Important Judgments, Ruling of the week
• ITC available on CSR expenses as in the course of business
• Bail Granted to accused arrested for availing ineligible ITC of Rs. 9 Crore
• Challenge to ‘search action’ at business premises dismissed by High Court citing presence of ‘reason to believe’
• HC issued notice in writ challenging Rule 36(4) of the CGST Rules restricting ITC availment
• Bombay HC stayed the demand notice seeking Service Tax from Advocate
• No GST on delayed payment charges recovered from the client towards trading of securities
Important Notifications, Instruction, etc.
• Use of Accounting Software having audit trail mandatory
• Various matters to be included in Auditors Report
• Urgent measures to sensitise trade in light of proposed changes to Section 46 of the Customs Act, 1962
• Issuance of Import Authorization for ‘Restricted’ items from DGFT HQs w.e.f. March 22, 2021
• ICAI released revised guidelines for networking of Indian CA firms, 2021
Press Release of the week
• Special schemes to boost domestic demand
Important Updates of the week
• Opting in for Composition Scheme for Financial year 2021-22
• FAQs and User Manual w.r.t. opting in for Composition Scheme for F.Y. 2021-22
• A list of GSTINs generating IRN has been issued by NIC
• FM Nirmala Sitharaman: GST related matters are GST Council matters and not Ministry of Finance matters alone
Our Articles of the week
• Important GST compliances as on April 1, 2021
• ITC related compliance as on March 31, 2021
• Analyses and Reconciliation of GSTR 1, GSTR 2A, GSTR 3B etc., as on March 31, 2021
Video of the week
• E-Invoicing – Who and How to generate – Handholding and Demo || CA Bimal Jain
Source: a2ztaxcorp.com
