1. Hon’ble Gujarat High Court in case of Britannia Industries Ltd allowed SEZ (Special Economic Zone) to claim a refund of ITC (Input Tax Credit) received from ISD ( Input Service Distributor) Unit 1.1. It is held that assessee, situated in Special Economic Zone (SEZ), could claim a refund concerning credit of IGST distributed by […]
Section 144 of CGST Act, 2017 read with Section 145 of CGST Act, 2017 governs the provisions for Presumption as to documents in certain cases & Admissibility of micro films, facsimile copies of documents and computer printouts as documents and as evidence. Following aspects are dealt in the form of questions and their answers. 1. […]
Learn how to use a Java based ITR software utility without MS Excel 2010 or later. File your income tax returns hassle-free with the offline utility for taxpayers.
Merchant Export means an activity by a trader who exports or intends to export goods. The person engaged in trading activity and export or intend to export goods is a Merchant Exporter. A merchant exporter is mainly engaged in the export of goods and not services.
(a) Deemed Export is not a ZERO RATED SUPPLY (b) Applicable only for the supply of Goods (not applicable to the services) (c) Goods are not required to be taken outside India. (d) Such supply of goods must be notified by the Government as Deemed Export. (e) Goods must be manufactured in India (f) Payment received in Indian Rupee or in convertible foreign exchange
Recently in Writ Petition filed before the Hon’ble High Court of Madhya Pradesh in the case of M/s Shri Shyam Baba Edible Oils vs The Chief Commissioner and another (W.P. No. 16131/2020) a grievance was placed by the Petitioner that a Show Cause Notice for proceedings under Section 74 of the CGST Act 2017 (Act) […]
Dear friends, as we all know, now GST Department is taking very strict action against GST Defaulters. Now a days, GST Department has caught many persons for issuing fake GST Credit invoices. And GST Credit of all dealers who has taken credit of GST Input on the basis of fake Invoices has been blocked. As […]
Section 44AA of the Act requires certain persons to maintain books of account. The provisions of this section read with Rule 6F of the Income Tax Rules, 1962 relate to maintenance of books by assessee as well as prescribe the list of books to be maintained. The provisions of Sec 44AA are as: 44AA. (1) […]
BRIEF NOTE ON EXEMPTION UNDER GST ON EDUCATION SERVICES: – Education services are exempt under GST in following two scenarios: A. Education Services Provided by Educational Institutions B. Services by an entity registered under Section 12A of the Income tax Act, 1961 A. Education Services Provided by Educational Institution Services provided by Educational Institution are […]
Reserve Bank of India’s bimonthly credit policy on 4th December, 2020 has shown signs of recovery and its stance towards supporting the economy under revival mode. The basic theme has been to support growth while ensuring that financial stability is maintained. It ensures easy liquidity and promises to take further measures, as may be necessary to provide access to liquidity and easy financing.
