"08 April 2021" Archive

Whether charging of ITC under Goods and Services Tax Act 2017 is Nightmare?

01/01/1970

Under the Goods and Services Tax Act 2017 though the input tax credit is projected as one of the incentives, but it is not so easily seen or visualized for the benefit of the tax payers. Let us examine the background of input tax credit given under the statute and now proposed is it to […]...

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FEMA and GST implications on Export of Goods

01/01/1970

An Export in International Trade means Goods and Services produced in one country and sold to buyers in another country (Foreign buyer). India’s Exports & Imports complete the term International Trade and together it decides the country’s Trade Balance. When the country’s export exceeds the imports it leads to Trade Surplus, how...

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New facility on Common GST Portal – Core business activities

01/01/1970

♦ The GSTN has enabled a new feature that requires the taxpayer to select one core business activity on the GST Portal. ♦ Taxpayers are required to select their business activity only once, as – Manufacturer, wholesaler /Distributor/Retailer, service providers & others post login based on highest turnover amongst them. Th...

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Important GST Compliances for April 2021

01/01/1970

Important GST Compliances for April 2021 with due dates Being the first month of the financial year 2021-22, April 2021 is a significant month from the point of view of the tax compliance and other statutory requirements as well as the due dates for GST return filings. 10th April 2021 The due date for filing the GSTR-7 […]...

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HC Allowed refund of IGST along with interest on export made during July -September, 2017 period

01/01/1970

The Hon’ble Delhi High Court in TMA International Pvt. Ltd. & Ors. v. Union of India & Anr. [W.P.(C) 2694/2019 & CM No. 26556/2020, dated March 26, 2021] directed to Revenue Authorities to grant refund claim of Integrated Goods and Services Tax (IGST) to the assessee by April 26, 2021 along with interest @ 7% […]...

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Should I Diversify my Fixed Income Portfolio? Why? How?

01/01/1970

Fixed Income Investments are those which provide Income by way Interest on periodical basis along with the Principal amount at the maturity. Seems well, as we get fixed assured Income and Capital Amount. But there exists invisible Risk. Assured Fixed Income Investments also one of the riskier Investments as the Investment Blocked at the I...

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Payment of Tax under QRMP Scheme for March, 2021

01/01/1970

1. All taxpayers having aggregate turnover up to Rs 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards), are required to furnish return on quarterly basis, along with payment of tax on monthly basis....

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RBI enhances limit of maximum balance per customer at end of day to ₹2 lakh for Payments Banks

Notification No. RBI/2021-22/20 DoR.LIC.REC.5/16.13.218/2021-22 08/04/2021

Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from ₹1 lakh to ₹2 lakh per individual customer of PBs with immediate effect....

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Personal hearing to taxpayer must before cancellation of GST Registration: HC

Tvl. Vectra Computer Solutions Vs Commissioner of Commercial Taxes (Madras High Court)01/01/1970

High Court held that Personal hearing must be afforded to taxpayer before cancellation of GST Registration. As in this case no such Opportunity was afforded to Taxpayer so High Court has Quashed the Cancellation order....

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Securities Contracts (Regulation) Act, 1956

01/01/1970

Securities Contracts (Regulation) Act, 1956 (As amended by the Finance Act, 2021 (13 of 2021) w.e.f. April 1, 2021) Securities and Exchange Board of India SECURITIES CONTRACTS (REGULATION) ACT, 1956 [42 OF 1956] SECTIONS PRELIMINARY 1. Short title, extent and commencement 2. Definitions RECOGNISED STOCK EXCHANGES 3. Application for recogn...

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