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Archive: 09 February 2022

Posts in 09 February 2022

GST registration cannot be suspended for more than 2 months on the basis of SCN lacking any reason or fact

February 9, 2022 2397 Views 0 comment Print

HC quashed ’SCN’ issued by Revenue Department suspending GST registration of the assessee and directed to reissue a fresh SCN with all the relevant facts and reasons within a week’s time regarding. Further, directed the Revenue Department to restore the assessee’s GST registration and issue a practice direction so that in future, if any SCN for cancellation of GST registration is issued, the same is not bereft of any material particulars or reasons.

Assessment order cannot be issued without giving an opportunity of being heard and is against the principles of natural justice

February 9, 2022 6882 Views 0 comment Print

HC held that the Revenue Department cannot issue assessment orders without giving the assessee an opportunity of being heard and is against the principles of natural justice. Further, remanded back the matter to be heard as a fresh case.

Import policy of drone components & drones in CBU/CKD/SKD form

February 9, 2022 5523 Views 0 comment Print

ITC(HS) 2022 Schedule-1 (Import Policy) is notified in sync with the Finance Act, 2021. Import policy of drones in CBU/CKD/SKD form under HS Code 8806 is `Prohibited’ with exceptions provided for R&D, Defence and Security purposes. Import of drone components shall be ‘Free’. This shall come into force with immediate effect. Government of India Ministry […]

Audit Committee of Asset Management Companies (AMCs)

February 9, 2022 1983 Views 0 comment Print

It has been decided that the AMCs of mutual funds shall be required to constitute an Audit Committee. The role, responsibility, membership and other features of the Audit Committee of AMC are detailed in this circular.

Framework for conversion of Private Listed InvIT into Public InvIT

February 9, 2022 1602 Views 0 comment Print

A Private Listed InvIT may convert into a Public InvIT on making a public issue of units through a fresh issue and/or an offer for sale in terms of the InvIT Regulations in the manner provided at Annexure – A.

Conversion of Private Unlisted InvIT into Private Listed InvIT

February 9, 2022 2310 Views 0 comment Print

A Private Unlisted InvIT may list its units and convert into a Private Listed InvIT on making a private placement of units through a fresh issue and/or an offer for sale in terms of Chapter IV of the InvIT Regulations in the manner provided at Annexure – A.

Guidelines for conducting Distance/Remote/online Peer Review

February 9, 2022 336 Views 0 comment Print

The Peer Review Board after due deliberation at its recently held meeting has decided to adopt conducting of distance/ remote/ online Peer Review. Witnessing the last 2 years of pandemic and the changed audit methodologies adopted for conducting audits, the Board thought it appropriate to finally adopt the conduct of Peer Review remotely.

GST: Officer cannot recover by way of invoking the bank guarantee after issue of Section 129 order

February 9, 2022 1830 Views 0 comment Print

National Radio Electronics Corporation Vs State Tax Officer (Intelligence) (Kerala High Court) The petitioner is challenging Ext.P3 order issued under Section 129 of the Central Goods and Service Tax Act, 2017 to the extent it invoked the bank guarantee furnished by the petitioner, while obtaining release of the goods detained under Section 129(1) of the […]

How much tax required to be paid for opting to file an updated return?

February 9, 2022 1527 Views 0 comment Print

A new section 140B has been proposed to provide for the tax required to be paid for opting to file a return under the proposed provisions i.e., sub-section (8A) of section 139 of the Act. These amendments will take effect from 1st April 2022. In case of an assessee who has not furnished return of […]

Analysis of GSTR-9 and GSTR 9C

February 9, 2022 59919 Views 1 comment Print

Introduction It has been 4.5 years since GST has been implemented. Since then, many changes were seen by way of notifications, circulars & advance rulings. The annual return is one of the major aspects of GST law. The basic understanding of the adjustments, reconciliations that are to be performed while filing an annual return and […]

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