Reduction in GST rates on items being used for covid relief and management: GST Council has in its 44th GST council meeting dated 12th June, 2021 has reduced GST rates on the specified items being used in Covid-19 relief and management. GST rates on life saving drug being Tocilizumab for treating covid 19 and Amphotericin […]
BY: Cheenu Bhatia Mediation Ordered in Tesla Inc. vs. Tesla Power India Pvt Ltd. Dispute The Delhi High court vide his order dated 4th July 2024 has directed mediation between Tesla Inc. and Tesla Power India Pvt Ltd. to resolve their ongoing dispute to which both parties has agreed and will now appear before a
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The GSTIN has issued an advisory dated 16th September 2021 for taxpayer regarding generation of E-Way bill where the principal supply is supply of services. Representations have been received from various trade bodies stating that they are not able to generate EWB bill for movement of those goods where their principle supply is classifiable as
Transactions relating to the tax period April 2020 to March 2021 may be rectified while filing returns for September 2021 (Due date for filing GSTR 3B for September 2021 is 20th / 22nd / 24th October 2021). No additional claim of missing ITC may be made available post filing of September 21 returns. Taxpayer may lose the right to claim
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GST Compliance Calendar Sept 2021 S. No. Compliance Period Due Date Compliance Description 1 GSTR-1 Aug-21 11 Sep-21 GST-1 Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. Registered person, with aggregate turnover of less than INR 5 Crores during Previous year, opted for monthly filing of return
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In view of the notification 34/2021 -Central dated 29th Aug 2021, where the due date of filing of application for revocation of cancellation of registration falls between 1st March 2020 to 31st August 2021, the time limit for filing such application for revocation of cancellation of registration has been extended up to 30th September 2021. The
Restriction in filing of GST-1 when 3B has not furnished for proceeding two month and Automatic restore facility (GSTR-1 filing) upon compliance (GST3B) has been done . Applicable w.e.f 01-09-2021. Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in filing of GSTR-1 in certain cases :
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Remission of Duties and Taxes on Exported Products Scheme (RoDTEP) S. No. Heading Relevant Provision 1 Notification Number and issuance Date Notification No. 19/2015-20 dated 17th August, 2021 2 Objective To replace the existing MEIS (Merchandise Exports from India Scheme) 3 Effective Date of commencement of Scheme 1st January, 2021 4 What is RoDTEP Scheme?
Analysis of RoDTEP Scheme (Remission of Duties and Taxes on Exported Products Scheme) Read More »
BY: CA MANU KATARE Meaning of Liquidated Damages: Liquidated Damages a nomenclature used very commonly in construction industry, engineering, procurement and commissioning (EPC) contracts to recovery losses or levy penalty for non- performance or deviation from the terms agreed in the supply agreement by vendor/supplier. The vendor may also recover Interest for delay in payment
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BY: CA MANU KATARE New Income Tax Portal 2.0 has been a hot topic of discussion since it went live on 7th June, 2021. Taxpayers and tax professionals have been struggling with the new website to view their filed returns, importers are unable to file form 15CA & 15CB online for making foreign remittances and
RTI (Right to Information) Revelation on New Income Tax Portal 2.0 Read More »
