For Promotion of Exports India has Framed various types of Schemes to Rebate or Refund the Taxes. Currently available Schemes are Advance Authorization Scheme, Export Promotion Capital Goods Scheme (EPCG), Duty Drawback, EOU Scheme & SEZ Scheme. All these Export Promotion Schemes were framed under premise of Neutralizing Incidence of Taxes based on Universally Accepted […]
Gautam Buddha is reported to have said that life is like the harp string, if it is strung too tight it won’t play, if it is too lose it hangs, the tension that produces the beautiful sound lies in the middle. In the matters of administration also, the middle path which prevents the frauds and at the same time does not make […]
The Hon’ble Allahabad High Court in M/S Metenere Ltd. v. Union of India and another [Writ Tax No. 360 of 2020 dated December 17, 2020] quashed the order of confiscation of 12,979 metric tonnes of stock, passed by the Additional Commissioner, GST & Central Excise, alleging duty evasion and reduced the penalty from INR 19,43,89,804/- […]
Since, e-invoice has not been defined in the CGST Act, many people has mis-understood the whole concept of e-invoicing and it is believed by many that e-invoicing is generation/ preparation of the invoice electronically on an online portal.
Interest not payable if GST return filed belatedly but amount deposited in Cash Ledger within due date? During the inception of GST era and with the nascent GST portal, one of the most popular confusion that conned everyone was, whether payment of GST is completed with deposition of tax amount in Cash Ledger (CL) or […]
It is submitted that for the purpose of passing an order of provisional attachment under Section 83 of the Act, the pendency of the proceedings under Section 62 or Section 63 or Section 64 or Section 67 or Section 73 or Section 74 is a must. In the absence of any such pending proceeding, there cannot be any order of provisional attachment under Section 83 of the CGST Act, 2017.
The DB of Gujarat High Court in M/s. Valerius Industries Limited vs Union of India on 28th August, 2019 observed that it is only the opinion of the Commissioner which is condition precedent for taking action under Section 83 of the CGST Act, 2017 for provisional attachment of any property. However, any exercise of powers by any other officer (other than Commissioner) shall be in violation of the mandate of Section 83 and consequently, the provisional attachment shall be illegal.
[Ref: In the matter of M/s. Bindal Smelting Private Limited vs Additional Director General on 20 December, 2019 before DB of Punjab & Haryana High Court] In In the matter of M/s. Bindal Smelting Private Limited vs Additional Director General on 20 December, 2019 the DB of Punjab & Haryana High Court directed that the power should be exercised only to protect interest […]
Invoice Furnishing Facility (IFF) is a facility provided to quarterly taxpayers to file their details of outward supplies in first two months of the quarter. Article contains FAQs on How to Furnish Documents in Invoice Furnishing Facility (IFF) under QRMP Scheme & Manual on Furnishing Documents in Invoice Furnishing Facility (IFF) under QRMP Scheme. A. […]
If authorized dealer receives any foreign payment by way of either remittance or by reimbursement or any other payment shall be in the manner as stated below: Member of Asian Clearing Union (ACU): In case of Bangladesh, Myanmar, Pakistan, Sri-Lanka and Maldives: Payment should be made by credit to ACU Dollar account and ACU Euro […]
