Certicom Updates:

1. The Goods and Services Tax (GST) department has begun to identify instances of tax evasion and frauds identifying mismatches between E-way bills and the radio frequency tags used to cross toll plazas.

GST authorities are now comparing the data given at the time of generating e-way bills for goods movement with the actual movement of vehicles captured at toll plazas and identifying revenue leakages.

GST’s Applicability to the Reverse Charge Mechanism for Service Imports

2. CBDT has notified the new rules regarding computation of short-term capital gains and written down value where depreciation on goodwill has been obtained, potentially increasing tax liabilities on firms that have undergone mergers or acquisitions in recent years. Finance Act, 2021, had amended that ‘goodwill’ will no more be regarded as an “intangible asset” and depreciation would not be available with effect from April 2020.

3. Indirect Tax Department cannot freeze Bank account of assesses if Appeal has been filed with mandatory pre-deposit. As per CBEC Circular No 984/08/2014-CX.

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4. Reserve Bank of India announced the cut-off yield for the new 10-year bond at 6.10% per annum, higher than that of the current benchmark, signalling a slight tolerance for a higher yield after months of trying to keep it at 6% or less.