• GST Portal Releases Module-wise New Functionalities deployed on the Portal for Taxpayers
  • October 6, 2022
October 1, 2022
The gross GST revenue collected in the month of September 2022 is ₹ 1,47,686 crore of which CGST is ₹ 25,271 crore, SGST is ₹ 31,813 crore, IGST is ₹ 80,464crore (including ₹ 41,215 crore collected on import of goods) and Cess is ₹ 10,137 crore (including ₹ 856 crore collected on import of goods). The government has settled ₹ 31,880 crore to […]
September 22, 2022
Continuing the streak of significant seizures, in a major swoop down, the Directorate of Revenue Intelligence (DRI) has seized 394 pieces of foreign origin gold bars weighing approximately 65.46 kg and valued at Rs. 33.40 crore (approx.) which was being smuggled from neighbouring north eastern countries. Specific intelligence indicated that a syndicate is actively planning […]
September 15, 2022
The U.S. Mid-term elections are just around the corner. In November, congressional seats will be up for grabs, which will help determine if the democrats remain in power or if the republicans re-take either the House of Representatives or the Senate. A change in the power structure usually can have an impact on riskier assets, […]

  • Bill of Entry - GSTR-2B - taxscan
  • Bill of Entry not reflected in GSTR-2B
  • September 20, 2022
  • Importers can claim IGST and cess paid on their imports only after issuing the bill of entry (BoE). Hence, taxpayers must access the bill of entry on the portal to avail input tax credit seamlessly. The GST Network (GSTN) provides a framework to taxpayers for finding the relevant bill of entry. At times Bill of […]
  • Adjudication Orders - Companies Act 2013 - taxscan
  • Synopsis of Adjudication Orders under the Companies Act, 2013
  • August 23, 2022
  • Role of Registrar of Companies The Registrars of Companies (ROC) are appointed under Section 609 of the Companies Act 2013, for each State/Union Territory. They have a primary duty of registering companies and LLPs floated in the respective states and the Union Territories and ensure that such companies and LLPs comply with statutory requirements under […]
  • ‘BRANDED’ to ‘PRE-PACKED & LABELLED’ – What does it actually mean?
  • July 29, 2022
  • GST implications on pre-packaged and labelled commodity has been a subject matter of discussion amongst the trade post the 47th GST Council meeting. To remove ambiguity in interpreting various clauses pertaining to pre-packaged and labelled commodity especially due to interplay between Legal Metrology (Packaged Commodity) Rules, 2011 (‘LMPC Rules’) and GST Notifications, basis the representations […]
  • GST - ANALYSIS - Taxscan
  • Journey of Five Years of GST – An Analysis
  • July 1, 2022
  • GST law is implemented in our Country with effect from 01.07.2017. It is now five years have been completed since the introduction of this new law. In these five years, we have seen many ups and downs in this law. Rather it would not be incorrect to say that this law is now more popularly […]
Amortization Of Expenses - Conditions - ITAT - TAXSCAN
October 6, 2022

The Income Tax Appellate Tribunal, Bench “A”, Mumbai, has, recently while allowing an appeal filed by the Revenue, held that amortization of expenses under section 35 D can be allowed only on satisfying the conditions as prescribed for the same. The aforesaid observation was made by the tribunal when an appeal was preferred before it […]

Service Charges - Assessee - Income - ITAT - taxscan
October 6, 2022

The Income Tax Appellate Tribunal (ITAT)“B” Bench, Mumbai, has, recently, in an appeal filed before it by the assessee, held that service charges accrued but not received, cannot be treated as the assessee’s income. The aforesaid observation was made by the Tribunal when the assessee, a Government of India undertaking, popularly called as “NABARD”, preferred […]

Cenvat Credit - Pharma Companies - Service Tax paid to Commission Agents - Sales Promotion - Calcutta High Court - taxscan
September 28, 2022
In a recent ruling delivered on Tuesday, a division bench of the Calcutta High Court has held that the cenvat credit is allowable to pharma companies on the service tax paid to the commission agents for the sales promotion. The respondent, M/S. Himadri Speciality Chemical Limited is engaged in the manufacture of coal pitch, Naphthalene, HC Oil Carbon Black, and similar preparations. An audit was conducted on the respondent for the period from April 2014 to March 2015 and the
Judicial Decisions - Excise Dept - CESTAT - CBIC - taxscan
October 6, 2022

