Daily Updates

RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach.

TNMM method is most appropriate method to take care of all notional interest costs as held by ITAT Chennai.  

National Faceless Assessment Centre /Regional Faceless Assessment Centres/ Assessment Units/ Review Units (read as NeAC/ ReACs/ AUs/ RUs), set up under the Faceless Assessment Scheme, 2019 will also act as the National Faceless Penalty Centre /Regional Faceless Penalty Centre/ Penalty Unit/Penalty Review Unit respectively to deal with all penalty matters except i) Penalty proceedings in cases assigned …

National Faceless Penalty Centre have been set up (22.1.2021) Read More »

CBIC has issued much awaited clarification on manufacturing in custom bonded warehouse scheme i.e. MOOWR, 2019. These unit can send the goods outside for job work and also undertake job work for other units subject to conditions & process specified in circular no 48/2020 dated 27th October 2020   circular no 48/2020 dated 27th October …

CBIC has issued much awaited clarification on manufacturing in custom bonded warehouse scheme i.e. MOOWR, 2019 (31.10.2020) Read More »

GST: Recovery interest on net cash tax liability w.e.f. 01.07.2017: CBIC  F.No. CBEC- 20/01/08/2019-GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST Policy Wing Room No. 159A, North Block, New Delhi, Dated: 18th September, 2020 To, The Principal Chief Commissioners/Chief Commissioners/Principal Commissioners/ Commissioners of Central Tax …

GST: Recovery interest on net cash tax liability w.e.f. 01.07.2017: CBIC F. No. CBEC- 20/01/08/2019-GST (21.09.2020) Read More »

De-linking of Credit & Debit Notes have been implemented on GST portal / production API by GSTN. Going forward ,references to original invoices would not be required to be furnished for credit / debit notes.  

Relaxation of additional fees and extension of last date of filing CRA -04 for FY 2019-20

Extension of time for holding Annual General Meeting 

Custom appeals officers Jurisdiction for bill of entry or Goods warehousing-Reg.

Undertaking Valuation Assignment in CIRP before Registering as valuer violates Model Code of Conduct

Valuers registered with IBBI under MCA Rules can only be appointed as IP

The Central Board of Indirect Taxes and Customs has decided to roll out the faceless assessment at an all India level in all ports of import and for all imported goods by Oct 31.This includes faceless or anonymized assessment, self-registration of goods by importers, automated clearances of bills of entry, digitization of Customs documents.