"30 August 2021" Archive

Parallel proceedings by State & Central GST Authorities: HC explains scope of Section 6(2)(b)

Kuppan Gounder P.G.Natarajan Vs Directorate General of GST Intelligence (Madras High Court)

Kuppan Gounder P.G.Natarajan Vs Directorate General of GST Intelligence (Madras High Court) Let us consider the scope of Section 6(2)(b) of the Act. It contemplates that “where a proper officer under the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act has initiated any proceedings on a subject matter, ...

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RBI Master Direction on Financial Statements – Presentation & Disclosures

Master Direction No. RBI/DOR/2021-22/83 DOR.ACC.REC.No.45/21.04.018/2021-22 30/08/2021

The Reserve Bank of India has, from time to time, issued several guidelines/instructions/directives to the banks on the presentation of financial statements, regulatory clarification on compliance with accounting standards, and disclosures in notes to accounts....

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Guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers and Control Function staff – Clarification

Notification No. RBI/2021-22/95 DOR.GOV.REC.44/29.67.001/2021-22 30/08/2021

Reserve Bank of India RBI/2021-22/95 DOR.GOV.REC.44/29.67.001/2021-22 August 30, 2021 All Private Sector Banks (including Local Area Banks, Small Finance Banks, Payments Banks) and Foreign Banks operating in India Dear Sir/Madam, Guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers and Control...

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A Glimpse on Practical Issues of TDS on Purchase of Goods under Section 194Q

A Glimpse on Practical Issues of TDS on Purchase of Goods Under Section 194Q of The Income Tax Act, 1961 Applicability This section was introduced by Finance Act, 2021 and is effective from 1st of July 2021. This section applies to any buyer who is responsible for paying any sum to any resident seller for […]...

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GST: Bank account cannot continue to be attached after one year

Implement Impex Private Limited Vs State of Maharashtra (Bombay High Court)

Implement Impex Private Limited Vs State of Maharashtra (Bombay High Court) The grievance that has been voiced in this writ petition is that despite lapse of more than a year from the date provisional attachment of the petitioner’s bank account was ordered, the Joint Commissioner has not lifted such order of provisional attachment. In g...

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Notification No. 41/2021-Customs, Dated: 30.08.2021

Notification No. 41/2021-Customs 30/08/2021

Seeks to amend  notification No. 28/2021-Customs, dated the 24th April, 2021 to extend the exemptions under the said notification up to 30th September, 2021. Notification No. 41/2021-Customs | Dated: 30thAugust, 2021 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 41/2021-Customs New Delhi, the 30thAugust...

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Sale of Capital Goods under GST

There has been a lot of talks recently, and confusion as to whether GST has to be paid on sale of capital goods or not. I have tried to clear this by explaining the above aspect in the following scenarios. 1. Capital Goods Supplied for a consideration on which ITC has been availed. 2. Capital […]...

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Now non-filing of GSTR-3B for two months restricts filing of GSTR-1/IFF

Arjuna (Fictional Character): Krishna, which new rule has been implemented by CBIC on GST Portal from 1st September 2021? Krishna (Fictional Character): Arjuna, Rule 59(6) of CGST Rules, 2017 providing for restriction in the filing of GSTR-1 has been inserted by the CBIC vide Notification No. 1/2021 dated 1st January 2021 which will be im...

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GST: Key Actionable Items for FY 2020-21 before September 2021 returns

Taxpayers under regular category are filing GSTR 1 and GSTR 3B to report their transactions. GSTR 1 is for reporting of details of outward supplies including amendments if any and GSTR 3B is for reporting summary transactions for payment of taxes and claiming ITC. Transactions relating to the tax period April 2020 to March 2021 […]...

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Key insights from FAQs on CSR by MCA

The Ministry (MCA) has issued Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) vide  General Circular No. 14 /2021 dated 25th August 2021, in supersession of its earlier Clarifications/FAQs, for better understanding and facilitating effective implementation of CSR. Some Key insights from FAQs on CSR by MCA are a...

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