In the realm of international trade, the Directorate General of Foreign Trade (DGFT) has introduced a transformative change with the launch of the revamped Electronic Bank Realisation Certificate (eBRC) system. This groundbreaking initiative is set to redefine the landscape of export documentation, offering a streamlined
At present, the taxpayers of the country are not only troubled but also unhappy and feeling offended by the continuous and large number of notices related to various issues related to both GST and Income Tax taxes. Tax assessment and scrutiny of returns in GST
Table of Contents Introduction:Background:Application for Advance Ruling:Issue:Ruling:Legal Interpretation:Exemption Criteria:Conclusion: Introduction: In a recent ruling, the Telangana Authority for Advance Ruling (AAR) tackled a significant issue concerning the taxation of rental income from government welfare hostels. This ruling has implications for the eligibility of tax exemption
Table of Contents Introduction:Key Details of the Initiative:User Navigation:On-Screen Functionality:Proactive Engagement:Clarification on Notices:Automated Resolution:Option for Rectification:Conclusion: Introduction: In an effort to address disparities between reported interest and dividend income by taxpayers and the data received from third-party sources, the Income Tax Department has taken proactive
Table of Contents Introduction:Background:Case Context:Supreme Court Intervention:Directive and Timeline:Observations:Citing Instances:Fundamental Rights Concern:Supreme Court’s Action: Introduction: In a recent directive, the Supreme Court called upon the Chief Justice of the Bombay High Court to ensure swift adjudication of bail and anticipatory bail matters. Background: Justices B.R.
Table of Contents Introduction:GST Amendment Bill and Fiscal Matters:Implementation of Judicial Pay Commission Recommendations:Legislative Measures and Land Acquisition:Conclusion: Introduction: The Manipur government, led by Chief Minister N. Biren Singh, is gearing up for significant legislative discussions and policy decisions during the forthcoming assembly session, slated
Table of Contents Introduction:Key Findings:Extent of Evasion:Response and Payment:Investigation Details:Conclusion: Introduction: On February 22, 2024, the GST enforcement department of Chhattisgarh conducted a targeted operation at manufacturing plants in Urla and Siltara, revealing significant tax evasion practices within the iron and steel production sector. Key
Table of Contents Background:Petitioner’s Argument:Court Verdict:Judicial Interpretation:Conclusion: Background: Justice Shekhar B Saraf, in a ruling on the penalty under Section 129 of the Uttar Pradesh Goods and Service Tax Act, 2017, emphasized that while petitioners must demonstrate absence of tax evasion, the burden falls on
Table of Contents Introduction:Background:Key Issue:Ruling by AAR, West Bengal:Conclusion: Introduction: In a recent ruling by the West Bengal Authority for Advance Ruling (AAR), the GST exemption status for dredging services provided to the government was clarified. This ruling, issued in the case of In Re.
Table of Contents Background:Key Issue:Supreme Court’s Decision:Conclusion: Background: Refund Claim: M/s. MPPKVV Co. Ltd. sought a refund of INR 3,83,67,782/- for the period between January 20, 1978, and January 07, 1991. Rejection and Appeals: The Assistant Commissioner rejected the refund on December 28, 2017. The
