"06 October 2021" Archive

SOFTEX Form for declaration of Software Exports

Any company carrying out IT/ ITES exports through ‘Data Communication links’ needs to submit the Softex Form for the said export. Interestingly, the term ‘Data Communication Links’ is not specifically defined. Taking the general meaning of the same, here, it means a virtual circuit that connects two or more devices for the purpose...

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Posted Under: Fema / RBI |

No auto cancellation of Registration of Purchasing dealer for fraud by selling dealer

Bright Star Plastic Industries Vs Additional Commissioner of Sales Tax (Orissa High Court at Cuttack)

Bright Star Plastic Industries Vs Additional Commissioner of Sales Tax (Orissa High Court at Cuttack) The Court finds merit in the contention of Mr. Harichandan that for the fraud committed by the selling dealer, which resulted in cancellation of a selling dealer’s registration, there cannot be an automatic cancellation of the registrat...

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Request to clarify provisions of TCS on sale of overseas tour package

Request for clarification & rationalization of provisions of TCS on sale of overseas tour program package u/s.206C(1G)(b) of the Income Tax Act, 1961 5th October, 2021 To 1. Smt. Nirmala Sitharaman, Hon’ble Finance Minister, Ministry of Finance, North Block, New Delhi – 110 001. 2. Shri Ajay Bhushan Pandey Hon’ble Revenue Se...

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Posted Under: Fema / RBI |

CBIC clarifies on GST rates & exemptions on 9 services

Circular No. 164/20/2021-GST 06/10/2021

Vide Circular No. 164/20/2021-GST CBIC clarifies GST rates Services by cloud kitchens/central kitchens, Supply of ice cream by ice cream parlors, Coaching services to students provided by coaching institutions and NGOs under the central sector scheme of Scholarships for students with Disabilities, Satellite launch services provided by NSI...

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CBIC clarifies on GST rates & classification for 12 Category of goods

Circular No. 163/19/2021-GST 06/10/2021

CBIC clarifies Circular No. 163/19/2021-GST regarding GST rates & classification (goods) on 12 Type of Goods i.e. i. Fresh vs dried fruits and nuts; ii. Classification and applicable GST rates on Tamarind seeds; iii. Coconut vs Copra; iv. Classification and applicable GST rate on Pure henna powder and leaves, having no additives; v. S...

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Review of Foreign Direct Investment (FDI) Policy on Telecom Sector

Press Note No. 4 (2021 Series) 06/10/2021

Government of India has reviewed the extant FDI policy on Telecom sector and has made the following amendment under the Consolidated FDI Policy Circular of 2020, as amended from time to time (FDI Policy):...

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5 Ways to Get Better Interest Rate on a Personal Loan

A personal loan can finance big expenses like those for education, wedding, home refurbishments, and also various emergencies. To optimise your user experience, look for various benefits offered by lenders like a flexible repayment tenure, and online applications and quick disbursals of loans. Balance transfers of existing personal loans ...

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Posted Under: Fema / RBI |

Section 194N: TDS on Heavy Cash Withdrawal from Banks/ Post Offices

With the amendment in Finance Act, 2020 section 194N was amended by substituting 83A which imposes 2% TDS on withdrawal of sum exceeding Rs. 1 crore. This section has came into effect from 1 st July 2020. Every person including – (i) Individuals (ii) HUF (iii) Company (iv) Partnership firms or LLP (v) Local authorities […]...

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Posted Under: Fema / RBI |

Basic Overview of CGST, SGST, IGST and UTGST

Under GST, the Central Government collects CGST, SGST or IGST which is depend upon if the transaction is intrastate or it is interstate.On the off chance that the inventory of labor and products is being done inside the state then it is called as intra-state supply, and for this situation CGST and SGST will be […]...

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Posted Under: Fema / RBI |

GST Compliance Calendar October 2021

GST Compliance Calendar October 2021 This post provides GST Compliance Calendar for the month of October 2021. GST compliance has been and will continue to be a challenging task. With many deadlines approaching this month, take note of these dates and stay GST compliant. Below mentioned return forms are to be filed for monthly (Sept’21)...

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Posted Under: Fema / RBI |

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