"03 September 2021" Archive

Annual Return under GST law for financial year 2020-21

Section 44 (Annual Return) of The Central Goods and Services Tax, Act, 2017 (CGST Act, 2017) had been amended by Finance Act, 2021 but it was not notified at that time. Now, Central Board of Indirect Taxes and Customs (CBIC) vide Notification No. 29/2021-Central Tax dated 30/07/2021 has notified the amendment under Section 111 (Substituti...

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GST शास्त्र : The ASMT 10 Tsunami – How to tackle ?

One can possibly predict that the future of GST will be full of assessments, show cause notices and consequential penalties. Reason being, ASMT 10 notices are issued by Department which probably could be the beginning of tug of war between taxpayer and Government. One must understand the scope, legal validity of notices issued under speci...

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GST 45th Council meeting on September 17, 2021 – Agenda

The 45th meeting of Goods and Services Tax Council (“GST Council”) is scheduled to be held on September 17, 2021. The Ministry of Finance tweet dated September 01, 2021 stated that the GST Council meeting will be chaired by the Hon’ble Union Finance Minister Nirmala Sitharaman and will take place in Lucknow, Uttar Pradesh. The [&hel...

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Advertisement charges paid to non-resident company cannot be considered as royalty

Myntra Designs Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Payments made by the Applicant to the Non-resident Company cannot be considered as royalty payments and hence, it does not give rise any income chargeable in India under the Indian IT Act. Held that there is no requirement to deduct TDS under Section 195 of the IT Act....

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Check Linking of PAN with Aadhaar for new Account Opening: SEBI

Press Release No. 27/2021 03/09/2021

Securities and Exchange Board of India Press Release No. 27/2021 Linking of PAN with Aadhaar 1. As per Central Board of Direct Taxes (CBDT) notification G.S.R 112(E) dated February 13, 2020, the Permanent Account Number (PAN) of a person allotted as on July 01, 2017 shall become inoperative if it is not linked with Aadhaar […]...

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Repair Renovation Expense on Leased Premises to uplift ambiance & make it fit for operating allowable

Karnataka Soaps & Detergents Limited Vs ACIT (ITAT Bangalore)

Karnataka Soaps & Detergents Limited Vs ACIT (ITAT Bangalore) The assessee had set up a branch office in Mumbai. The branch office was housed in a leased premises (leave and licence deed was executed on 5th December, 2013). The leased premises required certain repairs and renovation amounting to Rs.12,95,867. The assessee had claimed ...

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Interest liable to be paid on belated excise duty refund

Union of India Vs M.K. Jokai Agri Plantations (P) Ltd. And Anr. (Gauhati High Court)

The contention of the Revenue is that Section 11 BB of the Central Excise Act would not be applicable in the present case as it is a delayed refund of certain exemptions and will not be covered by Section 11 BB of the Act...

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Components of swivel seats/chairs in dis-assembled form classifiable under CTH 94019000

In Re Steelcase Asia Pacific Holdings India Private Limited (CAAR Mumbai)

In Re Steelcase Asia Pacific Holdings India Private Limited (CAAR Mumbai) CAAR ruled that the components of swivel seats/chairs, proposed to be imported by the applicant in dis-assembled form, merit classification under sub-heading 94019000 of the first schedule to the Customs Tariff Act, 1975. FULL TEXT OF THE ORDER OF CUSTOMS AUTHORITY ...

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Specified Domestic Transactions – Overview of Transfer Pricing implications

The related party transactions have always been under the close scanner of the Tax Authorities. Owing to the inherent nature of such transactions it is believed that such transactions are by far the most convenient way of shifting profits and accordingly subjected to detailed scrutiny by the Tax Authorities. The international transactions...

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Inclusion of 3 more Ports of Import in continuation to Notification 20/2015-20

Notification No. 23/2015-2020-DGFT [S.O. 3614(E).] 03/09/2021

The ports of Mumbai Sea Port (INBOM1), Tuticorin Sea Port (INTUT1), Vishakhapatnam Sea Port (INVTZ1) have been additionally included for allowing imports as under Notification no. 20/2015-20 dated 24th August 2021. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) NOTIFICATION New Delhi, the...

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