Author: Business So Simple

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Deployment of Interest Calculator in GSTR-3B (GST Portal updates 26 Jan 2022)

Posted on by Business So Simple in GST
  1. The new functionality of interest calculator in GSTR-3B is now live on the GST Poral.
  2. This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period to which it pertains. The interest appliable, if any, will be computed after the filing of the said GSTR-3B and will be auto-populated in the Table-5.1 of the GSTR-3B of the next tax-period. The facility would be similar to the collection of Late fees for GSTR-3B, filed after the Due date, posted in the next period’s GSTR-3B. This functionality will inform the taxpayers about the manner of system computed interest for each tax-head and hence will assist the taxpayers in doing correct computation of interest for the tax liability of any past period declared in the GSTR-3B for the current tax period.
  3. For more details, please refer to the detailed advisory regarding the functionality, click here
  4. This functionality will further improve ease of filing return under GST and is, therefore, in the direction of further reducing the compliance burden for taxpayers.

Thanking You,
Team GSTN

Air India strategic disinvestment completed

Posted on by Business So Simple in Income Tax

The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s Tata Sons Pvt Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% shares of Air India and its subsidiary AIXL and 50% shares of AISATS) to the Strategic Partner.

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It is pertinent to mention that following Government’s approval of the highest price bid of M/s Talace Pvt Ltd for strategic disinvestment of Air India, the Letter of Intent was issued to the winning bidder on 11 October 2021. The Share Purchase Agreement (SPA) was signed on 25 October, 2021. Thereafter, Strategic Partner (M/s Talace Pvt Ltd), Air India and the Government worked towards satisfying a set of conditions precedent defined in the SPA including approvals from anti-trust bodies, regulators, lenders, third parties, etc. These conditions have since been met to mutual satisfaction.

Judicial updates (Tax Laws)- 27th Jan 2022

Posted on by Business So Simple in Court Room, GST, Income Tax, Legal awareness

Claim of Assessee of Profit lower than 8% cannot be denied for mere non-submission of Tax Audit Report

ACIT Vs Vairam Constructions (ITAT Chennai) dated 18/01/2022

Rs. 258 Crore illegal ITC availment case – HC refuses Bail to accused

Paritosh Kumar Siingh Vs Senior Intelligence Officer (Chhattisgarh High Court) dated 18/01/2022


Income Tax Notice issued issued against a dead person, is null and void

Dharamraj Vs ITO (Delhi High Court) dated 17/01/2022


Directors’ personal property cannot be Attached to Recover Companies Sales Tax Dues
Sunita Ramesh Bansal Vs Assistant Commissioner of State Tax (Gujarat High Court) dated 13/01/2022


HC disposes petition as department granted credit as per courts direction which was earlier not given

Siddharth Enterprises Vs Nodal Officer (Gujarat High Court) dated 12/01/2022


Expenses towards provision for pension fund allowable as expenses

ACIT Vs Punjab & Sind Bank (ITAT Delhi) dated 05/01/2022


HC directs unblocking of Electronic Credit Ledger as one year period was expired

Krishna Fashion Vs Union of India (Delhi High Court) dated 18/01/2022

GST Cash credit account of assessee cannot be provisionally attached

Manish Scrap Traders Vs Principal Commissioner (Gujarat High Court) dated 12/01/2022


If assessee resold goods imported from AE without any value addition, than most appropriate method for determining ALP is RPM

Randox Laboratories India Private Limited Vs ACIT (ITAT Bangalore) dated 04/01/2022

Guidance note on Schedule III of companies Act, 2013 (Revised in January 2022 )-ICAI

Posted on by Business So Simple in Financial Prudence, ICSI, ICAI, ICMA

Guidance note on Schedule III of companies Act, 2013 (Revised in January 2022 )-ICAI

The Government of India has always been taking many initiatives to promote the Corporate Governance framework in India. It is a well-known fact that transparency is considered as one of the most important underlying factors to improve corporate governance. In this direction, the Ministry of Corporate Affairs (MCA) has revised the Schedule III to the Companies Act, 2013 vide notification dated 24th March 2021 by introducing additional disclosure requirements in the financial statements to improve governance.

