"03 May 2021" Archive

IGST Exemption on imports of COVID19 relief material donated from abroad

Ad hoc Exemption Order No. 4/2021-Customs [G.S.R.316(E).] 03/05/2021

Central Government Has Today Granted Exemption From IGST Vide Ad Hoc Exemption Order 4/2021-Customs on Imports Of  specified Covid-19 Relief Material received free of cost for free distribution for covid relief. On Such goods Custom Duty was Already Been Exempted vide Custom Duty Notification Nos. 27/2021, 28/2021 And 29/2021. The exempt...

Stevedoring, storing, packing goods imported temporarily before exporting amounts to ‘export of service’ post February 01, 2019

The AAR, Gujrat in the matter of M/S Manoj Bhagwan Mansukhani (M/S. Rishi Shipping) [GUJ/GAAR/R/12/2021 dated January 27, 2021] ruled that services provided viz. stevedoring, transportation, storage, bagging, stuffing, and transportation of the goods which are temporarily imported into India before exporting shall not be considered as ‘...

Posted Under: Custom Duty |

Missed charging GST, Golden chance now to rectify by way of Debit note

One of the Mantra’s to avoid litigation in GST is charging GST on the higher side (higher rate or valuation or not taking disputed exemptions etc.,) and pass it to the recipient. It becomes easier when the recipient can take the ITC. While the aforesaid Mantra works wonderfully when sufficient care was taken at the […]...

Posted Under: Custom Duty |

Delhi HC admits plea for extension of Compliance under Tax & Labour Laws

Society For Tax Analysis And Research Vs Union of India & Ors. (Delhi High Court)

This is a petition seeking various reliefs in terms of extensions for filing compliances under various Acts, including the Income Tax Act, 1961, the Goods and Services Tax Act, 2017, the Employees Provident Fund & Miscellaneous Provisions Act, 1952, the Employees State Insurance Act, 1948 and other Labour Laws, owing to the second wave of...

Time Limit Extensions under GST

In the ongoing pandemic situations, oxygen and medical facilities are not the only concerns for the people but they are also wriggling with the various tax compliances, failing which will attract interest and penalty. To resolve this issues various representations have been made before the government, requesting extensions of due dates. C...

Posted Under: Custom Duty |

Venture Capital / AIF – Registration to Taxation

Venture Capital – A Emerging Concept Why Venture Capital is booming in India? One of the main stone is Company laws. There are various restriction imposed on company form for availment of loan or working capital to run a business. Hence, through the medium of Venture capital, company having Innovative ideas, growth oriented start ups [&...

Posted Under: Custom Duty |

SEBI extends timelines for compliances by Debenture Trustees

Circulars No: SEBI/HO/MIRSD/CRADT/CIR/P/2021/561 May 03, 2021 03/05/2021

Representations have been received from debenture trustees with regard to relaxation intimelines for complying with certain regulatory provisions of SEBI Circular No. SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/230 dated November 12,2020...

Ad hoc Exemption from IGST on imports of specified COVID-19 relief material donated from abroad – regarding

Instruction No. 09/2021-Customs 03/05/2021

(i) State Government shall appoint a nodal authority in the State for the purpose of this exemption. As per section 2 (103) of the Central Goods and Services Tax Act, 2017, state include a Union territory with Legislature....

Rule 11UD Thresholds for the purposes of significant economic presence

Notification No. 41/2021-Income Tax [G.S.R. 314(E)] 03/05/2021

11UD. Thresholds for the purposes of significant economic presence. — (1) For the purposes of clause (a) of Explanation 2A to clause (i) of sub-section (1) of section 9, the amount of aggregate of payments arising from transaction or transactions in respect of any goods, services or property carried out by a non­resident with any perso...

MCA allows GAP up to 180 days between two board meetings

General Circular No. 08/2021 03/05/2021

Gap between two consecutive meetings of the Board may extend to 180 days during the Quarter – April to June 2021 and Quarter – July to September, 2021, Instead of 120 days as required in the Companies Act 2013. General Circular No. 08/2021 Dated 03-05-2021. The Ministry of Corporate Affairs vide its circular dated 03rd [&helli...

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