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai bench has directed the Central Board of Indirect Taxes and Customs (CBIC) to take appropriate measures to take care of issues relating to non-following of judicial decisions by the excise department. The appellant, Asmaco Industries Limited, is in the business of manufacturing of ‘tape’ of […]

Relief - Creative - Taxable - CESTAT - TAXSCAN
October 6, 2022

In a major relief to Creative Travels Pvt Ltd, the Principal Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT), New Delhi held that the amount expended for tour operation activities conducted outside India is not taxable while deciding on two cross appeals between the assessee and revenue. In the impugned order passed by […]

CBIC - Customs Duty - AIDC - Import of Platinum - taxscan
October 6, 2022

The Central Board of Indirect Taxes and Customs (CBIC) has notified the increase of basic customs duty and AIDC on the import of platinum. As per a notification issued on Monday, the Board said that “Goods, other than the following: – (a) Platinum and Palladium for use in the manufacture of: – (i) all goods, […]

Customs Duty - Edible Oil - taxscan
October 5, 2022

The Central Board of Indirect Taxes and Customs (CBIC) in a notification no. 46/2022-Customs dated 31st August, 2022, has extended existing concessional import duties on specified edible oils up to March 31, 2023. The move is aimed at increasing domestic supply and keeping prices under control. The concessional customs duty on edible oil import has been extended by […]

December 7, 2020

A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]

No plan - impose Property Tax - Union Territory of J&K - LG Manoj Sinha - opposition - Taxscan
October 20, 2020

The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]

UAE Tax Authority - UAE- Tax Registrants - Penalties re-determined - violating Tax Laws - Taxscan
January 25, 2022
The UAE Tax Authority has extended the grace period for UAE’s tax registrants to get their penalties re-determined for violating tax laws until December 2022. The earlier deadline for re-determination was December 31, 2021. The Federal Tax Authority (FTA) clarified that tax registrants who had not met the necessary conditions to benefit from the administrative […]
Banks - Cash Withdrawal from ATM - RBI - Taxscan
June 11, 2021
The Reserve Bank of India (RBI) has allowed the banks to hike the fee charged on cash withdrawal beyond the permitted free Automated Teller Machine (ATM) transaction limit from Rs 20 to Rs 21 per transaction, with effect from January 1, 2022. The Regulatory Bank had constituted a Committee in June 2019 under the Chairmanship […]
OECD - report - Inheritance Taxation - OECD Countries - Taxscan
May 18, 2021
The Organisation for Economic Co-operation and Development (OECD) has released the report on Inheritance Taxation in OECD Countries. The purpose of the report is to Compare and assess inheritance, estate and gift taxes across OECD countries and Explore the role that these taxes could play in raising revenue, addressing inequalities and improving the efficiency of […]

IBBI - Professional Entities - Insolvency Professionals - taxscan
October 6, 2022
In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to allow professional entities to enroll as Insolvency Professionals. The Board, while amending the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022, introduced a new provision stating that “in […]
MCA - Companies - Financial Statements - taxscan
September 27, 2022
The Ministry of Corporate Affairs ( MCA ) has issued a clarification on mandating Companies to round off the Figures appearing in Financial Statements. The MCA has said that, Amendment to Schedule III to the Companies Act, 2013 vide MCA Notification GSR. 207(E) dated 24th March 2021 mandates companies to round off the figures appearing […]
Regulatory Fee - Resolution Plan - IBBI - Regulations - taxscan
September 22, 2022
The Insolvency and Bankruptcy Board of India has notified the amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2022 to enable the payment of a regulatory fee of 0.25% on the approval of resolution plan under section 31. Regulation 31A of the Liquidation Regulations, provides […]
CSR Account - CSR Committee - MCA Amends Rules - taxscasn
September 22, 2022
The Ministry of Corporate Affairs (MCA) has notified the amendment to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 mandating the companies having unspent CSR Account to form a CSR Committee. As per the notification issued on 20th September 2022, “a company having any amount in its Unspent Corporate Social Responsibility Account as per […]
IBBI - Second Amendment - Regulations - taxscan
September 22, 2022
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022 (‘Amendment Liquidation Regulations’) and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022 (‘Amendment Voluntary Liquidation Regulations’). The amendment notified on September 16, 2022, aims at enabling better […]
MCA Amends - Small Companies - taxscan
September 16, 2022
The Ministry of Corporate Affairs (MCA) has amended the definition of “small companies” under the Companies Act, 2013 wherein the Companies with paid up capital limit of 4 crores and turnover limit of upto 40 Crores would be treated as “small companies.” A notification issued by the Ministry on Thursday said that “In the Companies […]
MCA - Chinese Nationals on Board - taxscan
September 9, 2022
In a move to tackle shell companies, the Ministry of Corporate Affairs (MCA) has conducted searches at various locations including in Delhi, Hyderabad, and Bengaluru after the MCA’s probe found that many of these were “shell entities” formed by forging credentials and subsequently had Chinese nationals on board who controlled the affairs of the companies. […]
IBBI - IP Registration - Deloitte - taxscan
September 3, 2022
The Insolvency and Bankruptcy Board of India (IBBI) has confirmed an order of the Disciplinary Committee regarding suspension of the registration of Insolvency Professional, Mr. Savan Godiawala, for a period of three years and a penalty of amount equivalent to payments made to Deloitte Touche Tohmatsu India LLP after 23.07.2019 till now. Mr. Savan Godiawala […]
Ceiling on Tax Audits - Chartered Accountants - Supreme court - Petitions Challenging - ICAI Rule -Tax Audits -taxscan
September 27, 2022

