"15 May 2021" Archive

Special Refund & Drawback Disposal Drive from 15.05.2021 to 31.05.2021

Public Notice No. 45/2021-JNCH 15/05/2021

Office of The Commissioner of Customs (NS-II) Nhava Sheva Customs, Raigad, Maharashtra- 400 707. No. S/12-Gen–Misc-131/20-21/DBK JNCH Date: 15. 05.2021 Public Notice No. 45/2021 DIN No. 20210578NT0000555B95 Subject: Special Refund and Drawback Disposal Drive from 15.05.2021 to 31.05.2021 – reg. Attention of all exporters, their author...

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Preliminary Checks for Onboarding New Vendors & New Customers

Are you worried about your customers defaulting in payments? Vendors defaulting in fulfilling their terms after you pay advance to them? Are you capturing all relevant details before you deal with any party? Business entities often do not ver0ify the background or creditability of their customers/ vendors before initiating transactions wi...

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Posted Under: DGFT |

HSN Reporting Changes From May 2021

HSN Reporting Changes I have in this article attempted to explain the changes in HSN Reporting from May 2021 in GSTR 1, as I feel that many members may have questions in respect of same. This is an effort to address and provide answers to select questions for the benefit of all. Table 12- Reporting […]...

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Posted Under: DGFT |

Bombay HC kept Faceless Assessment Order In Abeyance

Praful M. Shah Vs National Faceless Assessment & Ors. (Bombay High Court)

Praful M. Shah Vs National Faceless Assessment & Ors. (Bombay High Court) It was alleged by petitioner that Assessment Order was passed by National E Assessment Centre without granting an opportunity to be heard and A Writ Petition was filed in the Bombay High Court against such order. Petitioner claimed that The impugned order is [&h...

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Decisions must be founded on legal testimony and not on suspicion by any court or tribunal

Messrs Mehta Parikh & Co vs The Commissioner Of Income-Tax, Bombay (Supreme Court of India), Date Of Judgment: 10/05/1956, Equivalent citations: 1956 AIR 554, 1956 SCR 626 Bench: Natwarlal H. Bhagwati | Sudhi Ranjan Das (CJ) | T.L. Venkatarama Aiyyar Income-tax-Income from undisclosed sources-Assessment. Assessee’s explanation b...

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Posted Under: DGFT |

Practicing advocates exempted from service tax/GST, should not have to face harassment from GST Department

Practicing advocates exempted from service tax/GST, should not have to face harassment from GST Department The Hon’ble Orissa High Court in Devi Prasad Tripathy v. the Principal Commissioner CGST and Central Excise [W.P.(C) No. 27727 of 2020, dated April 22, 2021] quashed the notice demanding to pay service tax/GST issued to the advocat...

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Posted Under: DGFT |

Services Provided by Tour operators & Travel agents – A GST Perspective

Brief Background Tour Operator (hereinafter referred as Service Provider) provides services to the ultimate consumers (Recipient) through various counterparts such as the Airline companies, local taxi operators, hotel, embassy issuing visas and many other services. The major sources of Income for Tour Operators are: 1. Domestic/ Internati...

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Posted Under: DGFT |

TDS on payment of certain sum for Purchase of Goods (Section 194Q)

The concept of TDS was introduced with an aim to collect tax from the very source of income. Currently there are 36 provisions in the Income Tax Act which require TDS deductions from various payments. There is a recent insertion of section 194Q vide Finance Act 2021. With introduction of Section 194P and 194Q, there […]...

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Posted Under: DGFT |

SEBI’s scope in detecting ‘Unfair Offences’ and ‘Insider Trading’

In this timeline, SEBI has tried to incorporate various global and internationally acclaimed principles within its regulation which has constantly enhanced the efficiency and integrity in securities market here and catapulted it into a global platform....

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Posted Under: DGFT |

Role of SEBI in protecting Investors

Investors are the pillar and skeleton of securities market and their protection is the paramount consideration of SEBI. The rule of Caveat Emptor, ‘Let the Buyer Beware’ is though applicable in business laws, but can’t be applied blindly in capital market scenario since the financial products of investment here are not in form of so...

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Posted Under: DGFT |

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