"31 March 2021" Archive

Tax demand order alleging e-way bill reuse quashed by HC and termed it as perverse & erroneous

The Hon’ble Allahabad High Court inM/s. Anandeshwar Traders v. State of UP [Writ Tax No. 503 of 2020 decided on January 18, 2021] held that the order demanding tax and penalty passed by Revenue under Section 129(3) of the Central Goods and Services Tax Act, 2017 (CGST Act) is contrary to the provisions of the […]...

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PF tax-exemption limit hiked to Rs 5 lakh, which employees stand to benefit

FM increased the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt, if there is no employer contribution. It was made clear that the threshold limit will not be enhanced in the cases where employer is contributing towards EPF....

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April 2021- Income Tax & GST Compliances & Changes to know

Its 1st April 2021. Start of new FY. However, Compliances of FY 20-21  will conclude in APRIL-2021. Here are Things you should share with your clients in APRIL FIRST WEEK for changes / compliances of APRIL 2021. It’s Important for FY 2020-21 as well as FY 2021-22. GST CLIENTS ♦ Composition clients – details for […]...

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GSTR-1 Amendments = Gateway of litigation OR Magical?

In GST law, outward supplies are reported through GSTR-1 which serves a lot of purpose for: Supplier – GSTR 1 Helps in determination of Outward liabilities Recipient- GSTR 1 helps in Verification of Inward Supplies Government – GSTR 1 forms the basis for allocation of GST to States, UTs and Center The resulting tax liability [...

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Cancellation of GST registration post-merger: Surrounded with Uncertainties?

In this article, we will address the uncertainties faced by the businesses due to the provisions of GST law relating to cancellation of the GST registration post transfer of business or merger. In terms of Section 87 of the CGST Act, 2017 (‘CGST Act’), the registration certificate of the amalgamating or merged companies shall be cance...

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RBI extends timeline for processing of recurring online transactions

Press Release: 2020-2021/1326 and Circular No. RBI/2020-21/118 CO. DPSS. POLC. No.S34/02-14-003/2020-2021 31/03/2021

To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till September 30, 2021....

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Reverse Common Input Tax Credit before filing GSTR9

Common credit means that part of ITC which cannot be identified specifically to taxable supplies including zero rated or exempt supplies or non- business rather commonly used for taxable supplies, exempt supplies or/and for non-business use. For Input goods and services: Rule 42 of the CGST Rules 2017 prescribe the ITC reversal on the sup...

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Interest Rate on Small Saving Scheme reduced Sharply?

F.No.1/4/2019-NS 31/03/2021

Update on 01.04.2021 at 09.00 AM: Tweet by FM– Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn. Read: Govt withdraws reduction in Small Saving interest […]...

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Job Work provisions under GST – Key Points

Job work means any treatment or process undertaken by a person on goods belonging to another registered person. So registered person need to send inputs/capital goods to job worker to do job work. To send these inputs/capital goods without payment of tax only on challan basis – Job Work provision under #GST comes into force. [&helli...

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RBI extends timeline for Payment Aggregators till December 31, 2021

Circular No. RBI/2020-21/117 CO.DPSS.POLC.No.S33/02-14-008/2020-2021 31/03/2021

Based on the representations received from the industry seeking additional time for implementing the above instructions, it has been decided, as a one-time measure, to extend the timeline for non-bank PAs by six months, i.e., till December 31, 2021...

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