👉Results of the Chartered Accountants Intermediate Examination (Old course & New Course) held in July 2021 declared. - (19-09-2021)
https://www.icai.org/post/results-caexam-inter-old-new-july2021
👉RBI Bulletin – September 2021
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52238
👉Master Direction – Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12163&Mode=0
👉View: Dear RBI, don’t make digital payments difficult for consumers
https://economictimes.indiatimes.com/industry/banking/finance/banking/view-dear-rbi-dont-make-digital-payments-difficult-for-consumers/articleshow/86357889.cms
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Hon'ble Supreme Court has just now upheld the validity of Rule 89(5) and denied refund of input services in case of Inverted Duty Structure.
The appex court has set aside the judgement of Gujarat High Court favouring assessee in case of VKC footwear and upheld the order of Madras High Court.
The ruling is a major setback for all those claiming refund of input services along with inputs in case of IDS.
Professional Information
👉Results of the Chartered Accountants Intermediate Examination (Old cour se & New Course) held in July 2021 declared. - (19-09-2021)
https://www.icai.org/post/results-caexam-inter-old-new-july2021
👉RBI Bulletin – September 2021
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52238
👉Master Direction – Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12163&Mode=0
👉View: Dear RBI, don’t make digital payments difficult for consumers
https://economictimes.indiatimes.com/industry/banking/finance/banking/view-dear-rbi-dont-make-digital-payments-difficult-for-consumers/articleshow/86357889.cms
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⚫India has climbed two spots to 46 in the Global Innovation Index 2021 prepared by the World Intellectual Property Organization. India has been portrayed as successful in developing sophisticated services that are technologically dynamic and can be traded internationally.
⚫A global rout in stock markets sparked by concerns over China Evergrande Group hit the world’s biggest fortunes, with the richest 500 people losing a combined $135 billion.
⚫SBI prepared to support Tata group's bid for Air India
⚫India recorded 24925 new Covid-19 cases in the past 24 hours.
🌑Air India and Air Canada are resuming their flights from Delhi to Toronto and Vancouver with easing of entry restrictions by the North American country. While Air Canada's first departure from Delhi will be on Wednesday, Air India is yet to announce its schedule but has informed Delhi airport about its plan to start flights.
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Clarification: 45th GST council Meeting and Circular No. 159/15/2021-GST Dt. 20.09.2021
Foreign Parent/ Subsidiary Co. be treated as separate legal entities
It is clarified that a company incorporated in India and a foreign company under Companies Act, are separate persons under CGST Act, and thus are separate legal entities.
Accordingly, these two separate persons would not be considered as “merely establishments of a distinct person in accordance with Explanation 1 in section 8”.
The supply from a company incorporated in India to its related establishments outside India, which are incorporated under the laws outside India, would not be treated as supply to merely establishments of distinct person under Explanation 1 of section 8 of IGST Act 2017.
Such supplies, therefore, would qualify as ‘*export of services*’, subject to fulfilment of other conditions.
Income Tax: On the basis of incriminating material found, once reassessment proceedings was initiated in the search of 3rd party then the provisions of section 153C of the I.T. Act were applicable which exclude the application of section 147 and 148 of the I.T. Act and notice u/s. 148 of the Act and proceeding u/s. 147 are illegal and void ab initio. (Favour of Assessee) City Life Projects Pvt Ltd Vs. ITO, 17/09/2021, ITAT- Delhi
GST Council had said a rule relating to input tax credits would be amended to align it with a new legal provision introduced in the CGST Act by way of Finance Act 2021, once it is notified. The amendment to the CGST Act says that a buyer can avail of tax credits due to him only when details of taxes collected by the vendor have been reported in his sales return and such details have been communicated to the buyer.
Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year. The GST Council meeting.
GST council 45th Meeting: Transfer of Cash Ledger Balance: It was decided as a measure of trade facilitation that the unutilized balance in CGST and IGST cash ledger may be allowed to be transferred between distinct persons (entities having the same PAN but registered in different states), without going through the refund procedure, subject to certain safeguards.
ICAI Pursuant to change in UDIN Guidelines, it can be generated now within 60 days. The said change is a permanent change and not one time effect. For example if UDIN is to be generated on 20.09.2021, it can be generated for a report / certificate signed on 25.07.2021 too.
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