Daily Updates

GST AAR – Advance ruling authority has given important ruling in relation to whether the pre-developed / pre-designed software is goods or services?. In case of SPSS South Asia Pvt Ltd, the advance ruling authority observed that, Software supplied by the applicant is a pre-developed or pre-designed software and made available through the use of …

GST AAR : Advance ruling authority has given important ruling in relation to whether the pre-developed / pre-designed software is goods or services?.(05.04.2021) Read More »

CBDT notified new income tax returns forms for the AY 2021-22. It clarifies no major changes made in the forms vide press release. Notification 21/2021 dated 31.03.2021.

MCA extended the date of implementation by one year for audit trail accounting software for companies. Now the new date mentioned is 1st April 2022. Earlier MCA had issued notification asking companies to ensure accounting in software having audit trail w.e.f. 1st April 2021. The time given by MCA was very short to adopt such massive change. …

MCA extended the date of implementation by one year for audit trail accounting software for companies. (02.04.2021) Read More »

Important things to note on 1st April 2021 i.e. beginning of new financial year. Letter of Undertaking (LUT) for zero rated (export) supplies : The exporter and suppliers to SEZ needs to execute the LUT for the year 2021-22 on GST portal. HSN code requirements: With effect from 01st April 2021 the requirement of mentioning HSN Code …

Important things to note on 1st April 2021 i.e. beginning of new financial year.(01.04.2021) Read More »

GST Advance Ruling : In a bizarre advance ruling by TNGST Advance ruling authority in case of Chennai Metropolitan Water Supply and Sewerage Board stated that, “the applicant can seek an Advance Ruling only in relation to supply of goods or services or both undertaken or proposed to be undertaken by them. In the case at …

GST Advance Ruling (01.04.2021) Read More »

No fees will be charged for annual updation of IEC as mandated by DGFT. In other words, no fees will be payable on any amendment done in IEC during period April – June every year. [Public Notice – 49/2015-20 dated 31st March 2021]

Foreign Trade Policy 2015-20 has been further extended to 30th Sep 2021. It was expected that the Government will come up with new Foreign Trade Policy on 1st April 2021, however seems that current policy will be operational till 30th Sep 2021 unless new policy is brought before that date. [Notification – 60/2015-20 dated 31st March 2021]

The government has extended the levy of Anti-Dumping duty on Melamine originating in or exported from China PR, up to and inclusive of 30th September, 2021. [Notification – 19/2021-Customs(ADD), dt. 31.03.2021]

Central Government has extended the exemption from Integrated Tax and Compensation Cess upto 31.03.2022 on goods imported by EOUs. Notification 19/2021-Cus,dt. 30-03-2021

Central Government has extended the exemption from Integrated Tax and Compensation Cess upto 31.03.2022 on goods imported against AA/EPCG authorizations. Notification 23/2021-Cus,dt. 31-03-2021.

Specified goods originated from Republic of Mauritius will be subjected to concessional rate of custom duties as specified in the notification. This measure is part of implementation of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA). Notification – 25/2021-Cus,dt. 31-03-2021. Accordingly, the Customs Tariff (Determination of Origin of Goods under Comprehensive Economic Cooperation and Partnership …

Specified goods originated from Republic of Mauritius will be subjected to concessional rate of custom duties as specified in the notification.(01.04.2021) Read More »

Penalty for non-generation of QR code for B2C supplies for taxpayers having turnover more than 500 Cr is waived till 30th June 2021. In other words, the taxpayer has got extension for implementation of QR code till 30th June 2021. Notification 06/2021-Central Tax dated 30.03.2021.

The last date of linking Aadhar and PAN has been pushed to 30th June 2021 owning to COVID difficulties, tweets Income Tax Department.

If a Registered Valuer contravenes the provisions of valuation such as impartial , true & fair valuation of Assets, the valuer shall be liable to a penalty of fifty thousand rupees from 24th March 2021 instead of minimum twenty-five thousand rupees and maximum up to one lakh rupees. (Section 247 (3) of Companies Act, 2013)

Unpaid Dividend Account – Penalties for non -compliance on unpaid dividend by company has been reduced to Rs.1 Lakh and in case of continuing failure, further penalty of five hundred rupees for each day of default subject to a maximum of ten lakh rupees and every officer of the company who is in default shall be liable …

Unpaid Dividend Account – Penalties for non -compliance on unpaid dividend by company has been reduced to Rs.1 Lakh.(25.03.2021) Read More »

MCA has notified that for the financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction and cannot be disabled. (MCA Notification …

MCA has notified that for the financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction and cannot be disabled.(25.03.2021) Read More »

High court decides that GST Refund cannot be denied without issuing show cause notice. (Held in Navneet R. Jhanwar Vs State Tax Officer and others (Jammu and Kashmir High Court)

Applications for import authorization for restricted items need to be submitted online with effect from 22.03.2021 and import authorizations would be issued from DGFT HQ, Udyog Bhawan, New Delhi, all pending applications have been migrated to this new system and will be processed suitably at DGFT(HQ). In case of requests for re validation or amendment of import …

Applications for import authorization for restricted items need to be submitted online with effect from 22.03.2021.(24.03.2021) Read More »

To address the rumours that some GST Officers are pressurising tax payers to discharge the GST Liability maximum in cash for the month of March 21 even though the Input Tax Credit is available in the credit ledger, CBIC has issued a press note on 20th March 2021 stating that all tax payers are free to …

To address the rumours that some GST Officers are pressurising tax payers to discharge the GST Liability maximum in cash for the month of March 21.(23.03.2021) Read More »

Extension in Loan moratorium period – Supreme Court today refused to extend the 6 month loan moratorium period offered by the RBI last year specifying that it’s a policy decision on the part of Center & RBI.