VATupdate

Daily GST Updates – Aug 3, 2022

Pre-Deposit cannot be waived for Financial Grounds: CESTAT dismisses Appeal

1) Show Cause Notice issued by Officers of DGCEI, who are not Proper Officers u/s28(1) of Customs Act: CESTAT holds SCN as bad in law

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), New Delhi held Show Cause Notice as bad in law on the ground that the show cause notice issued by the officers of Directorate General of Central Excise Intelligence (DGCEI), who are not proper officers under Section 28(1) of the Customs Act.

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2) CESTAT dismisses Allegation of Export Duty Evasion on Samples sent for Certification as Finished Goods on ground of Lack of Evidence

THE Customs Excise and Service Tax Appellate Tribunal (CESTAT), Chennai dismissed allegation of export duty evasion on samples sent for certification as finished goods on grounds of lack of evidence.

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3) SBI cannot take a Defense of Scarcity of Advisors: ITAT imposes Cost of Rs. 1 Lakh for Late filing of TDS Statement

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that State Bank of India (SBI) cannot take a defense of scarcity of advisors and imposes a cost of Rs. 1 lakh for late filing of Tax Deduction at Source (TDS) Statement.

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4) Cash Gift from Brother and Sister during Medical Emergencies cannot be treated as ‘Unexplained’: ITAT deletes Addition

The Income Tax Appellate Tribunal (ITAT), Delhi bench has, while deleting an addition under section 69A of the Income Tax Act, 1961 has held that the cash gift from brother and sister cannot be treated as “unexplained.”

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5) GST: CBIC reduces Mandatory E-Invoice for Businesses having Rs. 20 Cr Turnover to Rs. 10 Cr

The Central Board of Indirect Taxes and Customs ( CBIC ) has made mandatory E-invoicing for businesses with aggregate turnover exceeding ₹10 crore with effect from October 1. Presently, e-invoice is compulsory for businesses with an annual turnover of over ₹20 crore.

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6) GST Portal enables Table 3.1.1 in GSTR-3B for reporting supplies u/s 9(5)

The Goods and Services Tax ( GST ) portal has enabled Table 3.1.1 in GSTR-3B for reporting supplies under section 9(5) of the Central GST Act, 2017.

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7) New Record of over 72.42 lakh Income Tax Returns filed on a single day: About 5.83 cr ITRs filed till 31st July

The Income Tax Department has expressed its gratitude to taxpayers and tax professionals for making compliances in time leading to a surge in filing of Income Tax Returns (ITRs) resulting in a new record of ITRs filed on a single day.

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8) 1,67,080 Companies registered in FY 2021-22 as compared to 1,55,377 in FY 2020-21

The Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh has stated that, 1,67,080 companies registered in FY 2021-22 as compared to 1,55,377 in FY 2020-21.

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9) Chartered Accountant vacancy in Ericsson

The Ericsson has invited applications for the post of Group Function Finance Specialist / SME Job stage 6.

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10) CA, CMA vacancy in ABB

The ABB has invited applications for the post of Financial Planning & Analysis Analyst. The Financial Planning and Analyze expertise to the organization by compiling and analyzing metrics, identifying trends and problems, communicating information to relevant groups and recommending actions to improve financial performance.

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11) Seriousness of Offence alone cannot be the basis for Granting Bail: Allahabad HC releases GST Accused from Custody after 5 Months

While granting bail to an accused of a GST Scam using 75 fake companies, the Allahabad High Court has granted bail considering the fact that he is in custody for 5 months and has no criminal history.

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12) Pre-Deposit cannot be waived for Financial Grounds: CESTAT dismisses Appeal

The Customs Excise and Service Tax Appellate Tribunal (CESTAT), New Delhi dismissed the appeal on the ground that pre-deposit cannot be waived for financial grounds.

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13) DGFT Extends Due date for filing of Non-Preferential Certificate of Origin till March 2023

The Director General of Foreign Trade (DGFT) has extended the due date for mandatory electronic filing of Non-Preferential Certificate of Origin (“CoO”) through the common digital platform till March 31, 2023.

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14) Re-Opening of GST Transitional Credit: Benefit of Supreme Court Direction available to ‘Any Aggrieved Registered Assessee’, Madras HC Clarifies

In a recent ruling, the Madras High Court has clarified that the benefit of the Supreme Court decision directing the Government to open the GST portal for taxpayers who wants to avail transitional credit, is available to ‘any aggrieved registered assessee’

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15) HR, Marketing Consultancy Services, and Employee Training Services are not chargeable to Tax in India FTS: ITAT

The Income Tax Appellate Tribunal (ITAT), Pune Bench has held that HR, Marketing Consultancy services, and Employee Training services are not chargeable to tax in India as Fees for Technical Services (FTS).

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16) Subsidy granted by Govt. for encouraging Industries are Capital Receipts: ITAT deletes Addition

The Income Tax Appellate Tribunal (ITAT), Pune bench has held that subsidies granted by the government for encouraging industries are capital receipts and deletes addition.

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Source Taxscan

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