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Highlights of Union Budget 2021-22
Highlights of Union Budget 2021-22 A. Initiative TakenTill Date The Finance Minister started her tax proposals by stressing the initiative taken in the past to smoothen and simplify the tax system. Few of them are slashing of Corporate Tax Rates drastically, Abolition of DDT &
Memorandum Explaining The Provisions In The Finance Bill, 2021
Memorandum Explaining The Provisions In The Finance Bill, 2021 Finance Bill, 2021 Provisions Relating To Direct Taxes Introduction The provisions of Finance Bill, 2021 (hereafter referred to as “the Bill”), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as
GST Revenue Collection For January 2021 almost Touches Rs. 1.20 lakh crore
GST Revenue Collection For January 2021 almost Touches Rs. 1.20 lakh crore The gross GST revenue collected in the month of January 2021 till 6 PM on 31.01.2021 is Rs. 1,19,847 crore of which CGST is Rs. 21,923 crores, SGST is Rs. 29,014 crores,
Amendment relating to GSTR 9C
Amendment relating to GSTR 9C Pursuant to Clause 102 of Finance Bill 2021, Section 44 of the CGST Act, 2017 has been amended. Sub-section 2 of Section 44 of the CGST Act, 2017 has been omitted and hence there will be no requirement to file
Calcutta HC in the case of Nowrangroy Agro Private Limited Versus Union of India
Case Covered: Nowrangroy Agro Private Limited Versus Union of India Facts of the Case: This matter was taken up on 13th January 2021 and adjourned after hearing the parties enable the learned advocate representing the respondent nos.3, 7, and 10 to take instruction as to
Gujarat HC in the case of Diesel World Pvt. Ltd. Versus Union of India
Case Covered: Diesel World Pvt. Ltd. Versus Union of India Facts of the Case: The subject matter of challenge in the present writ application is to the show cause notice dated 24th December 2020 issued by respondent No.3 under Section 74 of the Act, 2017 by applying the circular dated 4th September 2018, more particularly, the para 3.2 therein with retrospective effect. It is the case of the writ applicant that upon export of goods against a letter of undertaking without payment of tax, it was entitled to refund of the unutilized Input Tax Credit under Section 54(3) of the Act, 2017. Accordingly, the writ applicant filed an application for a refund for the period between September
Gauhati HC in the case of Barak Valley Cements Ltd Versus The Union of India
Case Covered: Barak Valley Cements Ltd Versus The Union of India Facts of the Case: This writ petition has been filed by the petitioner being aggrieved by the e-mail dated 08.10.2020 issued by the respondent/authorities. The contents of the e-mail are extracted as under— “Dear
Delhi HC in the case of RR India Pvt Ltd Versus Union of India
Case Covered: RR India Pvt Ltd Versus Union of India Facts of the Case: Grievance of the petitioner is that the respondents, in pursuance of the search operation which was conducted between 01.11.2019 and 30.11.2019, at various places of the petitioner, under Section 67(2) of
Consultation Paper on the introduction of provisions relating to appointment/reappointment of persons who fail to get elected as Whole-time directors / Managing Directors at the general meeting of a listed entity
Consultation Paper on the introduction of provisions relating to appointment/reappointment of persons who fail to get elected as Whole-time directors / Managing Directors at the general meeting of a listed entity 1. Objective To solicit public comments/views on the proposal to introduce provisions in the
Delhi HC in the case of Principal Commissioner of Income Tax Versus Smt. Krishna Devi
Case Covered: Principal Commissioner of Income Tax Versus Smt. Krishna Devi Facts of the Case: The present appeals under Section 260A of the Income Tax Act, 1961 [hereinafter referred to as the ‘Act’] are directed against the common order dated 6th August 2019 [hereinafter referred
Gujarat HC in the case of Nipun A Bhagat, Proprietor of Steel Kraft Industries Versus State of Gujarat
Case Covered: Nipun A Bhagat, Proprietor of Steel Kraft Industries Versus State of Gujarat Facts of the Case: By this writ application under Article 226 of the Constitution of India, the writ applicant has prayed for the following reliefs; “a) Pending the admission, hearing and
GST on Real Estate
GST on Real Estate Benjamin Franklin once quoted taxes as one of the inevitable certainties in this world, and when it comes to purchasing residential area estate in India, homebuyers have had to deal with many such complexities, from Value Added Tax (VAT), Entry Tax