These amendments have significant disclosure requirements in the financial statements of the Company. Along with this, it also has a major impact on the accounting professionals as well as on the stakeholders of the Company and are directed at enabling the higher level of corporate governance for the companies.

Considering the need to provide guidance in view of the significant amendments made in Schedule III to the Companies Act, 2013, Corporate Laws & Corporate Governance Committee (CLCGC) of ICAI has undertaken the task of revising the Guidance Note on Division I, II, III

Download Guidance Note from given link :

Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act 2013 issued by CL&CGC ICAI – (24-01-2022)

https://resource.cdn.icai.org/68981clcgc55147-gnd1.pdf

Guidance Note on Division II – Ind AS Schedule III to the Companies Act 2013 issued by CL&CGC ICAI – (24-01-2022)

https://resource.cdn.icai.org/68982clcgc55147-gnd2.pdf

Guidance Note on Division III to Schedule III to the Companies Act 2013 for NBFC that is required to comply with Ind AS issued by CL&CGC ICAI – (24-01-2022)

https://resource.cdn.icai.org/68983clcgc55147-gnd3.pdf

GST updates NACIN (Presentation)

Posted on by Business So Simple in GST

GST updates NACIN

•This Presentation covers the GST changes/observations/ press releases released by CBEC since the last updateon 04.12.2021.

It supplements the earlier GST Updates.

•This presentation is based on CGSTAct/Rules/Notifications, except the provisions related solely to SGST provisions. Similar parallel provisions in State Laws may be referred to as required

Download

https://documentcloud.adobe.com/link/review?uri=urn:aaid:scds:US:9cd26dfe-8b96-3e25-8a7a-263e5630729b

CCI imposes penalty on maritime transport companies for indulging in cartelisation (Lesser penalty approx. INR 24.23 Cr, INR 10.12 Cr, and INR 28.69 Cr) (CCI Press Release 24 Jan 2022)

Posted on by Business So Simple in Competition Law

The Competition Commission of India (‘CCI’) passed a final order against four maritime transport companies namely Nippon Yusen Kabushiki Kaisha (‘NYK Line’), Kawasaki Kisen Kaisha Ltd. (‘K-Line’), Mitsui O.S.K. Lines Ltd. (‘MOL’) and Nissan Motor Car Carrier Company (‘NMCC’) for indulging in cartelisation in the provision of maritime motor vehicle transport services to automobile Original Equipment Manufacturers (OEMs) for various trade routes. Amongst these four companies, NYK Line, MOL and NMCC were lesser penalty applicants before CCI.  

The evaluation of available evidence revealed that there was an agreement between NYK Line, K-Line, MOL and NMCC with the objective of enforcement of “Respect Rule”, which implied avoiding competition with each other and protecting the business of incumbent carrier with the respective OEM. To achieve the said objective, the maritime transport companies resorted to multi-lateral as well as bilateral contacts/ meetings/ e-mails with each other to share commercially sensitive information which, inter alia, included freight rates. They also aimed to preserve their position in the market and maintain or increase prices, including by resisting requests for price reduction from certain OEMs. 

Accordingly, based on a cumulative assessment of the evidence, the Commission held all the four opposite parties, i.e., NYK Line, K-Line, MOL and NMCC, guilty of contravention of the provisions of Section 3 of the Competition Act, 2002 (the Act), which prohibits anti-competitive agreements including cartels, from 2009 to 2012. Further, 14 individuals of NYK Line, 10 individuals of K-Line, 6 individuals of MOL and 3 individuals of NMCC, were also held liable for the anti-competitive conduct of their respective companies, in terms of the provisions of Section 48 of the Act. 

As three companies filed lesser penalty applications, the Commission gave benefit of reduction in penalty by 100% to NYK Line and its individuals, 50% to MOL and its individuals and 30% to NMCC and its individuals. Accordingly, the Commission directed K-Line, MOL and NMCC to pay penalties to the tune of approx. INR 24.23 crores, INR 10.12 crores and INR 28.69 crores respectively, besides passing a cease-and-desist order.