Taxmann’s Ultimate Best-Seller for Indirect Taxes – ‘GST Ready Reckoner', is a ready referencer for all provisions of the GST Law. It covers all important topics of GST along with relevant Case Laws, Notifications, Circulars, etc.
The Present Publication is the 15th Edition, authored by Mr. V.S. Datey & Updated till 1st February 2021. This book follows the Six-Sigma approach to achieve the benchmark of ‘zero-error’.
The book has been divided into 55 chapters in respect of all-important-provisions of GST, including the following:
•GST – An Overview
•IGST, CGST, SGST and UTGST
•Taxable Event in GST
•Supply of Goods or Services or both
•Classification of Goods and Services
•Value of Taxable Supply of Goods or Services or both
•Valuation Rules if value for GST not ascertainable
•VAT concept and its application in GST
•Input Tax Credit
•Input Tax Credit – Other Issues
•Input Tax Credit when exempted as well as taxable supplies made
•Input Service Distributor
•Persons liable to tax
•Place of supply of goods or services or both other than exports or impacts
•Place of supply in case of export or import of goods or services or both
•Exports and Imports
•Special Economic Zones and EOU
•Time of Supply of Goods and Services
•Reverse Charge
•Exemption from GST by issue of Notification
•Concession to small enterprises in GST
•Construction and Works Contract Services
•Real Estate Services relating to residential and commercial apartments
•TDR/FSI/Upfront amount in long term lease in real estate transactions
•Distributive Trade Services
•Passenger Transport Services
•Financial and related services
•Leasing or rental services and licensing services
•Software and IPR Services
•Business and production services
•Job Work
•Telecommunication, broadcasting and information supply
Community social, personal and other services
Government related activities
•Basic procedures in GST
•Registration under GST
•Tax Invoice, Credit and Debit Notes
•E-way Bill for transport of goods
•Payment of taxes by cash and through input tax credit
Returns under GST
•Assessment and Audit
•Demands and recovery
•Refund in GST
•Powers of GST Officers
•Offences and penalties
•First Appeal and revision in GST
•Appeal before Appellate Tribunal
•Appeals before High Court and Supreme Court
•Prosecution and compounding
•Provisions relating to evidence
•Electronic Commerce
•Miscellaneous issues in GST
•GST Compensation Cess
•Transitory Provisions
•Constitutional Background of GST
Also Available
[15th Edition] of Taxmann’s GST Manual with GST Law Guide & Digest of Landmark Rulings
[14th Edition] of Taxmann’s GST Tariff with GST Rate Reckoner
[10th Edition] of Taxmann’s GST How to Meet Your Obligations
[2nd Edition] of Taxmann’s GST Case Laws Digest (A Section-wise Case Book of 1,900+ Judgements)
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
Tax Quest
Finance Act, 2016 has effected a number of changes that are effective from 01.06.2016 and this
alert seeks to provide a brief view on such changes.
1. Service Tax on Ocean Freight – Import Segment
Analysis of Finance Act, 2020 vis-à-vis GST
The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
ICAI Union Budget 2023 Highlights – Indirect Taxes.pptxtaxguruedu
Amendments proposed in the CGST Act,
2017 To be effective from a date to be notified after the enactment of the Finance Bill, 2023 Amendments in Section 10 Clause (d) of sub-section (2) and clause (c) of sub-section (2A) in section 10 of the CGST Act is proposed to be amended so as to remove the restriction imposed on registered persons engaged in supplying goods through electronic commerce operators from opting to pay tax under the Composition Levy
Finance Bill 2023 Full Description of Latest GST Changes | Academy Tax4wealthAcademy Tax4wealth
The Finance Bill, 2023, as introduced in Parliament on February 1, 2023, suggested several modifications to CGST/IGST rules under clauses 128 to 144 of the Finance Bill, 2023. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/gst-changes-finance-bill-2023
Finance Bill 2023 Full Description of Latest GST Changes | Academy Tax4wealthAcademy Tax4wealth
The Finance Bill, 2023, as introduced in Parliament on February 1, 2023, suggested several modifications to CGST/IGST rules under clauses 128 to 144 of the Finance Bill, 2023. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/gst-changes-finance-bill-2023
Coverage
Zero Rated Supplies
Detailed Analysis of Section 54
Types of Export Refunds under GST
Export of Goods upon Payment of IGST
Export of Services upon Payment of IGST
Export of Goods/services under BOND/LUT
Export of Goods/Services to SEZ
Refund if any for Supplies to Merchant Exporter
Refund for Deemed Exports
Procedural Aspects relating to Refund claims
Interest for delayed Refunds
Credit of Amount Rejected as Refund Claims
Highlights of Changes in Direct & Indirect Taxes in 2016-2017 budget
Direct Tax include Income tax,CHANGES IN INDIRECT TAXES - (CUSTOMS ACT, 1962 ,CENTRAL EXCISE ACT, 1944 ,AMENDMENTS IN SERVICE TAX )
Amendment and Notification Relating to Form 26 ASAmitJain910
Form 26AS - Annual Tax Statement has been revamped to New Form 26AS - Annual Information Statement vide amendment through Finance Act, 2020 and amendment and related notification.
Compilation of CBDT Notifications & Circulars issued in July 2020ManishBhatnagar21
Below is the list of Notifications & Circulars issued by CBDT in the month of July 2020 and the same has been compiled so that you won't miss any Notifications & Circulars updates from Income Tax Department:
GST Made Easy provides an Updated, Comprehensive & Simplified Analysis of each provision of the GST Law. The objective behind this book is that the understanding of GST should be as easy as ABC. This book provides answers to all your practical queries on GST.
The Present Publication is the 10th Edition, authored by CA (Dr.) Arpit Haldia & updated till 15th June 2021, with the following noteworthy features:
• [Focus on Analysis of Substantive Provisions of the GST Law] such as supply, time of supply, place of supply, value of supply, input tax credit, etc.
• [Guidance on all Procedural Provisions] relating to registration, composition scheme, returns, liability to pay tax, etc.
• [Coverage of Provisions of the GST Law] such as assessment, demand & recovery, refunds, e-way bill, job work, etc.
The contents of the book are as follows:
• Introduction
• An Overview of GST
• Person Liable to Pay Tax in GST
• Registration in GST
• What is Supply
• Time of Supply of Goods
• Time of Supply of Services
• Value of Supply
• Place of Supply
• Determination of Supply in the Course of Inter-State Trade or Commerce or Intra-State Supplies
• Job Work
• Invoice, Credit and Debit Notes
• Input Tax Credit
• Payment of Taxes
• Brief about Persons requiring Mandatory Registration
• Composition Levy – For Supplier of Goods and for Persons Engaged in Making Supplies Referred to in Clause (b) of Paragraph 6 of Schedule II
• Returns
• Assessment
• Refund
• Accounts and Records
• E-Way Bill
• Advance Ruling
• Composition Scheme for Services or Mixed Suppliers
• Demand and Recovery
• Penalty
• Rule 86B – Payment of 1% of Output Liability in Cash
Taxmann's Guide to SARFAESI Act 2002 & Recovery of Debts and Bankruptcy Act 1993Taxmann
Guide to SARFAESI Act 2002 & Recovery of Debts and Bankruptcy Act 1993 is a comprehensive book on Securitisation & Debt Recovery Laws. It contains 'chapter-wise commentary on provisions of the following laws:
• Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)
• Recovery of Debt and Bankruptcy Act, 1993 (RDB Act)
It also contains the Bare Act, Directions, Rules & Regulations, etc., on Securitisation and Debt Recovery Laws.
The Present Publication is the Latest Edition, authored by Taxmann's Editorial Board, amended up to July 2021, with the following contents:
• Overview of SARFAESI Act
• Enforcement of Security Interest
• Procedure for Sale of Assets
• Application, Appeals, And Penalty under SARFAESI Act
• Securitisation
• Asset Reconstruction Companies
• Registration of Transactions under SARFAESI Act
• Recovery of Debts And Bankruptcy Act, 1993
• Appendices:
o SARFAESI Act, 2002
o Rules, Regulations, and Directions under SARFAESI
o Recovery of Debts and Bankruptcy Act, 1993
o Rules under the Recovery of Debts And Bankruptcy Act, 1993
Taxmann's LLP Manual is a compendium Amended, Updated & Annotated text of the Limited Liability Partnership Act, 2008 (as amended by the Limited Liability Partnership (Amendment) Act, 2021) along with Rules, Circulars, and Notifications.
This book is divided into four divisions:
• Limited Liability Partnership Act, 2008
• Limited Liability Rules
• Circulars & Notifications
• Foreign Direct Investment in Limited Liability Partnership
The Present Publication is the 8th Edition & amended up to 13th August 2021, authored by Taxmann's Editorial Board, with the following noteworthy features:
• [List of Amendments, at a glance] made by the Limited Liability Partnership (Amendment) Act, 2021
• [Short Commentary] on the following:
◦ Limited Liability Partnership (Amendment) Act, 2021
◦ Limited Liability Partnership Act, 2008
• [Integrated LLP Rules, Circulars & Notifications, FDI Policy, FEMA Regulations]
◦ Limited Liability Partnership Rules, 2009 as amended up to date
◦ Limited Liability Partnership (Winding up and Dissolution) Rules, 2012
◦ Text of LLP Circulars & Notifications
◦ FDI Policy related to LLPs
◦ FEMA Regulations & Schedules related to LLPs
• [Taxmann's series of Bestseller Books] on LLP Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error'
GST Investigations Demands Appeals & Prosecution aims to cover the past & emerging jurisprudence on the subject matter along with a lucid commentary on the statutory provisions under the GST Law relating to the following:
• GST Inspection
• GST Search
• GST Seizure
• GST Detention
• GST Audit
• GST Confiscation
• GST Penalty
• GST Show Cause Notice
• GST Adjudication
• GST Appeals
• GST Revision
• GST Prosecution
• GST Compounding
The objective of this book is to sensitize both taxpayers and tax officers of their rights and obligations when:
• Investigations are undertaken;
• Records and documents are seized;
• Officials from companies are summoned, and
• Statements are recorded.
This book will be helpful for taxpayers, departmental officers, members of the bar & bench, professionals and the judiciary to appreciate the intricate points and issues arising out of implementation of the relevant provisions conferring wide powers on the officers.
The Present Publication is the Latest Edition, authored by Dr. Gokul Kishore & R. Subhashree & amended up to July 2021, with the following noteworthy features:
• [Commentary/Practical Guide] This book is intended to serve as a commentary and also a practical guide to all stakeholders on the provisions and issues emerging from various orders passed by High Courts on search, summons, arrest, bail, provisional attachment, demands, penalty and confiscation
• [Analysis of the Statutory Provisions featuring Landmark Cases & Recent Orders] GST is in force for only four years. Still, instances of the use of powers of search and seizure have been increasingly visible. This book analyses the provisions along with both the landmark cases on this subject as well as the recent orders under GST law.
• [Analysis includes the Previous & Current Regime of Indirect-taxes] While arrest and prosecution powers have been in the statute book under the pre-GST tax laws, the frequency of invocation of such powers in the GST regime is high. Various orders on bail, conditions for bail and validity of arrest passed by High Courts have been discussed to comprehend the scope, limitations and interpretation of the provisions
• [Threadbare Analysis with Established Jurisprudence & Principles Evolved over the Years] Proceedings for recovery of tax commences with demand notice or show cause notice followed by adjudication order, and the dispute is carried in an appeal if either party is aggrieved. The provisions under GST law on demands, adjudication, appeals, revision and recovery action have been subjected to threadbare analysis with the help of established jurisprudence and principles evolved over the years
Taxmann's GST Law & Practice is a unique/concise book on the GST Laws (i.e., Statutory Portion & Case Laws). Coverage of the book is as follows:
• Central Goods and Services Tax Act 2017 (CGST)
• Integrated Goods and Services Tax Act 2017 (SGST)
• Goods and Services Tax (Compensation to States) Act 2017
• Classification of Goods & Services
What sets it apart is the 'unique way of presenting' the compendium of 'updated, amended & annotated' text of the CGST & SGST Acts along with relevant Rules, Notifications, Forms, Circulars, Clarifications, and Case Laws. In other words, read the Section & get the following:
• Text of the relevant Rules & Notifications
• The gist of the relevant Circulars
• Date of enforcement of provisions
• Allied Laws referred to in the provision
• Gist of relevant Case Laws with an easy-to-understand summary
This book also includes Case Laws on the classification of goods & services under the GST regime in a separate division.
The Present Publication is the 2nd Edition, amended up to July 2021, authored by CA (Dr.) Arpit Haldia & CA Mohd. Salim, with the following noteworthy features:
• [Taxmann's series of Bestseller Books] on GST Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error.'
