Annual Subscription and Maintenance Fees not leviable as GST: AAR [Read Order]

The Maharashtra Advance Authority for Ruling (AAR) bench consisting of Rajiv Magoo, Additional Commissioner of Central Tax, and T R Ramnani, Joint Commissioner of State Tax held that annual subscription and maintenance fees are not leviable as GST.

The assessee, M/s Navi Mumbai Sports Association, has constructed an international sports complex on land allotted by M/s CIDCO to it. The main aim and object of the association are to encourage and foster sports, and cultural and social activities. It also provides health and sports education. The applicant association is regulated and managed by an elected body, i.e., the managing committee, which looks into the affairs of the association and makes policy decisions that aim at the promotion of sports, fellowship, and fitness for individuals, families, schools, institutions, and corporate bodies. For the promotion of sports, annual camps are held to select talents and rigorous workouts are given to make them champions. Schools and colleges provide the association’s infrastructure for sports and competitions. For fellowship, it has affiliations with prestigious clubs across India and abroad for the benefit of its members.

The sports complex is equipped with various facilities for achieving its objectives, which include indoor badminton, squash, table tennis courts, gym and health club, retiring rooms, football and cricket grounds, swimming pools, restaurants, conference halls, etc. The applicant has sought an advance ruling on the issue of whether the amount collected by the applicant in respect of entrance/admission fees, which forms part of the corpus fund, annual subscription fees, and annual maintenance fees from its members is liable to GST. The Authority observed “Annual subscription and maintenance fees not leviable as GST. As the motive behind the association is not profit, hence the activities of the club cannot be considered as business.”

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GST Refund Claims using Bogus / Fake Firms: Haryana issues Instructions [Read Circular]

In order to curb GST evasion using bogus firms, the Haryana State departments issued strict instructions to the officers.

A recent circular issued by the department has stated that “while there is an urgent need of weeding out bogus/fake firms set up for passing off fake input tax credit, there is also a need of facilitating bonafide taxpayers for GST registrations.”

The circular stated that all applicants for registration are to be processed in accordance with provisions laid down in Section 25 and the Rules framed thereunder.

“The Act does not mandate physical appearance / personal statements of the applicants at the time of processing of registration. This practice shall be discouraged. However, in case of doubt/suspicion, physical verification of the business premises may be conducted under Rule 25 of the HGST Rules, 2017,” it said.

It also stated that the list of documents to be uploaded with the application for registration is already provided in FORM GST REG-01.

“Ideally, no extraneous information/documents shall be sought by the Proper Officer while processing such applications. However, in case of doubt/suspicion, the proper officer may call for information as he may deem fit but information shall be relevant to the application and frivolous/extraneous information shall not be called for,” the circular said.

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CBDT extends Timeline to update UDIN

The Central Board of Direct Taxes ( CBDT ) has extended the timeline to update the Unique Document Identification Number(UDIN) for practising Chartered Accountants till 30th June 2022, to give more time to CAs to correctly verify and upload UDINs.

Unique Document Identification Number (UDIN) being made mandatory from 1st July 2019 for all Audit/Assurance/Attest functions.

The concept of UDIN (Unique Document Identification Number) is implemented to curb the malpractices of misleading the Authorities and Stakeholders by non-CMAs misrepresenting themselves as CMAs and attesting the Costing Data/documents/certificates.

UDIN secures the certificates attested/certified by practicing CMAs (in full-time practice only). UDIN Web Portal enables third parties (Authorities / Regulators / Banks / Others) to check the authenticity of the documents. Unique Document Identification Number (UDIN) is an 18-digit system-generated Unique Number for every document Certified / Attested by Practicing CMAs. UDIN is to be generated at the time of signing of the document [for each assignment] through UDIN Portal; however the same can be generated within 60 days of signing the document.

