HIGHLIGHTS OF THE 45TH GST COUNCIL MEETING

The GST Council in their 45th GST Council meeting has issued the following proposals, among others, regarding adjustments in GST rates on goods and services, and also modifications to GST law and procedure: The COVID-19 relief measure in the form of GST rate concessions to Amphotericin B, Remdesivir, Tocilizumab, and anti-coagulants like Heparin has been … Read more

EPFO MEMBERS ARE RELIEVED AS THE DEADLINE TO LINK UAN TO THE ADHAAR CARD HAS BEEN EXTENDED.

The deadline for linking UAN with Aadhaar for North-East establishments and certain categories of establishments has been extended till December 31, 2021, which is a huge relief for Employees’ Provident Fund Organization (EPFO) subscribers. The EPFO announced the news on Twitter. The deadline for integrating the UAN to Aadhaar was previously set for September 1.  … Read more

LEGAL CAPACITY OF A CONTRACT IN INDIAN CONTRACT LAW

Legal Capacity to contract refers to the ability to lawfully engage in a deal. The capacity to contract binds the contracting parties with an obligation to follow it. However, only a few people have the ability or skill to form a contract. This article discusses the fundamental elements required for a person to be competent … Read more

THE PUNJAB NATIONAL BANK HAS ANNOUNCED THAT THESE BANKS’ CHEQUE BOOKS WILL NO LONGER WORK AS OF NEXT MONTH

The Punjab National Bank (PNB) has issued an urgent notice to its customers regarding a change in the chequebook rule. The bank announced on Twitter that Oriental Bank of Commerce and United Bank’s existing chequebooks will be phased out on October 1, 2021. Customers were urged to replace their old cheque books as soon as … Read more

ITC IS NOT ALLOWED ON INVOICES ISSUED BETWEEN JANUARY AND MARCH 2020 FOR WHICH THE SUPPLIER HAS SUBMITTED FORM GSTR-1 AND FORM GSTR-3B, ACCORDING TO AAR

Invoices for the period of January to March 2020 for which the supplier has provided FORM GSTR-1 and FORM GSTR-3B are not eligible for Input Tax Credit (ITC), according to the West Bengal Authority of Advance Ruling. Eastern Coalfields Ltd, a producer, and supplier of coal, received services from M/s Gayatri Projects Ltd and claimed … Read more

THE CBIC CLARIFIES THE EXTENSION OF THE TIME LIMIT FOR APPLYING FOR THE REVOCATION OF A GST REGISTRATION CANCELLATION

The Central Board of Indirect Taxes and Customs (CBIC) clarified the extension of the time limit for applying for revocation of registration cancellation. The due date for filing an application for revocation of cancellation of registration in all cases where registration has been canceled under clause (b) or clause (c) of sub-section (2) of section … Read more

A NEW AMENDMENT HAS BEEN DRAFT BY FSSAI FOR THE STANDARDS OF LABELING AND DISPLAY

The Food Safety and Standard Authority of India (FSSAI) announced the Draft Food Safety and Standards (Labelling and Display) Amendment Regulations, 2021, which would change the Food Safety and Standards (Labelling and Display) Regulations, 2020. The following are the amendments to the Food Safety and Standards (Labelling and Display) Regulations, 2020: – The article on … Read more

THERE IS NO ASSISTANCE FOR TAXPAYERS WHO NEED TO FILE AN ITR EXTENSION AS THEY OWE INTEREST LIABILITY

The Central Board of Direct Taxes (CBDT) has extended the deadlines for filing various tax reports until December 31, but it will still charge interest on payments submitted after July 31, the original due date. Officials claim that tax payments must be made using net banking and that the assessee is not required to use … Read more

FROM JANUARY 1, THE RBI WILL NO LONGER ALLOW ONE-CLICK PURCHASES, AND ALL SAVED INFORMATION WILL BE ERASED

The Reserve Bank of India (RBI) declared one-click purchases on merchant sites impossible on January 1 after refusing to extend the deadline for card tokenization beyond the agreed-upon date of January 1, 2022. In online transactions, tokenization is used to substitute the actual card details entered with random digits. This protects the consumer by prohibiting … Read more