RBI releases the Report of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks.
Input Tax Credit (ITC) restriction in the hands of buyer, on the ground of tax collected but remaining unpaid to the Government by the seller cannot be sustained and requires re-consideration.
Avoidance of Permanent Establishment (PE) status of Non-Residents are made through various arrangements. Company structures their business in way that status of PE can artificially be avoided. The definition of permanent establishment included in tax treaties is therefore crucial in determining whether a non-resident enterprise must pay income tax in another jurisdiction. Strategies used to […]
Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. during a qtr., RP will become in-eligible for the Scheme from next quarter.
Ram Prasad Sharma Vs. Chief Commissioner and another (Madhya Pradesh High Court) petitioner has drawn the attention of this Court to the provision of Rule 142(1) of CGST Act to contend that the said provision statutarily obliges the revenue department to communicate show-cause notice/order by uploading the same on the website of revenue so that […]
SOPs for AU, VU, TU and RU approved by CBDT for implementation of Faceless Income Tax Assessment Scheme, 2019 (FAS-2019). The same may be disseminated among the Units under your region for compliance by all of them.
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) (Directorate of Revenue Intelligence) Notification No. 61/2020-Customs (N.T./CAA/DRI) New Delhi, the 19th November, 2020 S.O. 4178(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated 4th June 2015 in Gazette of India, Extra-ordinary, Part-II, section 3, sub-section (i), and […]
Tax-to-GDP ratio represents the size of a country’s tax kitty relative to its GDP. It indicates the size of the government’s tax revenue expressed as a percentage of the GDP. A higher tax to GDP ratio means that the government is able to cast its fiscal net wide. It reduces a government’s dependence on borrowings […]
Technology based Initiatives & Interventions of MSME Ministry to tackle COVID-19 challenge leads to Effective response to Prime Minister’s call of Atmanirbhar Bharat & Make in India The Step Results in lowering the cost of Medical items including Hand Sanitizer; It leads to reducing imports and making exports possible of several COVID related medical items and auxiliaries
The officials of DGGI, Nashik Regional Unit of DGGI, Nagpur Zonal Unit arrested a prominent builder of Nashik in an ongoing investigation regarding availment of fraudulent Input Tax Credit on fake invoices.