In a recent development, a division bench of the Supreme Court will be hearing the challenge against a rule issued by the Institute of Chartered Accountants of India (ICAI) barring members from accepting more than the “specified number of tax audit assignments”. Currently, the upper limit is set at 60 in a financial year. This...

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Payment System - RBI - Delhi High Court - taxscan
September 20, 2022
The Delhi High Court has on Thursday , held that payment aggregators fall within the definition of the payment system u/s 23 of the Payment and Settlement Systems Act, 2007 , and that the Reserve Bank of India (RBI), has power to regulate them. The judgement of the court resulted from a writ petition filed […]
Tax Concessions - Arbitrable - Supreme Court - taxscan
September 20, 2022
The Supreme Court has held that the disputes related to tax concessions are not arbitrable and has overruled the Allahabad High Court order holding that the terms of e-auction provided that any dispute was arbitrable. The appellant, Shree Enterprise Coal Sales Pvt. Ltd, is a private limited company with a Head Office in Kolkata and […]
Free Live Webinar On Audit and assessments in the GST regime -Taxscan
September 22, 2022

GST was designed as a self-assessment tax with provisions for audit and assessment in fit cases. Today, GST audits and assessment are picking up pace. Especially, taxpayers with registrations across India are required to deal with State-wise audit parties (from the Central or State tax authorities), often simultaneously. Issues/audit observations are common across jurisdictions but, […]

Certificate Course - GST Practice - Pleading - taxscan
September 21, 2022

Take your Practice to a new level, start Litigations Faculty – CA Abhishek Raja Ram Oct 1,2,3 6 PM – 8 PM Course fees – 999+GSTFirst 100 Entries! Click here to Pay Nowhttps://rzp.io/l/ssjnJOT Register Herehttps://bit.ly/3DkLa1e ➡️E – Certificate➡️E – Notes available➡️The Recorded Session will be provided➡️Dedicated WhatsApp Group for updates Day 1️⃣ ➔ National Litigation […]

Fox Mandal - International Tax Practice - Taxscan
September 9, 2020
Fox Mandal & Associates has appointed Mr. Sandip Mukherjee as Director, International Tax Practice. Sandip would operate from the Pune office and lead the international tax practice of the firm in Southern & Western India. His addition is a part of the firm’s strategic expansion of its Tax Advisory vertical. Sandip has spent about 27+ […]
November 9, 2017
The DMD Advocates has advised Infradigital Technologies Private Limited, a company promoted by Eros Labs Pte. Ltd. in selling its business undertaking engaged in the business of production and distribution of spiritual, devotional and religious audio-visual content and literature to Innertech Media Solutions Private Limited. Innertech is a portfolio company of Times Internet Limited. The business division was transferred […]
Top 10 GST News of September Debunking Myths around GST Top 10 Income Tax News of this Week SIGNIFICANT WOMEN FRIENDLY RULES TOP 10 INCOME TAX LAWS OF THIS WEEK Top 10 GST News of Last Week 6 Benefits of New Income Tax E-Filing Portal CA EXAMS 2021