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The registration of the GST officer will need to get canceled of those assessees whose sales return or GSTR-1 form reveals “significant differences or anomalies” from the return furnished through the suppliers a move to target at curbing the tax theft and securing the revenues. The CBIC has issued a Standard Operating Procedure (SOP) towards […]
The council of the chemical and the petrochemicals has been asked by the finance ministry to lessen the GST on the pesticides from 18 to 5% with the aim to provide equality to the agriculture sector towards taxation. The 18% GST has been imposed on the pesticides and the fertilizers with 5% GST or more […]
At present time, GST at 5% applicable on Rice bran (before oil extraction) and crude rice bran oil but de-oiled rice bran oil are out of the GST radar. However, now the Department of Food and Public Distribution is suggesting North Block to levy GST at 5% on de-oiled rice bran (DORB). As per a […]
The DGGI Officers received a notice from Gujarat High Court for allegedly forcing and threatening to transfer a total of INR 2.68 Crore through the mean of DRC-03. This is yet another case in the list where some serious allegations of harassment, coercion, intimidation, etc. have been made against the respondent authorities. In this matter, […]
The difficulty which is faced by the NRIs as it is nowhere mentioned in the budget and the issues that the firms might run into the subsequent urging to refuse the Income Tax Settlement Commission (ITSC) have triggered court cases. The Supreme court has asked the tax council Central Board of Direct Taxes (CBDT) to […]
The Allahabad high court held that the GST dept to provide the suggestion to the union government for building the appellate tribunal in Allahabad and for 4 states benches Ghaziabad, Lucknow, Varanasi, and Agra in Uttar Pradesh. The two judges S P Kesarwani and Justice Y K Srivastava said to the central and to the […]
The Central Board of Indirect Taxes and Customs (CBIC) mentioned the rules with respect to the process which is to happen through the Search Operation. The CBIC noticed that the proper process has not been undertaken in the search proceedings along the Panchnamas statements has not been listed according to the extant rules and instructions. […]
The budget 2021, which was announced by the Finance Minister on Feb 1, 2021, proposed many changes in a range of finance sectors. The sectors which were affected the most by the recent Indian budget are taxation, personal finance, pensioners, etc. A number of proposals for amendment in certain GST rules were also proposed by […]
The Income Tax Appellate Tribunal (ITAT) Bangalore, ruled that the profit on selling the land comes beneath the capital gain and thus liable for all the deductions permitted while calculating the income beneath the capital gain. The taxpayer is the owner of Shri Babulal is the proprietor of M/s. Bangalore sales and marketing is said […]
