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Archive: 21 February 2022

Posts in 21 February 2022

CGST Commissionerate, Raigad of CGST Mumbai Zone busts a fake ITC racket

February 21, 2022 1122 Views 0 comment Print

CGST Commissionerate, Raigad of CGST Mumbai Zone has busted a fake ITC racket and arrested the proprietor of a Kalamboli based firm M/s. Ashok Metal Scrap. This firm was engaged in availing and passing on of fake GST Input Tax Credit (ITC) of Rs. 12 Crore, by using bogus invoices of more than Rs. 64 Crores.

Income Tax Proposals in Finance Bill (Budget) 2022 in India

February 21, 2022 1920 Views 1 comment Print

1. Changes under the head Rates of Income Tax, Cesses and Surcharges, chapter- II, applicable from April 01, 2022 – Assessment year 2023-2024 (i) ‘No changes’ for any type of assessee against the Income tax rates (ii) ‘Reduction’ for non-corporate assessee against the Alternate Minimum Tax (AMT)-Section 115JC (a) For a Co-operative society from 18.5% […]

Whether Section 24 of CGST Act hits Article 19(1)(g) of Constitution

February 21, 2022 4131 Views 0 comment Print

Whether Section 24 of CGST Act Hits Article 19(1) (g) of the Constitution Except persons mentioned in or notified under section 23 of the Central Goods and Services Tax Act, 2017 (CGST Act), section 24 of said CGST Act makes it mandatory to obtain Goods and Service Tax registration, for all persons mentioned, or referred […]

Procedure still not Notified for Power to take Sample in GST Laws

February 21, 2022 3207 Views 0 comment Print

Intent of Section 154 is to provide Power to the Commissioner, or an Officer authorized by him to take samples of the goods from the possession of any taxable person where they consider it is necessary. As Rules or any procedure for this section is not prescribed anywhere and I didn’t found any article on this section therefore I’m taking help of procedure and case laws of other regime to understand how this section might work in future?

Solution to GSTR-2B and Mismatch Problem of GST ITC

February 21, 2022 9729 Views 2 comments Print

We are in a State of War with Govt on ITC Mismatch Issue? Here we all professionals and Traders are one side and Govt is at Another side? with Zero Communication between Each Other? Neither Govt wants to handle Recovery from Defaulting Suppliers Nor Recipient can force supplier to pay GST to Govt on Time […]

Input Tax Credit on Iphones (Capital Goods)

February 21, 2022 112584 Views 5 comments Print

As the world is changing, young consumers are becoming extremely interested in electronics. People nowadays like to spend a lot of money on technologies that make their lives simpler and smoother. In this post, we’ll look at how Capital Goods are taxed in GST by using the iPhone as an example (Capital Good) MEANING OF […]

Order passed within time, but communicated late, cannot dilute the validity of an order

February 21, 2022 5982 Views 0 comment Print

The Adjudicating Authority Vs M/s. Anuttam Academic Institutions (Madras High Court) Facts- During the year 2017, a search was conducted in the premises of Marg Group of companies and its related entities, which resulted in seizure of various documents allegedly indicating the prohibited transactions as per clause A of section 2(9) of the Act. Therefore, […]

Merit-cum-Means Assistance (Company Secretaryship Course) Scheme, 1983

February 21, 2022 498 Views 0 comment Print

Merit-cum-Means Assistance (Company Secretaryship Course) Scheme, 1983 is intended to provide financial assistance to the economically needy candidates to enable them to pursue the Company Secretaryship course.

Claim Your Years Old NEROLAC Lost Shares From IEPF

February 21, 2022 1797 Views 0 comment Print

Claim Shares from the Investor Education and Protection Fund Authority Unclaimed Shares for recovery of shares in India To recover the shares and dividend amounts transferred to the Investor Education and Protection Fund (IEPF) Jurisdiction, the Shareholder must complete the steps outlined below: Shareholders must open a Demat Account with NSDL/ CDSL since shares will […]

Department cannot be allowed to proceed with SCN after more than 16 years: HC

February 21, 2022 2964 Views 0 comment Print

The Bombay Dyeing and Manufacturing Company Limited Vs Deputy Commissioner of CGST (Bombay High Court) The Petitioner has filed reply to the Show Cause Notice (SCN)within four weeks from the date of receipt of the said notice and did not get any further communication from the Respondent for hearing or any adjudication upon the said […]

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