Due to ongoing shutdown in China on account of Coronavirus outbreak, there is an apprehension of disruption in supply of raw materials/ inputs to our industrial units which were dependent on these raw materials. There could also be a dip in offtake in exports to China. On the contrary, there is a strong likelihood of an immediate surge in the imports from and export to China once the spread of the virus is brought fully under control.
The functionality of demand adjustment by AO u/s 245 can be accessed while passing assessment order, rectification order into the ITBA system. In case, refund is determined in Computation of Assessment, Rectification then, following 4 below mentioned options regarding demand adjustment u/s 245 shall be available through ITBA.
To address the issue of contractors going in default of contract obligations on account of delays in input shipments from China on account of Coronavirus. Dept. of Expenditure vide its O.M. dated 19.2.2020 has advised Ministries, disruption of supply chain due to spread of Coronavirus in China or any other country would be considered as […]
Steps to clear the pendency of processing of Paper Returns or E-returns transferred by CPC-ITR due to verification of relief claimed u/s 90/90A or 91 of the Income Tax Act, 1961. ITBA-ITR Processing Instruction No – 10 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. Pr. […]
In this regard it is clarified that the Special Cash Package is in lieu of pending LTC for the Block between 2018-21 and bills for availing this scheme are to be submitted before 31.03.2021. No prior intimation as is being given in the case of LTC Scheme is required and for the year 2018-19 (extended till 31.12.2020), the claims can be made before 31.03.2021.
The performance of officers in respect of `Vivad Se Vishwas Scheme’ will be specifically commented upon by the Reporting and the Reviewing officers and shall be an important factor in determining their future postings.
It is to state that vide notification dated 09.10.2019, FSSAI has notified 150 Point of Entries (PoEs) in order to put in place a robust food import regulatory framework which shall be effective from 01.04.2020 (Annexure 1). These 150 PoEs shall only be food import entry points to facilitate smooth trade. FSSAI has also notified customs officials as Authorised Officers (AC’s) at 128 PoEs while 22 PoEs are manned by FSSAI officials.
Law has cast liability on the taxpayer to assess and pay the interest on delayed payment of tax. Further, interest payable on such delayed payment of tax can be recovered under the provisions of section 79 of the CGST Act read with section 75(12), which provides for various methods by which the proper officer shall proceed to recover any amount which is payable to the Government.
Transitional Credit – Ensuring uniformity in the procedure to be followed by the field formations for examining and forwarding the representations of the taxpayers to GSTN on issues pertaining to technical glitches on common portal
As you are aware the Hon’ble Finance Minister in her Budget Speech on lst February 2020 announced a new Scheme namely Vivad se Vishwas’ wherein a taxpayer in whose case appeals are pending at any level may benefit from this scheme.