GST / Customs Duty Recovery from Companies undergoing Liquidation: CBIC issues SOP for NCLT cases in respect of the IBC [Read Circular]

The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) for the National Company Law Tribunal (“NCLT”) cases in respect of the Insolvency and Bankruptcy Code, 2016 (“IBC”) in order to ensure the interests of revenue in cases involving GST/Customs duty recovery from the companies undergoing the liquidation process. The circular stated…

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GST Return: CBIC waives GSTR-4 Late Fee [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has waived the late fee for GSTR-4 till 30th June 2022.

GSTR-4 is a GST Return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by 30th of April, following a financial year.

The notification issued on Thursday provided that “the late fee payable for delay in furnishing of FORM GSTR-4 for the Financial Year 2021-22 under section 47 of the said Act shall stand waived for the period from the 1st day of May, 2022 till the 30th day of June, 2022.”

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Amount invested in Capital Gain Scheme is not subject to Tax in the Year of Investment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the amount once invested in the capital gain scheme cannot be brought to tax in the year of the investment itself without considering the utilization within the period allowed under the said scheme.

The assessee, Shri Sandeep Taneja, is an individual. On the first appeal, the Commissioner of Income Tax (Appeals) is eligible for benefit of provisions of Section 54F of the Act in view of investing Rs 6 Cr. in the prescribed Capital Gains Account Scheme and on account of his having fulfilled other relevant conditions, as applicable for AY 2014-15.

The Tribunal bench comprising Dr. B.R.R.Kumar, Accountant Member and Sh. Anubhav Sharma, Judicial Member held that “the findings of Ld CIT(A) of allowing claim of assessee on basis that it failed to consider the detailed enquiry of Ld. AO but the Bench is of the considered opinion that the ld. CIT(A) after taking into consideration, the entire facts of the case viz., date of purchase, date of sale, date of investment in capital gain scheme held that the assessee is eligible for claim u/s 54F of the Income Tax Act, 1961. Notwithstanding anything, the amount once invested in the capital gain scheme cannot be brought to tax in the year of the investment itself without considering the utilization within the period allowed under the said scheme.”

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GST System not Accepting Return without Tax Payment causing Multiple Penalties on Assessee: Kerala HC admits Petition, allows Interim Relief [Read Petition]

The Kerala High Court has admitted a petition challenging the errors in GST system including non-acceptance of return without payment of tax amount, causing multiple loss to the assessee including payment of late fee, interest and cancellation of GST registration etc. While admitting the petition, Justice T R Ravi directed the department to open the…

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GST Dept detains Two Chartered Accountants in a GST Fraud Case: CAs call for Protest against Malicious Detention

The Chartered Accountants have called for a protest against the malicious arrest of two chartered accountants detained by DGGI, GURGAON CGST Department for the last 48 hours for giving unjust enrichment certificate in a GST refund matter.

A viral video posted by a group of chartered accountants has alleged that the arrest is illegal and malicious since there is no action against the person who actually received the refund and the officer who allowed the refund without properly verifying the documents.

The GST department has not yet responded with regard to under which provision of the Act, the Chartered Accountants are detained inside the department without any access to legal aid and other fundamental rights available to them under the law.

“Since the introduction of GST, the Chartered Accountants are under scanner for fraudulent claims and the whole fraternity is being subject to unnecessary harassment whenever a scam is unearthed,” a Chartered Accountant appeared in the video said.

“What was the offence done by him (the arrested CA)? Sharing an OTP?,” they asked.

ICAI postpones Counselling Session of CA Final and Intermediate Papers

The Institute of Chartered Accountants of India ( ICAI ) has postponed the Counselling Session of Final “Paper 2 Strategic Financial Management” and Intermediate Paper 6 Auditing & Assurance.

The ICAI has said that, due to some unavoidable circumstances, the Board of Studies (A) is postponing the Counselling Session of Final Paper 2 Strategic Financial Management and Intermediate Paper 6 Auditing and Assurance to 6th May 2022 at 11:00 AM.

ICAI asks Chartered Accountants to follow Strict Compliance Verification / Clarification of documents related to incorporation of Company or LLP

The Institute of Chartered Accountants of India ( ICAI ) has asked the Chartered Accountants to follow Strict Compliance Verification / Clarification of documents related to the incorporation of a Company or an LLP.

