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Archive: 11 August 2021

Posts in 11 August 2021

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7170 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

ESIC Covid-19 Relief Scheme- Eligibility conditions & Manner of Payment

August 11, 2021 1467 Views 0 comment Print

a) The IP who died due to COVID-19 disease must have been registered on the ESIC online portal at least three months prior to the date of diagnosis of COVID-19 disease resulting in his/ her death. b) The deceased IP must have been in employment on the date of diagnosis of COVID-19 disease and contributions for at least 70 days should have been paid or payable in respect of him/ her during a period of maximum one year immediately preceding the diagnosis of COVID-19 disease resulting in death.

2 held by CGST Officials for ITC fraud of more than Rs 10 crore

August 11, 2021 903 Views 0 comment Print

CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd.,  Faridabad on charges of illegally availing and passing on input tax credit (ITC) by issuance of invoices without supply of goods.

Suppression of facts has to be “Wilful” for recovery of CENVAT Credit

August 11, 2021 7986 Views 0 comment Print

Emaar MGF Land Ltd. Vs Commissioner of Central Excise and CGST (CESTAT Delhi) M/s. Emaar MGF Land Ltd. (Appellant) has filed the current appeal for quashing Order-In-Original No. DLI-SVTAX-001-COM-054-16-17 dated March 31, 2017 (OIO) which confirmed recovery of Central Value Added Tax Credit “CENVAT Credit) along with interest and penalty under Section 73(1) of the […]

Enquiries by Central Authority under GST cannot be restricted due to pendency of proceedings before State Authority

August 11, 2021 789 Views 0 comment Print

Hon’ble High Court of Madras noted that it needs to be established that subject matter is one and the same and that mere pendency of proceedings before the State authorities is not a ground to restrain the Central authorities from issuing summons and conduct investigation regarding certain allegations.

Payments for computer software sold/licenced on a CD/other physical media cannot be classed as a royalty

August 11, 2021 1176 Views 0 comment Print

World Courier (India) Pvt. Ltd. Vs ACIT (ITAT Bangalore) M/s. World Courier (India) Pvt. Ltd. (Appellant) has filed an appeal against order dated April 24, 2017 of Commissioner of Income Tax (Appeals) (CIT(A)) on the issue whether Revenue authorities were justified in disallowing sum paid by the Appellant as software maintenance charges to its overseas […]

Is B.Com Necessary For CS, CA?

August 11, 2021 19053 Views 3 comments Print

Many students believe that a B.Com degree is one of the prerequisites for the CA program. The answer is no. If you apply via Foundation Route, you don’t need a B.Com degree to become a CA. However, if you apply for the program via the direct entry option, you must have a bachelor’s degree. First […]

Analysis of The Taxation Laws (Amendment) Bill, 2021 by ICAI CMA

August 11, 2021 1359 Views 0 comment Print

The government introduced the Taxation Laws (Amendment) Bill, 2021, which seeks to withdraw tax demands made under the Finance Act, 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Taxation Laws (Amendment) Bill, 2021 inserted three provisos (Fourth, Fifth, and Sixth Proviso) in Explanation 5 to Section 9(1)(i) to give relief to […]

DRAFT – Foreign Exchange Management (Overseas Investment) Regulations, 2021

August 11, 2021 2013 Views 0 comment Print

Reserve Bank of India DRAFT – Foreign Exchange Management (Overseas Investment) Regulations, 2021 1. Short Title and Commencement (i) These regulations may be called the Foreign Exchange Management (Overseas Investment) Regulations, 2021. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Definitions In these regulations, unless the […]

Draft Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021

August 11, 2021 3054 Views 0 comment Print

Reserve Bank of India Draft Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021 CHAPTER I PRELIMINARY 1. Short Title and Commencement (i) These rules shall be called the Foreign Exchange Management (Non-debt Instruments – Overseas Investment) Rules, 2021. (ii) Save as otherwise provided in these rules, they shall come into force from the […]

IGST on goods re-imported after being exported for repairs

August 11, 2021 5568 Views 0 comment Print

(Circular No. 16/2021–Customsdated 19thJuly 2021; Notification Nos. 45/2017–Customs and 46/2017–Customs, both dated 30thJune 2017; Notifications No. 36 & 37–Customs dated 19thJuly  2021) IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs The GST Council, at the time of roll out of GST decided to continue the concession as were […]

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