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The Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the Tax Deducted at Source (TDS) amount paid via the appellant to the Income Tax Department cannot be considered as part of the service charges paid to an overseas service provider. Consequently, the tribunal determined that service tax does not apply […]
Government sources anticipate that the current robust trend in direct tax and GST collections will likely persist, potentially surpassing the Budget Estimate by a significant margin in the fiscal year 2023-24. However, these projections stem from the initial evaluations conducted as part of the government’s pre-budget procedures. A more definitive outlook is contingent upon forthcoming […]
There was proper verification on the portion of the customs house agent (CHA) concerning the genuineness of the Importer-Exporter Code (IEC) and GSTIN, the Delhi High Court ruled. The bench of Justice Yashwant Varma and Justice Dharmesh Sharma witnessed that only allegations that certain other individual was importing the goods in the name of the […]
The Goods and Services Tax (GST) department is introducing a registration system on November 7th, starting from Vapi, Gujarat and a formal event will also take place. This system will be the country’s first implementation of biometric data-based registration for GST numbers. During the registration process for a new GST number, the department will now […]
The Allahabad High Court recently ruled that allegations of law violations cannot be addressed under the extraordinary jurisdiction of the Court, as outlined in Article 226 of the Indian Constitution unless there is a claim of inherent lack of jurisdiction. Read Also: Allahabad HC: For Claiming GST Credit, Petitioner Must Prove the Transaction’s Genuineness Beyond […]
On October 31, 2023, as per Circular No. 205/17/2023-GST, the CBIC issued a clarification concerning the GST rate applicable to imitation zari thread or yarn, aligning with the GST Council’s 52nd meeting held on October 07, 2023. At the 50th meeting, the GST Council suggested reducing the GST rate to 5% for imitation zari thread […]
An income tax notice is been quashed by the Delhi High Court because the Assessing Officer failed to establish any insufficiency in the explanation provided. A writ petition was filed challenging a notice issued under Section 148 of the Income Tax Act, 1961. Additionally, Koa Investment Limited, the petitioner/assessee, contested the Assessing Officer’s decision that […]
The Ministry of Corporate Affairs has provided an official update stating that companies and limited liability partnerships (LLPs) can now be incorporated using the National Single Window System (NSWS) established by the central government. This system streamlines the process by consolidating various central and state approvals into a single platform. With the NSWS, businesses can […]
According to the latest data released by the income tax department, in the assessment year 2021-22 (FY 2020-21), there were 589 taxpayers who filed returns declaring a gross total income exceeding Rs. 500 crore. Additionally, the data reveals that approximately 2.1 crore taxpayers paid taxes in 2021-22 but did not IT file returns. This represents […]