The detailed contents of the book are as follows:
• Central Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Central Goods & Services Tax Act, 2017
◦ Removal of Difficulties Order
◦ Text of Provisions of Allied Acts referred to in Central Goods & Services Tax Act, 2017
◦ Subject Index
• Integrated Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Integrated Goods & Services Tax Act, 2017
Subject Index
• Goods and Services Tax (Compensation to States) Act 2017
◦ Arrangement of Sections
◦ Text of the Goods and Services Tax (Compensation to States) Act, 2017
◦ Subject Index
• Classification of Goods & Services
◦ Classification of Goods
◦ Classifications of Services
Ind AS Ready Reckoner is a simple & practical workbook on Ind AS [as amended by the Companies (Indian Accounting Standards) Amendment Rules 2021] to guide the members in practice/employment in their day-to-day works. This book will help the professionals cope with various developments in the accounting standards’ area, which has become complex after Ind AS has started aligning with its global counterpart.
The Present Publication is the Latest Edition, authored by CA Ravi Kanth Miriyala & CA Sunitanjani Miriyala, amended up to July 2021, with the following noteworthy features:
• [Most Updated & Amended] This book incorporates the latest amendments under Companies (Indian Accounting Standards) (Amendment) Rules, 2021
• [Practical & Lucid Explanations/Illustrations/Process Flow Charts] are provided in this book for members in practice/employment, to act as a one-stop reference manual on complex matters, without diluting the content of Standards
• [Definitions & Applications Guidance with Basis of Conclusion] are incorporated in critical chapters and wherever it is necessary to understand the reasoning
• [FAQs & Illustrative Examples] This book also incorporates FAQs of educational material issued by the ICAI and illustrative examples issued by the IASB
• [Ind AS vs AS & Ind AS vs IFRS] Covers the differences between Ind AS & AS as well as Ind AS & IFRS, at the end of every standard
GST Exports-Imports & Deemed Exports is a harmonious blend of the following laws:
• GST
• Customs
• Foreign Trade Policy
• Allied Laws
This book aims to consolidate & explain different provisions of the law and subsequent procedural changes such as Notifications, Circulars, Instructions and Trade Notices issued by CBIC and DGFT, along with relevant Advance Rulings with regards to Imports, Exports, Deemed Exports under different laws.
This book is intended to help the trade and industry dealing with exports, imports and deemed exports for compliance with the legal requirements and avail the benefits under various provisions of the Foreign Trade Policy, Customs and GST laws with better understanding and appreciation of the intricacies.
The Present Publication is the 2nd Edition, authored by Kaza Subrahmanyam & T.N.C. Rajagopalan, with the following coverage:
• [Conceptual Understanding of provisions of Imports and Exports] of Goods & Services
• [Meaning of Zero Rated Supply along with Refunds] for Physical Exports and Deemed Exports under GST
• [Treatment of supplies by and to EOU/SEZ unit or SEZ Developer/FTWZ] along with Special Exemptions/Concessions and procedural requirements
• [Foreign Trade Policy] under GST
Guide to Customs Valuation is a complete and comprehensive commentary on laws relating to valuation under Customs laws. It is a brief, concise and handy reference book, which provides the updated and simplified analysis of provisions to determine valuation under the Customs laws.
This book will be helpful for Customs Consultants, Advocates, Corporate Managers & Departmental Officers.
This book is divided into two parts:
• Valuation of Imported Goods
• Valuation of Export Goods
The Present Publication is the Latest Edition, authored by H.K. Maingi, amended up to July 2021, with the following noteworthy features:
• [Conceptual Understanding of Valuation] Conceptual understanding of provisions of Valuation under Section 14 of Customs Act and Customs Valuation (Determination of Value of Export Goods) Rules, 2007
• [Valuation] Valuation of Imported Goods & Exported Goods, Valuation in case of High Sea Sales & related persons, Valuation of capital goods on debonding, etc.
• [Various Additions in Transaction Value] Various additions in Transaction Value such as Brokerage, Service Charge, Transportation, etc.
• [Other Concepts] Concepts of related persons, under-invoicing and over-invoicing, Special Valuation Branch, etc.
This edition covers everything you need to understand about the provisions of Valuation under Customs in a subtle and simplified language.
The detailed coverage of the book is as follows:
• Introduction
• Valuation of Imported Goods
◦ Transaction Value
◦ Transaction Value to be Accepted in the Absence of Condition and Restriction under Rule 3(2)
◦ Contract Prices and Transaction Value
◦ High Sea Sales and Transaction Value
◦ Related Persons
◦ Transaction Value of Identical or Similar Goods and Contemporaneous Imports
◦ Deductive Value
◦ Computed Value
◦ Residual Method
◦ Reliance on Foreign Journals indicating International Prices for Determining Assessable Value
◦ Addition to Transaction Value Royalty, Licence and Technical Know-How Fees
◦ Other Addition to Transaction Value
◦ Declaration by the Importer
◦ Rejection of Declared Value
◦ Investigation by Special Valuation Branch
• Valuation of Export Goods
◦ Export Valuation
◦ Under-Invoicing and Over-Invoicing of Exports
◦ Customs Valuation (Determination of Value of Export Goods) Rules, 2007
◦ Inclusion/Exclusion Duty Element from Cum Duty Price
◦ Valuation of Goods Sold in DTA from EOU and Debonding of Capital Goods from EOU
Taxmann's MCQs and Integrated Case Studies on Corporate & Economic LawsTaxmann
MCQs & Integrated Case Studies on Corporate & Economic Laws are prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 6th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Knowledge Based & Application Based MCQs] as per the pattern applicable for the exams
• Includes the following types of MCQs in a Separate Section in Each Chapter:
◦ RTPs & MTPs
◦ Past Exam Questions
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) 5th Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [7th Edition] of Taxmann’s CRACKER cum Exam Guide on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies + Class Notes
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• NCLT and NLCAT
• Corporate Secretarial Practice
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 | Deleted from Syllabus
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002) | Deleted from Syllabus
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
• Integrated Case Studies
Taxmann’s CRACKER for Corporate & Economic Laws is prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 7th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, authored by Pankaj Garg, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [600+ Questions and Case Studies] with complete answers
• Coverage of this book includes:
• All Past Exam Questions
▪ CA Final July 2021 (New Syllabus) – Suggested Answers
◦ Questions from RTPs and MTPs of ICAI
• [Chapter-wise] marks distribution for Past Exams
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) fifth Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [6th Edition] of Taxmann’s MCQs & Integrated Case Studies on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• National Company Law Tribunal and Appellate Tribunal
• Corporate Secretarial Practice – Drafting of Notices, Resolutions, Minutes & Reports
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 (Deleted from syllabus)
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002)
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
FEMA & FDI Ready Reckoner provides complete and accurate information about all provisions of the Foreign Exchange Management Act, 1999 (FEMA). It also includes guidance on all practical issues faced by companies and FEMA professionals.
Key features of this book are as follows:
• Topic-wise commentary on FEMA
• Analysis of all provisions of FEMA with relevant Rules, Judicial Pronouncements, Circulars, Notifications and Master Directions issued by Reserve Bank of India
• Law Relating to the following
◦ Prevention of Money Laundering Act
◦ Foreign Contribution (Regulation) Act
◦ COFEPOSA
The Present Publication is the 15th Edition, and it is amended up to 30th June 2021. The coverage of this book is as follows:
• FEMA – Overview
• Authorised Person under FEMA
• Account in India by Person Resident out of India
• Accounts of Indian Residents in Foreign Currency
• Receipt and Payment in Foreign Exchange
• Realisation, Repatriation and Surrender of Foreign Exchange
• Money Changing Activities
• Money Transfer Service Scheme (MTSS)
• Possession and Retention of Foreign Currency
• Export and Import of Currency or Currency Notes
• Remittances on Current Account
• Liberalised Remittance Scheme (LRS)
• Export of Goods and Services
• Import of Goods and Services
• Project Exports and Service Exports
• Foreign Exchange Rates
• Overview of Capital Account Transactions
• Foreign Investment in India
• FDI in Indian Company
• Section Wise FDI Policy at a Glance
• FDI – Downstream Investment, i.e. Indirect Investment
• FDI through Rights, Bonus, Sweat Equity or Merger/Amalgamation
• FDI – Transfer of Securities
• FDI in LLP
• FDI in GDR/ADR
• Investment by NRI or OCI
• FDI in Startup Company
• Investment by Foreign Portfolio Investors
• FDI in Investment Vehicle
• FDI by FVCI
• FDI – Investment in Securities by Funds, Foreign Central Bank, etc.
• Investment by Indian Entity in JV/WOS Abroad
• Guarantees
• Insurance
• Borrowing and Lending in Foreign Currency
• Borrowing and Lending in Indian Rupees
• Foreign Investment in Debt Instruments
• External Commerical Borrowings
• Trade Credit (TC) and Structured Obligations
• Acquisitions and Transfer of Immovable Property in India
• Acquisition and Transfer of Immovable Property out of India
• Remittance of Assets
• Branch/LO/Project Office in India by Foreign Entities
• Indian Depository Receipts
• Risk Management and Inter-Bank Dealings
• VOSTRO Account of Non-Resident Exchange Houses
• Industrial Policy of Government of India
• Enforcement of FEMA
• Penalties under FEMA
• Appeals under FEMA
• Compounding of Contraventions under FEMA
• Prevention of Money Laundering Act
• Foreign Contribution (Regulation) Act (FCRA)
• COFEPOSA, 1974
This book provides a para-wise commentary on Companies (Auditor’s Report) Order. It is a complete guide on the applicability and the matters that need to be reported by an Auditor on CARO.
This book is divided into three divisions:
• CARO Reporting under CARO, 2020 (Applicable from Financial Year 2021-22)
• CARO Report on Consolidated Financial Statements under CARO, 2020
• CARO Reporting under CARO, 2016 (Applicable for Financial Year 2021-22)
This book will be helpful for Auditors
The Present Publication is the 8th Edition, amended up to 30th June 2021, authored by CA Srinivasan Anand G., with the following noteworthy features:
• [FAQs & Case Studies]
◦ CARO 2016
◦ CARO 2020
• [Amended Schedule II] Related disclosure requirements
• [Clause-wise Ready Reckoner] on CARO 2020
• Review of earlier versions of CARO to do a quick comparison(s)
• [In a Nushell] CARO 2020
• Relevant Provisions of Companies Act, 2013
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
Taxmann's Indian Competition Law is a section-wise commentary on Competition Law. What sets this book apart is the unique combination of the study of both substantive and procedural elements of Competition Law in India.
The objective of this book is three-fold:
• Focusing on Indian Competition Law, elucidating the Indian jurisprudence and then comparing it with positions taken by European Union (EU) and the United States
• This book does not get restricted to the major provisions/broader issues of competition law but also highlights economic, technical and administrative concepts/issues that are relevant in the practical application and interpretation of competition law
• This book does not become a technical treatise but a document that a wider audience can read and understand, including lawyers, judges, academicians, lawmakers, market regulators, & entrepreneurs.
The Present Publication is the Latest Edition, authored by Adv. Gautam Shahi & Dr. Sudhanshu Kumar, amended up to 30th May 2021, with the following noteworthy features:
• [Detailed Study on Fundamental Issues] including:
o Anti-Competitive Agreements
o Abuse of Dominant Position
o Combinations (Acquisitions and Mergers)
• [Evolution of Competition Jurisprudence] in India
• [Comparitive Assessment] of major issues in Indian competition law with vis-à-vis EU, UK, and the USA
• [Exhaustive Analysis] on Rules, Regulations, Guidance issued by CCI & Case Laws decided by the CCI, COMPAT (now NCLAT), High Courts, and the Supreme Court
• [Interaction of Competition Act with other Laws] such as:
o Administrative Law
o Intellectual Property Laws
o Telecom Laws
Tax Practice Manual is an exhaustive (2,100+ pages), amended (by the Finance Act, 2021) & practical guide (330+ case studies) for Tax Professionals.
This book will be helpful for the Chartered Accountants, Lawyers/Advocates, Tax Practitioners to assist them in their day-to-day tax works.
This book is divided into two parts:
• Law Relating to Tax Procedures (covering 25+ topics)
• Case Studies (covering 35+ topics)
The Present Publication is the 7th Edition, authored by Gabhawala & Gabhawala, as amended by the Finance Act 2021, with the following noteworthy features:
• Law Relating to Tax Procedures
◦ [Lucid Explanation, in a Practical Manner, with Checklists & necessary Tips] for the law relating to Tax Procedure
◦ [Exhaustive Coverage of Case Laws]
◦ [Fine Prints & Unwritten Lines] are explained in a lucid manner
• Tax Practice
◦ [Elaborated & Threadbare Analysis] of every aspect of Tax Practice
• Case Studies
◦ [330+ Case Studies] to deal with real-life animated situations/problems faced by tax practitioners
• Draft Replies
◦ For the Notices sent by the Department
◦ Petitions to the Department
• Drafting & Conveyancing
◦ [Complete Guide to Drafting of Deeds & Documents] covering
◦ Affidavits
◦ Wills
◦ Special Business Arrangements
◦ Family Arrangements
◦ Power of Attorney
◦ Lease, Rent & Leave and Licenses
◦ Indemnity and Guarantee
◦ Charitable Trust Deeds, etc.
