"16 July 2021" Archive

Memorandum on problems being faced in relation to New Income Tax Portal

The Income Tax Return for the AY 2021-22 cannot be filed through any software or directly by uploading JSON file because this functionality has not been enabled at the Income Tax Portal. Due to this, the Public at large, who are applying for/ renewal of its Bank Loans, for applying tenders to various organization and for applying visa for...

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Posted Under: Income Tax | ,

GST not leviable on reimbursement of property tax received from members of Housing Society

In re Emerald Court Co-operative Housing Society Limited (GST AAR Maharashtra)

In re Emerald Court Co-operative Housing Society Limited (GST AAR Maharashtra) Question: – Determination of the liability to pay GST on Maintenance charges. Emerald Court Co-op Housing Society Ltd is a Co-operative Housing Society (CHS). It looks after the upkeep of the society and its members. The CHS provides services to its membe...

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Online/Offline tending – Is it Supply of Service & GST Applicability

In re Maharashtra State Dental Council (GST AAR Maharashtra)

In re Maharashtra State Dental Council (GST AAR Maharashtra) Question 1:- Whether online tending to be considered as Supply of Goods or Supply of Service? Answer:- Online tendering will be considered as Supply of Services. Question 2:– Whether offline tendering to be considered as Supply of Goods or Supply of services? Answer:- O...

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AAR Maharashtra allows withdrawal of application by Sachar Gaming

In re Sachar Gaming Private Limited (GST AAR Maharashtra)

Whether the exemption to a 'defence formation for preparation and generation of E - way bills is applicable to Ordnance factories & other Central Government & Public Sector Undertakings (PSU's) that function under the Ministry of Defence, Government of India?...

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GST: Defence formation & Ordnance factories- E-way bill applicability, ITC

In re Senor General Manager Ordnance Factory (GST AAR Maharashtra)

Whether the exemption to a 'defence formation for preparation and generation of E - way bills is applicable to Ordnance factories & other Central Government & Public Sector Undertakings (PSU's) that function under the Ministry of Defence. Government of India?...

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GST on Brush Holder Assembly, Lead Wires and parts for Railway

In re Arco Electro Technologies Pvt. Ltd. (GST AAR Maharashtra)

In re Arco Electro Technologies Pvt. Ltd. (GST AAR Maharashtra) Question: Railway parts such as Brush Holder Assembly and parts, Lead Wires for locomotives and Insulating Rods Locomotives manufactured as per the specification and drawings of Indian Railways. These should be classified under HSN Heading 8503, 8544 and 8547 @ 18% or under ...

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Block Mechanism in demat account of clients undertaking sale transactions

Circular No. SEBI/HO/MIRSD/DOP/P/CIR/2021/595 & PR No .23/2021 16/07/2021

If securities for sale are blocked in the depository system in favour of clearing corporation, all margin would deemed to have been collected and penalty for short/non collection of margin including other margins shall not arise. The facility of block mechanism shall be available to the clients from August 01, 2021....

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IFRS Practice Statement – Management Commentary

IASB has issued the ED of revised IFRS Practice Statement - Management Commentary, which is not mandatory in nature. The revised Practice Statement would supersede the existing Practice Statement, issued in year 2010. The purpose of this ED is to obtain feedback on the IASB’s proposals....

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Posted Under: Income Tax |

DGFT invites suggestions on New Foreign Trade Policy (2021-26)

Trade Notice No. 09/2021-22 16/07/2021

In order to prepare a new five year Foreign Trade Policy, suggestions/inputs are invited from various stakeholders for New Foreign Trade Policy (2021-26)...

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SEBI introduces Expected Loss (EL) based Rating Scale

Circular No. SEBI/HO/MIRSD/MIRSD_CRADT/P/CIR/2021/594 16/07/2021

Expected Loss (EL) based Rating Scale may be used by CRAs for ratings of projects/ instruments associated with infrastructure sector to begin with:...

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