"29 April 2022" Archive

Madras High Court- Allowed refund of unutilized ITC for zero-rated supplies effected by an SEZ unit

Hon’ble High court in the instant case held that there is no merit in the impugned order passed by the authorities denying the benefit of refund of unutilized input tax credit of zero rated supplies effected by the petitioner. Hence, the petition has been allowed together with consequential relief and above observations....

Process of Removal of Companies Name from Registrar of Companies (ROC)

This is one of the simplest processes to get its company close from the ROC list. There can be several reasons to close the company. Some of the reasons have been listed below for shutting down any business....

Dilemma In Filing of GSTR-4 by Composition Tax Payers

Composition Scheme was introduced for small taxpayers with the aim of providing relief from cumbersome and difficult procedure prescribed for regular taxpayers. Section 10 of the CGST Act prescribes eligibility conditions for obtaining registration as a composition tax payer. A plain reading of section 10 and the relevant rules which has ...

Mortgagor can Redeem Usufructuary Mortgage at any Point of Time: SC

Harminder Singh(D) Thr. Lrs. Vs Surjit Kaur(D) Thr. Lrs. (Supreme Court of India)

Harminder Singh(D) Thr. Lrs. Vs Surjit Kaur(D) Thr. Lrs. (Supreme Court of India) Transfer of Property Act, 1882; Section 62 – Usufructuary Mortgage – Once a usufructuary mortgage is created, the mortgagor has a right to redeem the mortgage at any point of time on the principle that once a mortgage always a mortgage. FULL [&he...

MCA invites application from Young CAs for engagement in RD (NR)

Ministry of Corporate Affairs (MCA) headquarter, Delhi invites application from Chartered Accountants (CAs) having 2 to 5 years of post- qualification experience. The selected candidates will be engaged under young professional scheme. The position is on contract basis initially for 3 months. Thereafter, the engagement would be reviewed a...

Electronic filing and Issuance of Preferential Certificate of Origin (CoO)

Trade Notice No. 05/2022-2023-DGFT 29/04/2022

Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-UAE Comprehensive Economic Partnership Agreement (India-UAE CEPA) w.e.f. 01st May 2022...

Exposure Draft Accounting Standard (AS) 108 Segment Reporting

Exposure Draft of revised AS 108, Segment Reporting has been issued by the ASB for comments with the last date being May 28, 2022. The objective of this Standard is to establish principles for reporting financial information, about the different types of products and services an entity produces and the different geographical areas in w...

Core Industries grow by 10.4% during FY 2021-22

Core Industries grow by 10.4% during FY 2021-22; steel, cement and natural gas lead the way Combined Index of Eight Core Industries grew by 4.3 per cent in March 2022 INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR MARCH, 2022 The cumulative growth rate of Index of Eight Core Industries (ICI) during April-March 2021-22 was [&hellip...

Request to extend due date of filing of annual statement in form GSTR-4

FM is Requested to kindly extend the due date for filing of GSTR-4 to 31st December, to bring in align with Annual Return by regular taxable persons or at least till 31st July to bring it in align with due date for filing income tax return by small taxpayers....

Refund of accumulated IGST – Zero Rated Supply

ATC Tires Private Limited Vs Joint Commissioner of GST & Central Excise (Appeals) (Madras High Court)

ATC Tires Private Limited Vs Joint Commissioner of GST & Central Excise (Appeals) (Madras High Court) The purpose of granting refund on zero rated supply is to ensure that the exports are competitive in the international market and such transactions are not burdened with taxes. The export by the petitioner from its SEZ unit in [&helli...

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