Monday 31 October 2022

CAN TAX AUDIT REPORT BE REVISED?



Section 44AB read with rule 6G prescribes provisions relating to revision of the tax audit report
The Income Tax (Eighth Amendment) Rules, 2021 has inserted sub-rule (3) in rule 6G that provides for reasons to revise tax audit report.

Saturday 29 October 2022

Registration procedure for Casual Taxable persons under GST


According to Section 2(20) of the CGST Act, a Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business; This can be easily explained through this following example:- A is participation in a fair/expo in another state. When a taxable person participates in a fair/expo outside the state where his usual place of registration is, then he should register as a casual taxable person in order to undertake the sale and purchase of goods in that other state.

Thursday 20 October 2022

No Interest or Penalty on CVD or SAD Defaults - Customs and GST Implications

 In a major bombshell dropped on the Revenue, the Bombay High Court (‘HC’) in the case of Mahindra and Mahindra Limited v. Union of India, 2022 (10) TMI 2022, held that there is no provision under the Customs Tariff Act, 1975 ('CTA 1975') to levy interest or penalty on Countervailing Duty ('CVD') or Special Additional Duty ('SAD').

Government extends the scope of Customs IGCR Rules

 In our update dated September 12, 2022, we apprised you about the introduction of new Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 [‘IGCRS Rules’]

 

Reiteration on FEMA Regulations.- Capital Account Transactions

 

As you would be aware that Foreign Exchange Transactions in India, are governed by Foreign Exchange Management Act, 1999 (FEMA, 1999) and Rules & Regulations, Notifications, Circulars and Directions (FEMA Regulations) issued thereunder by Reserve Bank of India in consultation with Government of India.

Monday 3 October 2022

CBDT notifies rules providing manner for filing application for re-computation of income for disallowing claim for cess deduction

 This Tax Alert summarizes a recent Notification No. 111/2022 dated 28 September 2022 issued by the Central Board of Direct Taxes (CBDT) prescribing rule and forms for taxpayers to make voluntary application with the tax authority for re-computation of total income to avoid deeming penal consequences for under-reported income on account of disallowance, on retrospective basis, of surcharge or cess as business deduction which was claimed and allowed in the past.

Outbound/export freight is liable to GST from 1st October

 This is to apprise you about the withdrawal of following two exemptions* from October 1, 2022:

 

-               Services by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India

CBIC notifies effective date for amendments in CGST Act and modifies CGST Rules

 This Tax Alert summarizes recent Notifications issued by Central Board of Indirect Taxes and Customs (CBIC).


Vide Finance Act, 2022, Government had proposed various amendments in the Central Goods and Services Tax Act, 2017 (CGST Act). The following amendments have been now made effective from 1 October 2022:

Taxation of Intangible assets acquired through business restructuring.

1.     Background    1.1        When a company aims to acquire another company's business through amalgamation or demerger, assets or ...