Month: February 2021

AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)

The Hon’ble FM in the Union Budget 2021 announced the introduction of a New Cess for financing agricultural infrastructure and development expenditure called Agricultural Infrastructure and Development. The said Cess has been made applicable to 25 items effective from February 02, 2021. FINANCE BILL 2021 THE IMPOSITION OF AIDC AS…
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TIMELINES FOR FILING OF BILL OF ENTRY

The Finance Bill, 2021 seeks to amend the timelines for filing the Bill of Entry to a day before the arrival of Imported Goods. CUSTOMS ACT, 1962 In terms of the Customs Act, 1962, the time limit for filing Bill of Entry is set out under sub-section 3 of section…
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A FULLSTOP TO THE SAGA OF GROSS VS NET

This note briefly sets out the impact of interest payment on delayed filing of GSTR-3B on account of changes made to section 50 of CGST Act, 2017 (as amended) FINANCE ACT, 2019 NOTIFICATION 63/2020-Central Tax Notification 63/2020-Central Tax dated August 25, 2020 reads as below: “G.S.R. 527(E).—In exercise of the…
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INPUT TAX CREDIT – RESTRICTION ALL OVER!

Goods and Service Tax Act, 2017 was implemented in July 2017. One of the primary reasons for introduction of GST was to allow seamless flow of credit. Sec 16 of the CGST Act, 2017 provided for the eligibility and conditions for availing the input tax credit.  The legislative provisions regarding…
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INTEREST ON DELAYED FILING OF GSTR-3B

This note briefly sets out the impact of interest payment on delayed filing of GSTR-3B on account of changes made to section 50 of CGST Act, 2017 (as amended) FINANCE ACT, 2019 NOTIFICATION 63/2020-Central Tax Notification 63/2020-Central Tax dated August 25, 2020 reads as below: “G.S.R. 527(E).—In exercise of the…
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