The contents of this book are as follows:
• Law Relating to Tax Procedures
◦ Tax Practice
◦ Pre-assessment Procedures
◦ Assessment
◦ Appeals
◦ Interest, Fees, Penalty and Prosecution
◦ Refunds
◦ Settlement Commission – ITSC, Interim Board for Settlement
◦ Summons, Survey, Search
◦ TDS and TCS
◦ Recovery of Tax
◦ Special Procedures
◦ Approvals
◦ STT, DDT, Tax on Liquidation, Reduction and Buy Back, MAT, AMT and WT
RTI, Ombudsman
◦ Drafting of Deeds
◦ Agreement, MoU
◦ Gifts, Wills, Family Arrangements
◦ Power of Attorney, etc.
◦ Lease, Rent, License, etc.
◦ Sale/Transfer of Properties
◦ Tax Audit
◦ Income Computation & Disclosure Standards
◦ Real Estate (Regulation and Development) Act, 2016 (RERA)
◦ E-Proceedings under the Income Tax Act, 1961
◦ Prohibition of Benami Property Transactions Act, 1988
• Case Studies
◦ Tax Practice
◦ Pre-Assessment Procedures
◦ Assessment – Principles and Issues
◦ Rectification of Mistake
◦ Revision
◦ Appeals to CIT (Appeals)
◦ Appeals to – ITAT – High Court – Supreme Court
◦ Interest Payable by Assessee
◦ Penalties
◦ Prosecution
◦ Refunds
◦ Settlement of Cases
◦ Survey
◦ Search & Seizure
◦ Tax Deduction at Source
◦ Recovery of Tax
◦ Trust, Mutuality, Charity
◦ Firm
◦ LLP – Limited Liability Partnership
◦ Right to Information – RTI
◦ Agreement, MoU
◦ AOP – Association of Persons
◦ HUF – Hindu Undivided Family
◦ Gifts
◦ Wills
◦ Family Arrangements
◦ Power of Attorney
◦ Indemnity and Guarantee
◦ Lease, Rent, Leave and License
◦ Sale/Transfer of Properties
◦ Tax Audit
Taxmann's Competition Law Manual is a compendium of Competition Act, 2013 [amended up to date] along with Relevant Rules & Regulations, Circulars, and Notifications.
What sets this book apart is the unique way of presenting the Annotated, Amended & Updated text of the Competition Act and relevant Rules & Regulations mapped with the relevant Section of the Act.
The Present Publication is the Latest Edition, authored by Taxmann's Editorial Board, amended up to 5th July 2021. This book is divided into four divisions:
• The Competition Act, 2002
• Notifications
• 20+ Rules & Regulations issued under the Competition Law
• Conditions of Service of Chairperson and Members of Tribunals, Appellate Tribunals and Other Authorities
Taxmann's CLASS NOTES | Direct Tax Laws and International TaxationTaxmann
Taxmann’s CLASS NOTES for Direct Tax Laws & International Taxation is a one-stop solution to conquer the vast subject of Direct Taxation with ease. The objective behind this book is to minimize the need to consult multiple voluminous books while revising the day before the exam.
This book aims at providing all concepts in a simple language, with proper linking and a smart sequential approach. It also explains the provision of the law without resorting to paraphrasing of sections or legal jargons.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Pictorial Presentation/Charts with Handwritten Fonts] are used in the book for easy understanding of theoretical concepts
• [Multi-Colour Coded Book] which follows the below structure:
◦ Blue – Heading
◦ Black – Main Content
◦ Red – Summarised version of the main content
◦ Green – Amendments applicable for the examination
◦ Yellow Highlights – Key adjustments to be highly cautious of; ‘The Accident-Prone Zones’
◦ Blue Boxes – Significant selected Case Laws provided by ICAI
◦ Green Boxes – Authors personal notes for better understanding and clarity
• [Amendments for November 2021 Examination] are provided at the end of the module
Also Available:
• [65th Edition] of Taxmann’s Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann’s Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann’s CRACKER cum Compiler – Direct Tax Laws & International Taxation
Taxmann's Problems & Solutions for Direct Tax Laws & International TaxationTaxmann
Taxmann's PROBLEMS & SOLUTIONS for Direct Tax Laws & International Taxation is a compilation of questions & MCQs (prepared using handwritten fonts) from the educational materials, RTPs, MTPs and past examination papers of both old & new syllabus of ICAI (up to 30th April 2021). These are aligned with provisions applicable for Nov. 2021 Exams and are arranged Topic-wise & Chapter-wise with proper reference to the paper as well as attempt for convenience and trend analysis.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• [Coverage of All Questions & MCQs] in handwritten fonts
◦ For Old/New Syllabus; issued up to 30th April 2021, from the following:
▹ Educational Material of ICAI
▹ RTPs & MTPs of ICAI
▹ Past Examination Papers of ICAI
◦ The above Questions & MCQs are aligned with applicable provisions for November 2021 examination
◦ Arranged 'Topic-wise' & 'Chapter-wise' with proper reference to paper as well as attempt for convenience and trend analysis
• [Ready Reckoner for the day before the exam] Special adjustments tested by ICAI have been summarised at the start of the book
Also Available:
• [65th Edition] of Taxmann's Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann's Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann's CRACKER cum Compiler – Direct Tax Laws & International Taxation
The contents of the book are as follows:
• Summary of Special Adjustments
• Part A – Direct Taxation
◦ Basics of Income Tax
◦ Special Tax Regime
◦ Taxation of Agriculture Income
◦ Income from Salary
◦ Income from House Property
◦ Profits and Gains of Business or Profession
◦ Capital Gains
◦ Taxation of Business Re-Organisations
◦ Taxation of Distribution to Owners
◦ Income from Other Sources
◦ Taxation of Dividends & Income from Units
◦ Comprehensive Questions
◦ Assessment of Firms & LLP
◦ Assessment of AOP & BOI
◦ Assessment of Non-Profit Organization (NPO) & Exit Tax
◦ Assessment of Business Trust
◦ Assessment of Other Persons
◦ Taxation of Unexplained Income
◦ Clubbing of Income
◦ Set-Off and Carry Forward of Losses
◦ Exemptions & Sec. 10AA Deductions
◦ Chapter VI-A Deduction
◦ Minimum Alternate Tax [Section 115JB] & Alternate Minimum Tax [Section 115JC]
◦ TDS & TCS
◦ Payment of Taxes & Return Filing
◦ Assessment Procedure
◦ Appeals & Revisions
◦ Settlement Commission
◦ Tax Planning, Avoidance & Evasion
◦ Penalties, Offence & Prosecution
◦ Liability in Special Cases
◦ Statement of Financial Transactions (SFT) & Miscellaneous Provisions
• Part B – International Taxation
◦ Transfer Pricing & Related Provisions
◦ Residential Status & Scope of Total Income
◦ Non-Resident Taxation
• Part C – Suggested Answers (Amended as Applicable for A.Y. 2021-22)
Taxmann's 20 REVISED DUE DATES under Income-tax ActTaxmann
In view of the COVID-19 pandemic, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020) has extended various due dates of compliances. The due dates so extended by the TLA Act, 2020 have been extended again on multiple occasions by the CBDT. The CBDT has again extended the due dates for certain compliances and has also announced to provide tax exemption for the expenditure incurred by the taxpayers on COVID-19 treatment. Further, the ex-gratia or any compensation received by the family members of any person who succumbed to COVID-19 will be exempt from tax. The impact of new notifications and circulars on various time barring dates and certain compliance of the Income-tax Act are discussed in the below paragraph.
Taxmann's MCQs and Integrated Case Studies on Advanced Auditing and Professio...Taxmann
MCQs & Integrated Case Studies on Advanced Auditing & Professional Ethics are prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 6th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Knowledge Based & Application Based MCQs] as per the pattern applicable for the exams
• Includes the following types of MCQs in a Separate Section in Each Chapter:
◦ RTPs & MTPs
◦ Sample Questions
◦ Past Exam Questions (Memory-Based)
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Audit and Auditor’s) Amendment Rules, 2021
◦ Companies (Amendment) Act 2020
◦ Companies (Auditor’s Report) Order 2020
◦ SEBI (LODR) Regulation 2015
◦ Form 3CD and Form GSTR 9C (Revised)
◦ Finance Act 2021
◦ Revised Code of Ethics
◦ Revised Statement of Peer Review 2020
Also Available:
• [8th Edition] of Taxmann’s Textbook for Advanced Auditing & Professional Ethics (New Syllabus)
• [8th Edition] of Taxmann’s Cracker cum Exam Guide for Advanced Auditing & Professional Ethics (New Syllabus)
• [1st Edition] Taxmann’s Quick Revision Charts for Advanced Auditing & Professional Ethics
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
The contents of the book are as follows:
• Quality Control and Engagement Standards
• Auditing Planning, Strategy and Execution
• Risk Assessment and Internal Control
• Audit in an Automated Environment (Applicable for New Syllabus)
• Professional Ethics (Chartered Accountants Act, 1949)
• Company Audit
• Audit Reports
• CARO 2020
• Audit of Consolidated Financial Statements
• Audit of Dividends
• Audit Committee & Corporate Governance
• Liabilities of Auditors
• Internal Audit
• Management and Operational Audit
• Audit under Fiscal Laws
• Due Diligence and Investigation
• Peer Review
• Audit of Banks
• Audit of Non-Banking Financial Companies
• Audit of General Insurance Companies
• Audit of Public Sector Undertaking
• LLP Audit, Forensic Audit, Quality Review & Audit of Life Insurance Business (Applicable for New Syllabus)
• Miscellaneous
• Integrated Case Studies
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
DNA Testing in Civil and Criminal Matters.pptxpatrons legal
Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
4. FINANCE BILL
2021
1
FINANCE MINISTER’S BUDGET SPEECH 2021
(RELEVANT EXTRACTS)
GST
174. Before I come to my Indirect Tax proposals, I would like to appraise the
House on GST. The GST is now four years old, and we have taken several
measures to further simplify it. Some of the measures include:
i. nil return through SMS,
ii. quarterly return and monthly payment for small taxpayers,
iii. electronic invoice system,
iv. validated input tax statement,
v. pre-filled editable GST return, and
vi. staggering of returns filing.
The capacity of GSTN system has also been enhanced. We have also deployed
deep analytics and Artificial Intelligence to identify tax evaders and fake billers
and launched special drives against them.
175. The results speak for themselves. We have made record collections in
the last few months.
176. The GST Council has painstakingly thrashed out thorny issues. As Chair-
person of the Council, I want to assure the House that we shall take every
possible measure to smoothen the GST further, and remove anomalies such
as the inverted duty structure.
** ** **
G. Legislative Changes in the provisions of Central GST Act, 2017 (CGST Act)
and Integrated GST Act, 2017 (IGST Act):
Certain changes have been in the CGST Act and the IGST Act on the basis of
recommendations made by the GST Council. These changes will come into
effect from the date when the same will be notified, as far as possible, concur-
i
5. rently with the corresponding amendments to the similar Acts passed by the
States & Union territories with legislature.
These includes measures for
(i) facilitating taxpayers, such as remove the mandatory requirement of
getting annual accounts audited and reconciliation statement, filing of
the annual return on self-certification basis and charging interest on net
cash liability with effect from the 1st July, 2017.
(ii) improvingcompliance,suchasavailmentofinputtaxcreditonlywhenthe
details have been furnished by the supplier in the statement of outward
supplies, validity of provisional attachment for a period, zero-rating on
payment of IGST only in specified cases and linking it to the receipt of
foreign remittances.
(iii) making certain other changes relating to seizure and confiscation, filing
of appeal only on payment of a sum equal to twenty-five per cent of
penalty imposed.
H. There are few other changes of minor nature. For details of the budget pro-
posals, the Explanatory Memorandum and other relevant budget documents
may be referred to.
FINANCE MINISTER’S BUDGET SPEECH 2021 (RELEVANT EXTRACTS) ii
6. 2
FINANCE BILL, 2021
(RELEVANT EXTRACTS)
** ** **
EXCISE
Amendment of Fourth Schedule.
96. In the Central Excise Act, 1944 (hereinafter referred to as the Central Excise
Act), the Fourth Schedule shall,—
(i) with effect from the 1st April, 2021, be amended in the manner specified
in the Fifth Schedule; and
(ii) with effect from the 1st January, 2022, be also amended in the manner
specified in the Sixth Schedule.
Amendment of Chapter 27 of Fourth Schedule.