The ICAI has said that, the MCA has communicated to ICAI that instances have been observed where practicing professionals are not carrying out Due Diligence and Verification while carrying out the incorporation of Company / LLP.

The ICAI has also said that the Verification of documents pertaining to Directors, KMP, witnesses to MoA, AoA, and verification of Registered Office are required to be done in strict accordance with the provisions of Law.

ICAI launches Online Process for Formation of Networking of CA Firms: Issues Revised Guidelines

The Institute of Chartered Accountants of India ( ICAI ) has launched the Online Process for Formation of Networking of CA Firms. The Online process has been launched for the formation of Networking of CA firms, as per new networking guidelines approved by the Council last year.

The networking tab is available under the Firm Module in Self Service Portal (SSP) and members can now directly apply through the Portal for approval and registration of the Network.

The ICAI has also issued the Guidelines for Networking of Indian CA Firms. The Council of ICAI issued Network Guidelines for the first time in the year 2005 and thereafter, the same was revised by the Council in the year 2011.

The ICAI has said that, at the present, is focussing on revision in Networking guidelines in order to enable the Indian CA firms to develop a sound Network of Firms, and after a gestation period, move toward allowing foreign firms to join the Indian CA networks. Therefore, this paper is limiting itself to networking amongst domestic CA firms only. At a later stage, the Council may consider further modifications in the present Networking Guidelines so as to pave way for Indian CA Networks to enter into networking arrangements with foreign accounting firms and have networking arrangements with foreign networks.

The Council of ICAI decided to modify the Guidelines to make it easier for the Indian CA firms to form networks and also remove any impediments and bottlenecks that dissuade the firms from growing bigger by joining a network. Another equally critical concern was not only to protect the professional practice of the small and medium firms but also their identity. Therefore, an attempt is made to mitigate the hardships in the revised Guidelines and encourage practising Members to consider Networking.

Read the Full text of the Guidelines Click here.

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Supreme Court and High Courts Weekly Round-up

This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in during the previous week from March 28st to April 3rd, 2022. VINAY KANT AMETA vs UNION OF INDIA – 2022 TAXSCAN (SC) 128 In a recent case of a GST scam worth Rs. 869, a two-judge…

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[BREAKING] Finance Ministry Notifies Finance Act, 2022: Know the Key Changes [Read Act]

The Ministry of Finance has notified the Finance Act, 2022. The Parliament had passed ‘The Finance Bill, 2022″ the Parliament completes the Budgetary exercise for 2022-23.

The Central Government has brought 39 changes before passing the Finance Bill. With the amendments in the Finance Bill, the government had proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets.

According to the Finance Act, 2022, a Virtual Digital asset could be a code or number, or token which can be transferred, stored, or traded electronically. The Virtual Digital Assets will include prevailing cryptocurrencies and non-fungible tokens (NFTs) which have gained fads over the past couple of years. The Budget 2022 has brought clarity concerning the levy of Income Tax on Crypto assets.

From April 1st, 2022, a 30 percent Income Tax plus cess and surcharges, will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.

The Budget 2022-23 also proposed a 1 percent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which includes individuals/HUFs who are required to get their accounts audited under the Income Tax Act.

In order to remove inconsistency, it is proposed to amend section 194-IA of the Act to provide that in case of transfer of an immovable property (other than agricultural land), TDS is to be deducted at the rate of one percent. of such sum paid or credited to the resident or the stamp duty value of such property, whichever is higher. In case the consideration paid for the transfer of immovable property and the stamp duty value of such property are both less than fifty lakh rupees, then no tax is to be deducted under section 194-IA.

The Finance Act, 2022 has substituted section 144B of the Income Tax Act. The provisions of the proposed section shall apply for faceless assessment, reassessment, or recomputation under sub-section (3) of section 143 or under section 144 or under section 147 of the Act, as the case may be, in the cases specified therein.

