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Archive: 13 April 2021

Posts in 13 April 2021

Net GST & Non-GST Tax collections shows yearly growth of 12.3%

April 13, 2021 1347 Views 0 comment Print

Provisional Net Indirect Tax collections (GST & Non-GST) for the Financial Year 2020-21 show growth of more than 12% compared to actual Revenue Receipts in FY 2019-20. Net Indirect Tax collections represent 108.2% of the Revised Estimates of Rs. 9.89 lakh crore of Indirect Taxes for the F.Y. 2020-21.

CMA: Exemption from Practical Training for June 2021 Final Exam

April 13, 2021 861 Views 0 comment Print

As decided in the Council of Institute of Cost Accountants of India, Practical Training requirement which is required to be completed before appearing CMA Final Examination [both/ remaining group(s)] is hereby exempted only for June 2021 Term of Final Examination due to COVID-19 pandemic situation.

Restoration of Rates of TDS/TCS wef 01.04.2021

April 13, 2021 7026 Views 0 comment Print

Applicable w.e.f 01.04.2021 for F.Y. 2021-22 CBDT in its press release dated 13th May, 2020 had reduced non-salaries rates of TDS/TCS @25% for the period from 14th May, 2020 to 31st March, 2021 to provide more liquidity of funds in economy for dealing with the economic situation arising out of COVID-19 pandemic. However, the validity […]

Bank Audit 2021- Decoding Funded Interest Term Loan (FITL)

April 13, 2021 33870 Views 0 comment Print

Funded Interest Term Loan (FITL) is a talk of the Bank Audit season of 2021. The treatment of this advance is not only new but confusing also. There are no clear instructions to deal such accounts which are outstanding as at 31st March 2021. There are also issues related to serving of Interest till 31st […]

Bank Audits 2021- Decoding Housing Loans

April 13, 2021 12819 Views 1 comment Print

The housing loan is the “Priority Sector Lending”. The Reserve Bank of India, through its Master Direction on the subject of housing loan have advised the bankers adhere to the National Building Code (NBC) formulated by the Bureau of Indian Standards (BIS) in view of the importance of safety of buildings especially against natural disasters. […]

4-digit/6-digit HSN Code under GST

April 13, 2021 176826 Views 17 comments Print

GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals.

GST Council News Letter- March 2021

April 13, 2021 2562 Views 0 comment Print

The gross GST revenue collected in the month of March 2021 is Rs. 1,23,902 crore of which CGST is Rs.22,973 crore, SGST is Rs.29,329 crore, IGST is Rs.62,842 crore (including Rs. 31,097 crore collected on import of goods) and Cess is Rs. 8,757 crore (including Rs.935 crore collected on import of goods). The government has […]

Prepack Insolvency Resolution Process Regulations notified for MSMEs

April 13, 2021 1665 Views 0 comment Print

Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy Code […]

CCI to review extant Confidentiality Regime

April 13, 2021 1167 Views 0 comment Print

Review of the extant Confidentiality Regime as provided in Regulation 35 of the Competition Commission of India (General) Regulations, 2009 and inviting public comments on the proposed regime

A literal formalistic interpretation of statute is to be avoided in interpreting beneficial exemptions

April 13, 2021 4119 Views 0 comment Print

The Hon’ble Supreme Court of India in Government of Kerala & Anr. v. Mother Superior Adoration Convent [Civil Appeal No. 202 of 2012 and others, decided on March 1, 2021] upheld the judgments passed by the Hon’ble Kerala High Court allowing the exemption of tax on buildings used as residential quarters for nuns, priests or […]

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