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SNR – GST Update/2023-24/06
SNR – GST Update                                                                                                       ...
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SNR – GST Update/2023-24/05
SNR – GST Update                                                                                                       ...
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SNR – GST Update/2023-24/04
SNR – GST Update                                                                                                        ...
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SNR – GST Update/2023-24/03
 SNR – GST Update                                                                                                       ...
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SNR – GST Update/2023-24/02
SNR – GST UPDATE                                                                                                       ...
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Income Tax Update/2023-24/02
INCOME TAX UPDATE 06th July 2023                                                                                                   ...
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SNR – GST Update/2023-24/01
SNR GST UPDATE                                                                                                         ...
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SNR_Legal Update
SNR LEGAL UPDATE                                                                                                         ...
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Income Tax Update/2023-24/01
SNR Income Tax Update Issue: 01/2023-24 The Union Budget for 2023-24 received the assent of the President of India on 31 st March 2023. While most of the changes proposed in the finance bill laid before the parliament on 01st Feb 2023 have been accepted, a total of 64 additional amendments to the initially proposed...
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Income Tax Update /2020-21/09
SNR – Income Tax Update Income Tax/2020-21/09 As you are already aware, sub-section (1H) has been inserted in Section 206C by Finance Act, 2020 for collection of TCS by the seller on sale of any goods. Though collection of TCS on sale of certain goods was already covered under different sub-sections of Section 206C, however...
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Income Tax Update /2020-21/08
SNR – Income Tax Update  Issue No: /2020-21/08 Finance Act 2020 has inserted a new sub-section (1G) in TCS (Tax Collected at Source) under Section 206C of the Income Tax Act, 1961 to collect tax out of foreign remittance transactions under Liberalized Remittance Scheme (LRS) as well as amount received from buyer by a seller...
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Income Tax Update-2021-22-07
SNR – INCOME TAX UPDATE Income-Tax-2021-22-07                                                                                                   ...
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Income Tax Update/2021-22/06
SNR – INCOME TAX UPDATE Income Tax/2021-22/06                                                                                                 ...
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Income Tax Update/2021-22/05
SNR – INCOME TAX UPDATE Income Tax/2021-22/05                                                                                                 ...
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Income Tax Update/2021-22/04
SNR Income Tax Update Income Tax/2021 22/04                                                                                                 ...
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Income Tax Update/2021-22/03
SNR-Income Tax Update     Income Tax/2021-22/03                                                                                                   ...
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Income Tax Update/2020-21/07
SNR – Income Tax Update Income Tax/2020-21/07 Tax Collected at Source (TCS) is the tax payable by a seller which he collects from the buyer. The rate of TCS is different for goods specified under different categories. Section 206C of the Income Tax Act, 1961 specifies the categories of goods on which seller has to...
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Income Tax Update /2020-21/05
   SNR – Income Tax Update    Income Tax/2020-21/05 In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19), the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31st March,...
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Income Tax Update/2020-21/04
SNR – Income Tax Update Income Tax/2020-21/04 Finance Act 2020 has introduced Section 285BB to the Income Tax Act, 1961 [the Act]. Section 285BB paves way for an Annual Information Statement [AIS] that shall be uploaded by the prescribed Income Tax Authority in the electronic filing account registered by the assessee at the designated income...
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Income Tax Update /2020-21/03
SNR – Income Tax Update Income Tax/2020-21/03 Central Board of Direct Taxes (CBDT), vide issuance of Income Tax (9th Amendment) Rules, 2020 has notified Safe Harbour Rules (SHR) for Assessment Year (AY) 2020-21. As per the notification, rates applicable from AY 2017-18 to 2019-20 will continue to apply for AY 2020-21. Introduced in 2009, safe...
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Income Tax Update/2020-21/02
SNR – Income Tax Update Income Tax/2020-21/02 Central Board of Direct Taxes (CBDT) has issued a clarification on 20th May 2020, that the provisions of section 269SU of the Income Tax Act 1961 shall not be applicable to a specified person having only B2B transactions i.e. no transaction with the retail customers if at least...
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Income Tax Update/2020-21/01
SNR – Income Tax Update Income Tax/2020-21/01 Finance Act 2020 has amended certain provisions of the Income Tax Act, 1961 having a great impact on the functioning of the registered Charitable Trusts and NGOs. These charitable trusts and NGOs have been burdened with the renewal of existing registration, setting an expiry date for registration, filing...
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Income Tax Update /2021-22/02
SNR-Income Tax Update   Income Tax/2021-22/02                                                                                                   ...
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Income Tax Update/2021 22/01
SNR Income Tax Update Income Tax/2021 22/01                                                                                                 ...
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Insights
Insights
In a continuously changing business environment in a fast-developing country like India, there is a need to keep oneself abreast of the frequently changing and evolving regulatory mechanism. To assist our clients in keeping pace with these changes which are bound to be there in a developing economy, we keep analyzing the provisions/policies and express...
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Summary of GST notifications issued on 15th October 2020
SNR – GST Update                                                                                                       ...
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Central Board of Indirect Taxes & Customs (CBIC) has issued multiple notifications on 30th September 2020 for extension of due dates.
SNR – GST Update GST/2020-21/17 Central Board of Indirect Taxes & Customs (CBIC) has issued multiple notifications on 30th September 2020 for extension of due dates, E-invoicing & QR code applicability and exemptions etc. In this update, a summary of provisions contained in the aforesaid notifications are provided. A) GST Audit due date Extended Government...
