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In a bid to boost the domestic MRO industry and make India an aviation hub, the government has announced the implementation of a uniform 5% tax (IGST) on all aircraft and aircraft parts. While addressing a press conference, Civil Aviation Minister Kinijrapu Rammohan Naidu said that all aircraft and aircraft engine parts will be covered […]
In multiple proposals sent to Finance Minister Nirmala Sitharaman before the upcoming Union Budget on July 23, the Delhi Market Association has requested that the FM consider lowering the Goods and Services Tax (GST) rates on various items and shop rentals to help grow sales. According to Vikram Bhasin, President of the GK-2 Market Association, […]
Infant food products containing ingredients other than milk could face an 18 per cent Goods and Services Tax (GST), differing from the 5 per cent rate for pure milk products, according to a recent judgment by the Rajasthan Authority for Advance Ruling (AAR). This ruling emerged from a request by Jaipur-based Bebymil, which sought clarity […]
The taxpayer is not anticipated to keep the e-portal of the department open all the time to know about what the department is supposed to be doing, Punjab and Haryana High Court ruled. The bench of Justice Sanjeev Prakash Sharma and Justice Sudeepti Sharma noted that before any action is carried out, a communication of […]
In response to an appeal made in the case of Sanjay Kukreja versus ACIT against the rejection of the claim for deduction u/s 80IA by the Income Tax department, the New Delhi ITAT, on Tuesday, reversed the decision, directing the assessing officer to allow claimed deduction on the grounds that filing of audit report with […]
In a regulatory filing, the Pharma company Dr Reddy’s Laboratories Ltd was reported saying that it has received a tax demand notice from the Additional Commissioner of Central Tax, Hyderabad GST Commissionerate with a total penalty (plus interest) of Rs 74.22 crore. The said demand was issued in response to the company’s recent incorrect availing […]
The Delhi High Court in the case of M/S SETHI SONS (INDIA) Vs. ASSISTANT COMMISSIONER has permitted the GST Refund claim beyond the limitation time owing to a late filing because of GST Portal Glitches. The petitioner lodged this petition due to being dissatisfied with the refusal to refund unused input tax credit (ITC) gathered […]
In the 21st century, the rapid evolution of technology has transformed the way we operate, placing data at the forefront. As industries worldwide embrace digital advancements, the demand for strong data security measures has never been more critical. In this dynamic landscape, where information holds immense value, integrating top-notch data security stands out as a […]
The Goods and Services Tax (GST) implementation rate structure, which was slightly below the measured revenue neutral rate (RNR), has raised concerns among public finance commentators, including the Reserve Bank of India and the 15th Finance Commission on the grounds of measurement and decreasing to below that level. Over the years, there have been several […]