Wednesday, 22 December 2021 / Published in GST

Blocking of GST refunds due to difference in FOB value as declared in Shipping Bill and CIF Value

Recently it is been noticed that the CBIC and DGARM has blocked various  refunds of exporters due to the difference between the FOB Value of exports as reported in the Shipping Bills and the CIF Value as reported in the GST Invoices which also find a way in the Shipping Bill. Below analysis is been
Tuesday, 21 December 2021 / Published in CBIC, GST, News & Updates

CBIC appoints 01st January 2022 for applicability of section 108, 109 and 113 to 122 of Finance Act, 2021

The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 39/2021 – Central Tax [S.O. 5328(E)] dated 21st December 2021 appoints the 01st January, 2022 for applicability of provisions of sections 108, 109 and 113 to 122 of the Finance Act, 2021. The applicable sections of Finance Act, 2021 are as follows:-
Tuesday, 21 December 2021 / Published in CBIC, GST, News & Updates

CBIC appoints 01st January 2022 as the date from which provisions of CGST (Eighth Amendment) Rules, 2021 will be applicable

The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 38/2021 – Central Tax [G.S.R. 875(E)] dated 21st December, 2021 notifies the 01st of January 2022 as the date from which the provisions of sub-rule (2), sub-rule (3), clause (i) of sub-rule (6) and sub-rule (7) of rule 2 of the Central
Tuesday, 21 December 2021 / Published in Judgments

ITAT Bangalore allows employees contribution to PF/ESI paid before ITR filing

The ITAT Bangalore held in the case of Skava Electric Pvt. Ltd, that assessee would be entitled to deduction of employees’ contribution to PF and ESI provided that the payments were made prior to the due date of filing of the return of income u/s 139(1) of the Income Tax Act, 1961. It was further
Monday, 20 December 2021 / Published in Income Tax

Concept of marginal relief under Income Tax Act

The concept of marginal relief is designed to provide relaxation from levy of surcharge to a taxpayer where the total income exceeds marginally above Rs. 50 lakh, Rs. 1 crore, Rs. 2 crore, Rs. 5 crore or Rs. 10 crore, as the case may be. Thus, while computing surcharge, in case of taxpayers (i.e. Individuals/HUF/AOP/BOI/artificial
Monday, 20 December 2021 / Published in Judgments

Supreme Court Judgement on whether Form GSTR-3B is a return or not under the CGST Law?

In the recent case The Hon’ble Supreme Court of India in Union of India & Ors. v. Aap and Company [Civil Appeal No(s). 5978/2021 dated December 10, 2021] reversed the judgment of the Hon’ble Gujarat High Court, ruling that FORM GSTR-3B is not a return under Section 39 of the Central Goods and Services Tax Act, 2017 (“the
Monday, 20 December 2021 / Published in Judgments

Orissa High Court Directed Revenue Department to either modify the GST portal to facilitate the filing of TRAN-1 or accept returns manually to claim the ITC

In the recent case of Ashok Kumar Meher v. Commissioner of Sales Tax & GST, Odisha, Cuttack & Ors. [W. P. (C) No. 12763 of 2021 dated December 1, 2021] The Hon’ble Orissa High Court directed the Revenue Department to either modify the GST portal to facilitate the filing of TRAN-1 to claim the ITC
Saturday, 18 December 2021 / Published in CBIC, Custom, News & Updates

CBIC amends the Notification No 47/2021 – Customs (ADD) dated 26-Aug-2021

The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 70/2021 – Customs (ADD) [G.S.R. 863(E)] dated 17th December 2021 amends the Notification No 47/2021 – Customs (ADD) dated 26th August 2021. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 17th December, 2021 No. 70/2021-Customs (ADD) G.S.R. 863(E).—Whereas, in the
Friday, 17 December 2021 / Published in CBIC, Custom, News & Updates

CBIC amends the Notification No 98/2021 – Customs (N.T.) dated 16-Dec-2021

The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 99/2021 – Customs (N.T.) dated 17th December 2021 amends the Notification No 98/2021 – Customs (N.T.) dated 16th December 2021 with effect from 18th December 2021. GOVERNMENT OF INDIAMINISTRY OF FINANCE(DEPARTMENT OF REVENUE)(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) Notification No.99/2021 –
Friday, 17 December 2021 / Published in CBIC, GST, News & Updates

CBIC amends the Notification No 1/2018 GST Compensation dated 14-Nov-2018

  The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 1/2021 – Goods and Service Tax Compensation [G.S.R. 859(E)] dated 16th December 2021 amends the Notification No 1/2018 – Goods and Service Tax Compensation dated 14th November 2018. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 16th December, 2021