"12 May 2021" Archive - Page 2

Summary of Section 17(5) | Blocked credit | CGST Act 2017

Article explains GST Provision related to Blocked Credit under section 17(5) of CGST Act 2017 on Supply of Goods /Service involved, Insurance of Motor Vehicle including motor cycle, Cost of Motor Vehicle, Servicing of Motor Vehicle, Life Insurance/health insurance of Worker & office Staff, Food & Beverages, Works contract service ...

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No demand in terms of rule 6(3)(i) of Cenvat Credit Rules if exercised option under rule 6(3)(ii)

Steel Authority of India Limited Vs Commissioner of CGST & CX (CESTAT Kolkata)

Since assessee had exercised option in terms of Rule 6(3)(ii) of the Cenvat Credit Rules and once this fact was established from the materials on record, there could be no demand in terms of Rule 6(3)(i) of the Cenvat Credit Rules and also nowhere it was mentioned that an assessee should pay any amount higher than that of the actual amoun...

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Registration of Charitable Institution – Is HINDI a ‘Vernacular Language’ ?

Naresh Kabra “Is HINDI a ‘Vernacular Language’?” (Core issue w.r.t New process of registration of Charitable Institution Under Income-tax) OVERVIEW: This is with reference to the new process of registration of 12AB, approval of 80G and 10(23C) under Income-tax 1961, as per ‘The Income-tax (6th Amendment) Rules, 2021‘ n...

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Books of Accounts Are Not Decisive or Conclusive For A Particular Deduction If Otherwise Allowable As Per Existing Law

Whether the assessee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not on the view which the assessee might take of his rights nor can the existence or absence of entries in the books of accounts be decisive or conclusive in the matter .The following […]...

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GST not leviable on subscription/infrastructure development fee collected from members, unless amended provision is notified

GST not leviable on subscription/infrastructure development fee collected from members, unless amended provision is notified The AAR, Karnataka in the matter of M/s. Bowring Institute [Order No. KAR ADRG 27/2021, dated April 22, 2021] held that, the members-club is not liable to pay Goods and Services Tax (“GST”) on subscription fees ...

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Facility to accept undertaking for bond extended till June 30 2021

Central Board of Indirect and Customs had issued a Circular No. 09/2021 – Customs dated May 08, 2021, to restore the facility under Circular No. 17/2020 dated April 3, 2020, namely, ‘Measure to facilitate trade during lockdown period under Section 143AA of the Customs Act, 1962’. Taking cognizance of the difficulties listed ...

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Integrated GST Rebate denied To AA License Holders –The tale of tumult (Re-defined!)

You don’t pay taxes – they take taxes – Chris Rock The tale of the issue, ‘IGST rebate/refund to AA holder’ started from the judgment in the case of Watson Pharma Private Limited vs The Union of India (2018) and ended (not completely ended) on Gujarat High Court Judgement in the case of Cosmo Films […]...

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Maharashtra extends Lockdown till 01st June 2021

Order No: DMU/2020/CR. 92/DisM-1 12/05/2021

Maharashtra extends all the restrictions that have been imposed vide `Break the Chain' orders dated 13th April, 21st April and 29th April,2021 along with all additions and clarifications issued thereof as well as imposes following additional restrictions in the State till 7 AM on 1st June, 2021....

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Analysis: Rejection of book of accounts with grounds & bases of addition

Analysis on Rejection of book of accounts along with grounds and bases of addition allowable Books of account of an assessee are a must for assessment proceedings. The Income Tax Act, 1961, The Income Tax Rules, 1962 contain elaborate provisions with respect to maintenance of books of account along with compliance of ICDS. The assessee [&...

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Company Secretary: Expected Salary As Fresher In India

The company Secretary (CS) program is a professional course in which students learn how to deal with companies’ regulatory and legal norms, be they companies or public bodies. The company secretary acts as a liaison or means of contact between business and government agencies. In connection with the implementation of the Securities and ...

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