2 Archive - 18 February 2022

"18 February 2022" Archive

HC allows Refund of IGST lying in Electronic Credit Ledger

IPCA Laboratories Ltd. Vs Commissioner (Gujarat High Court)

Writ applicant could be said to be entitled to claim the refund of the IGST lying in the Electronic Credit Ledger as there is no specific supplier who can claim the refund under the provisions of the CGST Act and the CGST Rules as Input Tax Credit is distributed by the input service distributor....

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Confiscated goods should be returned in case of delayed issuance of notice

Amit Harishkumar Doctor Vs Union Of India (Gujarat High Court)

In the instant case, admittedly there has been no provisional release of the seized goods. Further extension of six months with the reasoned order by the Principal Commissioner of Customs or Commissioner of Customs also is completely missing. The period of six months from the date of signature expired on 03.10.2019....

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Inclusion in Second Schedule to RBI Act – Sikkim State Co-op Bank

Circular No. RBI/2021-22/174 DOR.RUR.REC.86/19.51.025/2021-22 18/02/2022

We advise that the name of ‘Sikkim State Co-operative Bank Ltd.’ has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide notification DOR.RUR.No.S1627/19.51.025/2021-22 dated October 12, 2021 published in the Extraordinary Gazette of India (Part III - Section 4) dated January 18, 2022....

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Request to extend due date for filing GSTR3B by 3 days in Punjab

Once again through this Representation draw your kind attention towards the fact that the due date for filing GSTR3b (monthly Return) is 20th February, 2022 and on the same day, it is the Election Day and complete holiday all over in Punjab. All Govt. Offices and CA's/Tax Advisors' offices shall remain closed due to declared holiday....

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Taxation MTM (Marked to Market) Loss on Forward Contracts as per ICDS & Income Tax Act

As per Ind AS, all forwards contracts in foreign currency needs to be marked to market at exchange rate as on the day of closing of financial period. However taxability of MTM ( Marked to Market ) losses is governed by ICDS & Income Tax Act. Assessee needs to make adjustments in Computation of Income to disallow unrealized MTM losses for ...

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Types of Exempetion under GST

1. Goods and Service Tax (GST) is a levy on the supply of goods or services, Section 9 of the Central goods and service tax Act, 2017 (CGST Act, 2017) provides for levy and collection of taxes on supply of goods or services at such rate as may be notified but not exceeding the rate […]...

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Steps to Troubleshoot Errors When Using DSC

When you try to register a Digital Signature Certificate (DSC) or upload a form with signature on it, you may face errors such as, -Your Certifying Authority (CA) is not trusted. Please use a trusted CA. -User Id against this Digital Certificate already exists. -Your certificate has been revoked. Let us look at the steps […]...

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Memorandum Seeking Changes In Union Budget 2022-23 Proposals

We here in, would like to bring to your kind notice, few of the issues which might be faced by taxpayers and Chartered accountants as regards certain specific proposals made in this Union Budget, 2022-2023....

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Limited Liability Partnership (LLP) Incorporation | FAQ’s

In today’s era, youngsters are backbone of India. With there creative minds, they have launched many successful startups. In new businesses, success rate of business is less in comparison to failure rate. To limit their liability, new business entrepreneur can create a Limited Liability Partnership (LLP) where liability of partner’s i...

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Regulatory framework of Issue of Shares & Securities to Foreigners

Foreign Direct Investment (FDI) is one of the important source of funds for developing countries like India. Economic liberalization started in India in the wake of the 1991 crisis and since then, FDI has steadily increased in the country. With the lowering tax rate for corporates and availability of skilled and cheap labour, India become...

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