Income tax (17th Amendment) Rules 2020 dated 24th July,2020.

The Income-tax (17th Amendment) Rules 2020 have brought in certain procedural amendments in the following rules: Effective from 1st October 2020 Rule 37CA (Time for TCS payment); Rule 37-I (TCS Credit); Rule 31AA (TCS Return); and Form No. 27 EQ... Read More →

Posted in Direct Tax |

Delhi HC Judgement-No Right to issue Belated Deficiency Memo After Termination of Statutory Limits

The Delhi High Court in its decision on 22nd July, 2020 in response to the Petition filed by "Jian International" stated that the Respondent has lost the right to raise the deficiency in the Petitioner's Refund application at belated stage... Read More →

Posted in GST, GST Update |

Taxability of Hand Sanitizers Under GST

Hand Sanitizers to be classified as ‘disinfectants’ under GST and shall attract 18 percent GST. For more details, Please refer the attached document:- Taxability of Hand Sanitizers under GST Disclaimer:- This document has been prepared in summary form by Dewan P.... Read More →

Posted in GST |

New Functionalities like Turant Customs and Other Initiatives for Contactless Customs enabled w.e.f. July 06, 2020

In order to achieve the moto of “Ease of doing business” amidst this pandemic period of COVID-19, Government of India has introduced the facility of “Turant Customs”. Various notifications and circulars are being issued every now and then to give... Read More →

Posted in GST |

GST On Merchant Trade Transactions

In simple terms, a merchant trade transaction is one that involves shipment of goods from one foreign country to another foreign country, where the goods do not enter Indian Territory. Recently a ruling in case of “M/s Sterlite Technologies Limited”... Read More →

Posted in GST Update |