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Archive: September, 2021

Posts in September, 2021

Blockage of ITC only when there is valid ‘reasons to believe’ of fraudulent or ineligible credit

September 7, 2021 2025 Views 1 comment Print

The Petitioner counsel contested that the Respondent No. 3, in most arbitrary manner and without application of mind, has passed the impugned order dated March 26, 2021 in complete violation of Principles of Natural Justice.

LLP Agreement

September 7, 2021 11376 Views 0 comment Print

  LLP FORM – 3 The purpose of filing the LLP Form No. 3 is to provide information regarding the Limited Liability Partnership Agreement in case of a newly incorporated LLP and for providing the information regarding changes in the LLP Agreement in case of an existing LLP. This form is required to be filed […]

SEBI introduces of T+1 rolling settlement on an optional basis

September 7, 2021 702 Views 0 comment Print

Based on discussions with Market Infrastructure Institutions (Stock Exchanges, Clearing Corporations and Depositories), it has been decided to provide flexibility to Stock Exchanges to offer either T+1 or T+2 settlement cycle.

SEBI revises client level Position Limits for Currency Derivatives Contracts

September 7, 2021 939 Views 0 comment Print

SEBI inter alia prescribed the position limits in permitted currency pairs. Based on feedback received from Stock Exchanges/ Clearing Corporations and upon a review of the same, it has been decided to revise the client level position limits, per stock exchange, as follows:

TRQ & procedure for imports under India-Mauritius CECPA notified

September 7, 2021 1410 Views 0 comment Print

TRQ for items as in Table 4 of Notification No. 25/2021-Customs dated the 31st March, 2021 on India-Mauritius CECPA and procedure for such imports is notified. Public Notice No. 23/2015-2020 |Dated the 7th September, 2021 Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice No. 23/2015-2020-DGFT Dated […]

SVLDRS: Word ‘quantified’ includes duty liability admitted (in writing) by a person (during an enquiry or investigation)

September 7, 2021 1038 Views 0 comment Print

Magma Industries Limited Vs Designated Committee Office of Commissioner CGST & 2 Ors. (Allahabad High Court) Clearly, a person against whom an enquiry, investigation or audit may be pending and whose ‘tax dues’ may not have been ‘quantified’, would remain ineligible to make a declaration on form SVLDRS-1. According to the revenue, for the purposes […]

Applicability of GST on Chamber Practices of Advocates

September 7, 2021 15627 Views 2 comments Print

The term ‘Chamber Practice’ is neither defined under the Finance Act, 1994 nor under the GST Law. Normally, advocates practicing solely in chambers takes care of non-litigation matters such as providing legal advice, opinions, consultancy, drafting of documents, assistance in compliance, etc. and do not represent themselves in the Court on behalf of the client. Sometimes, advocates along with chamber practice also provide representational services in Court.

Weekly newsletter from Chairman, CBIC dated 07.09.2021

September 7, 2021 942 Views 0 comment Print

A few weeks back I had desired that the provisions of the recently amended Section 110 of the Customs Act, 1962 be used to expedite the pre-trial disposal of seized gold. It has been informed that DRI, IZU, has made a beginning by requesting the concerned Commissioner (Appeals) for sanction under Section 110 (1D) of the Customs Act, 1962. He has certified the correctness of the seized inventory of gold and facilitated its disposal. Other field formations may also follow suit.

SEBI (Listing Obligations And Disclosure Requirements) (Fifth Amendment) Regulations, 2021

September 7, 2021 13317 Views 0 comment Print

These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021. They shall come into force on the date of their publication in the Official Gazette i.e. 8th September 2021.

No GST exemption on ASSET (Assessment of Scholastic Skills through Educational Testing with its variants

September 7, 2021 1650 Views 0 comment Print

In re Educational Initiative Pvt. Ltd. (GST AAAR Gujarat) In view of the foregoing discussion, we allow the appeal filed by the department, modify the Advance Ruling No. GUJ/GAAR/R/27/2020 dated 02.07.2020 of the Gujarat Authority for Advance Ruling and hold that ASSET (Assessment of Scholastic Skills through Educational Testing – with its variants) conducted by […]

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