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  • Supreme Court hears Petition against Penal Provisions under Customs, Excise and GST Laws
  • May 3, 2024
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  • Supreme Court hears Petition against Penal Provisions under Customs, Excise and GST Laws
  • May 3, 2024
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  • Pending Revenue Arrears: Kerala HC directs to release Attached Residential Property on Submission of other Properties [Read Order]
  • May 3, 2024
  • Columns
  • Odisha GST Department imposes Penalty on Infosys for Claiming Ineligible ITC: What is Ineligible GST ITC
  • May 3, 2024
  • Headlines
  • Ministry of Finance notifies Foreign Exchange Rates for Import and Export: Check new Rates [Read Notification]
  • May 3, 2024
  • Headlines
  • ICAI President, VP, CCMs attend CMP Meeting: Know the Key Decisions
  • May 3, 2024
  • CST & VAT / GST
  • [BREAKING] Justice (Retd) Sanjay Kumar Mishra gets appointed as GST Appellate Tribunal Chairman [Read Notification]
  • May 3, 2024

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News Updates

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  • CA May Final Financial Reporting – FR Exam MCQs Leaked before end of ICAI Exam
  • May 3, 2024
PMLA - Unsuspecting Citizens - Delhi Court - ED - High-Handed - taxscan
S. 50 PMLA not to be Invoked against Unsuspecting Citizens: Delhi Court reprimands ED, calls act “High-Handed”
May 2, 2024
The Delhi Rouse Avenue Court criticized the Enforcement Directorate ( ED ) for its conduct, emphasizing that as an investigative body, it must abide by legal principles and avoid appearing overbearing towards ordinary citizens not under suspicion. Special Judge Vishal Gogne of Rouse Avenue Court rebuked the ED for using Section 50 of the Prevention […]
Aam Aadmi Party leader - Aam Aadmi Party - Money laundering case - Liquor policy scam - taxscan
Arrest by ED Over Liquor Policy Scam: Delhi HC Denies Bail Application of Former Deputy Chief Minister of Delhi
May 1, 2024
The Delhi High Court dismissed the second regular bail plea filed by Former Deputy Chief Minister of Delhi and Aam Aadmi Party leader in the money laundering and corruption cases connected to the liquor policy case. Enforcement Department have arrested him over the Liquor Policy Scam. Sisodia is presently in judicial custody in both cases. […]
GSTR 9 C Filing - Kerala HC - TAXSCAN
No Late Fee for GSTR 9 C Filing: Kerala HC [Read Order]
April 29, 2024
In a recent judgment, the Kerala High Court, that no late fee can be levied for late filing of GSTR-9C for the financial years 2017-18, 2018-19, and 2019-20. The judgment would be a significant relief to taxpayers who are in crisis regarding the late filing of GSTR-9C. Notices were already issued for late fees despite […]
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Columns

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  • Odisha GST Department imposes Penalty on Infosys for Claiming Ineligible ITC: What is Ineligible GST ITC
  • May 3, 2024
  • Missed Timelines - Corporate Insolvency Proceedings - Trouble Maker - Distress Companies - taxscan
  • Missed Timelines of Corporate Insolvency Proceedings; A Trouble Maker to Distress Companies
  • May 2, 2024
  • The Insolvency Bankruptcy Code consolidates and amends the laws relating to re organisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders. Corporate Insolvency Resolution Process ( […]
  • GST Compliance Calendar - Due Dates - Deadlines - taxscan
  • GST Compliance Calendar May 2024: Remember these Due Dates and Deadlines
  • May 1, 2024
  • This article offers the Goods and Services Tax Compliance schedule for May 2024. It furnishes essential details to businesses and professionals alike, elucidating the pertinent dates and tasks linked to GST filing and adherence. Deadline GST Return/Form Period 10.05.2024 GSTR – 7: Summary of Tax Deducted at Source (TDS) and remitted under GST regulations April […]
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Income Tax

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AIFACS - SC - SLP - Income Tax Dept - Non-Explanation of Gross Delay - TAXSCAN
Relief to AIFACS: SC dismisses SLP filed by Income Tax Dept on Non-Explanation of Gross Delay [Read Order]
May 3, 2024

In a major relief to the All India Fine Arts and Crafts Society (AIFACS), the Supreme Court of India dismissed a special leave petition (SLP) filed by the Income Tax Department on non-explanation of delay for filing the petition. The SLP arose out of the impugned final judgment and order dated 10-05-2022 in ITA No....

