"25 May 2021" Archive

Liquidated Damages – to levy or not to levy GST?

In the COVID-19 pandemic, businesses find it increasingly difficult to meet their contractual obligations, which results in non-performance/delays of agreed obligations. These defaults are the primal reason for surge in claims for liquidated damages, especially in cases where the plea of force majeure (unforeseeable circumstances that pre...

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Understanding form 16 – Certificate of TDS on Salary

Salaried individuals are issued form 16 from their employersat the end of financial year. The details mentioned thereon are helpful in filing income tax return. This article attempts to explain everything a tax payer should know about form 16 before filing income tax return. It is to be noted that form 26AS is of utmost […]...

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CBIC relaxes rules for imported cylinders & pressure vessels to ease oxygen supply

Instruction No. 12/2021-Customs 25/05/2021

In case the importer has applied through online application to PESO and the decision is pending in PESO, the exemption allows them to bring oxygen cylinders on urgency for COVID relief activities in India....

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Limitation Period For Debit Note To Avail ITC

This article is discussing the limitation period to avail the input tax credit in regard to Debit Note on the perception of amendment happened in section 16(4) of the CGST Act with effect from 01-01-2021 and on the perceptive of the Advance Ruling in the case of M/s. I-Tech Plast India Private Limited held by […]...

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IFSCA: Constitution of an Expert Committee on Investment Funds

The International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Service Centres (IFSCs) in India....

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Cabinet approves MoUs by ICoAl & ICSI with Foreign Countries / Organisations

Cabinet approves Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with Foreign Countries/Organisations...

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Prima Facie some material is required not sufficiency or correctness for valid reopening u/s 147

Prima Facie some material is required not sufficiency or correctness for valid reopening u/s 147 We have only to see whether there was prima facie some material on the basis of which the Department could reopen the case. The sufficiency or correctness of the material is not a thing to be considered at this stage. […]...

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Punjab FM raised critical concerns related to GST in his letter to FM

Manpreet Singh Badal. Minister for Finance & Planning, Punjab has raised following critical concerns in his letter to Nirmala Sitharaman, Minister of Finance and Corporate Affairs – 1. Need GST with Heart Life-saving items for COVID-19 imposed Basic Custom Duties of upto 20% & GST upto 18%. 2. GST Implementation Committee (i...

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GST Evasion Case: HC directs Judicial Magistrate to consider release of accused on interim bail for 60 days

Sh. Suraj Singh Vs State of Uttar Pradesh (Allahabad High Court)

Sh. Suraj Singh Vs State of Uttar Pradesh (Allahabad High Court) Heard Sri Anurag Khanna, learned Senior Advocate alongwith Sri Nipun Singh and Sri R.P. Singh, learned counsel for the petitioner and Sri Vinod Kant, learned Additional Advocate General assisted by Sri Sanjay Sharma, learned AGA through vedio conferencing. At the very outset...

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Burden of proof for non-smuggled nature of seized gold lies on assessee

Deepak Handa Vs Principal Commissioner of Customs (Preventive) CESTAT Delhi)

Since assessee could not discharge their responsibility of proving non-smuggled nature of the seized foreign marked gold as per section 123 of Customs Act thus, the confiscation of the gold bars, gold coins and small pieces of gold under section 111(d) and section 111(i) was correct....

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