The Hon’ble Supreme Court of India (“the Apex Court”) vide its judgment dated 12.07.2022 in the matter of U.N. Krishnamurthy (Since Deceased) THR. LRS. vs A.M. Krishnamurthy after referring to several judgments passed by various courts, held that for obtaining relief under section 16(c)[1] of The Specific Relief Act, 1963 it is necessary for the plaintiff to prove his readiness and willingness, throughout the period of getting into an agreement till the date of the decree. Also, the Apex Court clarified that there should be adequate funds for the plaintiff to perform such performance. A mere statement or averment in Continue Reading
The Hon’ble Supreme Court of India vide its order dated 22.07.2022 in the matter of Union of India & Anr. Vs. Filco Trade Centre Pvt. Ltd. & Anr. had issued directions and disallowed Special Leave Petition (‘SLP’) filed by the revenue. The Apex Court issued certain directions for Goods and Services Tax Network (‘GSTN’) for availing the transitional credit through FORM GST TRAN-1 and TRAN-2 for the period of an additional two (2) months commencing from 01.09.2022 to 31.10.2022. Brief Background Form GST TRAN-1 and TRAN-2 were introduced to benefit the assessee by taking Pre-GST credits available to the assessee Continue Reading
The Hon’ble Delhi High Court in its recent judgement, wherein the imposition of Integrated Goods and Services Tax (“IGST”) at 12 per cent on the import of the oxygen concentrator was challenged by an 85-year-old individual, held that such levy is“unconstitutional” if imported for personal use. Through this judgement the Hon’ble High Court has quashed the Notification No. 30/2021-Customs dated 01.05.2021 issued by the Finance Ministry wherein the ministry levied 12 per cent IGST on the importation of the oxygen concentrator irrespective whether they are imported/received as a gift or otherwise. Further, to obviate the misuse of the oxygen concentrators Continue Reading
Hon’ble Supreme Court of India in the matter of Engineering Analysis Centre Private Limited vs. The Commissioner of Income Tax LL 2021 SC 124 has settled an important issue in income tax wherein it has been decided that the amount paid for software developed by the foreign companies and used by Indian Companies do not amount to “Royalty”, hence no tax to be deducted at source by the Indian companies. BACKGROUND That in the present case Engineering Analysis Centre Private Limited (“the company”) is an end user for shrink wrapped computer software which is imported directly from The United States Continue Reading
CATEGORY - I With the enactment of the Industrial Relations code 2020 the following acts will be replaced: 1. Industrial Employment Standing Order Act 1946; 2. Industrial Disputes Act, 1947; 3. Trade Unions Act, 1926. CATEGORY - II With the enactment of the Occupational Safety, Health & Working Condition Code 2020 the following acts will be replaced: 1. Factories Act, 1948; 2. Mines Act, 1951; 3. Dock Workers ( Safety, Health and Welfare ) Act, 1986; 4. The Building and other Workers (Regulation of & Employment and Conditions of Service) Act, 1996; 5. The Plantations Labour Act, 1951; 6. The Continue Reading
BUDGET – 2021-22 – SUMMARY OF AMENDMENTS IN GOODS AND SERVICES TAX ACT, 2017 SUMMARY OF AMENDMENTS IN CENTRAL GOODS AND SERVICES TAX ACT, 2017 Our Comments/Views Earlier/Old Provision Amendment/New Provision Amendment of Section 7 – Relevant Clause 99 of Finance Bill The said insertion ensure levy of tax on activities or transactions involving supply of goods or services by any person, other than individual, to its members or constituents or vice-versa, for cash,defeered payment or other valuable consideration. (1) For the purposes of this Act, the expression “supply” includes– (a) all forms of supply of goods or services or Continue Reading
A QUICK GLANCE OF FOURTEENTH AMENDMENT (2020) – CGST RULES, 2017. 1. INCREASING TIME LIMIT FOR SYSTEM BASED GST REGISTRATION Vide Notification No. 94/2020-Central Tax dated 22nd December, 2020 the department has amended Rule 9 of Central Goods and Services Tax Rules, 2017(hereinafter referred to as “CGST Rules”) which states verification and approval of the application filed by the applicant seeking GST Registration. Through this amendment the time period for System Based GST Registration is increased from 3 days to 7 days. Further a proviso is inserted wherein it is mentioned that in cases where the applicant does not have Continue Reading
The Central Board of Indirect Taxes (“CBIC”) vide Notification No 43/2020 – Central Tax dated 16.05.2020 notified the retrospective amendment to Section 140 of Central Goods and Services Tax Act, 2017 (“CGST Act“). Through this notification, the Central Government hereby appoints the 18th day of May 2020, as the date on which the provisions of section 128 of the Finance Act, 2020 shall come into force. This notification empowered section 140 of the CGST Act to prescribe the time in which the assessee can claim his transitional credit. Earlier the Hon’ble Delhi High Court on 05.05.2020 in the matter of Continue Reading
May 18th 2020 | By Adv. Shitij Saini Before the introduction of the Goods and Services Tax Act, 2017 section 65 of the Finance Act 1994 defined “Services”. On perusal of section 65 of the Finance Act 1994, it can be construed that service tax will be attracted when a taxable service is provided by a defined service provider to a defined service receiver. Therefore, we can say that there will be no levy of service tax if the service is not provided by the defined service provider to a defined service receiver. For ready reference section 65B (44) of Continue Reading
May 18th 2020 | By C.A. Satinder Kumar Saini and Adv. Shitij Saini As we all are aware that lockdown 4.0 will be implemented from 18.05.2020. It is amply clear that this lockdown will be different from the earlier lockdowns. We are expecting that all businesses will resume with certain restrictions. As all businesses will be resuming soon, therefore, it is important to note that we all have to comply with our GST Compliances. In light of the above background, we are providing for your quick and ready reference the revised due dates of filing of GST Returns. FORM Continue Reading