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The retrospective cancellation of Goods and Service Tax (GST) registration has been set aside by the Delhi High Court as of ceasing the business. Mechanically the registration could not be cancelled with retrospective effect. The same could be cancelled only when the proper officer considers it appropriate to perform. The same satisfaction could not be […]
The Delhi High Court during witnessing the dispute for the principal place of business concerning canceling the registration mandated the applicant to file a detailed response to Show Cause Notice (SCN). The applicant, Deep Plastic Granules Trading Company filed the writ petition against the order of canceling the GST registration of the applicant for the […]
The Delhi High Court revised the GST Cancellation order to the limited extent that registration will now be deemed as cancelled wef 01.10.2019 i.e., the date when the applicant applied for GST registration cancellation. The applicant surrendered the GST Registration due to a loss in business. The applicant M/s Veetrag Traders contested the order in […]
Piramal Enterprises faced a setback by categorizing the compensation of Rs. 92.7 crores from termination as ‘business income’ instead of ‘capital gain’, The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) concluded. In the related year, the taxpayer company obtained Rs. 92,76,62,688 from Roche Diagnostics Gmbh ( RDG ) of Germany as per the […]
Planning the business is vital for the inception, growth, and success of the company. Such planning provides the company with an effective vision for the future and an expanding method. Choosing a good method can make your business growth efficient leading to success. There are seven essential elements that your business plan must follow. What […]
As a fee for technical services (FTS) business support services are not liable for tax, and no TDS is accountable to be deducted, The Bombay High Court ruled. The bench of Justice K. R. Shriram and Justice Neela Gokhale noted that even if it is fees for technical or consultancy services, it can be just […]
GST council has sent notices to numerous businesses for the peculiarities in their claimed input tax credit (ITC). It arrives post-investigation of the ITC through these firms, which revealed differences between their annual returns. Under Section 150 of the CGST Act of 2017, the notices were issued that needed the assesses to provide a detailed […]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench ruled that Section 56(2)(vii)(b)(ii) Income Tax Act, 1961 shall not be applicable if the property was purchased for business use of a partnership firm. The taxpayer Chandrasekaran Valarmathi is a partner in a firm M/s Chandran Steels, including three other partners of the firm, purchased a specific […]
The upcoming Union Budget for the fiscal year 2024-25 might introduce measures to alleviate the minimum threshold, adjust input tax credit, and revise GST rates on insurance products, aiming to facilitate smoother business operations. Nevertheless, Finance Minister Nirmala Sitharaman is likely to refrain from significant alterations to the GST rates due to the presentation of […]
