"01 July 2021" Archive

Penalty cannot be imposed merely because it is lawful to do so

Mangalore Refinery and Petrochemicals Limited vs State of Karnataka (Karnataka High Court)

The Petitioner filed petition against the order dated May 24, 2017 (Order) by the passed by the Karnataka Appellate Tribunal denying the input tax credit (ITC) in respect of capital goods and imposing penalty stating that penal provisions are mandatory....

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Major Initiatives taken in GST for facilitation of taxpayers in last 1 year

GSTR-3B Return related measures Quarterly return monthly payment (QRMP) scheme > To reduce compliance burden of the smaller taxpayers having aggregate turnover upto Rs. 5 Crore, Quarterly Return and Monthly Payment (QRMP) Scheme has been introduced w.e.f. 01.01.2021, wherein the taxpayers can file their return in FORM GSTR-3B as well a...

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All India Common Representation on GST Amensty & Revocation Issue

ALL INDIA COMMON REPRESENTATION SUBJECT – To Increase Government GST Revenue and giving True Benefit of recent Amnesty Scheme SYNOPSIS OF ISSUE  – Recently in 43rd GST Council, Government has announced GST Amnesty Scheme for filing Tax Return from July 2017 to April 2021 with reduced late fees of Rs 500 / Rs 1000. However [&h...

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COVID Relief Measures in GST Compliance

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under GST law due to the outbreak of the second wave of COVID-19, the Government has issued notifications, dated 1st May, 2021, and 1st June, 2021 providing various relief measures for taxpayers. These measures are as follows: Reduction in rat...

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4 years of GST – Rate Changes Post Introduction

Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. OTHER CONCESSIONS Threshold increased to Rs 40 lakh in goods. Composition increased (Rs […]...

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Shri Piyush Goyal calls upon CAs of country to think big & scale up

Minister of Railways, Commerce & Industry, Consumer Affairs and Food & Public Distribution Shri Piyush Goyal today called upon the Chartered accountants of the country to think big and scale up to the global levels....

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GST on Supply of Electricity – Insights

Electricity or Electrical Energy is one of the major source of revenue for the state governments as it comes under the state list of the Constitution wherein they are collecting electricity charges from the customers....

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Presumptive Taxation Scheme For Professionals-Section 44ADA – Analysis

Presumptive Taxation Scheme For Professionals-Section 44ADA of The Income Tax Act,1961 As you know income tax in India is on higher side as comparable to other countries , but when you consider and analyse your tax liabilities after considering and applying all rebates, deductions and allowances available in the four corners of Income Tax...

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Brand-promotion expenses not to be included in valuation of imported goods: SC

Commissioner of Customs Vs Indo Rubber And Plastic Works (Supreme Court of India)

SC dismisses Revenue’s Special Leave Petition (SLP) against the Customs Excise and Service Tax Appellate Tribunal (CESTAT) order which had held that marketing, advertising, sponsorship and promotional expenses/payments made by the assessee (importer) for promotion of brand is not includible in assessable of imported sports goods and t...

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Interest Rates for National (Small) Savings Schemes w.e.f. 01.07.2021

SB Order No 17/2021 01/07/2021

Rate of interest on various National (Small) Savings Schemes for the second quarter of financial year 2021-22 starting from 1st July, 2021 and ending on  30th  September,  2021  shall  remain  unchanged  from  the  current  interest rates applicable for the first quarter (1st April, 2021 to 30th June, 2021)....

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September 2022