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Forms 3BB - 49C - 61A - 10BD - 10BE - Income Tax Due Dates - taxscan
Submission of Forms 3BB, 49C, 61A, 10BD, 10BE Nearing: Remember these Income Tax Due Dates of May 2024
May 2, 2024

Below is the detailed Income Tax compliance schedule for May 2024. Adhering to these deadlines is essential to avoid penalties. Understanding and abiding to the specified income tax due dates are crucial to avoid late filing penalties and interest charges. The submission of Forms  3BB, 49C, 61A, 10BD, 10BE are also nearing. These deadlines can […]

ITAT Chennai - ITAT - Income tax - Time barred appeal - Income tax news - taxscan
Delay of 726 Days not properly explained: ITAT dismisses Appeal [Read Order]
May 2, 2024
Genuineness - Share Purchase Transaction Claim - Creditworthiness of Invested Company - ITAT dismisses Appeal - TAXSCAN
Failure to Prove Genuineness of Share Purchase Transaction Claim and Creditworthiness of Invested Company: ITAT dismisses Appeal [Read Order]
May 2, 2024
Department - Inland Revenue Sri Lanka Certifies - Gross Remuneration - ITAT AO - TDS Credit - Self - Assessment Tax - TAXSCAN
Department of Inland Revenue Sri Lanka Certifies Assessee’s Gross Remuneration: ITAT directs AO to allow TDS Credit and Self-Assessment Tax [Read Order]
May 2, 2024
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Service Tax

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GST - GST raid - Shahjahanpur GST raid - Tractor agency fraud - Vineet Tractor Agency - taxscan
Shahjahanpur GST Raid reveals ₹1.2 Cr Goods and Services Tax Fraud at Tractor Agency
April 29, 2024
Vineet Tractor Agency in Shahjahanpur was raided by the Special Investigation Branch of GST Bareilly Zone on Friday. The investigation confirmed large-scale financial irregularities. After discovering tax evasion of Rs 1.2 crore, they deposited Rs 32 lakh and were given seven days to deposit the remaining Rs 90 lakh. The SIB (Special Investigation Branch) team arrived at the dealer's establishment at 12 noon on Friday. The mobile phones of all present individuals were confiscated, and no one was permitted to
No Service Tax leviable - Online Ticketing Platform - Book My Show - Receiving Consideration from Card Companies - CESTAT - TAXSCAN
No Service Tax leviable on Online Ticketing Platform under support of Book My Show not Receiving Consideration from Card Companies: CESTAT [Read Order]
April 27, 2024
CESTAT - CESTAT Kolkata - Service Tax - Service Tax Demand - TAXSCAN
Technical Assistance for Manufacture of Aircraft and Engines not IPR-Services: CESTAT quashes Service Tax Demand [Read Order]
April 27, 2024
Central Govt - Time Limit - File Refund Claim - Service Tax - Exported Goods - CESTAT - Refund - TAXSCAN
Central Govt Extended Time Limit to File Refund Claim of Service Tax on Exported Goods: CESTAT allows Refund [Read Order]
April 23, 2024
CESTAT - CESTAT Ahmedabad - SCN - show cause notice - service tax - taxscan
Second SCN issued demanding Service Tax on Operation of Heavy Water Plant: CESTAT quashes SCN [Read Order]
April 23, 2024
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CST & VAT / GST

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  • Supreme Court hears Petition against Penal Provisions under Customs, Excise and GST Laws
  • May 3, 2024
GST - Justice Sanjay Kumar Mishra - Sanjay Kumar Mishra - GST Appellate Tribunal Chairman - taxscan
Personal Hearing - Notice - Delhi HC - GST Registration Cancellation Application - taxscan
Assam GST Department - Circular on Registration - GST Act - Registered Rent Deeds - taxscan
Uttar Pradesh GST Department - GST - Traders - Goods and Services Tax - GST Updates - taxscan
GST - GST Penalty computation - Calcutta HC - Invoice Value without Evidence - GST Invoice - taxscan
Denial of ITC - Customers is Consequence - Retrospective Cancellation - GST Registration - Delhi HC - taxscan
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Excise & Customs

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Anti Dumping Duty - CBIC - EVA Sheets - Ethylene Vinyl Acetate - Import from China - Customs notification - taxscann
CBIC continues to Levy Anti Dumping Duty on EVA Sheets for Solar Module imported from China for 5 years
May 3, 2024

