"15 July 2021" Archive

CBIC CRP for speedy clearances of COVID-19 vaccines at airports

Recognizing that efficient and expeditious release of temperature-sensitive vaccines would be a critical requirement in the collective fight against the COVID-19 pandemic, CBIC has proactively put in place a COVID Response Plan (CRP) ( Annexed herewith) for speedy clearances of COVID-19 vaccines at all major airports....

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Posted Under: Custom Duty |

₹ 75,000 crore released to States & UTs with Legislature as GST Compensation shortfall

Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation.  This release is in addition to normal GST compensation being released every 2 months out of actual cess collection....

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Posted Under: Custom Duty |

Calcutta HC too stays reassessment proceedings U/s. 148 R.W. 148A

Bagaria Properties and Investments Private Limited and Anr. Vs Union of India and Ors (Calcutta High Court)

Honourable Calcutta High Court too stayed the reassessment proceedings under section 148 read with section 148A , notices issued post 31/03/2021 and the notifications of extension of notices , following the ratio of the other HC judgements on similar issues . Interim order of STAY PASSED ...

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Anomaly In Limitation date for completion of TP Assessment Proceedings

KSCAA has made a representation highlighting an anomaly in Transfer Pricing Assessment  proceedings (TP proceedings’) concerning the AY 2018-19. Full text of their representation is as follows:- KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) CA. Kumar S jigajinni | President KSCAA CA. Pramod Srihari | Secretary KSCAA 13th Ju...

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Posted Under: Custom Duty |

ESIC felicitates donors to ESIC Hospitals during COVID-19 Pandemic

Through the coordinated efforts of Government, Private Institutions, Civil Society, NGOs and Private Citizens overcame the health crisis caused by second wave of Covid-19 pandemic. More than 100 donors across India made donations of equipment/kits/disposables etc. to ESIC Hospitals amounting to the sum of Rs.13 Crore....

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Posted Under: Custom Duty |

GST on Reimbursement of expenses by Supplier

With the globalization of businesses being on the rise, there has been an equivalent rise in the complexity of transactions.  The management for the smooth conduct of their business receives various goods and services from different suppliers. However, suppliers, sometimes for the sake of convenience, provide additional goods and service...

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Posted Under: Custom Duty |

Implementation of RMS for processing of Duty Drawback claims

Circular No. 15/2021-Customs 15/07/2021

RMS will process the shipping bill data after the Export General Manifest (EGM) is filed electronically and will provide required output to ICES for selection of shipping bills for risk-based processing of duty drawback claims....

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Pocket guide for NBFC compliances from FY 2019-2020 onwards

(A) Annual Compliances Checklist to be done by an NBFC (Non-taking Public Deposit) Asset Size – Below Rs. 100 Crores Return Name Return Overview Frequency Who will Submit Timeline for submission of Return DNBS 02 Important Financial Parameters Annual NBFC 60 Days DNBS 10 Statutory Auditor Certificate Annual Statutory Auditor One mon...

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Posted Under: Custom Duty |

Section 32 not mandate usage of asset by assessee itself for claiming depreciation

Addl. CIT Vs Gillette Diversified Operations Pvt. Ltd. (ITAT Delhi)

Addl. CIT Vs Gillette Diversified Operations Pvt. Ltd. (ITAT Delhi) Section 32 requires that the assessee must use the asset for the ‘purposes of business’. It does not mandate usage of the asset by the assessee itself. As long as the asset is utilized for the purpose of business of the assessee, the requirement of […]...

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Infosys totally failed in handling GST and New income tax portal

With my experience as Chartered Accountant I can say that Infosys has totally failed in handling GST portal  as well as the New income tax portal. It is surprising to see that despite failure of Infosys Cenhtral government has not imposed any penalty on Infosys for Its Sub-standard performance in website maintenance and implementation. I...

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Posted Under: Custom Duty |

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