Bhavneet

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Release of 5th Installment of Revenue Deficit Grant

Revenue Deficit Grant of Rs.9,871 crore released to 17 StatesTotal Revenue Deficit Grant of Rs. 49,355 crore released to States in the current financial year   The Department of Expenditure, Ministry of Finance has released 5th  monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs. 9,871 crore to the States on 9th August, 2021.  With the …

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Enrolments in Pradhan Mantri Suraksha Bima Yojana

23.88 crore cumulative enrolments in Pradhan Mantri Suraksha Bima Yojana since its launch   Pradhan Mantri Suraksha Bima Yojana (PMSBY) was launched on 9th May, 2015 with a view to enhance the level of insurance penetration in the country and to provide insurance cover to common people, especially poor and the under-privileged sections of the society. …

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Profitable operating Central Public Sector Enterprises

171 operating Central Public Sector Enterprises made net profit in FY 2019-20 As per latest available information on the number of profit-making Central Public Sector Enterprises (CPSEs), 171 operating CPSEs including Maharatna, Navratna and Miniratna CPSEs have made net profit in the Financial Year 2019-20. This was stated by Union Minister of State for Finance …

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PM to launch Ujjwala 2.0 on 10th August

Prime Minister Shri Narendra Modi will launch Ujjwala 2.0 (Pradhan Mantri Ujjwala Yojana – PMUY) by handing over LPG connections, at Mahoba Uttar Pradesh on 10th August, 2021 at 12:30 PM via video conferencing. During the event, the Prime Minister will interact with beneficiaries of the Ujjwala and will also address the nation. The journey …

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COVID-19 Vaccination Update

More than 52.37 Crore vaccine doses provided to States/UTs More than 2.42 Crore balance and unutilized doses still available with States/UTs and private hospitals to be administered Ministry of Health and Family Welfare posted On 08 AUG 2021 10:42AM by Press Release    The Union Government is committed to accelerating the pace and expanding the …

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India’s Cumulative COVID-19 Vaccination Coverage crosses 50.68 Cr

Nearly 56 Lakh vaccine doses administered in last 24 hours Recovery Rate currently stands at 97.39% 39,070 Daily New Cases reported in last 24 hours dia’s Active Caseload (4,06,822) presently constitutes 1.27% of total cases Daily Positivity Rate (2.27%) less than 3% for last 13 days   Ministry of Health and Family Welfare on 08 …

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Exchange Rate Notification No.65/2021 – Customs (N.T.)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.59/2021-Customs(N.T.), dated 15th  July, 2021 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange …

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Annual return (GSTR-9) for the FY 2020-21 is available on the portal for filing

Section 44 of the CGST Act, 2017 read with Rule 80 of CGST Rules, 2017 governs the provisions for GSTR-9 Annual Return. Every registered person (other than those  whose aggregate turnover does not exceed two crore rupees), other than an ISD, a person paying tax u/s 51 or 52, a casual taxable person and a non resident taxable person, shall furnish GSTR-9. It is to be noted here that …

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5 takeaways on Advisory issued by GSTIN on resuming E-way Bill blocking Facility w.e.f. 15th August 2021

Eway-bill facility shall be restricted for taxpayers issuing way-bills for outward supply This is applicable to taxpayer’s whose two or more consecutive GSTR-3B or CMP-08 is due to be filed The system shall automatically block the E-way bill facility for such above non-filers   This facility shall be unblocked once the default in returns falls below …

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CBIC launches Compliance Information Portal (CIP)

CIP provides free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items   The Central Board for Indirect Taxes & Customs (CBIC) on 04 AUG 2021 launched the Indian Customs Compliance Information Portal (CIP) at http://www.cip.icegate.gov.in/CIP for providing free access to information on all Customs procedures and regulatory compliance …

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Recovery by GST Authorities

GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 (upto June 2021) The interface for the taxpayers is on a digital platform and software-based, to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. This was stated by Union Minister of …

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GST Revenue collection for July 2021 – ₹ 1,16,393 crore

The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore (including ₹ 27,900 crore collected on import of goods) and Cess is ₹7,790 crore (including ₹ 815 crore collected on import of goods).The above …

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Instructions by CBIC on Payment of GST by real estate promoter /developer supplying construction of residential apartment etc, on the shortfall value of inward supplies from registered supplier at the end of the Financial Year

A revised GST rate has been prescribed, w.e.f. the 1st April, 2019 on the supply of service by way of construction of residential apartment. Under this, construction of affordable residential apartments attract GST at the rate of 1% [without ITC] and other residential apartments attract GST at the rate of 5% [without ITC]. (These rates …

Instructions by CBIC on Payment of GST by real estate promoter /developer supplying construction of residential apartment etc, on the shortfall value of inward supplies from registered supplier at the end of the Financial Year Read More »

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Webinars on recent functionalities of GST Portal

GSTN has recently implemented certain new functionalities on the GST Portal related to Registration, Returns, Ledgers and Refunds. For creating awareness amongst all the stakeholders, GSTN is holding webinar in Marathi on 28.7.2021, Wednesday at 12.00 Noon – 12.30 pm by Sh. Bhagwan Patil,VP, GSTN. The link to join the same is https://www.youtube.com/watch?v=Mx01B2KQ0cY Recorded session …

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CBIC issued Clarification regarding applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs, on the recommendations of the GST Council made in its 43rd meeting vide Circular No. 16/2021-Customs dated 19th July, 2021

References have been received seeking clarification on the issues of the applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported abroad for repairs. Notification Nos. 45/2017-Customs and 46/2017-Customs, both dated 30th June, 2017, issued at the time of implementation of GST, prescribe certain concession from duty/taxes on reimport of …

CBIC issued Clarification regarding applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs, on the recommendations of the GST Council made in its 43rd meeting vide Circular No. 16/2021-Customs dated 19th July, 2021 Read More »

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Can Intermediary claim refund as ‘export of service’?

AUTHORITY FOR ADVANCE RULINGS, WEST BENGAL in case of Teretex Trading (P.) Ltd. vide ORDER NO. 03/WBAAR/2021-22 dated JUNE 28, 2021 decided the same issue. • Submission of Applicant:- As stated by the applicant, the modus operandi of the business activities to be undertaken by him may be briefly summarised as under:   To locate …

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