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It’s a great setback to the Bank of India(BOI) and a lesson for other banks operating overseas. The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has issued orders not to refund foreign taxes aggregating to Rs. 182.64 crore paid by the Bank of India (BOI) as the bank suffered financial loss and does not […]
The Goods and Service Tax Network (GSTN) allowed the opportunity to withdraw zero Refund applications on the Goods and Service Tax (GST) portal. A zero refund claim has been furnished through various enrolled individuals towards the particular duration from GST RFD-01A/RFD-01 on a common portal. Numerous of them have furnished it without any intention even […]
The Central Board of Indirect Taxes & Customs (CBIC) through a circular has notified that it plans to extend the Sanction for pending IGST refund claims, which are pending due to a mismatch in the data of GSTR-1 and GSTR-3B. Over the past month or so, the Board has received multiple reports of instances where […]
The gem and jewellery division builds notable participation towards the country’s gross economy. Similar to that there was more experience from the last year’s budget this year too the profession is seeking positive results from the budget. Allowing the present government to trust in motivating and enhancing the business running environment, we are hopeful that […]
New changes and some additions have been implemented inside the goods and services tax plan through the 14th GST amendment rules 2020. The article concentrates on the important rule inserted with respect to the input tax credit which has effected from 1/01/2021. A new rule has been inserted in 86B which reveals that the division […]
Haryana excise and taxation council are ready to use the technology to find and examine the GST bogus and tax theft cases inside the state. In context to the introduction of the advanced technology tools, the officials and employees engaged in the tax theft detection along with fake GST examination will carry training under the […]
The Director-General of GST intelligence (DGGI) provides a show-cause notice to e-commerce company Amazon India to avail of the input tax credit. Rs 175 cr is raised through GST intelligence, as determined from the sources. The investigation through DGGI has found errors in the computation developed by the e-commerce company. As per the sources Amazon […]
31st July is the due date for filing the ITR for FY 2023-24 for the assessee. A penalty will be imposed if you do not file the ITR within the due date however some other consequences and issues relevant to the delay. Through the below points, we can understand the same. Fine for Late Filing […]
Myth 01: The bigger number of the assessee will be influenced by the rule. Fact: For several privileges such as exporters, suppliers of goods of inverted duty structure, assesses who have a footstep in the Income Tax database, etc. it is thought that this rule will be applied to only 0.5% of the total assesses […]
