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Archive: December, 2021

Posts in December, 2021

Extension of FCRA registration certificates Renewal till 31st March 2022

December 31, 2021 6828 Views 0 comment Print

Central Government, in public interest, has decided to extend validity of FCRA registration certificates upto 31st March, 2022 or till the date of disposal of the renewal application, whichever is earlier

Extended period of limitation cannot be invoked for recovery of excise duty

December 31, 2021 3714 Views 0 comment Print

Commissioner of CGST & Central Excise Vs Hindustan Petroleum Corporation Ltd. (Bombay High Court) In our view, any decision on the issue whether the revenue could have invoked the extended period of limitation for recovery of the excise duty, or would not have any bearing or impact on the rate of duty of excise or […]

ICAI President’s Message – January 2022

December 31, 2021 1848 Views 0 comment Print

Elections to the 25th Central Council and 24th Regional Councils were held successfully on 3rd and 4th December 2021 across 832 notified polling booths. A total of 228 candidates, including 73 for Central Council and 155 for Regional Councils, have contested in the elections. The counting of the votes of the Central and Regional Councils commenced concurrently from 16th December 2021 at all respective Regions.

RIl not eligible to avail Vivad Se Vishwas scheme benefit as prosecution was instituted against them under PC Act

December 31, 2021 1077 Views 0 comment Print

Reliance Industries Limited Vs CCIT (Bombay High Court) Respondent no.1, by letter dated 21st October 2020, replied to petitioner’s application dated 15th April 2020 that petitioner was eligible / entitled to avail the benefit of DTVSV (Direct Tax Vivad Se Vishwas) Act in accordance with law. Following the said communication, petitioner filed 27 applications for […]

IFSCA issues list of RBI/IFSCA Circulars not applicable to IBUs from 01.01.2022

December 31, 2021 999 Views 0 comment Print

provisions of the circulars / directions -listed in Annex I from those issued by the Reserve Bank of India (RBI) and adopted by IFSCA vide its circular F.No.110/IFSCA/Banking Regulation/2020-21/1 dated December 4,2020, shall cease to be applicable to the IBUs from the date of coming into effect of the directions in the Handbook i.e., January 1, 2022.

HC grants bail to person accused of issuing fake paper invoices

December 31, 2021 1392 Views 0 comment Print

Iit was stated that the respondent to that application i.e. the present petitioner was still engaging himself in issuance of fake paper invoices and thereby passing of fake / ineligible ITC running into crores of rupees

Customs Duty exemption on Import of COVID-19 vaccine extended till 30.06.2022

December 31, 2021 1257 Views 0 comment Print

CBIC exempts COVID-19 vaccines from basic Custom duty till 30th June, 2022 vide Notification No. 61/2021-Customs, Dated 31st December, 2021. Exemption from Customs Duty given earlier on Import of COVID-19 vaccine (upto December, 2021) has now been extended till 30th June, 2022. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. 61/2021-Customs | Dated: […]

Section 148 notice cannot be issued after approval of Resolution Plan under IBC 2016

December 31, 2021 4299 Views 0 comment Print

HC held that the IT Department is not entitled to issue notice against the Corporate Debtor for unpaid tax claims after the approval of the resolution plan by the adjudicating authority.

Option to file manual/physical EODC applications under Advance Authorisation Scheme

December 31, 2021 4767 Views 1 comment Print

Manual/physical filing of EODC/closure applications under AA scheme is allowed for AAs issued before 1.12.2020. Exporters are also requested to update EODC/Closure status of earlier issued AAs in the online system by 31.3.2022.

Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations, 2021

December 31, 2021 1230 Views 0 comment Print

CBIC notifies Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations, 2021 vide Notification No. 109/2021- Customs (N.T.) | Dated: 31st December, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 109/2021- Customs (N.T.) | Dated: 31st December, 2021 G.S.R. 930(E).—In exercise of the powers conferred by […]

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