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Archive: 29 June 2021

Posts in 29 June 2021

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

June 29, 2021 9063 Views 0 comment Print

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 […]

Documents required/checklist for GST registration

June 29, 2021 53607 Views 0 comment Print

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 to obtain GST registration depending on the types of business or constitution. Documents required/checklist for GST registration of Proprietorship (1) Aadhaar Card of Proprietor (2) […]

New Governance Norms For Banks

June 29, 2021 1977 Views 0 comment Print

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 Board -Board meetings -Board […]

Functionality to register complaint on misuse of PAN in GST Registration

June 29, 2021 10140 Views 1 comment Print

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, it will […]

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

June 29, 2021 11784 Views 0 comment Print

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: […]

Analysis of ‘Interest’ Under GST Law

June 29, 2021 58368 Views 3 comments Print

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 unpaid.

Constitutional validity of Rule 86A of CGST Rules challenged

June 29, 2021 2949 Views 0 comment Print

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. […]

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

June 29, 2021 46920 Views 6 comments Print

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 the growth […]

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

June 29, 2021 179430 Views 1 comment Print

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 […]

SC impose costs on Govt petitioner for wastage of judicial time

June 29, 2021 810 Views 0 comment Print

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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