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Archive: 21 May 2021

Posts in 21 May 2021

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 2109 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Royalty paid as per Govt/RBI approval will be treated as at arm’s length

May 21, 2021 2820 Views 0 comment Print

Dow Agrosciences India Private Limited Vs ACIT (ITAT Mumbai) We shall now deal with the observation of the TPO/DRP that the approval provided by the RBI would not constitute a valid CUP data, since the RBI does not take into account the transfer pricing provisions to determine the appropriate rates which can be considered as […]

Commentary on Section 269ST of Income Tax Act, 1961

May 21, 2021 6774 Views 5 comments Print

Section 269ST was introduced through Finance Act 2017. The main purpose to bring this section was to curb the unaccounted money circulating in the country. To achieve the mission of the Government to move towards a less cash economy, to reduce the generation and circulation of black money, this section came into legislation. The Section […]

India’s Growth projected at 10.1% in 2022

May 21, 2021 855 Views 0 comment Print

It is a widely held view that every crisis also presents an opportunity. Given the prevalence of inequality in Indian economy, the implementation of a fiscal stimulus across sectors will not only lift the economy out of the woods, but also address some of the existing distortions in income and wealth distribution. The United Nations, […]

SC Upholds IBC provisions on insolvency of Personal Guarantors

May 21, 2021 6771 Views 0 comment Print

Lalit Kumar Jain Vs Union of India (Supreme Court) 1. Supreme Court on Friday upheld provisions of the Insolvency and Bankruptcy Code (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process. 2. A bench of Justices L Nageswara Rao and Ravindra Bhat delivered the judgement. The ruling […]

Stop the Transmission, Crush the Covid 19 Pandemic

May 21, 2021 798 Views 0 comment Print

Stop the Transmission, Crush the Pandemic. Masks, distance, sanitation and ventilation to prevent the spread of SARS-CoV-2 virus. Understanding SARS-CoV-2 Transmission The SARS-CoV-2, is a highly pathogenic human coronavirus (HCoV), which has caused the global pandemic with alarming morbidity and mortality. The virus spreads from human to human through saliva and nasal respiratory discharge. Mutations […]

Seamless Flow of Input Tax Credit in letter and Seamless Block of Input Tax Credit in Practice

May 21, 2021 2109 Views 1 comment Print

Seamless Flow of Input Tax Credit (ITC) in letter and Seamless Block of Input Tax Credit in Practice The Executive Summary (Report of Task Force on Implementation of GST dated 30th December 2009, paragraph 2.16 reads as follows: vii. The Computation of the CGST and SGST liability should be based on the invoice credit method i.e., […]

Relaxation in timeline for compliance with various payment system requirements

May 21, 2021 2880 Views 0 comment Print

Keeping in view the resurgence of the COVID-19 pandemic and the representations received from various bank and non-bank entities, it has been decided to extend the timeline prescribed for compliance in respect of a few areas detailed in the Annexure.

Actual User condition under Form ANF2B for import authorization whether mandatory or not to be decided afresh

May 21, 2021 1944 Views 0 comment Print

Shah Nanji Nagsi Exports Pvt. Ltd. Vs Joint Directorate General of Foreign Trade (Bombay High Court) Conclusion: The order in respect of the core issue was the insertion of ‘actual user’ condition stipulated under Application Form ANF2B for import authorization in the two licences, whether such insertion was legally permissible or without entering into this […]

HC directs Hindustan Coca-Cola to Reply show cause-cum-demand notice

May 21, 2021 1389 Views 0 comment Print

Hindustan Coca-Cola Beverage Pvt. Ltd. Vs Union of India and others (Bombay High Court) From a perusal of the show cause-cum-demand notice dated 09.05.2019 it is seen that according to respondent No.3, information was received that petitioner was engaged in the business of manufacturing and supply of various beverages and packaged drinking water. Petitioner supplied […]

GST Saga on Health Care Services- Scope of composite supply of health care services

May 21, 2021 9546 Views 0 comment Print

Introduction Good health and good sense are two of life’s greatest blessings. The Indian Healthcare Industry is the largest producer for generics and now among of the major sectors with respect to revenue and to employment. The Pharma and Healthcare Industry has grown significantly and enjoys an important position in the global pharmaceuticals and medical […]

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