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Archive: 07 June 2022

Posts in 07 June 2022

Govt waives interest for specified e-commerce operators under GST

June 7, 2022 1989 Views 0 comment Print

Govt provides waiver of interest for specified electronic commerce operators for specified tax periods vide Notification No. 08/2022 –Central Tax, Dated: 07.06.2022. Interest waived for certain e-commerce operators who could not file FORM GSTR-8 due to technical glitch on the Portal. The waiver is given for specified periods and is from the date of deposit […]

CBIC extends time period for furnishing final Mega power project certificate

June 7, 2022 1314 Views 0 comment Print

Seeks to amend notification no. 50/2017-Customs dated 30.06.2017 extending the time period for furnishing the final Mega power project certificate from 120 months to 156 months and extending the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 126 months to 162 months, in case of provisional mega […]

Govt rescinds notification Anti-dumping duty on imports of Hydrogen Peroxide

June 7, 2022 1998 Views 0 comment Print

Central Government revokes the anti-dumping duty imposed on ‘Hydrogen Peroxide’, falling under tariff item 2847 00 00 of the First Schedule to the said Act, originating in or exported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand, and imported into India. MINISTRY OF FINANCE DEPARTMENT OF REVENUE Notification No. 20/2022-Customs (ADD) New Delhi, the […]

SEBI directs Brokers & DPs to identify & classify critical assets based on their sensitivity & criticality

June 7, 2022 1296 Views 0 comment Print

tock Brokers / Depository Participants shall identify and classify critical assets based on their sensitivity and criticality for business operations, services and data management. The critical assets shall include business critical systems, internet facing applications /systems, systems that contain sensitive data, sensitive personal data, sensitive financial data, Personally Identifiable Information (PII) data, etc.

TNGST Act, 2017- Identification and prevention of bill traders

June 7, 2022 1500 Views 0 comment Print

Our experience shows that the bill traders after getting registrations, issue invoices without supply of goods or services for huge amount within a short span of time.

Inspector of Income Tax to submit Preference of Allocation of Region

June 7, 2022 7749 Views 0 comment Print

With reference to his/her application for recruitment to the post of Inspector of Income Tax in CBDT on the basis of Combined Graduate Level Examination 2019, the candidate selected as Inspector of Income Tax in CBDT is directed to indicate/exercise his/her preferences, in order of priority for allotment of 18 regions under Income Tax Department (CBDT) all over the country, in the enclosed format.

ITC admissible on GST paid on GTA service despite empty travel of vehicle during return journey

June 7, 2022 1359 Views 0 comment Print

ITC is admissible to Vadilal, on GST paid on GTA service supplied to it, despite the fact that refrigerated vehicles travelled empty during the return journey as Vadilal has paid an agreed freight to the GTA for its service and this agreed freight was inclusive of both onward and return journey (round trip).

GST on royalty for Mining Lease & contributions to DMF & NMET

June 7, 2022 7848 Views 0 comment Print

In re Singareni Collieries Company Limited (GST AAR Telangana) Q1. Whether royalty paid in respect of Mining Lease can be classified under “Licensing services for the right to use minerals including its exploration and evaluation falling under the heading 9973 attracting GST at the same rate of tax as applicable on supply of like goods […]

GST payable on forest permit fee under reverse charge mechanism

June 7, 2022 3675 Views 0 comment Print

In re Singareni Collieries Company Limited (GST AAR Telangana) Q1. Whether, in the facts and circumstances of the case, the Applicant is obliged to pay GST on the forest permit fee paid by it under reverse charge mechanism? A1. Yes, GST is payable on forest permit fee on reverse charge basis. Q2. Alternatively, if GST […]

IFSCA Banking Handbook Prudential Directions (PRU)

June 7, 2022 1431 Views 0 comment Print

The IFSCA Banking Handbook- Prudential Directions | 07/06/2022 1. Introduction and Applicability i. These prudential rules apply to IBUs established and operating in IFSC as branches, of Banking Companies1 regulated by their respective Home Regulators. ii. Under the extant IFSCA Banking Regulations, an IBU can be set up and operate only as a branch of […]

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June 2022