The Central Board of Indirect taxes and Customs ( CBIC ), vide notification 05/2024-Customs (ADD) dated 14th March 2024 has decided to continue to levy the Anti Dumping Duty ( ADD ) on Ethylene Vinyl Acetate ( EVA ) Sheet For Solar Module from China for next 5 years. The designated authority, through notification number 7/12/2023-DGTR […]

CESTAT - Penalty - Customs Act citing lack - Intent to Export Semi-finished Leather - taxscann
CESTAT quashes Penalty imposed u/s 114(ii) of Customs Act citing lack of Intent to Export Semi-finished Leather [Read Order]
May 3, 2024

The Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ) has overturned a penalty imposed under Section 114(ii) of the Customs Act, 1962, on an exporter for allegedly attempting to export semi-finished leather disguised as finished leather. The case involved M/s. Sri Vijayalakshmi Leathers, a leather exporter based in Chennai. The dispute arose when...

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Banking

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  • RBI enhances Individual Housing Loan limits and credit to Commercial Real Estate – Residential Housing [Read Circular]
  • January 2, 2023
  • MCA - Booklet - BE(A)WARE - Fraudulent Schemes - taxscan
  • MCA releases Booklet ‘BE(A)WARE’ on Measures to Overcome Fraudulent Schemes
  • November 16, 2022
  • The Ministry of Corporate Affairs ( MCA ) has released a booklet titled “BEWARE” for the public to overcome the fraudulent schemes. There has been a surge in usage of digital modes of payment in the recent years. This gained further momentum during the Covid-19 induced lockdowns. While enhancing customer convenience, it also furthered the […]
  • GST - Crypto - CBIC - Working - Framework - TAXSCAN
  • GST on Crypto: CBIC Working on Defining Legal Framework
  • November 14, 2022
  • In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) is working on defining a legal framework for applying goods and services tax (GST) on crypto or virtual digital assets appears to be around the corner, with the working on an agenda paper on the topic. The board has been interacting with […]
  • Govt - Rupee settlement - Export - Promotion Schemes - taxscan
  • Govt allows Rupee Settlement in Export Promotion Schemes [Read Notification]
  • November 10, 2022
  • In a major relief to the exporters, the Ministry of Commerce and Industry has notified the change in the Foreign Trade Policy 2015-2022  comes after the Reserve Bank of India had, on 11th July 2022, issued guidelines for the settlement of international trade in Indian rupees. Following this, the central government has made changes to […]
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Corporate Laws

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NCLAT - Liquidation Process - Liquidator fees - Auction of Assets - TAXSCAN
Fees Paid to Liquidator to be Paid under Regulation 4(2)(b) of Liquidation Process Regulations on Realization and Distribution of Proceeds from Auction of Assets: NCLAT [Read Order]
April 22, 2024
The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) observed that the fees paid to Liquidator to be paid under Regulation 4(2)(b) of the Insolvency and Bankruptcy Board of India ( Liquidation Process ) Regulations, 2016 on realization and distribution of proceeds from auction of assets. The counsel for the […]
IBBI - IBBI misconduct cases - case digest - IBBI regulatory actions - taxscan
Case Digest on IBBI Misconduct Stories
April 9, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies ( IPA ), Insolvency Professionals (IP) and Information Utilities (IU) in India. It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which Lok Sabha […]
Failure - Liquidation Process - Failure to Provide Assistance in Liquidation Process by Insolvency Professional - taxscan
Failure to Provide Assistance in Liquidation Process by Insolvency Professional: IBBI suspends Registration for 2 Years [Read Order]
March 20, 2024
The Insolvency And Bankruptcy Board of India(IBBI) found that the Insolvency Professional(IP) failed to assist in the liquidation process and suspended the registration for 2 Years. Show Cause Notice (SCN) was issued to an Insolvency Professional (IP) registered with the Insolvency and Bankruptcy Board of India (Board/IBBI) and a Professional Member of the Indian Institute […]
IBBI - Insolvency and Bankruptcy Board of India - CIRP Regulations - CIRP - corporate insolvency resolution process - Taxscan
IBBI amends CIRP Regulations w. e. f from 15th February 2024
March 12, 2024
The Insolvency and Bankruptcy Board of India has amended corporate insolvency resolution process ( CIRP ) regulations with effect from 15th day of February, 2024. Procedures for Voting: The CoC is empowered to decide the period of opening of electronic voting window with a minimum of twenty-four hours and a maximum of seven days with […]
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