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The High Court of Bombay High Court at Goa, refusing the order for the compounding of offence ruled, the compounding amount of offence under the GST act would not be more than the maximum penalty mentioned in the act for the same offence. The applicant Mr Shekhar P Vernekkar dissatisfied with the order of the […]
Reduce the personal income tax rates is been suggested to FM Nirmala Sitharaman, in the Union Budget 2023-24 for raising the consumption in the economy, however, there are two options one is a lower income tax regime with some exemptions and the other is a higher income tax regime with all exemptions provided to assessees. […]
Introduction of GST Forms TRAN-1 and TRAN-2 GST law comprises the information provisions to take forward the ITC made via the GST-enrolled individuals in the course prior to the date 1st July 2017. These credits (left-out credits) were taken forward or claimed in the GST forms Tran-1 and Tran-2 [T1 and T2] to be filled […]
National antitrust watchdog Competition Commission of India (CCI) from December 1 shall manage complaints with regard to profiteering under goods and services tax (GST) in place of the National Anti-Profiteering Authority (NAA), an official notification. In November 2017 NAA has been set up to verify the illegal profiteering through the enrolled suppliers under the GST […]
The Bombay High Court stated that notification no. 79/2017-Customs on October 13, 2017, revising notification no. 16/2015-Customs and granting exemption from IGST to the capital goods imported beneath the export promotion capital goods scheme (EPCG scheme) clarified and corrective. The division bench of Justice K.R. Sriram and Justice Arif S. Doctor rendered the department to […]
Beneath the GST evasion problem the insurance industry would be asked before the government to resolve the problems. A top representative team that comprises some of the CEOs of leading private sector general insurers has already met Tarun Bajaj, retiring Revenue Secretary, Ministry of Finance (MoF), the representatives of life insurers are preparing to meet […]
The GST wing of the Central Board of Indirect Taxes and Customs (CBIC) would have issued GST show-cause notices to various tax-evading entities underpaying taxes. Under reports, the department would provide more than 20,000 notices to the defaulters. For the concern of tax evasion in FY 2017-18, nearly 20,000 notices were issued post-scrutiny of the […]
The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the taxpayer could not be stated to maintain the stock enrolled along with the books of accounts on the basis of not uploading the same on the income tax portal which does not permit the bulk uploads and permit the manual […]
The Karnataka authority for advance rulings (AAR) ruled that e-commerce owners who do not have control over drivers and passengers shall not be levied goods and services tax (GST) on cab services that have been furnished via third parties. Since the companies secure different business models thus experts stated, the ruling would not be applicable […]
