Manish Banka & Associates

04/11/2021

Happy

03/08/2021

https://www.taxscan.in/cbdt-extends-due-date-for-filing-various-income-tax-forms-read-circular/125725/

CBDT has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement

19/05/2021

https://www.taxscan.in/cbic-notifies-changes-in-gst-refund-related-rules/114963/

The Central Board of Indirect Taxes and Customs (CBIC) notified the changes in Refund Related Rules. The Board has notified the Central

19/06/2020

https://www.taxscan.in/cestat-quashes-service-tax-demand-on-rent-free-banquet-hall/60881/

CESTAT held that the appellant, Hotel Moti Mahal is not liable to pay service tax on the renting out of banquet hall without consideration

19/06/2020

https://www.taxscan.in/breaking-supreme-court-stays-delhi-hc-judgment-directing-dept-to-open-gst-tran-1-till-30th-june-2020/61194/

The Supreme Court of India today stayed Delhi High Court Judgment directing GST Department to open the facility to file GST Tran-1

18/06/2020

https://www.taxscan.in/delhi-hc-directs-gst-authority-to-open-online-portal-to-enable-petitioner-to-file-revised-declaration-tran-1-electronically-or-manually/60848/

The High Court of Delhi recently directed the GST Authority to open an online portal to enable Petitioner to file revised declaration TRAN-1

15/05/2020

https://www.taxscan.in/lic-maturity-sum-exempted-from-gst-aar/57697/

AAR, Karnataka bench has recently held that the salary of a director is not subject to Goods and Services Tax (GST).

15/05/2020

https://www.taxscan.in/covid-19-bci-exempts-lawyers-across-india-from-black-robes/57762/

A day after SC exempted lawyers from wearing black robes in view of COVID-19, the BCI on Thursday said lawyers across

15/05/2020

https://www.taxscan.in/cbic-extends-time-limits-for-furnishing-various-forms-statements-and-payment-of-dues-under-sabka-vishwas-scheme/57784/

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the Time limits for Furnishing various Forms, Statements, and Payment

15/05/2020

Micro, Small, Medium Enterprises (MSME)
Definition:
Existing MSME Classification
Criteria: investment in plant & machinery or equipment
Classification Micro Small Medium
Manufacturing sector Investment< Rs. 25
Lakh
Investment< Rs. 5
Crore
Investment< Rs. 10
Crore
Service Enterprises Investment< Rs. 10
Lakh
Investment< Rs. 2
Crore
Investment< Rs. 5
Crore
Revised MSME Classification
Composite Criteria: Investment and Annual Turnover
Classification Micro Small Medium
Manufacturing and
service
Investment < Rs. 1
Crore
And
Turnover < Rs. 5
Crore
Investment < Rs.
10 Crore
And
Turnover < Rs. 50
Crore
Investment < Rs.
20 Crore
And
Turnover < Rs. 100
Crore
 E-market linkage for MSMEs will be promoted to act as a replacement for trade
fairs and exhibitions.
 MSME receivables from Government and CPSEs will be released in 45 days.
 Emergency Credit Line to Businesses/MSMEs from Banks and NBFCs up to
20% of entire outstanding credit as on 29.2.2020
-Borrowers with up to Rs. 25 crore outstanding and Rs. 100 crore
turnover eligible
-Loans to have 4 year tenor with moratorium of 12 months on
Principal repayment
- Interest to be capped
-100% credit guarantee cover to Banks and NBFCs on principal and
interest
-Scheme can be availed till 31st Oct 2020
-No guarantee fee, no fresh collateral
NOTE: MSME does not include Traders.

15/01/2020

https://www.taxscan.in/no-denial-of-itc-if-seller-defaults-in-depositing-tax-jharkand-hc/44960/

The Jharkhand High Court hasannounced that ITC cannot be denied for the petitioner who had discharged all the tax liabilities and not petitioners fault if

14/01/2020

https://www.taxscan.in/petition-kerala-high-court-challenges-power-gst-officers/44857/

A Petition has been arranged in the Kerala High Court exciting the power of GST Officers to detain Goods and staggering Penalty at an exorbitant rate of