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In the wake of the second wave of Covid-19 pandemic that has critically hit the economy (by dampening production along with demand)in addition to disturbing day to day life and consequently created emergency situation, the entire mechanism of tax filing and payment has been shaken by low production, low sale, and procrastination of nearly all […]
In another breakthrough, The Madras High Court has recently passed a ruling that shall be a lesson for those sellers who escape from paying that tax which buyer has paid, but the seller has not deposited in government exchequer. It is a relief for genuine buyers also. As per the contemporary GST law, buyers can […]
During the second wave of Corona, offices are being shut down and production of goods and services has been significantly hit. However, Good news for corporate taxpayers facing trouble in filing returns. The Government of India has taken the initiative to grant relief in the way returns are filed. So there is no tax concession […]
The Central Board of Direct Taxes (CBDT) has notified the circumstances/conditions for the exemption of the pension fund as per section 10(23FE) and has substituted Form bearing number 10BBA. The Board has notified the Income-tax (Eleventh Amendment) Rules, 2021 which further seeks to modify the Income-tax Rules, 1962. In rule 2DB of the Income-tax Rules, […]
The Madras High Court has issued the directive to the concerned GST authorities for permitting the advantage of refund claim as legitimate export incentives cannot be rejected. Here, the petitioner is BNP Paribas Global Securities Operations Private Limited who has filed 3 refund claims for different periods of time. And subsequently, the three refund claims […]
The Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), Bangalore Bench. Has held that no service tax can be levied by customs authorities on “travel expenses incurred by the employees of a particular company” as the services have never been received in India. The appellant, M/s NCR Corporation India Private Limited has been issued a […]
In a major relief, The Kerala High Court has granted anticipatory bail to the person who is accused (indirectly) of non-payment of Goods and Services Tax to the amount of Rs 17.53 crores along with non-filing of GSTR 3B returns for the period from October 2020 onwards. The applicant, Abdul Shaji, is apprehending his arrest […]
The Karnataka Authority of Advance Ruling (AAR) has passed a ruling that 12% Goods and Services Tax rate is applicable on import of Pharmaceutical Reference Standards prepared Laboratory Reagents. The petitioner, Kaustubha Scientific Research is a person registered as per the proviso of the Central Goods and Services Tax Act, 2017 in addition to the […]
In the war of differentiating between soft drink (having tax rate 40%), Carbonated Beverage (having tax rate 28%), and Fruit Juice-based drinks(having tax rate 12%), Appy Fizz drinks have suffered a setback from the ruling of Appellate Authority for Advance Rulings (AAAR), Mumbai. Appy Fizz, a product by Parle Agro that was introduced in India […]