"23 August 2021" Archive

Raksha Bandhan: Relation between seller and buyer under GST

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 boo...

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Highlights of LLP (Amendment) Act, 2021

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

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Meerut Zonal Unit of DGGI unearthed fake billing racket

Notification No. D.O.No.72/CH(IC)/2020 23/08/2021

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....

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

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....

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New Scheme For Exports | Ubharte Sitaare Fund

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 ...

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

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 [&helli...

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DRI are not proper officer for issuing demand under section 28

Evershine Customs (C & F) Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi)

Evershine Customs (C & F) Pvt. Ltd. Vs Commissioner of Customs a) The penalty under section 112 on the Customs Broker is set aside because even if the allegation that the CB has not fulfilled his obligations under CBLR 2013 is proven, no penalty can be imposed on this ground under section 112 of the […]...

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No penalty for preferring a claim which is unacceptable to Revenue

HCL Technologies Ltd. Vs DCIT (ITAT Delhi)

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 […]...

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TDS not deductible on payment to Facebook Ireland & Mailchimp US for Advertisement

Urban Ladder Home Décor Solutions Pvt. Ltd. Vs ACIT (ITAT Bangalore)

Urban Ladder Home Décor Solutions Pvt. Ltd. Vs ACIT (ITAT Bangalore) A careful perusal of the relevant provisions of the agreement entered by the assessee with Facebook and Rocket Science Group (Mailchimp) would show that both these non-resident companies are allowing the assessee to use the facilities provided in their sites, which incl...

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

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 […]...

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