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"06 January 2022" Archive

Service Tax Refund cannot be denied merely for non-filing of TRAN-1 before 27.12.2017

Bharat Heavy Electricals Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai)

CESTAT held that, right to claim Service Tax refund cannot be denied merely on account of procedural lapse of filing TRAN-1 before December 27, 2017....

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Nifty 50 index – Index Derivatives and SEBI’s policy measures

The primary function of a stock market index is to measure stock market performance. A well-constructed index not only enables measuring of market performance but also serves as a portfolio for investment. Such an index finds use case for a variety of purposes such as benchmarking funds, launching of index funds, exchange traded funds (ET...

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Posted Under: Excise Duty |

Piyush Goyal calls for a Single portal KYC system for Stock Brokers, Mutual Fund

Shri Piyush Goyal calls for a Single window portal for doing robust common KYC system for Stock Brokers, Mutual Fund and depositories etc Shri Piyush Goyal calls for transparency and integrity in the stock markets to empower households and investment besides encourage investments. The NSE has been able to eliminate a lot of bad practices ...

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Posted Under: Excise Duty |

Income Tax Search on perfume manufacturing & real estate group in UP & Maharashtra

Searches conducted by Income Tax Department largely in Uttar Pradesh and Maharashtra The Income Tax Department carried out search and seizure operation on 31.12.2021 on two groups engaged in the business of perfume manufacturing and real estate. Over 40 premises in the states of Uttar Pradesh, Maharashtra, Delhi, Tamil Nadu and Gujarat ha...

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Posted Under: Excise Duty |

No Reversal of ITC on Goods Lost during Manufacturing Process

The situations as set out in S.17(5)(h), CGST Act, 2017 indicate loss of inputs that are quantifiable, and involve external factors or compulsions. A loss that is occasioned by consumption in the process of manufacture is one which is inherent to the process of manufacture itself....

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Posted Under: Excise Duty |

Penalty for E-way bill contraventions

The article is in light of the Notification 39/2021-CT(R) dated 21.12.2021, wherein Central Government appoints 01.01.2022 as the date for various amendments made through Finance Act, 2021 to come into force. Amongst others, amendments to section 129 of CGST Act, ie, Detention, seizure and release of goods and conveyances wrt e-way bill c...

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Posted Under: Excise Duty |

Central Goods And Services Tax Act, 2017 Updated till 01.01.2022

Please find Central Goods And Services Tax Act, 2017 (CGST Act, 2017) Updated till 01.01.2022. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka) The following Act of Parliament received the assent of the President on the 12th April, 2017, and is hereby published for general inform...

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Posted Under: Excise Duty |

Note on Section 16(2)(c) Judgment in case of LGW Industries Limited vs. UOI

The Hon’ble Calcutta High Court in the case of M/s LGW Industries Limited & Ors. v. Union of India & Ors., (WPA No.23512 of 2019) vide its judgment dated 13th December’2021 has remanded the matter back to the GST authorities to consider afresh the cases of the petitioners on the issue of their entitlement of […]...

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Posted Under: Excise Duty |

Open a Demat Account to Unlock Stock Market Riches

In the last one year, the Nifty 50 Index has registered a 24.13% increase. What other investment option would generate similar returns? The answer is nothing but the stock market. And the first step to stock market riches is to open a demat account....

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Posted Under: Excise Duty |

NSE: Launch of Digital Portal for filings done with the Exchange

Circular Ref. No: NSE/CML/2022/03 06/01/2022

Currently, listed entities are submitting various disclosures to the Exchange via NEAPS (NSE Electronic Application Processing System). With the launch of the new Digital Portal, listed entities shall make all the filings through the Digital Portal. However, the transition from NEAPS to the Digital Portal would be carried out in a phased ...

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