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GST refund on supplies made to SEZ unit/developer (with tax payment)

October 26, 2020 75435 Views 5 comments Print

How can I file for refund on account of supplies made to SEZ unit / SEZ developer (with payment of tax)? Filing for refunds is a post-login functionality, which means that the Taxpayer must login to the GST Portal with their valid login credentials before filing a refund application.

Interest subsidy under TUF scheme for setting up of new unit is capital receipt

October 24, 2020 3003 Views 0 comment Print

DCIT Vs Orbit Exports Ltd. (ITAT Mumbai) We find that assessee had also received interest subsidy under TUF scheme of Rs.56,54,913/- and interest subsidy of Rs.29,18,192/- from Government of Gujarat and Maharashtra. We find that this subsidy originally was offered as revenue receipt by the assessee in its return of income, which was sought to […]

Digital Signature & e-Sign using Aadhaar for getting IEC

October 24, 2020 32790 Views 4 comments Print

Q 1. Why Digital Signature Certificate (DSC) is required for getting IEC issued from DGFT? Ans. DSC has been re-introduced in IEC to strengthen the IEC issuance and modification processes. Q 2. What type of DSC tokens are allowed and what are the validations? Ans. We support Class-2 and Class-3 token. Both Individual and Organisation […]

Extend Due dates of GST Annual Returns & Income Tax audit

October 23, 2020 59253 Views 2 comments Print

Bhartiya Udyog Vyapar Mandal has made a representation for Extension of Due date of GST Annual Returns and Income Tax audits and compliance of Notices to Honble Union Finance Minister, Smt. Nirmala Sitharaman. Text of the Representation is as follows:- BHARTIYA UDYOG VYAPAR MANDAL Smt. Nirmala Sitharaman Honble Union Finance Minister North Block, Raisin Hills […]

Whether a BRLM can share bidding data available on website of stock exchanges for IPO?

October 23, 2020 498 Views 0 comment Print

i. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock exchanges for IPO, Rights issue, and FPO of specified securities and units with the investors, during the bidding period; ii. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock exchanges for IPO, Rights issue, and FPO of specified securities and units with investors, as and when requested by such investors, during the bidding period;

Uploading of Admit Card & Options to opt out from November 2020 attempt

October 23, 2020 1905 Views 0 comment Print

1. Uploading of Admit Card: Admit Card for Chartered Accountant November 2020 Examinations will be uploaded on November, 2020. 2. Options to opt out from November 2020 attempt for all: Opt out window will open on 7. November, 2020

Digital Payment Transactions – Streamlining QR Code infrastructure

October 22, 2020 465 Views 0 comment Print

i. The two interoperable QR codes in existence – UPI QR and Bharat QR – shall continue as at present. ii.  Payment System Operators (PSOs) that use proprietary QR codes shall shift to one or more interoperable QR codes; the process of migration shall be completed by March 31, 2022. iii. No new proprietary QR codes shall henceforth be launched by any PSO for any payment transaction.

Processing of applications for registrations of AIFs & launch of schemes

October 22, 2020 795 Views 0 comment Print

While processing applications for registration of AIFs and launch of new schemes, it has been observed that the Manager of AIF often proposes to set up an Investment Committee with the mandate to provide investment recommendations or advice to the Manager.

Regulatory measures to continue till November 26, 2020

October 22, 2020 483 Views 0 comment Print

It has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 shall continue to be in force till November 26, 2020.

Advance ruling cannot be given if both members have different views

October 22, 2020 576 Views 0 comment Print

In re Abhishek Darak (GST AAR Uttarakhand) In this case both the members have different views on the taxability of ‘sale of developed land/plot’, the other issues related to it becomes irrelevant and hence, the ruling cannot be given to such related issues. In light of above discussion & findings, we have different views in […]

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