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Archive: 19 January 2022

Posts in 19 January 2022

Join Us for an Exclusive Webinar: GST on Corporate Guarantees

December 4, 2024 1140 Views 0 comment Print

Join us on 8th Dec for a live webinar on GST and corporate guarantees. Learn valuation, co-guarantor liability, cross-border impacts, and practical examples.

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 4749 Views 0 comment Print

Simplify GST learning with memory techniques. Join live sessions, master CGST sections, and retain knowledge effortlessly. Register now for practical GST mastery!

Constitution of Committees to advise the authority for writing off of arrears of Excise Duty, Service Tax and Customs Duty

January 19, 2022 3165 Views 0 comment Print

Circular No-1080/01/2022-CX. No- 296/63/2020-CX.9 Government of India Department of Revenue Central Board of Indirect Taxes and Customs ********* Room No-267D, North Block, New Delhi, 19th January, 2022 All Principal Chief Commissioners/Chief Commissioners of ST & CX, All Principal Chief Commissioners/Chief Commissioners of Customs All Principal Director Generals/Director Generals, CBIC Sub: Writing-off of arrears of Central […]

CBIC Master Circular on Recovery and Write-off of Arrears of Revenue

January 19, 2022 36606 Views 0 comment Print

Board has issued Instructions/Circulars relating to recovery of arrears under Central Excise, Service Tax and Customs from time to time. Considering the changes that have taken place, especially after the introduction of GST in July, 2017, it has become imperative to update and revamp the procedure for recovery of arrears of Indirect taxes and Customs. Accordingly, in supersession of instructions issued earlier on the subjects which are annexed herewith as Annexure — A, this consolidated Circular is being issued providing guidelines for recovery and write-off of arrears of Indirect taxes and Customs.

Zirconium Oxide Ceramic Dental Blanks classifiable under Chapter Heading 69091200

January 19, 2022 5031 Views 0 comment Print

In re Jyoti Ceramic Industries Pvt. Ltd. (GST AAR Maharashtra) Question 1: – Whether the Product namely ‘Zirconium Oxide Ceramic Dental Blanks’ in different sizes as sold by Applicant are classifiable under Chapter Heading 69091200 as ‘Ceramic Product’ as at this stage Artificial Teeth are not produced from it, even though the Product is biscuit […]

AAR Maharashtra allows Minakshi P Kakade to withdraw application

January 19, 2022 1071 Views 0 comment Print

The Application in GST ARA Form No. 01 of M/s. Minakshi P Kakade, vide reference ARA No. 42 Dated 13.10.2020 is disposed of, as being withdrawn voluntarily and unconditionally.

GST not payable on recoveries from employees for notice pay recoveries & for providing parental insurance

January 19, 2022 49179 Views 1 comment Print

Recovery of notice pay from dues of employee / payment of notice pay by the employee who could not serve the notice for the period as per contractual agreement / appointment letter does not amount to supply and therefore as per Section 7 (1A) of the CGST Act, 2017, the provisions of Schedule II does not come into play.

Govt. extends validity of existing MSMEs registration upto March 31, 2022

January 19, 2022 2451 Views 0 comment Print

Govt. amends the guidelines for registration of existing enterprise under MSME Ministry Notification dated June 26, 2020; States that the existing enterprises (MSMEs) registered prior to June 30, 2020, shall continue to be valid for a period up to March 31, 2022 (earlier, March 31, 2021): Ministry of MSMEs

Guidelines under clause (10D) section 10 of Income-tax Act, 1961

January 19, 2022 13923 Views 1 comment Print

The Finance Act, 2021 amended clause (10D) of section 10 of the Act by inserting fourth to seventh provisos. Fourth proviso provides that, with effect from 01.02.2021, the sum received under a Unit Linked Insurance Policy (ULIP), issued on or after 01.02.2021, shall not be exempt under the said clause if the amount of premium payable for any of the previous years during the term of such policy exceeds Rs 2,50,000.

Re-import of steel for packaging will not be covered under SIMS

January 19, 2022 2694 Views 0 comment Print

A. Whether re-import of goods for packaging purposes falling under HS codes of Chapters 72,73 and 86 of ITC (HS), 2017 is also covered under scope of SIMS? Whether SIMS Registration is required if the steel/steel item is exported from DTA to SEZ and then imported from SEZ to DTA when [I] the item is being imported to DTA without any value addition and [ii] the item is being imported to DTA after some value addition? Response: Re-import of steel for packaging purposes will not be covered under SIMS as it is not primarily meant for value addition, rather being re-imported for packaging only.

SEBI Chairman launches ‘Saa₹thi’ – SEBI’s Mobile App on Investor Education

January 19, 2022 1362 Views 0 comment Print

Shri Ajay Tyagi, Chairman, SEBI launched ‘Saa₹thi’ – SEBI’s Mobile App on Investor Education at a function held in Mumbai today. The SEBI Mobile App aims to create awareness among the investors about the basic concepts of Securities Market, KYC Process, trading and settlement, mutual funds, recent market developments, investor grievances redressal mechanism, etc.

Alignment of AEO Circulars with CAROTAR, 2020 – Reg

January 19, 2022 2274 Views 0 comment Print

Reference is drawn to Circular No. 33/2016–Customs dated 22.07.2016 as amended, including by Circular No. 54/2020- Customs dated 15.12.2020, vide which relaxation in furnishing of Bank Guarantee was extended to various categories of AEO/AEO (MSME), but would not be applicable in cases where the Competent Authority orders furnishing of Bank Guarantee for provisional release of goods under section 18 of Customs Act, 1962.

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