"20 April 2021" Archive

PM addresses the nation on the COVID-19 situation

The Prime Minister said that that our scientists came out with the vaccine in a very short time and today India has the cheapest vaccine in the world which is compatible with the cold-chain available in India....

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Posted Under: Corporate Law |

Recent changes in procedure for registration of Charitable Trust

Finance Act, 2020 made a paradigm shift in the process of registration of public charitable trust by inserting a new section 12AB. Though the same to be made applicable from 1st June, 2020, the pandemic delayed its applicability and the same was made applicable recently on 1st April, 2021. The notification making the same applicable [&hel...

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Posted Under: Corporate Law |

Analysis of Provisional Attachment of Property under GST

Analysis of Provisional Attachment of Property under GST : Now a days it is seen that department is commonly attaching bank accounts/ property of the taxable person by invoking the powers given in section 83 of the CGST Act. Prior to amendment through Finance Act 2021, Extract of Section 83 is as below: Section 83 […]...

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Posted Under: Corporate Law |

Customs duty on import of Remdesivir waived off

Notification No. 27/2021–Customs [G.S.R. 284(E)] 20/04/2021

CBIC exempt customs duty on import of Remdesivir injection, Remdesivir API and Beta Cyclodextrin (SBEBCD) used in the manufacture of Remdesivir, up to 31st October, 2021 vide Notification No. 27/2021–Customs Dated 20th April, 2021. Government has waived the Custom Duty Considering the immediate requirement on the recommendation of the D...

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SC explains law for provisional attachment of Bank Account under GST

Radha Krishan Industries Vs State of Himachal Pradesh (Supreme Court of India)

Radha Krishan Industries Vs State of Himachal Pradesh (Supreme Court) (i) The Joint Commissioner while ordering a provisional attachment under section 83 was acting as a delegate of the Commissioner in pursuance of the delegation effected under Section 5(3) and an appeal against the order of provisional attachment was not available under ...

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Slump Sale under GST : Decoded

Slump sale is a widely adopted method of business restructuring wherein certain assets and liabilities are sold as a bundle for a lump sum consideration. While slump sale is well recognized concept under income-tax law with specific provisions regarding taxability, slump sale has not been acknowledged by erstwhile VAT law as well as curr...

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Posted Under: Corporate Law |

Short Analysis of Composition Scheme Under GST

What is Composition Scheme in GST? Composition Scheme under GST is a scheme which offers comparatively lesser compliance’s. Small taxpayers can get rid of various GST formalities and can pay GST at a fixed rate of turnover. For fresh registrations under the GST Composition Scheme, an intimation in Form GST REG- 01 must be filed. [&h...

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Posted Under: Corporate Law |

Cabinet approves Amendments to Finance Bill 2021

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021). ...

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Posted Under: Corporate Law |

ITR 1 For The Financial Year 2020-21

1. ITR-1, also known as or Sahaj Form, is for people with an income up to Rs. 50 lakhs from the following sources: – (a) Income from Salary/Pension. The salaried individual having income above Rs 50 lakhs should file ITR 2. (b) Income from One House Property (excluding cases where loss is brought forward from previous […]...

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Posted Under: Corporate Law |

Waiting time for availability of containers at ICDs & ports comes down

In coordination with Shipping lines, drive was taken to reposition empty containers in India on urgent basis. Consequently, 100,000 empty containers were repositioned on Indian ports from across the world by the Shipping lines....

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Posted Under: Corporate Law |

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