"November, 2021" Archive

ICAI President’s Message – December 2021

ICAI President’s Message – December 2021 – (30-11-2021) Dear Professional Colleagues, As the last month of the year approaches, it is the time when most of us introspect about our past and plan for the future. We review this year’s progress and plan the resolutions to achieve our goals for the coming year. The year [&h...

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Posted Under: CA, CS, CMA |

Govt notifies new chairperson & 2 members in ICAI Quality Review Board

Notification No. G.S.R. 843(E) 30/11/2021

Section 28A of the Chartered Accountants Act, 1949 deals with Establishment of ICAI Quality Review Board. In accordance of the provisions of section 28A  Central Government by notification No. G.S.R. 843(E) dated 30th November, 2021 appoints Ms. Shefali Shah as new Chairman of  ICAI Quality Review Board and Shri K. Saravanan and Ms. Rit...

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Review of Input Tax Credit blocked under Rule 86A by field formations

Memo No. 5994 /GST-II 30/11/2021

It is brought to your notice that Rule 86A of the HGST Rules, 2017, provides for disallowing debit of ITC from Electronic Credit Ledger by a registered person under specific circumstances....

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Short Term Capital Gain Loss

When the amount received from the sale of capital asset is less than cost of acquisition plus expenses on transfer can be termed as capital losses. The loss can be earned from any of the Short-Term Capital loss or Long Term Capital loss depending upon the period of holding. Capital Asset is an asset or property […]...

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Posted Under: CA, CS, CMA |

Baby wipes classifiable under heading 3307, 18% GST Payable

In re Xtracare Products Private Limited (GST AAR Karnataka)

In re Xtracare Products Private Limited (GST AAR Karnataka) Tariff heading 9619 covers articles having multiple layers designed to absorb and store fluid. Generally, these articles are shaped so as to fit snugly to human body. In the instant case, the impugned article- ‘baby wipes’ are neither designed to absorb and store flui...

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Gross GST Collection in FY 2021-22 shows increasing trend

The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha today....

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Posted Under: CA, CS, CMA |

DRI busts iPhone smuggling Racket

iPhone 13 models went for sale in India from September 2021 onwards, with a base price of Rs. 70,000/-, and some of the higher-end models costing up to Rs. 1,80,000/-. Import of mobile phones into India attracts effective Customs Duty of around 44%....

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Posted Under: CA, CS, CMA |

New Guidelines for International Arrivals in India

This document provides protocols to be complied with international travellers as well those to be followed by airlines, points of entry (airports, seaports and land border) for risk profiling of passengers....

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Posted Under: CA, CS, CMA |

Bad debts allowable as deduction under section 36(1)(vii)

CIT Vs South Indian Bank Ltd (Kerala High Court)

CIT Vs South Indian Bank Ltd (Kerala High Court) Facts- The AO through the assessment order disallowed the claim of the assessee under Section 36(1)(viia). Similarly, the AO disallowed the revaluation of unquoted securities adopted by the assessee. The appeal of the appellant before the Commissioner (Appeals) was allowed in part. Further,...

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Nimbooz classified under Category of Fruit Juice based Drinks and not Lemonade, No GST payable: CESTAT

Varun Beverages Limited Vs Commissioner, Central Excise (CESTAT Allahabad)

CESTAT held that Nimbooz by 7 UP and Nimbus masala soda by 7 UP are classifiable under chapter heading 22029020 of the  First Schedule to Central Excise Tariff Act, 1985 which is for category of fruit pulp or fruit juice based drinks and thus M/s Varun Beverages Ltd. is entitled to consequential benefits, in accordance with law....

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