The Finance Act 2022 stated that no TDS on Transfer of Immovable Property if Consideration paid or Stamp Duty Value are both less than Rs. 50 Lakhs. Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Sub-section (1) of the said section provides for deduction of tax by any person responsible for paying to a resident any sum by way of consideration for transfer of any immovable property (other than agricultural land) at the time of credit or payment of such sum to the resident at the rate of one percent. of such sum as income-tax thereon. Sub-section (2) provides that no deduction of tax shall be made where the consideration for the transfer of immovable property is less than fifty lakh rupees.

The Finance Act, 2022 also inserted a new provision imposing a deduction of 10% TDS on the number of perquisites provided to an employee exceeding Rs. 25,000 from 1st July 2022. As per clause (iv) of section 28 of the Act, the value of any benefit or perquisite, whether convertible into money or not, arising from business or exercise of profession is to be charged as business income in the hands of the recipient of such benefit or perquisite. However, in many cases, such recipient does not report the receipt of benefits in their return of income, leading to the furnishing of incorrect particulars of income The Finance Act also gives certain income tax relief for differently-abled Persons. The parent or guardian of a differently-abled person can take an insurance scheme for such a person. The present law provides for a deduction to the parent or guardian only if the lump-sum payment or annuity is available to the differently-abled person on the death of the subscriber i.e. parent or guardian.

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Supreme Court and High Courts Weekly Round-Up

This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in during the previous week from March 21st to March 27th, 2022.

M/s. Asean Cableship Pte. Ltd. vs The Commissioner of Customs2022 TAXSCAN (SC) 126

The Supreme Court has held that disputes concerning exemption claims and rates of duty are different and upholds the Jurisdiction of the High Court in entertaining an appeal against the CESTAT order. The two-judge bench of Justice M.R Shah and Justice B. V. Nagarathna by dismissing the Special Leave Petition has held that “the principal question/issue is the exemption claimed under Section 87 of the Act.   Whether the assessee is entitled to exemption as claimed or not, such an   issue cannot be said to be an   issue relating, amongst other things, to the determination of any question having relation to the rate of duty.   The submission on behalf of the petitioner that the duty will be NIL and if not, which is the case of the Customs Department, it will be the applicable rate of duty and therefore, such a dispute can be said to be in relation to the rate of duty, has no substance. The dispute with respect to the exemption claimed and the dispute with regard to the rate of duty is different, distinct, and mutually exclusive.  We are of the firm opinion that the dispute concerning an exemption cannot be equated with a dispute in relation to the rate of duty. Therefore, with respect to such an issue, against the order passed by the CESTAT, the appeal would be maintainable before the High Court under Section 130 of the Act”.

STATE OF KARNATAKA AND ANR. ETC. vs STATE OF MEGHALAYA AND ANR. ETC. ETC.

A two-judge bench of the Supreme Court has upheld the validity of the Lotteries Act enacted by the Karanataka and Kerala States by holding that ‘lotteries’ is a species of gambling activity and hence lotteries are within the ambit of ‘betting and gambling’ as appearing in Entry 34 List II.

M/S NEW NALBANDH TRADERS vs STATE OF GUJARAT & 2 other(s)2022 TAXSCAN (HC) 216

A division bench of the Gujarat High Court comprising J B Pardiwala and Justice Nisha M Thakore held that the input tax credit cannot be blocked by invoking section 86A of the Central GST Act, 2017 without assigning any reasons. While allowing a writ petition, the division bench observed that since the facility to furnish GSTR – 2 and GSTR – 3 Forms is also not available and there is no system allowing the matching of ITC, the GST department shall allow the input tax credit to traders provisionally on the basis of invoices.

Precious Trade Link Private Limited & Anr. vs Assistant Commissioner of State Tax under Bureau of Investigation2022 TAXSCAN (HC) 217

The Calcutta High Court bench has quashed a detention order passed by the Goods and Service Tax Department (GST) on the ground that the opportunity of hearing was not accorded to the assessee which would amount to the violation of natural justice principles.

