I. Important Definitions1) In India, “software” has been defined under the Income Tax Act, 1961 and the Copyright Act, 1957.a) Sections 10A, 10B, and 80HHE of the ITA, dealing with export of computer software defines “computer software” to mean – i) any computer programme recorded on any disc, tape, perforated media, or other information storage device; or ii) any c......

With effect from 01.01.2021 vide Notification No. 94 /2020 – Central Tax, dated 22nd December 2020 a new rule i.e., 86B is inserted to curb the ongoing fake invoices transactions. A. Legal Provision: Notwithstanding anything contained in these rules, the registered person shall not use the amount available in the electronic credit ledger to discharge his liability towards output tax in exc......

A. Exordium The Central Board of Indirect Taxes & Customs (CBIC) vide Circular No. 143/13/2020- GST dated 10th November 2020 introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. This is a welcome step towards the goal of increasing “Ease of Doing Business” T......

Exordium Auto Populated details in Form GSTR 3B: Now, auto-population of system computed details in Form GSTR-3B, has been enabled for taxpayers (filing their Form GSTR-1 on monthly basis), from November 2020 Tax Period onwards. The same will be done based on the following: - Liabilities in tables-3.1 & 3.2 of Form GSTR-3B (except Table-3.1 (d) about inward supplies liable to reverse charge......

Holders of advance authorization licenses were entitled to import raw materials without payment of integrated GST and rebate of IGST. The government changed the rules in September 2018 – retrospectively from July 2017 – prohibiting the entitlement if benefits of advance authorization or deemed exports have been availed while importing raw materials. The Gujarat High Court has denied r......

A. Compendium The issue regarding the availment of transitional credit from erstwhile law to GST has become the most contentious topic. The heated debate whether the time limit for availment of transitional credit is mandatory or directory in nature has become more far-reaching. Section 140 of the Act deals with Transitional Credit and Rule 117 of the Rules imposes time limit for fi......

SC rules in favor of women’s equal right to parental property throughout life. Compendium A batch of appeals was heard by a three-judge bench headed Justice Arun Mishra, which raised an important legal issue whether "the Hindu Succession (Amendment) which gave equal rights to daughters in ancestral property, has a retrospective effect." Settling the disputed question of law, the t......

The Government of India Central Board of Indirect Taxes and Custom vide their notification No. 38/2018- Customs (N.T.) have announced Sea Cargo Manifest and Transshipment Regulations 2018, which were supposed to come into force on August 1, 2018. Following a number of extensions and amendments, the Regulations are finally scheduled from 1st October 2020.  The new Regulati......

Compendium After filing the refund application as per Section 54 of the CGST Act, 2017, if any deficiencies are noted by the proper officer then as per Rule 90(3) of the CGST Rules, same shall be communicated to the applicant by the issuance of deficiency memo in Form RFD-03 along with asking the applicant to file a fresh refund application after rectification of such deficiencies. Recently, ......

COMPENDIUM Amid the ongoing debate over goods and services tax (GST) rate on hand sanitizers, the Goa bench of the GST Authority of Advance Ruling (AAR) has held that the alcohol-based hygiene product will attract 18 percent GST. It added that its classification as an essential commodity cannot be a criterion for exemption from GST. Recently, Referring ......

1. INCEPTION Rule 36(4) has been inserted vide Notification No. 49/2019 dated 9th October 2019 to restrict credit taken by any GST registered Person to the amount reflected in his GSTR 2A. The validity of such a restriction will be questioned on The basis of the following issues: If the power to make this rule comes from Section 43A, then rule 36(4) is Invalid due to non-operational nature o......

A. EXORDIUM 1. Detention/Seizure/Confiscation Not allowing access to the owner of the goods by a legal order/notice is called detention. However, the ownership of goods still lies with the owner. It is issued when it is suspected that the goods are liable to confiscation. In Law, a seizure is the forcible taking of property by a government law enforcement official from a person who is......