"30 September 2021" Archive

ITRs up to AY 2017-18 with refund claim to be processed by 30.11.2021

F.No. 225/98/2020 - ITA-II 30/09/2021

All validly filed Income Tax Returns (ITRs) up to Assessment Year 2017-18 with refund claim, which could not be processed u/s 143(1) and which had become time barred, should be processed by 30/11/2021 subject to the conditions/exceptions specified therein. F.No. 225/98/2020 – ITA-II Government of India Ministry of Finance Department...

Power of Attorney authorised by Financial Creditor Can File Application U/s 7 of IBC: SC

Rajendra Narottamdas Sheth & Anr Vs Chandra Prakash Jain (Supreme Court)

Rajendra Narottamdas Sheth & Anr Vs Chandra Prakash Jain (Supreme Court) In the present case, Mr. Praveen Kumar Gupta has been given general authorisation by the Bank with respect to all the business and affairs of the Bank, including commencement of legal proceedings before any court or tribunal with respect to any demand and filing ...

HC asks govt to keep vigil on ‘Rising Frauds in Aadhaar Enrollment’

Naresh Kumar R.P. Vs State of Karnataka (Karnataka High Court)

High Court had refused to quash a FIR registered against a 47 years old entrepreneur, allegedly involved in illegally selling aadhaar cards as issuance of Aadhaar cards by agencies who were not empowered could also lead to the distribution of cards to neighboring countries which was against the interest of national security. It was pruden...

RoDTEP Scheme w.e.f. 01.01.2021

Circular No. 23/2021-Customs 30/09/2021

The RoDTEP scheme rebates the incidence of duties, taxes and levies at the Central/State/local levels on specified export goods, where such duty or tax or levy is not exempted, remitted or credited under any other scheme. The remission under RoDTEP is as a percentage of the Free on Board (FoB) value of the eligible export product along wi...

RoSCTL Scheme on export of apparel/garments/made-ups w.e.f. 01.01.2021

Circular No. 22/2021-Customs 30/09/2021

Earlier it was intended to subsume the RoSCTL scheme w.e.f. 01.01.2021 in the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme which was also being introduced w.e.f. 01.01.2021. Accordingly, facility to file shipping bill with claim for RoSCTL was discontinued. However, subsequently it was decided to have independent RoS...

SEBI Guidelines for Investment Advisers’ – Extension of timelines

Circulars No. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/632 30/09/2021

The Circular further specified a timeline of 6 months from the end of the financial year for the IAs to obtain an annual certificate from an auditor confirming compliance with the client level segregation requirements as specified in Regulation 22 of the IA Regulations....

Key Recommendations of 45th GST Council meeting

1. Measures for Trade facilitation: Relaxation in the requirement of filing FORM GST ITC-04: Requirement of filing FORM GST ITC-04 under rule 45 (3) of the CGST Rules has been relaxed as under: 1. Taxpayers whose annual aggregate turnover in preceding financial year is above Rs. 5 crores shall furnish ITC-04 once in six months; 2. Taxp...

Posted Under: Income Tax |

Overview of GST impact on Indian Tea Industry -“CHAI AUR GST PAR CHARCHA”

The Goods & Services Tax (GST) has just completed 4 years in operation. On this occasion, we take an opportunity to analyse impact and note major highlights of GST on Tea Industry of India. After water, Tea is said to be the most consumed drink worldwide. Tea (CHAI) is undoubtedly the most popular beverage in […]...

Posted Under: Income Tax |

CGST exemption on specified medicines used in COVID-19

Notification No. 12/2021-Central Tax (Rate) [G.S.R. 697(E).] 30/09/2021

COVID-19 relief measures in form of GST rate concessions CBIC exempt CGST on specified medicines used in COVID-19, up to 31st December, 2021 to implement recommendations made by GST Council in its 45th meeting held on 17.09.2021. Notification No. 12/2021- Central Tax (Rate) | Dated: 30th September, 2021. Extension of existing concessional...

Reg. CGST on Food for free distribution to economically weaker sections

Notification No. 11/2021-Central Tax (Rate) [G.S.R. 696(E).] 30/09/2021

GST rate on supply of Fortified Rice Kernel (premix) for Integrated Child Development Scheme or similar scheme approved by the Central/State Government reduced from 18% to 5%....

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