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CBIC: Recovery of interest on GST on net cash liability w.e.f. 01.07.2017
SNR – GST Update GST/2020-21/16 Central Board of Indirect Taxes & Customs (CBIC) vide F. No. CBEC-20/01/08/2019-GST dated September 18, 2020 has provided the Administrative instructions for recovery of interest on net cash tax liability w.e.f. July 01, 2017. Based on the recommendations of the 35th meeting of the GST Council held on June 21,...
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GST_Update _2020-21_13
SNR – GST Update GST/2020-21/13 Hon’ble Gujarat Authority for Advance Ruling (AAR) has given a ruling in the matter of “Shree Deepesh Kumar Anil Kumar Naik” holding that that Sale of land developed with primary amenities such as boundary wall, drainage line, water line, electricity line etc. is liable to GST as service of construction...
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The 40th GST council meeting was held on 12th June’ 2020 via video conferencing. This was the first council meeting after the outbreak of COVID-19.
SNR – GST Update GST/2020-21/12 The 40th GST council meeting was held on 12th June’ 2020 via video conferencing. This was the first council meeting after the outbreak of COVID-19. The taxpayers were hoping to get few relaxations in this pandemic and the government was looking for the new avenues to boost up revenues. Key...
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Central Board of Indirect Taxes & Customs (CBIC) has issued two circulars on 10th June 2020 to issue clarifications regarding refund of accumulated ITC relating to imports,
SNR – GST Update GST/2020-21/11 Central Board of Indirect Taxes & Customs (CBIC) has issued two circulars on 10th June 2020 to issue clarifications regarding refund of accumulated ITC relating to imports, ISD invoices & inward supplies liable to RCM and GST applicability on Director’s remuneration. These circulars have provided much needed clarity on both...
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Central Board of Indirect Taxes & Customs (CBIC) has issued certain notifications to ensure minimum hardships to trade and industry in the existing situation
SNR – GST Update GST/2020-21/10 Central Board of Indirect Taxes & Customs (CBIC) has issued certain notifications to ensure minimum hardships to trade and industry in the existing situation. Brief of the notifications are given below: S. No. Notification No. Brief of the notification 1. 44/2020-Central Tax dated 8th June 2020 Filing procedures of GSTR-3B...
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Hon’ble Karnataka Authority for Advance Ruling (AAR) has given a ruling in the matter of “M/s Dolphine Die Cast (P) Ltd.” holding that no export or import can be made unless there is actual physical movement of goods outside or inside the territory of country.
SNR – GST Update GST/2020-21/09 Hon’ble Karnataka Authority for Advance Ruling (AAR) has given a ruling in the matter of “M/s Dolphine Die Cast (P) Ltd.” holding that no export or import can be made unless there is actual physical movement of goods outside or inside the territory of country. It has been held that...
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Recently Karnataka Appellate Authority for Advance Ruling (AAAR) has upheld the ruling given by Karnataka AAR in the matter of “M/s Maarq Spaces Private Limited”.
SNR – GST Update GST/2020-21/08 Recently Karnataka Appellate Authority for Advance Ruling (AAAR) has upheld the ruling given by Karnataka AAR in the matter of “M/s Maarq Spaces Private Limited”. AAR has earlier held that consideration received by developer in terms of Joint Development Agreement (JDA) is neither a composite supply nor an exempt supply...
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GST_Update _2020-21_07
SNR _GST_Update GST/2020-21/07 CBIC amends GST Law retrospectively to disallow transitional credit claims The Central Board of Indirect Taxes and Customs (CBIC) has notified retrospective amendments to Section 140 of CGST Act, 2017. The Central Government has appointed 18th day of May’ 2020, as the date on which the provisions of Section 128 of Finance...
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GST_Update _2020-21_06
SNR – GST UPDATE GST _2020-21_06 Recently Karnataka AAR has given a ruling in the matter of “Mr. Anil Kumar Agrawal” holding that salary paid to executive director is not liable to GST as it is covered under schedule III of CGST Act, 2017, thus not to be considered for computing aggregate turnover for registration....
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GST_Update _2020-21_05
SNR – GST UPDATE GST_2020-21_05 Recently Hon’ble Delhi High Court has given a landmark judgment in the matter of “Brand Equity Treaties Limited & Others Vs The Union of India & Others” holding that all the taxpayers are allowed to the transitional claim of tax credit as available as on 30th June, 2017 under previous...
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GST_Update _2020-21_04
SNR – GST UPDATE GST_Update _2020-21_04 Amidst extended lockdown periods due to coronavirus outbreak, the Central Board of Indirect Taxes & Customs (CBIC) has extended various compliance deadlines to ensure minimum hardships to trade and industry in the lock down period. Below is the summary of various reliefs being extended to assessees: S. No. Notification...
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GST_Update _2020-21_03
SNR – GST UPDATE GST_2020-21_03 Recently Karnataka AAR (Authority of Advance Ruling) has given a ruling in the matter of “M/s T&D Electricals” holding that no Registration is required under the CGST Act,2017 for execution of a works contract in other state where there no fixed establishment in that state. Relevant facts of the case...
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GST_Update _2020-21_02
SNR – GST UPDATE GST_2020-21_02 Recently Hon’ble Jharkhand High Court has given a ruling in the matter of “Mahadeo Construction Co. Vs Union of India (Jharkhand High Court)” holding that interest liability under section 50 is although automatic, but it’s computation and demand can be raised only after initiation of Adjudication proceedings under Section 73...
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GST_Update _2020-21_01 
SNR – GST UPDATE GST_2020-21_01 Recently Hon’ble Rajasthan Authority of Advance Ruling (AAR) has given a ruling in the matter of “Clay Craft India Private Limited” holding that the remuneration paid to Director whether whole time or not will attract GST under Reverse Charge Mechanism (RCM). Though under GST law, AAR rulings are binding only...
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