97. In the Fourth Schedule to the Central Excise Act, in Chapter 27, with effect
from the 1st day of January, 2020,—
(i) for the entry in column (2) occurring against tariff item 2710 12 49, the
entry“----M15FuelconformingtostandardIS17076”shallbesubstituted
and shall be deemed to have been substituted;
(ii) for the entry in column (4) occurring against tariff item 2710 20 10, the
entry “14% + Rs. 15.00 per litre” shall be substituted and shall be deemed
to have been substituted;
(iii) for the entry in column (4) occurring against tariff item 2710 20 20, the
entry “14% + Rs. 15.00 per litre” shall be substituted and shall be deemed
to have been substituted.
Revised date of effect to amendments made in Fourth Schedule vide notifica-
tion issued under section 3C of Central Excise Act, 1944.
98. Notwithstanding anything contained in paragraph 2 of the notification of
the Government of India in the Ministry of Finance (Department of Revenue)
number G.S.R 978 (E), dated the 31st December, 2019, issued in exercise of
the powers conferred under section 3C of the Central Excise Act, 1944, the
amendments made in Chapter 27 of the Fourth Schedule thereto by the said
notification shall be deemed to have, and always to have had effect, for all
purposes, on and from the 1st day of January, 2020.
iii
7. CENTRAL GOODS AND SERVICES TAX
Amendment of section 7.
99. In the Central Goods and Services Tax Act, 2017 (hereinafter referred as
the Central Goods and Services Tax Act), in section 7, in sub-section (1), after
clause (a), the following clause shall be inserted and shall be deemed to have
been inserted with effect from the 1st day of July, 2017, namely:--
“(aa) the activities or transactions, by a person, other than an individual,
to its members or constituents or vice-versa, for cash, deferred payment
or other valuable consideration.
Explanation.--For the purposes of this clause, it is hereby clarified that,
notwithstanding anything contained in any other law for the time being in
force or any judgment, decree or order of any Court, tribunal or authority,
the person and its members or constituents shall be deemed to be two
separate persons and the supply of activities or transactions inter se shall
be deemed to take place from one such person to another;”.
Amendment of section 16.
100. In section 16 of the Central Goods and Services Tax Act, in sub-section
(2), after clause (a), the following clause shall be inserted, namely:--
“(aa) the details of the invoice or debit note referred to in clause (a) has
been furnished by the supplier in the statement of outward supplies and
such details have been communicated to the recipient of such invoice or
debit note in the manner specified under section 37;”.
Amendment of section 35.
101. In section 35 of the Central Goods and Services Tax Act, sub-section (5)
shall be omitted.
Substitution of new section for section 44.
102. For section 44 of the Central Goods and Services Tax Act, the following
section shall be substituted, namely:--
“44. Annual return. - Every registered person, other than an Input Service
Distributor, a person paying tax under section 51 or section 52, a casual
taxable person and a non-resident taxable person shall furnish an an-
nual return which may include a self-certified reconciliation statement,
reconciling the value of supplies declared in the return furnished for
the financial year, with the audited annual financial statement for every
financial year electronically, within such time and in such form and in
such manner as may be prescribed:
Provided that the Commissioner may, on the recommendations of the
Council, by notification, exempt any class of registered persons from filing
annual return under this section:
Provided further that nothing contained in this section shall apply to any
department of the Central Government or a State Government or a local
FINANCE BILL, 2021 (RELEVANT EXTRACTS) iv
8. authority, whose books of account are subject to audit by the Comptroller
and Auditor-General of India or an auditor appointed for auditing the
accounts of local authorities under any law for the time being in force.”.
Amendment of section 50.
103. In section 50 of the Central Goods and Services Tax Act, in sub-section (1),
for the proviso, the following proviso shall be substituted and shall be deemed
to have been substituted with effect from the 1st day of July, 2017, namely:--
“Provided that the interest on tax payable in respect of supplies made
during a tax period and declared in the return for the said period fur-
nished after the due date in accordance with the provisions of section
39, except where such return is furnished after commencement of any
proceedings under section 73 or section 74 in respect of the said period,
shall be payable on that portion of the tax which is paid by debiting the
electronic cash ledger.”.
Amendment of section 74.
104. In section 74 of the Central Goods and Services Tax Act, in Explanation
1, in clause (ii), for the words and figures “sections 122, 125, 129 and 130”, the
words and figures “sections 122 and 125” shall be substituted.
Amendment of section 75.
105. In section 75 of the Central Goods and Services Tax Act, in sub-section
(12), the following Explanation shall be inserted, namely:--
‘Explanation.--Forthepurposesofthissub-section,theexpression“self-as-
sessed tax” shall include the tax payable in respect of details of outward
supplies furnished under section 37, but not included in the return fur-
nished under section 39.’.
Amendment of section 83.
106. In section 83 of the Central Goods and Services Tax Act, for sub-section
(1), the following sub-section shall be substituted, namely:--
“(1) Where, after the initiation of any proceeding under Chapter XII,
Chapter XIV or Chapter XV, the Commissioner is of the opinion that for
the purpose of protecting the interest of the Government revenue it is
necessary so to do, he may, by order in writing, attach provisionally, any
property, including bank account, belonging to the taxable person or
any person specified in sub-section (1A) of section 122, in such manner
as may be prescribed.”.
Amendment of section 107.
107. In section 107 of the Central Goods and Services Tax Act, in sub-section
(6), the following proviso shall be inserted, namely:--
“Provided that no appeal shall be filed against an order under sub-section
(3) of section 129, unless a sum equal to twenty-five per cent of the penalty
has been paid by the appellant.”.
v FINANCE BILL, 2021 (RELEVANT EXTRACTS)
9. Amendment of section 129.
108. In section 129 of the Central Goods and Services Tax Act,—
(i) in sub-section (1), for clauses (a) and (b), the following clauses shall be
substituted, namely:—
“(a) on payment of penalty equal to two hundred per cent of the tax
payable on such goods and, in case of exempted goods, on payment of
an amount equal to two per cent of the value of goods or twenty-five
thousandrupees,whicheverisless,wheretheownerofthegoodscomes
forward for payment of such penalty;
(b)onpaymentofpenaltyequaltofiftypercentofthevalueofthegoods
or two hundred per cent of the tax payable on such goods, whichever
is higher, and in case of exempted goods, on payment of an amount
equal to five per cent of the value of goods or twenty-five thousand
rupees, whichever is less, where the owner of the goods does not come
forward for payment of such penalty;”;
(ii) sub-section (2) shall be omitted;
(iii) for sub-section (3), the following sub-section shall be substituted,
namely:—
“(3) The proper officer detaining or seizing goods or conveyance shall
issue a notice within seven days of such detention or seizure, specify-
ing the penalty payable, and thereafter, pass an order within a period
of seven days from the date of service of such notice, for payment of
penalty under clause (a) or clause (b) of sub-section (1).”;
(iv) in sub-section (4), for the words “No tax, interest or penalty”, the words
“No penalty” shall be substituted;
(v) for sub-section (6), the following sub-section shall be substituted,
namely:—
“(6) Where the person transporting any goods or the owner of such
goods fails to pay the amount of penalty under sub-section (1) within
fifteen days from the date of receipt of the copy of the order passed
under sub-section (3), the goods or conveyance so detained or seized
shall be liable to be sold or disposed of otherwise, in such manner and
within such time as may be prescribed, to recover the penalty payable
under sub-section (3):
Provided that the conveyance shall be released on payment by the
transporter of penalty under sub-section (3) or one lakh rupees, which-
ever is less:
Provided furtherthatwherethedetainedorseizedgoodsareperishable
or hazardous in nature or are likely to depreciate in value with passage
of time, the said period of fifteen days may be reduced by the proper
officer.”.
FINANCE BILL, 2021 (RELEVANT EXTRACTS) vi
10. Amendment of section 130.
109. In section 130 of the Central Goods and Services Tax Act,—
(a) in sub-section (1), for the words “Notwithstanding anything contained
in this Act, if”, the word “Where” shall be substituted;
(b) in sub-section (2), in the second proviso, for the words, brackets and
figures “amount of penalty leviable under sub-section (1) of section 129”,
the words “penalty equal to hundred per cent of the tax payable on such
goods” shall be substituted;
(c) sub-section (3) shall be omitted.
Substitution of new section for section 151.
110. For section 151 of the Central Goods and Services Tax Act, the following
section shall be substituted, namely:—
“151. Power to call for information. - The Commissioner or an officer au-
thorisedbyhimmay,byanorder,directanypersontofurnishinformation
relating to any matter dealt with in connection with this Act, within such
time, in such form, and in such manner, as may be specified therein.”.
Amendment of section 152.
111. In section 152 of the Central Goods and Services Tax Act,—
(a) in sub-section (1),—
(i) the words “of any individual return or part thereof” shall be omit-
ted;
(ii) after the words “any proceedings under this Act”, the words “with-
out giving an opportunity of being heard to the person concerned”
shall be inserted;
(b) sub-section (2) shall be omitted.
Amendment of section 168.
112. In section 168 of the Central Goods and Services Tax Act, in sub-section
(2),—
(i) for the words, brackets and figures “sub-section (1) of section 44”, the
word and figures “section 44” shall be substituted;
(ii) the words, brackets and figures “sub-section (1) of section 151,” shall be
omitted.
Amendment to Schedule II.
113. In Schedule II of the Central Goods and Services Tax Act, paragraph 7
shall be omitted and shall be deemed to have been omitted with effect from
the 1st day of July, 2017.
vii FINANCE BILL, 2021 (RELEVANT EXTRACTS)
11. INTEGRATED GOODS AND SERVICES TAX
Amendment of section 16.
114. In the Integrated Goods and Services Tax Act, 2017 (13 of 2017), in section
16,—
(a) in sub-section (1), in clause (b), after the words “supply of goods or ser-
vices or both”, the words “for authorised operations” shall be inserted;
(b) for sub-section (3), the following sub-sections shall be substituted,
namely:—
“(3) A registered person making zero rated supply shall be eligible to
claim refund of unutilised input tax credit on supply of goods or ser-
vices or both, without payment of integrated tax, under bond or Letter
of Undertaking, in accordance with the provisions of section 54 of the
Central Goods and Services Tax Act or the rules made thereunder,
subject to such conditions, safeguards and procedure as may be pre-
scribed:
Provided that the registered person making zero rated supply of goods
shall, in case of non-realisation of sale proceeds, be liable to deposit
the refund so received under this sub-section along with the applicable
interest under section 50 of the Central Goods and Services Tax Act
within thirty days after the expiry of the time limit prescribed under
the Foreign Exchange Management Act, 1999 (42 of 1999) for receipt
of foreign exchange remittances, in such manner as may be prescribed.
(4) The Government may, on the recommendation of the Council, and
subject to such conditions, safeguards and procedures, by notification,
specify—
(i) a class of persons who may make zero rated supply on payment
of integrated tax and claim refund of the tax so paid;
(ii) a class of goods or services which may be exported on payment
of integrated tax and the supplier of such goods or services may
claim the refund of tax so paid.”.
** ** **
PART IX
AMENDMENT TO THE FINANCE ACT, 2001
Amendment of Seventh Schedule.
150. In the Seventh Schedule to the Finance Act, 2001 (14 of 2001),—
(a) for the brackets, words and figures “(See section 138)”, the brackets,
words and figures “(See section 136)” shall be substituted;
FINANCE BILL, 2021 (RELEVANT EXTRACTS) viii
12. (b) after tariff item 2403 99 90 and the entries relating thereto, the following
tariff items and entries shall be inserted with effect from the 1st day of
January, 2022, namely:—
“2404 11 00 -- containing tobacco or reconstituted
tobacco
Kg. 25%
2404 19 00 -- Other Kg. 25%”.
THE FIFTH SCHEDULE
[See section 96(i)]
In the Fourth Schedule to the Central Excise Act, in Chapter 27, for heading
2709, tariff items 2709 10 00 and 2709 20 00 and the entries relating thereto,
the following shall be substituted, namely :--
Tariff Item Description of goods Unit Rate of Duty
(1) (2) (3) (4)
“2709 PETROLEUM OILS AND OILS OBTAINED
FROM BITUMINOUS MINERALS, CRUDE
2709 00 -- Petroleum oils and oils obtained from
bituminous minerals, crude
2709 00 10 --- Petroleum crude kg. Nil
2709 00 90 --- Other kg. ….. “.
