he outbreak of COVID-19 pandemic is unambiguously the worst health and economic crisis in the last 100 years during peace time with unprecedented negative consequences for output, jobs and well-being. It has dented the existing world order, global value chains, labour and capital movements across globe and needless to say, the socio-economic conditions of large section of world population.
As per the data consolidated on the basis of the report received from DG (Systems) and the Zonal Chief Commissioners of CGST & CX, (copy enclosed), it is revealed that an amount of Rs. 3972.01 crores in respect of 23,781 ARNs is pending realisation as on 01.07.2020
Indian government has entered as well as in process of entering into trade agreements across both developed and developing markets including FTA with ASEAN/Srilanka, PTA with Peru, Afghanistan, MERCOSUR, CEPA with Korea and Japan, CECA with Singapore and Malaysia and similar possibilities with Canada, Australia, EU, China etc.
The field officers have reported certain errors/issues in the RFD-01 B functionality. Since these issues were GSTN dependent ones and the same were taken up with GSTN for resolution. GSTN has recently fixed the following two errors/issues:
Attention is drawn to the provisions of regulation 31 (d) of IRDAI (Health insurance) Regulations, 2016 wherein every general and health insurance company shall endeavour to enter into agreements with adequate number of both public and private sector network providers across the geographical spread.
TSK is being set up in JNCH with effect from 15.07.2020. This step is being taken in advance of the pan-India rollout of Faceless Assessment, which would be done in phases to be announced soon. TSK would be a dedicated cell manned by Customs officer to cater to functions and roles mentioned below:
1. Extend due dates of VAT assessments – Sir, vide our previous letter request was made to extend due date for assessment for the financial year till 31st July, 2020. Because of lockdown and pandemic ‘chorona’ it is practically not possible to appear and conclude the assessment proceeding till 31st July, 2020. Under such situation, we request your goodself to extend due date for VAT assessment for the financial year 2016 – 17 till 31st March, 2021.
ITAT held that AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a determination from an independent valuer to confront the assessee but the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee.
The fact that provision made at the end was reversed in the beginning of next accounting year showed that there was no income accrued. Mere entries in books of account did not establish accrual of income in the hands of payee and hence there was no liability on assessee-company to deduct merely on the provisions made at year end.
It is decided by the GST Council to give 26 as State Code 26 to the merged Union Territory of Dadra and Nagar Haveli and Daman and Diu w.e.f. 01-08-2020. Therefore, all the Registered Persons in the erstwhile Union Territory of Daman and Diu having GSTIN(Goods and Service Tax Identification Number) starting with State Code 25 will be switched over to New State Code of 26 w.e.f. 01-08-202
