"17 August 2021" Archive

Centre Notifies RoDTEP Scheme Guidelines and Rates

Centre has today notified RoDTEP Scheme Guidelines and Rates (Remission of Duties and Taxes on Exported Products). The scheme for zero rating of exports will boost our exports & competitiveness in the global markets .The rates of RoDTEP will cover 8555 tariff lines....

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Posted Under: DGFT |

Map your HSN code with business process to avoid Tax litigation

What Is HSN and its importance HSN is a short form for Harmonized  System of Nomenclature introduced by the world customs organization in 1988 to identify and classify goods for levying custom duty. HSN avoids goods being classified differently in different custom zones of the various ports, thus bringing certainty to the taxation part o...

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Posted Under: DGFT |

How the pandemic influenced Capital Markets

(All about Capital markets: – Definition, Types, role of Company Secretaries etc.) Introduction: – Capital markets are the exchange system platform that transfers capital from investors who want to employ their excess capital to businesses that require the capital to finance various projects or investments. Types of capital Ma...

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Posted Under: DGFT |

Annual Return and Reconciliation in GST (W.E.F. 01.08.2021)

Till now, every assessee was required to file annual return in Form GSTR-9 along with duly audited reconciliation statement of sales, purchases and ITC in Form GSTR 9C by a practising chartered accountant or a cost accountant. However, w.e.f. 1.8.2021, the provisions for annual return and GST audit & reconciliation have been amended s...

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Posted Under: DGFT |

Deposits under Companies Act, 2013: Part-I | What Is Deposits

INTRODUCTION Every Company needs funds to run and expand its business operations. These funds either are owners’ capital or debt. This debt can further be debenture, loans, and deposits. In this write-up, we are going to discuss deposits and inter-corporate borrowings. In this write-up, I will analyse provisions related to acceptance of...

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Posted Under: DGFT |

Is Purified Drinking water supplied at affordable price taxable @ 18%

Application for advance ruling was filed to determine whether supply of drinking water to general public in unpacked/unsealed manner through dispensers/mobile tankers by a charitable organization at a concessional value is covered under exemption of GST as per SI. No 99 of the Notification 02/2017-Central tax (Rate) dated June 28, 2017...

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Posted Under: DGFT |

Recent Updates In GST till 16th August 2021

The economy has started showing signs of recovery after second wave of Covid-19 which is receding fast. While nothing is predictable on the third wave yet, the economy is slowly returning to normal with most of the curbs been lifted in all parts of the country. While capital expenditure has grown in Q1 this year, […]...

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Posted Under: DGFT |

Management Consultancy cannot be considered as technical consultancy

Pramod Lele Vs ITO (ITAT Mumbai)

Pramod Lele Vs ITO (ITAT Mumbai) 1. The expression ‘Technical Consultancy’ would only mean rendering of technical services by assessee. In our considered opinion, the expression ‘Management Consultancy’ could not be brought within the ambit of “technical consultancy”. 2. Hence, we hold that the provisions of Se...

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CENVAT Credit eligibility cannot be questioned at the Time of claiming of Refund

Microsoft Research Lab India Private Limited Vs Commissioner of Central Tax (CESTAT Bangalore)

Microsoft Research Lab India Private Limited Vs Commissioner of Central Tax (CESTAT Bangalore) CESTAT find that the appellant has given detailed justification for each of the impugned services involved in these two appeals with judicial precedents and the impugned services have been used by the appellant for rendering the output services....

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P&H HC allow Spicejet to pay GST dues in installment

Spicejet Limited Vs Excise and Taxation Officer cum Proper Officer (Punjab and Haryana HC)

Current writ petition has been filed by SpiceJet Limited (Petitioner) to quash the Notice bearing No. 1273, ETO/W-1/GGM (North) dated July 27, 2021 which provided to the Petitioner to discharge its statutory tax dues....

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