NO ITC REVERSAL REQUIRED IN CASE OF LOSS ARISING FROM THE MANUFACTURING PROCESS In the recent order passed by the Hon’ble High Court of Madras in the matter of M/s. ARS Steels & Alloys International Private Limited v/s The State tax officer, Group-1, Inspection, Intelligence – 1, Chennai (2021 VIL-484-MAD) in respect of the requirement for
The Institute of Company Secretaries of India (ICSI) request the Ministry of Corporate Affairs (MCA), Government of India for extension of timeline for filing of CFSS-2020 and DPT-3 from 30th June 2021 to 31st July 2021. Shri Rajesh Verma,SecretaryMinistry of Corporate AffairsGovernment of IndiaShastri BhawanDr. Rajendra Prasad RoadNew Delhi -110001 Subject: Request for extension of
The Central Board of Direct Taxes (CBDT) vide its Notification No 74/2021 dated 25th June 2021 notify the extension of date of various compliances due to outbreak of coronavirus in the country. 1. Date of passing the order for assessment or reassessment under the Income-tax Act under section 153 or section 153B extended till 30th
The Central Board of Direct Taxes (CBDT) vide its Press Release dated 25th June 2021 notify exemption for medical expenditure on COVID treatment and ex-gratia payment received on the death due to COVID. Further, CBDT also announces the extension in timelines for various compliances. The following extension has been provided:- 1. Filing of objection to
The Central Board of Direct Taxes (CBDT) vide its Circular No 11/2021 dated 21st June 2021 notifies that CBDT is issuing a new functionality “Compliance Check for Sections 206AB & 206CCA”. Circular No. 11 of 2021 F. No. 370133/7/2021-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *********** Dated:
The Central Board of Indirect Taxes and Customs (CBIC) vide its Circular No 156/12/2021 – GST dated 21st June 2021 issues clarification with respect to applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of Notification No. 14/2020 – Central Tax dated 21st March, 2020. CBIC Clarifies that: 1. Invoice issued to
Frequently Asked Questions about Service Exports from India Scheme (SEIS) Q. 1 What is SEIS? Ans.: SEIS Scheme, under the Foreign Trade Policy 2015-20, provides for a mechanism under which service providers who had provided any of the eligible notified services in a financial year are entitled to certain benefits. Benefits are in the nature
The Central Board of Indirect Taxes and Customs (CBIC) vide its Circular No 155/11/2021-GST dated 17th June 2017 clarified that GST rate 12% on Sprinklers or Drip Irrigation System along with their laterals/parts. Circular No. 155/11/2021-GST CBIC-190354/36/2021-TRU Section-CBEC Government of India Ministry of Finance (Department of Revenue) North Block, New Delhi, Dated the 17th June
The Central Board of Indirect Taxes and Customs (CBIC) vide its Circular No 152/08/2021-GST dated 17th June 2021 clarifies that construction services provided to a Government Entity, in relation to construction such as of a Ropeway on a turnkey basis do not eligible for concessional rate of 12% GST under entry No. 3 (vi) of
