"13 July 2021" Archive

GST Council News Letter for the Month of June 2021

GST NEWSLETTER -JUNE 2021 GST Council Secretariat, New Delhi Highlights of 44 GST Council Meeting The 44th GST Council met on 12 June 2021 under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing. The meeting was attended by Union Minister of State for Finance & Corpor...

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Empanelment for Stock Audit with Union Bank of India

Applications are invited by Union Bank of India for empanelment of Stock Auditors, subject to fulfilment of the Eligibility Criteria related to educational qualifications, experience & other requirements...

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Works Contract Services under GST- A Compendium regarding Development/Changes in the law

Works contract have always been a matter of mystery and doubts, however in current GST scenario many things are sorted out unlike erstwhile VAT and Service Tax laws. In this article we have tried to compile and discuss all the relevant sections, rules and notifications in lieu of Works Contract Services. At the Outset definition […...

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Depreciation on smart phones functioning equivalent to computers

Falcon Business Resources Pvt. Ltd. Vs DCIT (ITAT Delhi)

Falcon Business Resources Pvt. Ltd. Vs DCIT (ITAT Delhi) The lower authorities while deciding the issue whether the depreciation is allowable on mobile phones @ 15% or considering the mobile phones computers @ 60%. This issue has been decided by the solitary decision of Hon’ble Kerala High Court in the case of Federal Bank Ltd. [&hellip...

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SC pulled up department for delay in filing of appeal, imposes personal cost of Rs 25,000

Hon’ble SC has in the case of UNION OF INDIA & ORS v/s M/S VISHNU AROMA POUCHING PVT. LTD. & ANR in SPECIAL LEAVE PETITION (CIVIL) Diary No(s). 1434/2021 has come down heavily on the lethargy on part of the revenue department in late filing of appeals, even when so much computerization have been achieved. […]...

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DGGI booked about 8000 cases involving fake ITC of over Rs. 35000

During the financial year 2020-21 the CGST zones and the Directorate General of GST Intelligence (DGGI) have booked about 8000 cases involving fake ITC of over Rs. 35000 crore. During the financial year 426 persons including 14 professionals such as CAs, Lawyers and masterminds, beneficiaries, directors etc were arrested....

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Extension of time limit for filing claims under TMA Scheme

Public Notice No. 14/2015-2020 [F. No. 01/92/180/12/AM-22/PC-VI/E-27866] 13/07/2021

The claims for assistance under the TMA Scheme for the quarters ending on 31.03.2020 and 30.06.2020 can be filed upto 30th September, 2021. Public Notice No. 14/2015-2020 | Dated The 13th July, 2021. Government of India Ministry of Commerce and Industry Department of Commerce Udyog Bhavan, New Delhi New Delhi Public Notice No. 14/2015-202...

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IPA ICAI invites applications for the Post of Managing Director

Insolvency Professional Agency of Institute of Cost Accountants of India (Section 8 Company registered under the Companies Act, 2013) The Insolvency Professional Agency of the Institute of Cost Accountants of India (IPA ICAI), a Section 8 Company incorporated under Companies Act 2013 has been promoted by the Institute of Cost Accountants ...

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New tax regime: How to opt-in or opt-out? A.Y. 2021-22

The Finance Act, 2020 came up with a number of amendments and introductions. One of such being the introduction of a new tax regime, which in essence is the biggest development and point of confusion for taxpayers. The Finance Minister announced a new set of tax slab rates for individuals, HUF and co-operative societies. For the [&hellip...

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Amendment can be done of Bill of Entry/ Bill of Shipping/ Bill of Exports: Post clearance of goods for domestic consumption or export

Amendment can be done of Bill of Entry/ Bill of Shipping/ Bill of Exports: Post clearance of goods for domestic consumption or export Legal provisions are meant to help the business and not otherwise. The provisions are not legislated to deny the legitimate benefit rather they should be interpreted in a way to help the […]...

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July 2021