"August, 2021" Archive

Date for filing application for revocation of cancellation of GST registration extended

Advisory No. 503 31/08/2021

Where the due date of filing of application for revocation of cancellation of registration falls between 1st March, 2020 to 31st August, 2021, the time limit for filing of application for revocation of cancellation of registration is extended to 30th September, 2021....

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Transitional Credit allowed on ground of technical glitch in GSTN

Activities of GST are technology driven where the taxpayer has to go through various instructions to migrate, especially in the initial stage. Therefore, it becomes improbable to expect the transition to be smooth as claimed by the Revenue....

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GSTR 3B notified as specified return under Section 39 w.e.f. 01-01-2021

GSTR -3B has been notified as a return as specified for Section 39 of CGST Act, 2017 w.e.f. 01-01-2021 The Central Goods and Service Act, 2017 (CGST Act, 2017) prescribed three returns i.e. FORM GSTR-1 (for outward supplies) u/s 37 of CGST Act, 2017 [Rule 59(1)], FORM GSTR-2 (for inward supplies) u/s 38 of CGST […]...

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Exposure Draft of revised AS 36, Impairment of Assets,

Exposure Draft of revised AS 36, Impairment of Assets, has been issued by the ASB for comments with the last date being September 30, 2021,...

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Interplay of section 36 & section 43B [Employee Contribution]

1. Controversy in the past a. Before the amendment in Finance Act 2021, various taxpayers claimed the deduction of employee’s contribution deposited after the due date specified in relevant act but before the due date specified in section 139(1) of the Income-tax Act. b. If tax audit is also applicable on the taxpayer, then the [&hellip...

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Supreme Court modifies High Court’s Order by granting appropriate authority to issue fresh SCN

State of Jharkhand & Ors. Vs Bihar Sponge Iron Ltd. (Supreme Court of India)

State of Jharkhand & Ors. Vs Bihar Sponge Iron Ltd. (Supreme Court) Current appeal has been filed against the Order SLP(C)No. 14956 of 2020 dated October 23, 2019 by the Hon’ble Jharkhand HIgh Court (Jharkhand HC) which quashed the Show Cause Notice (SCN) on the grounds of it violating Section 70(5)(b)  of  Jharkhand Value Added [...

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How to maximise your tax saving by choosing the right insurance policy for yourself & family?

The point of getting insurance is that it is the highest form of assurance. Insurance is a binding agreement between the insurer and the insured that gives the insured access to the best form of care, depending on the policy purchased....

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CBIC extends ADD on Glass Fibre and Articles thereof till 31.10.2021

Notification No. 49/2021-Customs (ADD) [G.S.R. 607(E)] 31/08/2021

seeks to amend Notification number 48/2016-Customs (ADD) dated 1st September, 2016 , to extend the levy on ‘Glass Fibre and Articles thereof’ from China PR upto 31st October, 2021. Notification No. 49/2021-Customs (ADD), Dated: 31.08.2021 MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 49/2021-Customs (A...

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Sea Cargo Manifest and Transhipment (Seventh Amendment) Regulations, 2021

Notification No. 70/2021-Customs (N.T.) [G.S.R. 606(E)] 31/08/2021

CBIC notifies Sea Cargo Manifest and Transhipment (Seventh Amendment) Regulations, 2021 vide Notification No. 70/2021-CUSTOMS (N.T.) | Dated: 31st August, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 70/2021-CUSTOMS (N.T.) | Dated: 31st August, 2021 G.S.R. 606(E...

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Import of aircrafts by Aircraft Leasing Entities in IFSC allowed

Notification No. 21/2015-2020 - DGFT 31/08/2021

Policy Condition no. 1 of Chapter 88 of ITC (HS) 2017, Schedule- I (Import Policy),is revised in part (e) to allow import of aircrafts by Aircraft Leasing Entities in IFSC, located in GIFT city, Gandhinagar, Gujrat in line with the revised Air Transport Circular 02/2017 issued by DGCA. Further, the existing part (e) of Policy […]...

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