THE SIXTH SCHEDULE
[See section 96(ii)]
In the Fourth Schedule to the Central Excise Act,--
Tariff Item Description of goods Unit Rate of Duty
(1) (2) (3) (4)
(a) in SECTION IV, for Section heading, the following Section heading shall be
substituted, namely:--
“TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES; PRODUCTS,
WHETHERORNOTCONTAININGNICOTINE,INTENDEDFORINHALATION
WITHOUT COMBUSTION; OTHER NICOTINE CONTAINING PRODUCTS
INTENDED FOR THE INTAKE OF NICOTINE INTO THE HUMAN BODY”;
(b) in Chapter 24,--
(i) for Chapter heading, the following Chapter heading shall be substituted,
namely:--
“Tobacco and manufactured tobacco substitutes; products, whether or
notcontainingnicotine,intendedforinhalationwithoutcombustion;other
nicotine containing products intended for the intake of nicotine into the
human body”;
ix FINANCE BILL, 2021 (RELEVANT EXTRACTS)
13. Tariff Item Description of goods Unit Rate of Duty
(1) (2) (3) (4)
(ii) after Note 3, the following Notes shall be inserted, namely:--
“4. Any products classifiable in heading 2404 and any other heading of
the Chapter are to be classified in heading 2404.
5. For the purposes of heading 2404, the expression “inhalation without
combustion” means inhalation through heated delivery or other means,
without combustion.”;
(iii) after tariff item 2403 99 90 and the entries relating thereto, the following
shall be inserted, namely :—
“2404 PRODUCTS CONTAININGTOBACCO,RE-
CONSTITUTEDTOBACCO,NICOTINE,OR
TOBACCO OR NICOTINE SUBSTITUTES,
INTENDEDFORINHALATIONWITHOUT
COMBUSTION; OTHER NICOTINE CON-
TAINING PRODUCTS INTENDED FOR
THE INTAKE OF NICOTINE INTO THE
HUMAN BODY
- Products intended for inhalation without
combustion:
2404 11 00 - Containing tobacco or reconstituted to-
bacco
kg. 81%
2404 12 00 -- Other, containing nicotine kg. …..
2404 19 00 -- Other kg. 81%
- Other:
2404 91 00 -- For oral application kg. …..
2404 92 00 -- For transdermal application kg. …..
2404 99 00 -- Other kg. …..”
** ** **
FINANCE BILL, 2021 (RELEVANT EXTRACTS) x
14. 3
NOTES ON CLAUSES
APPENDED TO FINANCE BILL, 2021
(RELEVANT EXTRACTS)
** ** **
EXCISE
Clause 96 of the Bill seeks to amend the Fourth Schedule to the Central Excise
Act. Sub-clause (i) of the said clause seeks to revise the heading, tariff items
and entries falling under the heading 2709 of Chapter 27 thereof, with effect
from the 1st April, 2021 in the manner specified in the Fifth Schedule;
Sub-clause (ii) of the said clause seeks to amend section heading of SECTION
IV and certain entries of Chapter 24 thereof, with effect from the 1st January,
2022 in the manner specified in the Sixth Schedule.
Clause 97 of the Bill seeks to amend the Fourth Schedule to the Central Excise
Act so as to rectified errors in certain entries with retrospective effect from
the 1st day of January, 2020.
Clause 98 of the Bill seeks to revise the date of effect to the amendments made
in the Fourth Schedule to the Central Excise Act vide notification number
G.S.R. 978(E), dated the 31st December, 2019, issued in exercise of powers
under section 3C thereof, so as to give effect to said amendments on and from
the 1st day of January, 2020.
CENTRAL GOODS AND SERVICES TAX
Clause 99 of the Bill seeks to amend section 7 of the Central Goods and Services
Tax Act, 2017, with retrospective effect from the 1st July, 2017, by inserting a
new clause (aa) in sub-section (1) thereof, so as to ensure levy of tax on activities
or transactions involving supply of goods or services by any person, other than
an individual, to its members or constituents or vice versa, for cash, deferred
payment or other valuable consideration.
It is also proposed to insert an Explanation therein, to clarify that the person or
its members or constituents shall be deemed to be two separate persons and
the supply of activities or transactions inter se shall be deemed to take place
from one person to another.
xi
15. Clause 100 of the Bill seeks to amend section 16 of the Central Goods and Ser-
vices Tax Act by inserting a new clause (aa) in sub-section (2) thereof, so as to
provide that input tax credit on invoice or debit note may be availed only when
the details of such invoice or debit note has been furnished by the supplier in
the statement of outward supplies and such details have been communicated
to the recipient of such invoice or debit note.
Clause 101 of the Bill seeks to omit sub-section (5) of section 35 of the Central
Goods and Services Tax Act so as to remove the mandatory requirement of
getting annual accounts audited and the reconciliation statement submitted
by specified professional.
Clause 102 of the Bill seeks to substitute a new section for section 44 of the
CentralGoodsandServicesTaxActsoastoremovethemandatoryrequirement
of furnishing a reconciliation statement duly audited by specified profession-
al and to provide for filing of the annual return on self-certification basis. It
further empowers the Commissioner to exempt a class of taxpayers from the
requirement of filing the annual return.
Clause 103 of the Bill seeks to amend section 50 of the Central Goods and
Services Tax Act to substitute the proviso to sub-section (1) so as to charge
interest on net cash liability retrospectively with effect from the 1st July, 2017.
Clause 104 of the Bill seeks to amend section 74 of the Central Goods and Ser-
vices Tax Act so as to make seizure and confiscation of goods and conveyances
in transit a separate proceeding from the recovery of tax.
Clause 105 of the Bill seeks to amend section 75 of the Central Goods and
Services Tax Act so as to insert an Explanation in sub-section (12) to clarify
that “self-assessed tax” shall include the tax payable in respect of details of
outward supplies furnished under section 37, but not included in the return
furnished under section 39.
Clause 106 of the Bill seeks to substitute sub-section (1) of section 83 of the
Central Goods and Services Tax Act so as to provide that provisional attach-
ment shall remain valid for the entire period starting from the initiation of any
proceeding under Chapter XII, Chapter XIV or Chapter XV till the expiry of a
period of one year from the date of order made thereunder.
Clause 107 of the Bill seeks to insert a new proviso in sub-section (6) of section
107 of the Central Goods and Services Tax Act so as to provide that no appeal
shallbefiledagainstanordermadeundersub-section(3)ofsection129,unlessa
sum equal to twenty-five per cent of the penalty has been paid by the appellant.
Clause 108 of the Bill seeks to amend section 129 of the Central Goods and
Services Tax Act so as to delink the proceedings under that section relating to
detention, seizure and release of goods and conveyances in transit, from the
proceedingsundersection130relatingtoconfiscationofgoodsorconveyances
and levy of penalty.
NOTES ON CLAUSES APPENDED TO FINANCE BILL, 2021 xii
16. Clause 109 of the Bill seeks to amend section 130 of the Central Goods and
Services Tax Act, so as to delink the proceedings under that section relating to
confiscation of goods or conveyances and levy of penalty from the proceed-
ings under section 129 relating to detention, seizure and release of goods and
conveyances in transit.
Clause 110 of the Bill seeks to substitute section 151 of the Central Goods and
Services Tax Act so as to empower the jurisdictional commissioner to call for
information from any person relating to any matters dealt with in connection
with the Act.
Clause111oftheBillseekstoamendsub-section(1)ofsection152oftheCentral
GoodsandServicesTaxActsoastoprovidethatnoinformationobtainedunder
sections 150 and 151 shall be used for the purposes of any proceedings under
the Act without giving an opportunity of being heard to the person concerned.
Clause 112 of the Bill seeks to amend section 168 of the Central Goods and
Services Tax Act so as to enable the jurisdictional commissioner to exercise
powers under section 151 to call for information.
Clause 113 of the Bill seeks to omit paragraph 7 of Schedule II to the Central
Goods and Services Tax Act, with retrospective effect from the 1st day of July,
2017, consequent to the amendments made in section 7.
INTEGRATED GOODS AND SERVICES TAX
Clause 114 of the Bill seeks to amend section 16 of the Integrated Goods and
Services Tax Act, 2017 so as to make provisions for restricting the zero rated
supply on payment of integrated tax only to specified class of taxpayers or
specified supplies of goods or services. It further provides to link the foreign
exchange remittance in case of export of goods with refund and further re-
stricting zero rating of supplies made to special economic zone only when such
supplies are for authorised operations.
xiii NOTES ON CLAUSES APPENDED TO FINANCE BILL, 2021
17. 4
MEMORANDUM EXPLAINING PROVISIONS
OF THE FINANCE BILL, 2021
(RELEVANT EXTRACTS)
** ** **
EXCISE
Note:
(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Sched-
ule to the Central Excise Act, 1944.
(b) “Road and Infrastructure Cess” means the additional duty of central
excise levied under section 112 of the Finance Act, 2018.
(c) “Special Additional Excise Duty” means a duty of excise levied under
section 147 of the Finance Act, 2002.
(d) “NCCD” means National Calamity Contingency Duty levied under
Finance Act, 2001, as a duty of excise on specified goods at rates specified
in seventh schedule to Finance Act, 2001
(e) Clause Nos. in square brackets [ ] indicate the relevant clause of the
Finance Bill, 2021.
(f) Amendments carried out through the Finance Bill, 2021 come into effect
on the date of its enactment, unless otherwise specified.
I. AMENDMENT IN THE FOURTH SCHEDULE
S.No. Amendment Clause [ ] of
the Finance
Bill, 2021
1. Amendment in Fourth Schedule made by Notification No.
08/2019-CE (T) dated 31.12.2019 shall be made effective w.e.f.
01.01.2020, retrospectively.
[98]
2. New tariff items [2404 11 00] and [2404 19 00] inserted in
Chapter 24 in the fourth Schedule of the Central Excise Act,
1944 accordance with upcoming Harmonised System 2022
Nomenclature and to prescribe tariff rate of 81% on these
tariff items with effect from 01.01.2022.
[96 (ii)]
xiv
18. II. RETROSPECTIVE AMENDMENT IN CHAPTER 27 OF THE FOURTH SCHE-
DULE TO THE CENTRAL EXCISE ACT, 1944.
No. Amendment Clause of the
Finance Bill,
2021
1. (i) It is proposed to specify correct IS “17076” against the
tariff item 27101249 and made effective from 01.01.2020,
retrospectively.
[97(i)]
2. (ii) It is proposed that tariff rate of 14%+ Rs. 15.00 per litre
againsttariffitem27102010and27102020maybeprescribed
and made effective from 01.01.2020, retrospectively.
[97(ii) and 97
(iii)]
III. AMENDMENT IN CHAPTER 27 OF THE FOURTH SCHEDULE TO THE
CENTRAL EXCISE ACT, 1944.
Tariff items 2709 10 00, 2709 20 00, and the entries are being substituted
relating thereto as under: [to be made effective from 01.04.2021] [Clause [96(i)]
of the Finance Bill, 2021]
Tariff Item Description of goods Unit Rate of duty
2709 Petroleum oils and oils obtained from bituminous
minerals, crude
2709 00 10 petroleum crude Kg. Nil
2709 00 20 other Kg. …..
IV. IMPOSITION OF AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT
CESS (AIDC) ON PETROL AND DIESEL
An Agriculture Infrastructure and Development Cess (AIDC) as an additional
duty of excise has been proposed on Petrol and High speed diesel vide Clause
[116] of the Finance Bill, 2021. This cess shall be used to finance the improve-
ment of agriculture infrastructure and other development expenditure. The
details of the cess are as under:
S. No. Commodity Rate of AIDC [Clause [116]
of the Finance Bill, 2021]*
1 Motor spirit commonly known as petrol Rs. 2.5 per litre
2 High speed diesel Rs. 4 per litre
*WillcomeintoeffectimmediatelyowingtoadeclarationundertheProvisional
Collection of Taxes Act, 1931.
V. CHANGE IN EFFECTIVE RATE OF BASIC EXCISE DUTY AND SPECIAL
ADDITIONAL EXCISE DUTY ON PETROL AND DIESEL [TO BE EFFECTIVE
FROM 02.02.2021]
Consequent to imposition of AIDC, the Basic Excise Duty (BED) and Special
AdditionalExciseDuty(SAED)onPetrolandHigh-speeddieselisbeingreduced
so that consumer does not have to bear any additional burden on account of
xv MEMORANDUM EXPLAINING PROVISIONS OF FINANCE BILL, 2021
19. imposition of AIDC. The revised duty structure on petrol and HSD shall be as
follows.
A Item BED
(Rs/Ltr)
SAED
(Rs/Ltr)
AIDC
(Rs/Ltr)
1 Petrol (unbranded) 1.4 11 2.5
2 Petrol (branded) 2.6 11 2.5
3 High speed diesel (unbranded) 1.8 8 4
4 High speed diesel (branded) 4.2 8 4
VI. EXEMPTIONS FOR M-15, E-20 AND OTHER BLENDED FUELS
S. No. Amendment to central excise notifications
1. Exemptions from cesses and surcharges on the lines of other blended fuels
(like E-5 and E-10) if these blended fuels are made of duty paid inputs
VII. AMENDMENTS IN THE SCHEDULE VII OF THE FINANCE ACT, 2001
(NCCD SCHEDULE)
1. New tariff items [2404 11 00] and [2404 19 00] inserted in accordance with up-
coming HS 2022 Nomenclature and prescribe NCCD of 25% on these tariff items
with effect from 01.01.2022.
