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Articles by Bimal Jain

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Can CA be arrested - Section 69 vs. Section 132 of the CGST Act

  Bimal Jain    23 May 2022 at 16:50

In the administration of taxation, the provisions for arrests are created to tackle certain situations raised by some unscrupulous tax evaders. Arrest provisions may appear to be very harsh but these are necessary for efficient tax administration and also act as a deterrent and instil a sense of discipline.

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Posted in GST |   9255 Views


SC: No IGST on Ocean Freight under RCM for CIF Import

  Bimal Jain    23 May 2022 at 11:18

The Hon'ble Supreme Court in Union of India & Anr. v. M/s Mohit Minerals Pvt. Ltd.[Civil Appeal No. 1390 of 2022 dated May 19, 2022] upheld the judgement given by the Hon'ble Gujarat High Court to hold that no IGST is payable on ocean freight under Reverse Charge Mechanism ("RCM") for Cost, insurance, and freight ("CIF") imports as Indian importer is liable to pay IGST

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Posted in GST |   2331 Views


Exemption cannot be denied once granted by the competent Revenue Authority on components required for solar power generation

  Bimal Jain    23 May 2022 at 08:45

Whether the Appellant is entitled to the benefit of the Exemption Notification for the galvanised solar structure cleared to solar power generating companies?

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Posted in Excise |   306 Views


Activities to be undertaken for GST Compliances of FY 2021-22 in March, 2022

  Bimal Jain    29 March 2022 at 10:59

We are fast approaching the end of financial year 2021-22. It mandates for some activities to be carried out under GST laws for smooth transition to Financial Year 2022-23. We have listed down certain important activities for the smooth transition/ closure of Financial Year 2021-22

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Posted in GST |   6882 Views


Changes under Customs & Excise proposed in Union Budget 2022!!

  Bimal Jain    02 February 2022 at 11:41

The Finance Minister has introduced the Finance Bill, 2022 in Lok Sabha today, that is 1st February, 2022. Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2022.

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Posted in Union Budget |   3039 Views


Changes under GST proposed in Union Budget 2022!!

  Bimal Jain    02 February 2022 at 11:07

Following amendments carried out in the Finance Bill, 2022, vide Clause 99 to 113, which will come into effect from a date to be notified, as far as possible, concurrently with the corresponding amendments to the similar GST Acts passed by the State(s) & Union territories with legislature.

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Posted in Union Budget |   1452 Views


Changes under the Income Tax Law proposed in Budget 2022!!

  Bimal Jain    02 February 2022 at 10:56

The provisions of Finance Bill, 2022, relating to direct taxes seek to amend the Incometax Act, 1961 ('theIncometax Act'), to continue reforms in direct tax system through tax-incentives, removing difficulties faced by taxpayers

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Posted in Union Budget |   4347 Views


Deferred the decision to change the rates in textiles from 5% to 12% w.e.f. January 01, 2022

  Bimal Jain    04 January 2022 at 16:26

The GST Council had taken a laudable decision to defer hike in GST rate on textiles from 5% to 12% w.e.f January 1, 2022 as it will give much-needed impetus and support to textile sector

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Posted in GST |   2700 Views


Certain changes in Goods Rate Notification from January 01, 2022 to align it with HS 2022

  Bimal Jain    30 December 2021 at 20:40

The CBIC vide Notification No. 18/2021-Central Tax (Rate) dated December 28, 2021 has issued amendments in the Goods Rate Notification w.e.f. January 1, 2022

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Posted in GST  1 comments |   5226 Views


Certain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022

  Bimal Jain    30 December 2021 at 20:32

The CBIC vide Notification No. 20/2021- Central Tax (Rate) dated December 28, 2021 has amended relevant entries of the Concessional Rate Notification w.e.f. January 1, 2022

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Posted in GST |   6636 Views




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