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Reversal of ITC by petitioner through cash remittance is very well subjected to levy of interest: High Court

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  Reversal of ITC by petitioner through cash remittance is very well subjected to levy of interest: High Court Though interest on reversal of ITC by way of adjustment in credit ledger is set aside by High Court. Brief of Case The challenge is to order dated 27.01.2021 levying interest under Section 50 of the CGST Act relating to both interest on cash remittances as well as remittances by way of adjustment of electronic credit register. As far as the reversal by way of adjustment of credit ledger is concerned, it is covered by a decision in the case of Maansarovar Motors Private Limited V. The Assistant Commissioner. Both learned counsel concur on the position that in the light of the aforesaid decision, the levy to this extent is to be set aside and it is hence accordingly set aside. As far as levy of interest on cash remittance is concerned, learned counsel for the petitioner only relies on the provisions of Section 42 of the Act which provides for a notice to be issued by the Assessi
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Procedure for Suspension of GST Registration

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  GST Registration Suspension Suspension of GST Registration Suspension of registration is covered under Section 29 of the CGST Act, 2017 and the procedure for the same has been provided under Rule 21A of the  CGST Rules 2017.  Section 29 has been amended vide the CGST (Amendment) Act, 2018 (no. 31 of 2018) dated 29.08.2018 to allow suspension” of GST Registration w.e.f. 01.02.2019 and Rule 21A was inserted vide  Notification 03/2019- Central Tax dated 29.01.2019  with effect from 01.02.2019. Provisions for Cancellation or Suspension of GST Registration SECTION 29- 1. The heading of the section was amended from ‘Cancellation of Registration’ to ‘Cancellation or Suspension of Registration’. 2. A new proviso was inserted to section 29 (1) and the same is reproduced hereunder for ready reference –  ‘Provided that during the pendency of the proceedings relating to the cancellation of registration filed by the registered person, the registration may be suspended for such period and in such
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TDS on Purchase & TCS on Sale explained with charts and Tally Entry

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  TDS on Purchase & TCS on Sale explained with charts and Tally Entry TDS on Purchase & TCS on Sale explained with charts and Tally Entry Understanding Compliance: From Seller Side 1 If Sale Receipts Above 50 lakh If Buyer is not liable to Deduct TDS u/s 194Q then TCS u/s 206C(1H) @ 0.1 % on Receipts Above 50 lakh If Buyer is liable to Deduct TDS under any other provision of this Act and has deducted such amount then No TCS u/s 206C(1H) If Buyer is liable to Deduct TDS under any other provision of this Act and has not deducted such amount then TCS u/s 206C(1H) @ 0.1 % on Receipts Above 50 lakh 2 If Sale Receipts upto 50 lakh No TCS u/s 206(1H) 1 TDS on Purchase & TCS on Sale explained with charts and Tally Entry From Buyer Side 1 If Purchase Value Above 50 lakh Deduction TDS u/s 194Q @ 0.1 % on Value Above 50 lakh 2 If Purchase Value upto 50 lakh No TDS u/s 194Q but TCS u/s 206(1H) may be applicable if aggregate payment (Including last year due) exceed 50 lakh during the ye
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Court restrains TDS deduction under section 194N

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  Calcutta HC restrains TDS deduction under Section 194N Calcutta High Court passes landmark interim order in petition challenging constitutional validity of section 194N of the Income Tax Act, 1961 which mandates the deduction of tax at source at the rate of 2% on cash withdrawals from banking company .  Petitioner submits that Section 194N of the said Act is beyond the legislative competence of the Parliament and Entry 82 of List I of Schedule VII to the Constitution allows the Parliament to enact laws for and levy of tax on “income” and the Parliament cannot legislate a provision stipulating the deduction of tax at source from an amount which is admittedly not income and such legislation would be beyond the legislative competence of the Parliament under Entry 82 of List I of Schedule VII of the Constitution imposition, collection . Petitioner has also relied on several unreported decisions of the Hon’ble Kerala High Court involving the same issue and one of which is order dated 13th
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IMPORTANT ALERT FOR UPCOMING DUE DATES

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  IMPORTANT ALERT FOR UPCOMING DUE DATES Various changes have been made in Law regarding provisions of important tax compliances. This article discusses various upcoming important due dates which are relevant to almost every person. Upcoming due dates relating to filing of various forms with GST department e.g. Opt-in QRMPs, LUT, Aadhar authentication, Updation of Udyam Registration & Import Export Code along with other Important compliances have been discussed in the article. Sr. No. Particulars Period/Due Date Remarks 1 Opt-in/Opt-Out of QRMP scheme for June-2021 Qtr 01/02/2021 to 30/04/2021 GST registered entities, who wish to opt-in/opt-out of the QRMP scheme to Regular Monthly Scheme for the June-2021 quarter can do the scheme from 01/02/2021 to 30/04/2021. (Website: www.gst.gov.in ) 2 Apply Letter of Undertaking (LUT) for FY 2021-22 16/02/21 onwards The facility to furnish LUT for FY 2021-22 has been activated by GSTN. Now the exporters making zero-rated supply without paymen
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