GOODS AND SERVICES TAX
Note:
(a) CGST Act, 2017 means Central Goods and Services Tax Act, 2017
(b) IGST Act, 2017 means Integrated Goods and Services Tax Act, 2017
Amendments carried out in the Finance Bill, 2021 will come into effect from
the date when the same will be notified, as far as possible, concurrently with
the corresponding amendments to the similar Acts passed by the States and
Union territories with Legislature.
I. AMENDMENTS IN THE CGST ACT, 2017:
S.
No.
Amendment Clause of the
Finance Bill, 2021
1. A new clause (aa) in sub-section (1) of Section 7 of the
CGSTActisbeinginserted,retrospectivelywitheffectfrom
the 1st July, 2017, so as to ensure levy of tax on activities
or transactions involving supply of goods or services by
any person, other than an individual, to its members or
constituents or vice versa, for cash, deferred payment or
other valuable consideration.
[99]
2. A new clause (aa) to sub-section (2) of the section 16 of the
CGST Act is being inserted to provide that input tax credit
on invoice or debit note may be availed only when the
details of such invoice or debit note have been furnished
[100]
MEMORANDUM EXPLAINING PROVISIONS OF FINANCE BILL, 2021 xvi
20. S.
No.
Amendment Clause of the
Finance Bill, 2021
by the supplier in the statement of outward supplies and
such details have been communicated to the recipient of
such invoice or debit note.
3. Sub-section (5) of section 35 of the CGST Act is being
omitted so as to remove the mandatory requirement of
getting annual accounts audited and reconciliation state-
ment submitted by specified professional.
[101]
4. Section 44 of the CGST Act is being substituted so as to
removethemandatoryrequirementoffurnishingarecon-
ciliation statement duly audited by specified professional
and to provide for filing of the annual return on self-
certificationbasis.ItfurtherprovidesfortheCommissioner
to exempt a class of taxpayers from the requirement of
filing the annual return.
[102]
5. Section 50 of the CGST Act is being amended, retrospec-
tively, to substitute the proviso to sub-section (1) so as to
charge interest on net cash liability with effect from the
1st July, 2017.
[103]
6. Section 74 of the CGST Act is being amended so as make
seizure and confiscation of goods and conveyances in
transit a separate proceeding from recovery of tax.
[104]
7. An explanation to sub-section (12) of section 75 of the
CGST Act is being inserted to clarify that “self-assessed
tax” shall include the tax payable in respect of outward
supplies, the details of which have been furnished under
section 37, but not included in the return furnished under
section 39.
[105]
8. Section 83 of the CGST Act is being amended so as to
provide that provisional attachment shall remain valid
for the entire period starting from the initiation of any
proceeding under Chapter XII, Chapter XIV or Chapter
XV till the expiry of a period of one year from the date of
order made thereunder.
[106]
9. A proviso to sub-section (6) of section 107 of the CGST Act
is being inserted to provide that no appeal shall be filed
against an order made under sub-section (3) of section
129, unless a sum equal to twenty-five per cent of penalty
has been paid by the appellant.
[107]
10. Section 129 of the CGST Act is being amended to delink
the proceedings under that section relating to detention,
seizure and release of goods and conveyances in transit,
from the proceedings under section 130 relating to con-
fiscation of goods or conveyances and levy of penalty.
[108]
xvii MEMORANDUM EXPLAINING PROVISIONS OF FINANCE BILL, 2021
21. S.
No.
Amendment Clause of the
Finance Bill, 2021
11. Section 130 of the CGST Act is being amended to delink
the proceedings under that section relating to confisca-
tion of goods or conveyances and levy of penalty from
the proceedings under section 129 relating to detention,
seizure and release of goods and conveyances in transit.
[109]
12. Section 151 of the CGST Act is being substituted to em-
power the jurisdictional commissioner to call for informa-
tion from any person relating to any matter dealt with in
connection with the Act.
[110]
13. Section 152 of the CGST Act is being amended so as to
provide that no information obtained under sections 150
and 151 shall be used for the purposes of any proceedings
undertheActwithoutgivinganopportunityofbeingheard
to the person concerned.
[111]
14. Section 168 of the CGST Act is being amended to enable
the jurisdictional commissioner to exercise powers under
section 151 to call for information.
[112]
15. Consequent to the amendment in section 7 of the CGST
Act paragraph 7 of Schedule II to the CGST Act is being
omittedretrospectively,witheffectfromthe1stJuly,2017.
[113]
II. AMENDMENTS IN THE IGST ACT, 2017:
S.
No.
Amendment Clause of the
Finance Bill, 2021
1. Section 16 of the IGST Act is being amended so as to:
(i) zeroratethesupplyofgoodsorservicestoaSpecial
Economic Zone developer or a Special Economic
Zone unit only when the said supply is for autho-
rised operations;
(ii) restrict the zero-rated supply on payment of inte-
grated tax only to a notified class of taxpayers or
notified supplies of goods or services; and
(iii) link the foreign exchange remittance in case of
export of goods with refund.
[114]
MEMORANDUM EXPLAINING PROVISIONS OF FINANCE BILL, 2021 xviii
22. 5
DEPARTMENTAL CLARIFICATIONS
LETTER D.O.F. NO. 334/02/2020-TRU,
DATED 1-2-2021
(RELEVANT EXTRACTS)
** ** **
Dear Principal Chief Commissioner/ Chief Commissioner/ Principal Director
General/ Director General,
The Finance Minister has introduced the Finance Bill, 2021 in Lok Sabha today,
that is 1st February, 2021. Changes in Customs, Central Excise, GST law and
rateshavebeenproposedthroughtheFinanceBill,2021.Toprescribeeffectives
rates of duty, following notifications are being issued:
Notification Nos. Date
Customs (Tariff) 02/2021-Customs to 15/2021-Cus-
toms
1st February, 2021
Customs (Non-Tariff) 09/2021-Customs (N.T) to 12/2021-
Customs (N.T)
1st February, 2021
Customs (ADD) 05/2021-Customs (ADD) to 07/
2021-Customs (ADD)
1st February, 2021
Customs (CVD) 01/2021-Customs (CVD) to 02/
2021-Customs
1st February, 2021
2. Unless otherwise stated, all changes in rates of duty take effect from the
midnight of 1st February/2nd February, 2021. A declaration has been made
under the Provisional Collection of Taxes Act, 1931 in respect of clauses 95(i),
115 and 116 of the Finance Bill, 2021 so that changes proposed therein take
effect from the midnight of 1st February/2nd February, 2021. The remaining
legislative changes would come into effect only upon the enactment of the
Finance Bill, 2021.
3. Important changes in respect of Customs and Central Excise duty (including
cesses) are contained in the Annexure to this letter as detailed below.
(i) Customs duty rate changes: The change in the rates of duty, SWS, tariff
rates, omission of certain exemption and amendments in certain exemp-
tions, conditions to exemptions are at Annexure A.
xix
23. DEPARTMENTAL CLARIFICATIONS xx
(ii) Central Excise Changes: The changes in Central Excise Act and duty
rates are at Annexure B.
(iii) Agriculture Infrastructure and development Cess (AIDC): This new cess
is being imposed on imports of certain items at specified rate. Simulta-
neously, basic customs duty is being reduced on the items being brought
under new cess. This new cess is also being imposed as additional duty
of excise on petrol and diesel. At the same time, Basis Excise Duty and
Special Additional Duty of Excise are being reduced. The details are at
Annexure C.
(iv) Legislative changes in the Customs Act, Customs Tariff Act and Rules
made thereunder:
(a) Certain significant changes have been made in the Customs Act.
Mostly, these are for enhanced trade facilitation. A definite period
of two year, extendable by one year is being prescribed for com-
pletionofinvestigation.Also,itisbeingprescribedthatconditional
exemption shall validity of two years unless specifically provided
otherwise, or varied or rescinded earlier (the notification would
end on 31st March falling immediately after two years of issue of
exemption). IGCR Rules have been amended to allow job work on
imported goods and also to allow disposal of goods at payment
of duty on depreciated value. A few changes are for improving
compliance.
(b) Certain changes have also been made in the Customs tariff Act
and Rules made thereunder in the provisions relating to trade
remedial measures (ADD/CVD and Safeguard Measures). Be-
sides other changes, these changes introduce the provisions for
anti-absorptioninvestigationinADD/CVD,bringinginuniformity
in the provisions. Certain changes have also been made in the
corresponding Rules. Also, first Schedule to the Customs Tariff
Act has been proposed to be amended (w.e.f. 1.1.2022) to HS 2022
changes.
[The details are at Annexure D]
(v) Legislative Changes in the GST Act:
Certain changes have been in the CGST Act and the IGST Act on the
basis of recommendations made by the GST Council. These changes will
come into effect from the date to be notified. These changes include
measures for facilitating taxpayers, such as removing the mandatory
requirementofgettingannualaccountsauditedandreconciliationstate-
ment, filing of the annual return on self-certification basis, etc. Changes
have also been proposed for improving compliance, such as availing the
input tax credit only if the details have been furnished by the supplier in
the statement of outward supplies. Certain changes relate to provisions
concerning seizure and confiscation, filing of appeal only on payment
of a sum equal to twenty-five per cent of penalty imposed
[The details are at Annexure E]
24. xxi DEPARTMENTAL CLARIFICATIONS
4. This letter only summarizes the key highlights of the budgetary changes. It
should not be used in any quasi judicial or judicial proceedings. The relevant
legal texts contained in the Finance Bill and notifications alone have legal force.
We have taken every possible care in making the changes error free. However,
inadvertent errors cannot be ruled out given the scale of the exercise. I shall
be grateful if the provisions of the Finance Bill and notifications are studied
carefully and feedback is provided urgently, including the issues that may
need clarification.
5. It is requested that all possible efforts may be made to guide the taxpayers
by holding interactive sessions/seminars for their benefit. In case of any doubt
or difficulty, I would request you to kindly bring it to my notice immediately
at js-tru01@gov.in or to the notice of Shri Gaurav Singh, Deputy Secretary
(TRU) (Tel: 011-23092753, email: gaurav.singh80@nic.in Sh. J.S. Kandhari,
Deputy Secretary (TRU) (Tel: 011-23095526, email: js.kandhari@nic.in) or Sh.
Abhishek Verma, Budget Officer (TRU) (Tel: 011-23095547, email: abhishek.
v85@nic.in) We can also be reached at budget-cbec@nic.in.
6. Copies of Finance Bill, 2021, Finance Minister’s Budget Speech, Explanatory
Memorandum to the Bill and relevant notifications can be downloaded directly
from www.indiabudget.gov.in as well as www.cbic.gov.in.
7. To conclude, my team and I would like to express our gratitude to you for
the valuable suggestions, feedback and support and would look forward to
your comments/suggestions.
With warm regards,
ANNEXURE B
EXCISE
Note:
(a) “Basic Excise Duty” means the excise duty set forth in the Fourth Sched-
ule to the Central Excise Act, 1944.
(b) “Road and Infrastructure Cess” means the additional duty of excise
imposed levied under section 112 of the Finance Act, 2018.
(c) “Special Additional Excise Duty” means a duty of excise levied under
section 147 of the Finance Act, 2002.
(d) NCCD means “National Calamity Contingent Duty” levied under Finance
Act, 2001, as a duty of Excise on specified goods at rates specified in the
seventh schedule to Finance Act, 2001.
(e) “AgricultureInfrastructureandDevelopmentCess”meanstheadditional
duty of excise, levied vide Clause 116 of the Finance Bill, 2021.
Chapter 24
(1) New tariff items inserted in Chapter 24 in the fourth Schedule of the Cen-
tral Excise Act, 1944 in accordance with upcoming Harmonised System 2022
Nomenclature.
(2) The Fourth Schedule to the Central Excise Act, 1944, is being amended with
effect from 01.01.2022 to prescribe the rates following tariff items. [Clause 96
(ii) of the Finance Bill, 2021 refers]:
25. DEPARTMENTAL CLARIFICATIONS xxii
Tariff Item Description of goods Unit Rate of Duty
(1) (2) (3) (4)
2404 11 00 Productsintendedforinhalationwithoutcom-
bustion, containing tobacco or reconstituted
tobacco
Kg. 81%
2404 19 00 Products intended for inhalation without
combustion, Other
Kg. 81%
(2) The Seventh Schedule of the Finance Act, 2001, is being amended with
effect from 01.01.2022 to insert the following tariff items.
