Home Highlights February 2020 Year 2020 This

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1. Important advisory for e-Invoice for Taxpayers having annual turnover exceeding ₹ 20 Crores - SGST

2. ₹ 1,10,828 crore GST Gross Revenue collected for January, 2020

3. GST Revenue collection in the month of April 2018 exceeds ₹ 1 Lakh Crore

4. GST Revenue Figures - GST paid under different heads (upto 25th September, 2017) is ₹ 90,669 crore

5. Disallowance with regard to provision made for maintenance of the roads - the maintenance expenditure to be incurred in five years was ₹ 60.34 crore, project...

6. Gratuity exemption u/s Section 10(10)(iii) - exemption limit raised to ₹ 25 lakhs

7. Addition towards the ‘Annual Lettable Value‘(“ALV”) of a property owned - property jointly owned by the assessee - as the rent of ₹ 60,000/- ( ½ share) received by...

8. GST revenue collections for February 2018 (received in February/March upto 26th March) stand at ₹ 85,174 crore; ₹ 14,945 crore collected as CGST, ₹...

9. TDS u/s 194C - Addition u/s 201/201(1A) - TDS not deducted from the payments made to contractors under various schemes - The proviso clearly states that nothing...

10. Freezing of petitioner's Bank Accounts - GST liability of the petitioner qua Delhi is about ₹ 11.5 crores and for PAN India’s is ₹ 59.24 crores approximately....

11. DRI busted Foreign Currency Smuggling Racket involving Foreign Nationals; Foreign Currencies worth ₹ 6.14 crore seized

12. Income arising out of interest - whether cannot be taken into account for the purpose of giving benefit under section 33AB as held by Tribunal? - When the assessee has...

13. Penalty for cash loan/ transactions against primary co-operatives - Section 269SS / 269T - Relief given to Primary Agricultural Credit Societies (“PACS”) and Primary...

14. Bogus purchases - Disallowance in respect of provision of batteries - Whenever any estimation is required to be made guess-work would always be there. But such...

15. Provisional attachment of escrow bank account - shares of the petitioner / contractor - Joint Escrow account opened by the Principal - GST Evasion - we lift the...