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FSSAI appoints 124 persons as Food Analysts

July 2, 2021 4968 Views 0 comment Print

Food Safety and Standards Authority of India hereby (FSSAI) appoints 124 persons as Food Analysts, for the purpose of performing functions under the said Act and Rules/ Regulations made thereunder with all India Jurisdiction

Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021

July 2, 2021 1635 Views 0 comment Print

(1) This order may be called the Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021. (2) It shall come into force with immediate effect.

SVLDRS 2019: HC directs Designated Committee to follow section 127 procedure

July 2, 2021 912 Views 0 comment Print

Akshaya Aqua Farms Vs Designated Committee (Madras High Court) The petitioner challenges order passed by the first respondent, the Designated Committee rejecting its application under the Sabka Viswas (Legacy Dispute Resolution) Scheme. The order is a one liner, which simply says ‘Dear Taxpayer, your SVLDRS Form for the ARN No LD1112190001929 has been rejected.’ No […]

4 years of GST – Rate Changes Post Introduction

July 1, 2021 6615 Views 0 comment Print

Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. OTHER CONCESSIONS Threshold increased to Rs 40 lakh in goods. Composition increased (Rs […]

Interest Rates for National (Small) Savings Schemes w.e.f. 01.07.2021

July 1, 2021 3924 Views 0 comment Print

Rate of interest on various National (Small) Savings Schemes for the second quarter of financial year 2021-22 starting from 1st July, 2021 and ending on  30th  September,  2021  shall  remain  unchanged  from  the  current  interest rates applicable for the first quarter (1st April, 2021 to 30th June, 2021).

Online filing of AEO T2 and AEO T3 applications: Launch of Version 2.0

July 1, 2021 2559 Views 0 comment Print

The AEO application processing for AEO T1 on the web-based portal has been functional since December 2018. To take this endeavor for digitization forward, in line with the government’s Digital India initiative, the Board has decided to launch a new version (V 2.0) for on-boarding of AEO T2 and AEO T3 applicants by way of online filing, real-time monitoring, and digital certification.

ICAI President’s Message – July 2021

July 1, 2021 1572 Views 0 comment Print

ICAI celebrates 73rd Foundation Day on July 1 every year which is widely celebrated as Chartered Accountants Day (CA Day). A very hearty congratulation to all colleagues!

Indexation benefit allowable till the year of assessment of capital gain

June 30, 2021 2235 Views 0 comment Print

Global Health Private Limited Vs DCIT (ITAT Delhi) A plain reading of section 45(2) makes it amply clear that it is the prerogative of the assessee to covert the capital asset to stock. Further, the term ‘Business carried on by him’ necessarily means that the capital asset so converted must form part of stockin-trade of […]

Sample expense for Product of Parent Company claimed by subsidiary not allowable

June 30, 2021 2994 Views 0 comment Print

Nike India Private Limited Vs ACIT (ITAT Bengalore) There is no dispute that the parent company Nike Inc., has introduced new products and the samples are supplied to third party distributors in order to create awareness of new products amongst the public. The assessee herein is merely an intermediary between M/s Nike Inc and the […]

CBIC extends levy of Anti-Dumping duty on Viscose Staple Fibre

June 30, 2021 873 Views 0 comment Print

CBIC amends notification No. 43/2016-Customs(ADD) dated 8th August, 2016, to extend levy of ADD imposed on Viscose Staple Fibre (VSF) excluding Bamboo Fibre, Dyed Fibre, Modal Fibre & Fire-retardant Fibre originating in or exported from China PR and Indonesia vide Notification No. 39/2021-Customs (ADD) | Dated: 30th June, 2021. MINISTRY OF FINANCE (Department of Revenue) […]

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