liable to pay any tax on such dividend as it is exempt from tax under section 10(34) of the Act. However, in such cases, the domestic company is liable to pay a Dividend […]...

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Customs: Proposed changes to Section 46 related to Bill of Entry

Instruction No. 05/2021-Customs 24/03/2021

Section 46 would facilitate pre-arrival processing and assessment of Bills of Entry (BE) by mandating their advance filing thus leading to significant decrease in the Customs clearance time....

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No section 271D penalty if reasonable cause exist & AO fails to Record satisfaction

Sarita Singh Vs Addl. CIT (ITAT Delhi)

Sarita Singh Vs Addl. CIT (ITAT Delhi) Section 273B of the I.T. Act provides that no penalty shall be imposable on the persons or the assessee as the case may be for any failure referred to in section 271D of the I.T. Act, if he proves that there was a reasonable cause for the said […]...

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Date of allotment relevant for determining STCG/LTCG & Section 54/54F exemption

Mahendrasingh Ramsingh Jadav Vs. ITO (ITAT Bangalore)

Mahendrasingh Ramsingh Jadav Vs. ITO (ITAT Bangalore) Assessee gets a right to the impugned property on the date of allotment letter, i.e., on 22.02.2006 and payment of instalment as per the terms is only a follow up action and taking delivery of possession is only a formality. Therefore, reckoning the period from 22.02.2006, i.e. the [&h...

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Copyright registration Not Mandatory for Protection under Copyright Act

Sanjay Soya Private Limited Vs Narayani Trading Company (Bombay High Court)

Sanjay Soya Private Limited Vs Narayani Trading Company (Bombay High Court) Registration under the Copyright Act is optional and not compulsory. Registration is not necessary to claim a copyright. Registration under the Copyright Act merely raises a prima facie presumption in respect of the particulars entered in the Register of Copyright...

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May 2021