Summon can be issued by GST Authorities to give evidence & produce documents. [Bombay High Court Judgement in the case of Jsk Marketing Limited & Anr Vs Union of India & Ors)]
Facility for resolving invoice mis-match errors with officer interface as an alternative measure for the specified period which was further extended, several times, based on representations received from Trade regarding continuance of such error. [Circular No. 05 /2021-Customs dtd. 17th February, 2021]
Customs Post Clearance Audit (PCA) work has been streamlined for premises based audit for AEO holders of T1, T2 & T3 as well as Transactional Based Audit (TBA) and Theme Based Audit (ThBA) [Instruction No. 02/2021- Customs dtd. 16th February, 2021]
CBDT amends Faceless Assessment Scheme, 2019 vide Faceless Assessment (1st Amendment) Scheme, 2021 and specified the procedure for Assessment under Faceless Assessment Scheme, 2019. [Notification No. 6/2021-Income Tax dtd. 17th February, 2021.]
Henceforth Custom department will collect fees of Rs. 1000/- for Handling of mismatch between Shipping Bill and GST returns in Customs Automated System [Notification No. 17/2021-Customs (N.T.) dtd. 17th February, 2021]
Extension of Board’s Circular No. 12/2018-Customs dated 29.05.2018 for sanction of pending IGST refund claims where the records have not been transmitted to ICEGATE due to GSTR-1 and GSTR- 3B mismatch error. in order to overcome the problems faced by the exporters. CBIC has decided that the solution provided in the Circular 12/2018-Customs read with …
SVLDRS, 2019 benefit cannot be rejected for difference & amount admitted & Quantified [ Sabareesh Pallikere Vs Jurisdictional Designated Committee (Bombay High Court)]
Hon Gujarat High Court has Issues direction against alleged forceful recoveries during search/inspection under CGST Act, 2017 while hearing the case of M/s. Bhumi Associate Vs. Union Of India (Gujarat High Court)
The European Union (EU) has introduced a selfcertification scheme for certifying the rules of origin under GSP from 1.1.2017 onwards. Under the Registered Exporter System (REX), exporters with a REX number are able to selfcertify the Statement on Origin of their goods being exported to EU under the GSP Scheme. [Public Notice No. 39 /2015-2020-DGFT Dtd …
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It is usually noticed that corporates, especially those who set up shop in India from abroad and those in the MSME sector do not seem to give sufficient importance to the critical requirement of having to comply with the statutory requirements when it comes to filings with the Reserve Bank of India (RBI) and compliances …
There will be waiver of late fees for filing the bill of entry for the consignment received 01.02.2021 and 02.02.2021 due to Updation of Customs Website. [PUBLIC NOTICE NO. – 15/2021 dtd. 4.02.2021]
IT / ITES SEZ have got relaxation while vide Instruction No. 105 dtd. 5.02.2021 for not having physical inspection of goods when It/ITES equipments are disposed off in DTA after use provided identification and corresponding bill of entries are available. Further, when IT/ITES SEZ Units procured good from DTA and supplied back to DTA, there is …
Commissioner of JNPT has issued the standing order No. 4/2021 dtd. 05.02.2021 instructing field formation to file appeals within limitation period and timeline has been prescribed.
Bizsol Update for the month February 2021 Article: Importance Of RBI/FEMA Compliances For Corporates” by Mr.Adwait Venkitachalam, Director, Bizsolindia Financial Services Pvt. Ltd Changes in GST, FTP, Central Excise, Customs, Income Tax, Service Tax, MVAT, Company law, FEMA/ RBI , SEZ. Important due dates for the statutory payments for the month. Important High Court/ CESTAT …
Scheduled Commercial Banks will be allowed to deduct the amount equivalent to credit disbursed to ‘New MSME borrowers’ from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR) in terms of paragraph 5 of the Statement on Developmental and Regulatory Policies of February 5, 2021.
HC notice to GST Authorities for allegedly pressurising to transfer Rs.9 Cr to department account in the case of Bharat Acid and Chemicals, Proprietor Kanubhai Manilal Patel Vs. Union Of India (Gujarat High Court)
GST classification Issue: HC directs GST Authorities to not to detain person called for recording any evidence in the case of Nowrangroy Agro Private Limited Vs Union of India (Calcutta High Court)
Creditor not become Financial Creditor if Corporate Debtor Only Gives Security by Pledging Shares without Undertaking to Discharge Borrower: SC in the case of Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court)
In case of B-17 bond executed by EOU/STP/EHTPs in capacity of Proprietorship or partnership firm, surety cannot be given by Proprietor/ partner himself. Such sureties must be given by an independent legal entity other than the Proprietor/ Partner of the concerned Proprietorship/ Partnership EOU firm. [Circular No. 03/2021-Customs 03rd February, 2021] Arbitration & Conciliation (Amendment) Bill, 2021 …