Tariff Item Description of goods Unit Rate of Duty
(1) (2) (3) (4)
2404 11 00 Productsintendedforinhalationwithoutcom-
bustion, containing tobacco or reconstituted
tobacco
Kg. 25%
2404 19 00 Products intended for inhalation without
combustion, Other
Kg. 25%
Chapter 27
(1) To align the First schedule of the Customs Tariff Act, 1975 to the Fourth
Schedule to the Central Excise Act, 1944 in respect of Crude Petroleum Oil, it
is proposed to amend entries in heading 2709 so as to replace the existing tariff
items and entries thereof (2709 10 00, 2709 20 00 in the Fourth schedule of the
Central Excise Act, 1944 and 2709 00 00 of the First schedule of the Customs
Tariff Act, 1975) in both the First schedule of the Customs Tariff Act, 1975 and
the Fourth schedule of the Central Excise Act, 1944, with the following two
new tariff items (w.e.f 1.4.2021):
2709 00 10 --- petroleum crude
2709 00 20 --- other
(2) Agriculture Infrastructure and Development Cess (AIDC) is being imposed
on Petrol and High-speed diesel falling under CETH 2710 at the rate of Rs.
2.5 per litre and Rs. 4 per litre respectively. Simultaneously, Basic Excise Duty
and Special Additional Excise Duty on Petrol and High-speed diesel is being
calibrated. The details of these changes are given in Annexure-C. [Notifica-
tion Nos. 01/2021-Central Excise and 02/2021-Central Excise, both dated 1st
February, 2021 refer]
(3) Exemptions from Special Additional Excise Duty (SAED) and Road and
Infrastructure Cess (RIC) is being provided to new category of blended fuels
namely, 15% Methanol blended Petrol (M-15 fuel) and 20% Ethanol blended
Petrol (E-20 fuel), provided appropriate excise duty on Petrol and appropriate
GST on ethanol/methanol and cosolvents has been paid. [notification Nos.
04/2021-Central Excise, 05/2021-Central Excise and 06/2021-Central Excise,
all dated 1st February, 2021 refer]
(4)ExemptionfromAgricultureInfrastructureandDevelopmentCess(AIDC)is
being provided to blended fuels namely 5% ethanol blended petrol, 10% ethanol
blended petrol, 20% bio-diesel blended High speed diesel, and new category
of blended fuels namely, 15% Methanol blended Petrol (M-15 fuel) and 20%
26. xxiii DEPARTMENTAL CLARIFICATIONS
Ethanol blended Petrol (E-20 fuel). [Notification No. 03/2021-Central Excise,
dated 1st February, 2021 refers]
(5) The Exemptions available to blended fuels, 5% ethanol blended petrol, 10%
ethanol blended petrol, 20% bio-diesel blended High speed diesel from Basic
Excise Duty, Special Additional Excise Duty and Road and Infrastructure
Cess is being amended to include the reference to the AIDC in the definition
of appropriate duty of excise on petrol/diesel being blended. [Notification Nos.
02/2021-Central Excise, 05/2021-Central Excise and 07/2021-Central Excise,
all dated 1st February, 2021 refer]
(6) Amendment in Fourth Schedule made by Notification No. 08/2019-CE
(T) dated 31.12.2019 shall be made effective w.e.f. 01.01.2020, retrospectively
[clause [98] of the Finance Bill, 2021 refers].
(7) It is proposed to specify correct IS “17076” against the tariff item 27101249
and made effective from 01.01.2020, retrospectively [clause [97(i)] of the
Finance Bill, 2021 refers]
(8) It is proposed that tariff rate of 14% + Rs. 15.00 per litre against tariff items
27102010and27102020maybeprescribedandmadeeffectivefrom01.01.2020,
retrospectively. [clause [97(ii) and 97(iii)] of the Finance Bill, 2021 refers]
ANNEXURE E
AMENDMENTS IN CGST, IGST AND UTGST ACTS, 2017
Amendments carried out in the Finance Bill, 2021 will come into effect from
the date when the same will be notified, as far as possible, concurrently with
the corresponding amendments to the similar Acts passed by the States and
Union territories with Legislature.
I. AMENDMENTS IN THE CGST ACT, 2017
a. A new clause (aa) in sub-section (1) of Section 7 of the CGST Act is be-
ing inserted, retrospectively with effect from the 1st July, 2017, so as to
ensure levy of tax on activities or transactions involving supply of goods
or services by any person, other than an individual, to its members or
constituents or vice versa, for cash, deferred payment or other valuable
consideration.
b. A new clause (aa) to sub-section (2) of the section 16 of the CGST Act is
being inserted to provide that input tax credit on invoice or debit note
may be availed only when the details of such invoice or debit note have
been furnished by the supplier in the statement of outward supplies and
such details have been communicated to the recipient of such invoice
or debit note.
c. Sub-section (5) of section 35 of the CGST Act is being omitted so as to
remove the mandatory requirement of getting annual accounts audited
and reconciliation statement submitted by specified professional.
d. Section 44 of the CGST Act is being substituted so as to remove the man-
datory requirement of furnishing a reconciliation statement duly audited
by specified professional and to provide for filing of the annual return on
self-certificationbasis.ItfurtherprovidesfortheCommissionertoexempt
a class of taxpayers from the requirement of filing the annual return.
27. e. Section 50 of the CGST Act is being amended, retrospectively, to sub-
stitute the proviso to sub-section (1) so as to charge interest on net cash
liability with effect from the 1st July, 2017.
f. Section 74 of the CGST Act is being amended so as make seizure and
confiscation of goods and conveyances in transit a separate proceeding
from recovery of tax.
g. An explanation to sub-section (12) of section 75 of the CGST Act is being
inserted to clarify that “self-assessed tax” shall include the tax payable
in respect of outward supplies, the details of which have been fur-
nished under section 37, but not included in the return furnished under
section 39.
h. Section 83 of the CGST Act is being amended so as to provide that
provisional attachment shall remain valid for the entire period starting
from the initiation of any proceeding under Chapter XII, Chapter XIV
or Chapter XV till the expiry of a period of one year from the date of
order made thereunder.
i. Section 129 of the CGST Act is being amended to delink the proceedings
under that section relating to detention, seizure and release of goods and
conveyances in transit, from the proceedings under section 130 relating
to confiscation of goods or conveyances and levy of penalty.
j. Section 130 of the CGST Act is being amended to delink the proceedings
under that section relating to confiscation of goods or conveyances
and levy of penalty from the proceedings under section 129 relating to
detention, seizure and release of goods and conveyances in transit.
k. Section 151 of the CGST Act is being substituted to empower the juris-
dictional commissioner to call for information from any person relating
to any matter dealt with in connection with the Act.
l. Section 152 of the CGST Act is being amended so as to provide that no
information obtained under sections 150 and 151 shall be used for the
purposesofanyproceedingsundertheActwithoutgivinganopportunity
of being heard to the person concerned.
m. Section 168 of the CGST Act is being amended to enable the jurisdic-
tional commissioner to exercise powers under section 151 to call for
information.
n. Consequent to the amendment in section 7 of the CGST Act paragraph
7 of Schedule II to the CGST Act is being omitted retrospectively, with
effect from the 1st July, 2017.
II. AMENDMENTS IN THE IGST ACT, 2017
Section 16 of the IGST Act is being amended so as to:
(i) zero rate the supply of goods or services to a Special Economic Zone
developer or a Special Economic Zone unit only when the said supply
is for authorised operations;
(ii) restrict the zero-rated supply on payment of integrated tax only to a
notified class of taxpayers or notified supplies of goods or services; and
(iii) link the foreign exchange remittance in case of export of goods with
refund.
DEPARTMENTAL CLARIFICATIONS xxiv
28. I-5
P
A
G
E
Acronyms in GST I-13
Section Index I-17
CHAPTER 1
GST - An overview 1
CHAPTER 2
IGST, CGST, SGST and UTGST 34
CHAPTER 3
Taxable event in GST 39
CHAPTER 4
Supply of goods or services or both 76
CHAPTER 5
Classification of goods and services 90
CHAPTER 6
Value of taxable supply of goods or services or both 107
Contents
29. CHAPTER 7
Valuation Rules if value for GST not ascertainable 131
CHAPTER 8
VAT concept and its application in GST 147
CHAPTER 9
Input Tax Credit (ITC) 154
CHAPTER 10
Input Tax Credit - Other issues 180
CHAPTER 11
Input Tax Credit when exempted as well as taxable supplies made 190
CHAPTER 12
Input Service Distributor (ISD) 206
CHAPTER 13
Person liable to pay tax 212
CHAPTER 14
Place of supply of goods or services or both other than exports or imports 226
CHAPTER 15
Place of supply in case of export or import of goods or services or both 248
C
O
N
T
E
N
T
S
I-6
P
A
G
E
30. CHAPTER 16
Exports and Imports 281
CHAPTER 17
Special Economic Zones (SEZ) and EOU 323
CHAPTER 18
Time of supply of goods and services 330
CHAPTER 19
Reverse charge 341
CHAPTER 20
Exemption from GST by issue of Notification 355
CHAPTER 21
Concessions to small enterprises in GST 365
CHAPTER 22
Construction and Works Contract Services 389
CHAPTER 23
Real Estate Services relating to residential and commercial apartments 413
CHAPTER 24
TDR/FSI/Upfront amount in long term lease in real estate transactions 444
I-7
C
O
N
T
E
N
T
S
P
A
G
E
31. CHAPTER 25
Distributive Trade Services 467
CHAPTER 26
Passenger Transport Services 488
CHAPTER 27
Goods Transport Services 501
CHAPTER 28
Financial and related services 516
CHAPTER 29
Leasing or rental services and licensing services 542
CHAPTER 30
Software and IPR Services 553
CHAPTER 31
Business and production services 563
CHAPTER 31A
Job Work 584
CHAPTER 32
Telecommunication, broadcasting and information supply 610
C
O
N
T
E
N
T
S
I-8
P
A
G
E
32. CHAPTER 33
Community social, personal and other services 618
CHAPTER 34
Government related activities 655
CHAPTER 35
Basic procedures in GST 685
CHAPTER 36
Registration under GST 704
CHAPTER 37
Tax Invoice, Credit and Debit Notes 742
CHAPTER 38
E-way Bill for transport of goods 769
CHAPTER 39
Payment of taxes by cash and through input tax credit 808
CHAPTER 40
Returns under GST 828
CHAPTER 41
Assessment and Audit 868
P
A
G
E
I-9
C
O
N
T
E
N
T
S
33. CHAPTER 42
Demands and recovery 880
CHAPTER 43
Refund in GST 912
CHAPTER 44
Powers of GST Officers 973
CHAPTER 45
Offences and penalties 980
CHAPTER 46
First Appeal and revision in GST 991
CHAPTER 47
Appeal before Appellate Tribunal 1005
CHAPTER 48
Appeals before High Court and Supreme Court 1014
CHAPTER 49
Prosecution and compounding 1018
CHAPTER 50
Provisions relating to evidence 1026
P
A
G
E
C
O
N
T
E
N
T
S
I-10
34. P
A
G
E
CHAPTER 51
Electronic Commerce 1033
CHAPTER 52
Miscellaneous issues in GST 1044
CHAPTER 53
GST Compensation Cess 1079
CHAPTER 54
Transitory Provisions 1085
CHAPTER 55
Constitutional Background of GST 1099
SUBJECT INDEX 1113
I-11
C
O
N
T
E
N
T
S
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Input Tax Credit (ITC)
154
37. 9.1-2 Whether expenditure is ‘in the course of or furtherance of business’ is for
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Input Tax Credit available if tax invoice contains minimum specified details,
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9.2-2 Input tax credit cannot be taken after one year from date of invoice or
filing of annual return
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-
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i
b
e
d
,
(
b
)
h
e
h
a
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,
(
c
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S
u
b
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c
t
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o
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c
t
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n
4
1
o
r
section 43A
o
f
C
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A
c
t
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a
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[
s
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c
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4
1
o
f
C
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A
c
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0
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9
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159
R
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Para 9.3
41. (
d
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h
e
h
a
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f
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n
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c
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3
9
[
e
v
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a
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c
t
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3
9
o
f
C
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]
.
Inputs or capital goods received in instalments
-
W
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c
t
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1
6
(
2
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o
f
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A
c
t
.
Credit on basis of invoices uploaded by supplier, even if goods or services are
received later, but before filing of return -
A
s
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.
Delivery to transporter or any person on direction of recipient by supplier is suf-
ficient to take input tax credit
-
F
o
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p
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c
t
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1
6
(
2
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(
b
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f
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c
t
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a
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g
a
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a
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,
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r
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n
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m
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v
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m
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g
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o
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d
s
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h
-
e
r
w
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s
e
–
Explanation
(
i
)
t
o
s
e
c
t
i
o
n
1
6
(
2
)
(
b
)
o
f
C
G
S
T
A
c
t
.