L.Ponnammal vs Union of India, rep. by its Secretary, Department of Investment and Public Asset Management, Ministry of Finance2022 TAXSCAN (HC) 218

The Madras High Court on Monday dismissed a writ petition challenging the amendments brought in by the Finance Act 2021 and the subsequent amendments made in the LIC Act 1956 which provided for the disinvestment of the Life Insurance Corporation. The Court noted that the amendments were brought in after the Finance Bill was classified as a money bill under Article 110 of the constitution. The court held that the challenge was made to the amendments by way of Article 110 of the constitution without challenging the certificate issued by the Speaker of the House. Further, the procedure for certifying the Finance Bill as a money bill has been duly complied with and therefore there is no constitutional illegality.

ERICSSON INDIA PRIVATE LIMITED vs ASSISTANT COMMISSIONER OF INCOME TAX, NEW DELHI & ANR. – 2022 TAXSCAN (HC) 219

In a major relief to Ericsson India Private Limited, the Delhi High Court has directed the income tax department to release a refund of approx. Rs. 349 crores, held that a transaction, being revenue neutral does not affect the interests of the revenue. The Court further noted that the upshot of the aforesaid discussion is that the estimation made by the AO that because there is a likelihood of the petitioner–assessee having to bear a tax liability of Rs. 500 crores in AY 2018-19, and, therefore, the refund sought of Rs. 349,41,45,020/- ought to be denied, is not founded on rational and cogent grounds.

COMMISSIONER OF CENTRAL EXCISE HYDERABAD-I vs M/S ARADHANA FOODS AND JUICES PVT. LTD. – 2022 TAXSCAN (SC) 127

A two-judge bench of the Supreme Court will consider the issue of whether the product `Nimbooz’ can be classified under the item `Lemonade’ Or `Fruit Pulp Or Fruit Juice Based Drinks.’

MAYUR BATRA vs ASSISSTANT COMMISSIONER OF INCOME TAX CIRCLE 61(1) & ANR. – 2022 TAXSCAN (HC) 220

The Delhi High Court has ruled that a penalty order passed by the income-tax authority under Section 271(1)(c) of the Income Tax Act, 1961 without considering the objections filed by the assessee is violative of the principles of natural justice.

M/s Narsingh Ispat Limited through its Director Sri Ajay Kumar Singh vs Union of India2022 TAXSCAN (HC) 221

The Jharkhand High Court, while hearing a plea challenging the demand notices for interest on late filing of GSTR-3B, has quashed the orders for the reason that the department has not followed the principles of natural justice. Quashing the orders, the bench held that “We are thus satisfied that the Respondents have failed to follow the procedure prescribed in law before issuing Summary of the Order in Form GST DRC-07 holding the petitioner liable to pay interest under section 50(1) of the Act due to late filing of GSTR-3B and not depositing the due interest on its own. As such, writ petition succeeds only on the point of failure to follow the principles of natural justice and the procedure prescribed in law.”

M/s. A.J. Finance Pvt. Ltd. Vs Income Tax Officer, Ward No.8(1), Kolkata & Ors2022 TAXSCAN (HC) 223

While quashing an order for revision under section 263 of the Income Tax Act, 1961, ground of failure to consider the objections raised by the assessee, the Calcutta High Court has directed the income tax department to re-consider the issue and pass a speaking order within 12 weeks.

MILAP SCRAP TRADERS THROUGH PRO. HARSHADBHAI MANUBHAI PATEL vs STATE/ COMMERCIAL TAX OFFICER2022 TAXSCAN (HC) 225

A division bench of the Gujarat High Court has directed the GST department to withdraw the negative block of the electronic credit ledger at the earliest. The two-judge bench comprising Justice J B Pardiwala and Justice Nisha M Thakore observed that “we need not delve much into the facts of this litigation as the principal issue involved in the present writ application is no longer res integra in view of the recent pronouncement of this Court in the case of Samay Alloys India Pvt. Ltd. vs. State of Gujarat.”

SREEJITH K. vs STATE OF GUJARAT2022 TAXSCAN (HC) 226

A division bench of the Gujarat High Court has ordered the GST department to release the goods considering the fact that the amount of tax and penalty has been already remitted with the department.

