"29 June 2021" Archive

Brief Note on Behalf of ICAI on Issues Raised in SC Writ Petition

IN THE SUPREME COURT OF INDIA WRIT PETITION (C) NO.640/2021 ANUBHA SHRIVASTAVA SAHAI VS. UNION OF INDIA & ANR. BRIEF NOTE ON BEHALF OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ON THE ISSUES RAISED IN THE WRIT PETITION 1. ICAI has a statutory duty to hold Professional Examinations 1.1 Under Section 15(2)(b) of the […]...

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Posted Under: CA, CS, CMA |

Documents required/checklist for GST registration

Article explains Documents required/checklist for GST registration of Proprietorship, Partnership, Hindu Undivided Family,Limited Liability Partnership, Public Limited Company/Private Limited Company/Unlimited Company, Society/Club/Trust/AOP/BOI and Government Department/Local Authority/Statutory Body. The following documents are required...

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Posted Under: CA, CS, CMA |

New Governance Norms For Banks

Reserve Bank of India (RBI), based on discussion paper on ‘Governance in Commercial Banks in India’ in June, 2020 and feedback thereon, RBI has carried out a comprehensive review of Governance framework to address operative aspects. RBI has issued instructions in relation to the following aspects of board governance: -Chairman of Boar...

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Posted Under: CA, CS, CMA |

Functionality to register complaint on misuse of PAN in GST Registration

FUNCTIONALITY TO CHECK MISUSE OF PAN To address the complaint related to misuse of PAN for obtaining GST registration, a functionality to register such complaints on GST Portal has been introduced. It will check the misuses, control the frauds and help officers in enquiry and cancellation of such registration. Once complaint is registered...

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Posted Under: CA, CS, CMA |

Section 17(5)(h) not covers loss of inputs inherent to manufacturing process: HC

Madras High Court: ‘Scope of Section 17(5)(h) shall not extend to cover the loss of inputs which is inherent to the manufacturing process’ This is to apprise you with a recent judgement by Hon’ble Madras High Court in the Case of ARS Steels & Alloy International Pvt. Ltd. Vs The State Tax Officer as follows: […]...

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Posted Under: CA, CS, CMA |

Analysis of ‘Interest’ Under GST Law

On reading of the foregoing provisions, it emerges that section 50(1) has applicability in situation i) where tax is liable to be paid and ii) such person has failed to pay either full or part thereof. It further emerges that Interest shall be paid for the default period i.e for the period for which the tax or any part thereof remains unp...

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Posted Under: CA, CS, CMA |

Constitutional validity of Rule 86A of CGST Rules challenged

MRS Realty Private Ltd. and Anr. Vs Union of India and Ors. (Calcutta High Court)

MRS Realty Private Ltd. and Anr. Vs Union of India and Ors. (Calcutta High Court) Calcutta High Court issued a notices to the Centre as well as State Government in a writ petition where vires of Rule 86A was also challenged and it was also prayed to read down section 16(2)(c) of The CGST Act. […]...

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Deduction under 80IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961)

CA Manikanta PSLS Deduction under 80 IBA updated with Finance Act, 2021 (Affordable housing project Profits deduction under Income Tax Act, 1961) Introduction:- The real estate sector plays a important role in fulfilling the need and demand for housing and infrastructure in the country. The growth of this sector is well complemented by th...

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Posted Under: CA, CS, CMA |

TDS/TCS on Purchase/Sale of Goods | New TDS Rate from 1st July

TDS on Purchase of Goods Section 194Q | TCS on Sale of Goods 206C(1H) | New TDS Rate from 1st July Introduction As you may be aware, Finance Act 2021 has inserted sec 194Q under Income Tax Act 1961 w.e.f 1st July 2021, introducing TDS (Tax Deducted at Source) on purchase of goods @ 0.1%. Buyers whose […]...

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Posted Under: CA, CS, CMA |

SC impose costs on Govt petitioner for wastage of judicial time

Commissioner of Customs Vs Sikkim Manipal University (Supreme Court of India)

Commissioner of Customs Vs Sikkim Manipal University (Supreme Court of India) FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER We have perused the application for condonation of delay. No doubt some time period was spent in the High Court, but the High Court ultimately held that the appeal would not be maintainable but will lie to […]...

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