[
T
h
e
Explanation
h
a
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b
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n
r
e
-
n
u
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b
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r
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d
a
s
Explanation
(
i
)
vide
C
G
S
T
(
A
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n
d
m
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t
)
A
c
t
,
2
0
1
8
,
w
.
e
.
f
.
1
-
2
-
2
0
1
9
]
.
T
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.
Delivery of goods to transporter by suppliers delivery to the recipient
-
S
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c
t
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3
9
(
1
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S
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A
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a
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prima facie
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3
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Manwar Tent Factory
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-
2
.
Supply of service to final customer by contractor is receipt of service by Principal
(intermediary) –
I
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)
a
s
k
s
c
o
n
t
r
a
c
t
o
r
(
o
r
s
u
b
-
c
o
n
t
r
a
c
t
o
r
)
t
o
s
u
p
p
l
y
s
e
r
v
i
c
e
d
i
r
e
c
t
l
y
t
o
c
u
s
t
o
m
e
r
.
I
n
s
u
c
h
c
a
s
e
s
,
s
u
p
p
l
y
o
f
s
e
r
v
i
c
e
t
o
c
u
s
t
o
m
e
r
w
i
l
l
b
e
s
u
p
p
l
y
o
f
s
e
r
v
i
c
e
t
o
P
r
i
n
c
i
p
a
l
,
a
s
p
e
r
Explanation
(
i
i
)
t
o
s
e
c
t
i
o
n
1
2
(
2
)
(
a
)
o
f
C
G
S
T
A
c
t
,
w
h
i
c
h
r
e
a
d
s
a
s
f
o
l
l
o
w
s
–
Para 9.3
I
N
P
U
T
T
A
X
C
R
E
D
I
T
(
I
T
C
)
160
42. F
o
r
t
h
e
p
u
r
p
o
s
e
s
o
f
s
e
c
t
i
o
n
1
6
(
2
)
(
b
)
o
f
C
G
S
T
A
c
t
,
i
t
s
h
a
l
l
b
e
d
e
e
m
e
d
t
h
a
t
t
h
e
r
e
g
i
s
t
e
r
e
d
p
e
r
s
o
n
h
a
s
r
e
c
e
i
v
e
d
t
h
e
s
e
r
v
i
c
e
s
w
h
e
r
e
t
h
e
s
e
r
v
i
c
e
s
a
r
e
p
r
o
v
i
d
e
d
b
y
t
h
e
s
u
p
p
l
i
e
r
t
o
a
n
y
p
e
r
s
o
n
o
n
t
h
e
d
i
r
e
c
t
i
o
n
o
f
a
n
d
o
n
a
c
c
o
u
n
t
o
f
s
u
c
h
r
e
g
i
s
t
e
r
e
d
p
e
r
s
o
n
–
Explana-
tion
(
i
i
)
t
o
s
e
c
t
i
o
n
1
6
(
2
)
(
b
)
i
n
s
e
r
t
e
d
vide
C
G
S
T
(
A
m
e
n
d
m
e
n
t
)
A
c
t
,
2
0
1
8
,
w
.
e
.
f
.
1
-
2
-
2
0
1
9
.
Final Input tax credit only after supplier makes payment of GST
-
T
h
e
r
e
c
e
i
v
e
r
(
o
f
g
o
o
d
s
a
n
d
s
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v
i
c
e
s
)
c
a
n
t
a
k
e
p
r
o
v
i
s
i
o
n
a
l
c
r
e
d
i
t
o
n
b
a
s
i
s
o
f
r
e
t
u
r
n
f
i
l
e
d
b
y
s
u
p
p
l
i
e
r
.
H
o
w
e
v
e
r
,
h
e
w
i
l
l
b
e
e
l
i
g
i
b
l
e
t
o
t
a
k
e
f
i
n
a
l
I
n
p
u
t
T
a
x
C
r
e
d
i
t
o
n
l
y
a
f
t
e
r
t
h
e
s
u
p
p
l
i
e
r
o
f
s
u
c
h
g
o
o
d
s
a
n
d
s
e
r
v
i
c
e
s
h
a
s
p
a
i
d
t
h
e
t
a
x
.
Taking input tax credit in respect of inputs sent for job work
-
I
n
p
u
t
t
a
x
c
r
e
d
i
t
i
s
a
v
a
i
l
a
b
l
e
i
n
r
e
s
p
e
c
t
o
f
g
o
o
d
s
s
e
n
t
f
o
r
j
o
b
w
o
r
k
a
n
d
b
r
o
u
g
h
t
b
a
c
k
f
o
r
f
u
r
t
h
e
r
u
s
e
.
P
r
o
v
i
s
i
o
n
s
a
r
e
c
o
n
t
a
i
n
e
d
i
n
a
n
o
t
h
e
r
c
h
a
p
t
e
r
u
n
d
e
r
j
o
b
w
o
r
k
.
9.3-1 Reversal of input tax credit if payment not made to supplier within 180 days
W
h
e
r
e
a
r
e
c
i
p
i
e
n
t
f
a
i
l
s
t
o
p
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y
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o
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p
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e
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f
g
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o
d
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r
v
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c
e
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b
o
t
h
(
o
t
h
e
r
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h
a
n
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h
e
s
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p
p
l
i
e
s
o
n
w
h
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c
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t
a
x
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s
p
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b
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o
n
r
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v
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r
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e
c
h
a
r
g
e
b
a
s
i
s
)
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t
h
e
a
m
o
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n
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o
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v
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p
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d
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f
1
8
0
d
a
y
s
f
r
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m
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d
a
t
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o
f
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f
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v
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c
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b
y
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u
p
p
l
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r
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a
n
a
m
o
u
n
t
e
q
u
a
l
t
o
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i
n
p
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t
a
x
c
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d
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t
a
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a
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d
b
y
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c
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p
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a
d
d
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t
p
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a
x
l
i
a
b
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y
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a
l
o
n
g
w
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n
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s
t
t
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e
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n
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n
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m
a
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a
y
b
e
p
r
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s
c
r
i
b
e
d
-
s
e
c
o
n
d
proviso
t
o
s
e
c
t
i
o
n
1
6
(
2
)
o
f
C
G
S
T
A
c
t
.
I
f
p
a
r
t
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a
l
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y
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a
d
e
,
t
h
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l
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p
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a
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m
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n
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p
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d
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p
p
l
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r
.
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f
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r
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c
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p
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t
l
a
t
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m
a
k
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p
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a
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k
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d
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n
p
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t
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a
x
-
t
h
i
r
d
proviso
t
o
s
e
c
t
i
o
n
1
6
(
2
)
o
f
C
G
S
T
A
c
t
.
R
e
a
l
l
y
,
t
h
e
r
e
c
i
p
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n
t
c
a
n
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a
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n
p
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t
a
x
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r
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d
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f
t
a
x
h
a
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n
a
c
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p
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r
.
T
h
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n
h
o
w
G
o
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e
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e
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t
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d
a
b
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t
p
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v
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m
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n
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t
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p
p
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e
r
?
W
h
y
G
o
v
e
r
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m
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n
t
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a
c
t
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g
a
s
r
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c
o
v
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a
g
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n
t
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t
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e
m
s
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a
t
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e
i
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o
a
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d
b
o
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a
n
s
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e
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f
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n
p
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a
x
c
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d
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e
.
g
.
i
f
a
p
e
r
s
o
n
h
a
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e
x
c
e
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n
p
u
t
t
a
x
c
r
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d
i
t
,
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e
c
a
n
p
a
s
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o
n
t
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r
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t
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o
t
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e
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s
.
H
o
w
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r
,
t
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y
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a
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u
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t
r
a
n
s
a
c
t
i
o
n
s
w
i
l
l
g
e
t
a
f
f
e
c
t
e
d
.
O
f
t
e
n
i
n
c
a
s
e
o
f
l
a
r
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e
w
o
r
k
s
c
o
n
t
r
a
c
t
s
,
s
o
m
e
r
e
t
e
n
t
i
o
n
m
o
n
e
y
i
s
k
e
p
t
w
h
i
c
h
i
s
r
e
l
e
a
s
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d
a
f
t
e
r
w
a
r
r
a
n
t
y
p
e
r
i
o
d
.
F
u
r
t
h
e
r
,
s
o
m
e
d
e
d
u
c
t
i
o
n
s
f
r
o
m
i
n
v
o
i
c
e
f
o
r
v
a
r
i
o
u
s
r
e
a
s
o
n
s
i
s
c
o
m
m
o
n
.
I
n
s
u
c
h
c
a
s
e
,
t
h
i
s
p
r
o
v
i
s
i
o
n
w
i
l
l
c
r
e
a
t
e
g
r
e
a
t
n
u
i
s
a
n
c
e
t
o
t
a
x
a
b
l
e
p
e
r
s
o
n
s
.
P
o
s
t
-
s
a
l
e
d
i
s
c
o
u
n
t
s
a
f
t
e
r
n
e
g
o
t
i
a
t
i
o
n
s
a
r
e
c
o
m
m
o
n
i
n
b
u
s
i
n
e
s
s
.
A
l
l
s
u
c
h
t
r
a
n
s
a
c
t
i
o
n
s
w
i
l
l
g
e
t
a
f
f
e
c
t
e
d
.
Proportionate reversal if part amount paid
-
I
f
(
s
a
y
)
9
0
%
a
m
o
u
n
t
o
f
s
u
p
p
l
i
e
r
’
s
i
n
v
o
i
c
e
(
i
n
c
l
u
d
i
n
g
t
a
x
a
m
o
u
n
t
)
i
s
p
a
i
d
,
o
n
l
y
1
0
%
t
a
x
a
m
o
u
n
t
s
s
h
o
u
l
d
b
e
r
e
v
e
r
s
e
d
.
161
R
E
Q
U
I
R
E
M
E
N
T
S
F
O
R
A
V
A
I
L
I
N
G
I
N
P
U
T
T
A
X
C
R
E
D
I
T
Para 9.3
43. Interest after 180 days or from first day itself
-
I
n
m
y
v
i
e
w
,
i
n
t
e
r
e
s
t
p
a
y
m
e
n
t
s
h
o
u
l
d
s
t
a
r
t
a
f
t
e
r
1
8
0
d
a
y
s
.
T
h
e
r
e
a
s
o
n
i
s
t
h
a
t
I
T
C
w
a
s
v
a
l
i
d
l
y
t
a
k
e
n
w
h
e
n
g
o
o
d
s
/
s
e
r
v
i
c
e
s
w
e
r
e
r
e
c
e
i
v
e
d
.
T
h
e
c
r
e
d
i
t
b
e
c
o
m
e
s
i
n
e
l
i
g
i
b
l
e
o
n
l
y
a
f
t
e
r
1
8
0
d
a
y
s
.
Payment to supplier can be made through book adjustment
-
C
o
n
s
i
d
e
r
a
t
i
o
n
f
o
r
s
u
p
p
l
y
c
a
n
b
e
m
a
d
e
t
h
r
o
u
g
h
b
o
o
k
a
d
j
u
s
t
m
e
n
t
,
c
r
e
d
i
t
o
f
i
n
p
u
t
t
a
x
c
a
n
n
o
t
b
e
d
e
n
i
e
d
o
n
t
h
i
s
g
r
o
u
n
d
a
l
o
n
e
.
R
e
c
i
p
i
e
n
t
o
f
g
o
o
d
s
a
n
d
s
e
r
v
i
c
e
s
c
a
n
p
a
y
c
o
n
s
i
d
e
r
a
t
i
o
n
f
o
r
i
n
w
a
r
d
s
u
p
p
l
i
e
s
b
y
w
a
y
o
f
s
e
t
t
i
n
g
o
f
f
b
o
o
k
d
e
b
t
-
Senco Gold Ltd.,
I
n
r
e
[
2
0
1
9
]
1
0
5
t
a
x
m
a
n
n
.
c
o
m
1
4
3
(
A
A
R
-
W
e
s
t
B
e
n
g
a
l
)
.
Reversal of ITC not required if Post sale discounts offered
-
P
a
r
a
D
o
f
C
B
I
&
C
c
i
r
-
c
u
l
a
r
N
o
.
9
2
/
1
1
/
2
0
1
9
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Issue of credit note means payment received by supplier
-
I
n
Shiva Electricals
v
.
CST
(
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Mohd. Ekram Khan
v
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v
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Shiva Analyticals
(
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Payment within 180 days required even when supply to own branches or depots?
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1
8
0
d
a
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s
?
Para 9.3
I
N
P
U
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T
A
X
C
R
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D
I
T
(
I
T
C
)
162
44. H
o
w
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,
i
n
Sanghvi Motors Ltd.
I
n
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e
(
2
0
1
9
)
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6
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(
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-
An unfair
provision
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9.3-2 Procedure for reversal of input tax credit in case of non-payment of con-
sideration
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163
R
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Q
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Para 9.3