Jai Venktesh Concast Pvt. Ltd. & Anr vs The Assistant Commissioner of State Tax, Durgapur Charge & Ors.2022 TAXSCAN (HC) 228

The Calcutta High Court has directed the GST department to cancel the blockage of Credit Ledger as the order for the same expired after one year. “Considering the submission of the parties, this writ petition is disposed of by holding that the aforesaid impugned order dated 24th November, 2020 as appears on page 12 of the writ petition has ceased to have any effect and has no force in the eye of law. It is clarified that this order is only confining to the aforesaid impugned order and will have no impact on any other relevant proceedings. The respondent concerned shall pass the effective order for unblocking of electronic credit ledger in question within seven days from date,” the Court said.

Subhatosh Majumdar vs Union of India & Ors. – 2022 TAXSCAN (HC) 227

The Calcutta High Court, while quashing a non-speaking order passed by the income tax department under section 143 of the Income Tax Act, 1961 and directed the Assessing Officer re-consider the matter and pass a speaking order within 12 weeks.

Shweta Kedia vs Income Tax Officer2022 TAXSCAN (HC) 229

The Rajasthan High Court has held that the subordinate legislature cannot be permitted to amend the provisions of the parent Act. The division bench presided by Honorable Mr. Justice Pankaj Bhandari and Honorable Mr. Justice Anoop Kumar Dhand while allowing the writ petition has held that “we are in full agreement with the judgment passed by the Co-ordinate Bench of this Court in the case of Sudesh Taneja (Supra). We see no reason to take a different view. In the result, we find that the notices impugned in the respective petitions are held to be invalid and bad in law and the same are quashed and set aside”.

UDAYA SOUNDS PULLEPPADY vs THE PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL REVENUE BUILDING2022 TAXSCAN (HC) 231

The Kerala High Court has held that the filing of a Special Leave Petition, being recourse by the assessee to the provisions of the Constitution, cannot be treated as “proceedings under the Income Tax Act, 1961.” Holding that recourse by the assessee to the provisions of the Constitution by filing a special leave petition before the Supreme Court cannot be regarded as ‘a proceeding under this Act, the bench held that “The word proceeding is a term of wide importance and it includes the original proceedings as well as the appellate proceedings as it is trite law that an appeal is a continuation of the original proceedings (see the decision in State of Tamil Nadu and Others v. S. Subramaniam [(1996) 7 SCC 509]. In the context in which the word ‘proceedings’ appear in section 132(8), it can be held to be used in a very comprehensive sense to include even revisional proceedings, provided the same is invoked under the statutory provisions of the Income Tax Act. Thus an assessment proceeding, appellate proceeding, and even revisional proceeding are all “proceedings under this Act.”

M/s.MNS Enterprises vs The Additional Director General Directorate of GST Intelligence2022 TAXSCAN (HC) 232

The Madras High Court has held that the amount lying in the electronic liability register can be utilized for discharging tax liability against the future supplies. Justice C Saravanan held that the amount lying in the Electronic Liability Register of the petitioner can be refunded only the manner in the law. It cannot be ordered to be refunded.

ITAT Weekly Round-Up

This weekly round-up analytically summarises the key stories related to the Income Tax Tribunal (ITAT)  reported at Taxscan.in during the previous week from March 13th to March 20th, 2022. Shri Deepak Valji Karia vs Income Tax Officer The Income Tax Appellate Tribunal (ITAT), Mumbai bench has quashed the assessment order for the reason that the…

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Supreme Court and High Courts Weekly Round-Up

This weekly round-up analytically summarizes the key stories related to the Supreme Court and High Court reported at Taxscan.in during the previous week from March 13th to March 20th, 2022. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) vs M/s. MOTISONS ENTERTAINMENT INDIA PVT. LTD. – 2022 TAXSCAN (SC) 125 A two-judge bench of the Supreme Court…

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GST: Discrepancy in Quantity of Goods mentioned in E-Way Bill cannot attract Section 129 of CGST Act, rules Punjab & Haryana HC [Read Order]

