"26 July 2021" Archive

The curious case of Credit Notes under GST

There is no denying that GST was meant to be an easy law, easy to comprehend and easy to understand. With four years and plus of the GST law, we still have issues where the portal and the law don’t seem to go hand in hand. One such issue is in respect of credit notes. […]...

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No Service Tax on liquidated damages recovered for not adhering to time limits mentioned in contract

Neyveli Lignite Corporation Ltd. Vs Commissioner of Customs, Central Excise & Service Tax (CESTAT Chennai)

CESTAT held that, no service tax is to be imposed on liquidated damages recovered for not adhering to time limits mentioned in the contract as the same would not be covered in ‘Declared Services’ mentioned under Section 66E(e) of the Finance Act, 1994...

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Systemic measures under Black Money Act yields results

As on 31.05.2021, assessment orders under section 10(3)/10(4) of the Black Money Act, 2015 have been passed in 166 cases, wherein demand of  8,216 crore has been raised. Undisclosed income of  8,465 crore (approx.) has been brought to tax and penalty of Rs. 1,294 crore has been levied in HSBC cases....

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Penalty not justified where E way bill was generated against Invoice Number instead of Bill of Entry

Bacardi India (P) Ltd. vs. Commissioner State Tax (Joint Commissioner (Appeal), State Tax, Haldani)

Bacardi India (P) Ltd. vs. Commissioner State Tax (Joint Commissioner (Appeal), State Tax, Haldani); Appeal Number: 24/2020; Date of Decision: 21/11/2020 Uttarakhand GST Appellate authority sets aside penalty order under section 129 for minor error in e waybill. In the E way bill Invoice Number was mentioned instead of Bill of Entry numbe...

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Benches of Tribunal must strictly adhere to period of limitation prescribed by SC

F No. 01(05)/Circular/CESTAT/2021 26/07/2021

F No. 01(05)/Circular/CESTAT/2021 Customs, Excise and Service Tax Appellate Tribunal West Block No. 2, R.K. Puram, New Delhi-110066 Dated: 26.07.2021 OFFICE MEMORANDUM It has come to notice that the Benches of the Tribunal have been adopting different standards in determining the period of limitation in appeals which are filed beyond the ...

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Resolution-A Vital Concept under Companies Act, 2013

BRIEF BACKGROUND The decisions taken in a Company effect considerable number of peoples, their livelihood, their employment, and their wealth. The ownership of the corporation is diluted across its numerous shareholders, many of whom have no involvement with the corporation, thus the decisions are taken through Resolution, by Majority of ...

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SOP for handling writ petition in case of faceless assessments

Notification No. N.A.F.A.C-1/58/2021-22/333 26/07/2021

Standard Operating Procedure (SOP) for handling writ petitions where assessment is made under the Faceless Assessment Scheme 2019 (FAS’ 19)/section 144B of the IT Act, 1961(the Act) and or penalty is passed under Faceless Penalty Scheme, 2021, where NaFAC/CBDT is one of the respondents...

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Import Export Code (IEC)- Benefits, Updation & Who can obtain

IEC is a business identification number issued by the Director General of Foreign Trade (DGFT) to an importer or exporter. A person cannot import or export unless he is in the possession of an IEC number. Where a person import or export of any service or technology, the IEC number shall be required only when […]...

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Missed TMA benefit for March & June 2020? You can file it now !!

Public Notice No. 14/2015-2020 13/07/2021

The Director General of Foreign Trade (DGFT) has issued a Public Notice Number 14/2015-20 dated 13 July 2021 to extend time limit for filing of claims under the Transport and Marketing Assistance (TMA) scheme. The “Transport and Marketing Assistance” (TMA) for specified agriculture products Scheme aims to provide assistance for the in...

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Analysis: IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2021

*IBBI Notification No. IBBI/2021-22/GN/REG077 Dtd. 22nd July, 2021 The Insolvency and Bankruptcy Board of India (IBBI) has notified a new set of regulations to amend the existing IBBI (Insolvency Professionals) Regulations, 2016 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Effe...

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September 2021