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Archive: 23 August 2021

Posts in 23 August 2021

Raksha Bandhan: Relation between seller and buyer under GST

August 23, 2021 6351 Views 0 comment Print

Krishna, the Festive season has just begun. Recently, the festival of Rakshabandhan was celebrated in India with great enthusiasm. But how and when will the GST Taxpayer celebrate Rakshabandhan. In other words, to check whether input tax credit matches with GSTR-2A and output taxes match with GSTR-3B, GSTR-1, E-way Bill, and also with books?

Highlights of LLP (Amendment) Act, 2021

August 23, 2021 12090 Views 0 comment Print

Highlights of the amendments passed in the Limited Liability Partnership Act, 2008 through the Limited Liability Partnership (Amendment) Act, 2021 by CL&CGC ICAI.

Meerut Zonal Unit of DGGI unearthed fake billing racket

August 23, 2021 1983 Views 0 comment Print

Meerut Zonal Unit of DGGI has unearthed a fake billing racket involving numerous fictitious firms manipulating fake invoices to show the procurement of metal scrap, leading to the passing on of unlawful ITC of approximately Rs. 130 crores without any concomitant supply of goods.

Resolve glitches in Income Tax e-filing portal by 15th Sep 2021: FM to Infosys

August 23, 2021 1401 Views 3 comments Print

The Finance Minister demanded that the issues faced by taxpayers on current functionalities of the portal should be resolved by the team by 15th September, 2021 so that taxpayers and professionals can work seamlessly on the portal.

New Scheme For Exports | Ubharte Sitaare Fund

August 23, 2021 3204 Views 0 comment Print

After just 3 days from announcement of RoDTEP scheme for exporters, Finance Minister Launched “Ubharte Sitaare Fund” on 21 August 2021. Union Finance Minister Nirmala Sitharaman on Saturday, addressing the launch of the ‘Ubharte Sitaare Fund’ said the micro, small and medium enterprises (MSMEs) are the backbone of the economy, and that the government has […]

How a NGO can Increase the Chances of it’s Success with CSR Funding

August 23, 2021 3339 Views 0 comment Print

How a Non-Governmental Organization (NGO) can Increase the Chances of it’s Success with CSR Funding Many NGOs are working at the grassroots level to provide actual benefits to society, but only a small percentage of them are able to obtain CSR funds. The fact that NGOs are unable to adequately present their projects and what […]

No penalty for preferring a claim which is unacceptable to Revenue

August 23, 2021 2028 Views 0 comment Print

HCL Technologies Ltd. Vs DCIT (ITAT Delhi) Levy of penalty in this case is unsustainable because mere preferring a claim which is unacceptable to the Revenue does not ipso facto lead to levy of penalty. Here in this case, Form No. 56F duly signed by the Chartered Accountant justifies the plea of bona fide belief […]

RoDTEP Scheme & Rates: Is It a fit Case for Invoking Writs?

August 23, 2021 2721 Views 1 comment Print

The New Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme and Rates announced by The CBIC on 17th August in place of the MEIS Scheme has not lived up even to minimum expectations of Trade & Industry. The Rates of  Merchandise Export from India Scheme (MEIS) which were being dragged down over the […]

ITC not available on Air Conditioning & Cooling System by applying Test of Permanency

August 23, 2021 4920 Views 3 comments Print

Applicant in process of establishing new factory has sought an Advance Ruling on applicability of Input Tax Credit (ITC) on various assets for their installation and commission in the factory under provisions of Section 16 and 17 of the Central Goods and Services Act, 2017 (CGST Act).

Shares with Differential Voting Rights (DVRs) | Companies Act, 2013

August 23, 2021 45231 Views 0 comment Print

The share capital is the contribution by the Owners of the Company. As per the provisions of the Companies Act, 2013, share capitals are of 2 kinds: – 1. Equity 2. Preference Again the Equity shares/ capital can be further divided into: – 1. Equity shares with voting rights 2. Equity shares without voting rights. […]

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