A division bench of the Punjab and Haryana High Court has held that a discrepancy in the quantity of goods mentioned in the E-Way Bill under GST cannot attract Section 129 of the CGST Act, 2017. The petitioner is engaged in the business of copper wires and copper scraps, which are purchased from dealers located…

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High Courts Weekly Round-Up

This weekly round-up analytically summarizes the key stories related to High Courts reported at Taxscan.in during the previous week from March 1st to March 12, 2022. NEHAL ASHWINKUMAR SHAH vs State of Gujarat The Gujarat High Court has held that there is no provision under the Sales Tax Act to fasten the liability of the…

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CGST Delhi officials bust a syndicate of 7 firms in GST Evasion of more than Rs 85 cr

Through extensive analysis of E-way bills, CGST Delhi East Commissionerate had busted a syndicate of five firms who were engaged in availing and utilising fake Input Tax Credit (ITC) of Goods and Services Tax (GST).

During further investigation, it was found that this syndicate was using two more entities namely, M/s Shree Mahaveer International and M/s Gravity Enterprises. Communication was also received from GST, Gujarat State that a car bearing registration no. DL8CAS5941, registered in the name of one of the syndicate firms M/s Blue Water Expotrade Private Limited was intercepted by them in Ahmedabad. FastTags of Trucks were affixed on the car to create the false movement of export goods from Delhi to Mundra port. The E-way bills in respect of the fake supply were issued by M/s Shree Mahaveer International.

The search was conducted at the residential premises of Shri Rakesh Kumar Jain, proprietor in M/s Shree Mahaveer International and Partner in M/s Gravity Enterprises on 10th March 2022. Shri Rakesh Kumar Jain in his voluntary statement admitted that bogus invoices were received and issued from these syndicate firms without actual supply of goods.

It was evident that Shri Rakesh Kumar Jain was using multiple firms to avail and pass on fake ITC on bogus invoices and E-Way Bills without actual supply of goods. The quantum of GST evaded by him is more than Rs. 85 crore.

Therefore, he was arrested on 10th March 2022 for committing offenses specified under Section 132(1)(b)&(c) of the CGST Act, 2017 and produced before Metropolitan Magistrate Patiala House Courts, New Delhi.

Investigation by CGST Delhi (East) Commissionerate so far has unearthed fake ITC racket by seven firms namely, M/s Vibe Tradex, M/s Prime Mark Expotrade Private Limited, M/s Blue Water Expotrade India Private Limited, M/s Transglobe Tradex Private Limited, M/s Tirupati Overseas, M/s Shree Mahaveer International & M/s Gravity Enterprises. Further investigation in the case is under progress.

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B.Com, CA-Inter vacancies in Bank of America

The Bank of America has invited applications from qualified B.Com, CA-Inter graduates for the post of Manager.

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.

Job Description*

Application Support team provides application production support to US Reg. Reporting line of business (LOB) teams ensuring availability of data as per agreed timelines and also assist in resolving issues that prevent users to prepare/file any report to regulators/ management. Individual will be required to collaborate with multiple upstream teams and technology partners for quick and smooth remediation.

Individual will be a contributing member of the Applications Support team and would assist in Change Management that would involve engaging technology, following Production release approval workflow, Develop & execute test scripts, Analyze results of testing –identify and escalate defects

Associate should be able to provide expertise in overall support function including ability to research complex issues.  This requires strong application knowledge and ability to understand complex SQL queries to analyze.

Responsibilities*


Requirements*

 Education*

B.Com/M Com /MBA  graduate or CA Intermediate/ICWAI / B.Tech/BCA/MCA

Certifications, If Any

Experience Range*

9 to 12 Years

Foundational skills*


Desired Skills

For Further Information Click here.

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Instant PAN and TAN with Certification of Incorporation: MCA notifies LLP Second Amendment Rules 2022 [Read Notification]

The Ministry of Corporate Affairs (MCA) vide its Notification dated 04th March, 2022 has notified Limited Liability Partnership (Second Amendment) Rules, 2022 to amend the existing Limited Liability Partnership Rules, 2009, which shall come into force on the date of its publication in the Official Gazette. According to the Amendment, the application for allotment of…

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