November, 2021 – Issue No. V

GST

Revision of TRAN-1 permitted – If there is substantial compliance, benefit of Input Tax Credit which is a beneficial scheme and framed with the larger public interest of bringing down the cascading effect of multiple taxes ought not to be frustrated on the ground of technicalities – Madras High Court.

INCOME TAX

Guidelines issued on TDS/TCS under Section 194O, section 194Q & Section 206C.

New Form 52A introduced – Statement to be furnished to the Assessing Officer in respect of production of a cinematograph film.

CUSTOMS
Imported consignments of Alcoholic Beverages Bottled in Origin & in Bulk, containing more than 10 percent alcohol which does not have an expiry date, the NOC issued as per the FSS (Import) Regulations, 2017 shall have a validity of 300 days.
DGFT

Import or export of rough diamonds shall not be permitted unless the concerned importer and exporter is registered with G&JEPC.

INSOLVENCY LAWS

Filing of list of stakeholders/creditors – to be filed in revised format after removing Identification number to protect sensitive data such as Aadhaar number/PAN card details.

The Indian Tax Advisors