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Is GST liable to be paid on leasing of tank containers taken form a supplier i e., lessor who is located outside India and the tank containers do not reach India? As it is finance lease, it is supply of goods and tank containers do not reach the Indian Territory. Background With the introduction of GST on July’17 there has been a lot related to import of services and for this the GST council expressly provided in the Schedule II to Section 7 of CGST Act 2017 that activities or transactions to be treated as Supply of Goods or Supply of Services. Facts of the Case M/s Deccan Transcon Leasing Pvt. Ltd. is a Non-vessel owner container carriers/operators fromIndia leases containers from outside India from M/s Tank span Leasing limited in bulk and recognizes...

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Considering the second wave of Covid-19, in order to provide ease of compliance to the taxpayers, the GST council had recommended various relaxations under the GST law. Presented herewith is a consolidated summary of various notifications issued for implementation of such relaxations: A. Relaxations recommended by GST Council: 43rd GST Council Meeting (Notified by respective...

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The Finance Bill, 2021 takes the same recourse by inserting Section 194Q, Section 206AB, and Section 206CCA. Section 194Q: Earlier Govt. has proposed and implemented 206C(1H) on the sale of goods. Now similar provision is applicable from 01st July 2021, that ’buyer’ being a responsible person for paying any sum to any resident seller for...

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Recently, in the AAR- Karnataka, has decided Supply of Computer software license amounts to supply of goods in the case of M/s SPSS South Asia Private Limited, no.: KAR-ADRG-15/2021 dated 24 March 2021. Brief Facts – M/s SPSS South Asia Private Limited (“Taxpayer”) is a trader engaged in importing of software license and further reselling...

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Reporting of Specified Financial Transactions: Existing Scenario – Section 285BA of the Income-tax Act, 1961 (‘ITA’) read with Rule 114E of the Income-tax Rules, 1962 (‘ITR’) requires a ‘specified person’ to file a statement of high value financial transactions in respect of ‘Specified Financial Transactions’ or ‘SFT’ in Form 61A, undertaken during a particular financial...

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Extension of time Gap between two consecutive Board Meetings – In view of the difficulties faced by various stakeholders due to resurgence of Covid-19, the Ministry of Corporate Affairs (MCA) has vide General Circular No. 08/2021 extended the time gap by a period of 60 days for the first two quarter for financial year 2021-22...

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Considering the unprecedented Covid outbreak Govt. has given various relaxation in terms of extension of due dates and others: A. INCOME TAX: Circular No. 08/2021, Dated 30th April, 2021 Particulars Original Due Date Revised / Extended Due dates Belated/Revised ITR for AY 2020-21 (FY 2019-20)  31st March, 2021 31st May, 2021 Payment & Filing of...

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