"28 January 2022" Archive - Page 4

Bogus network of 275 firms involving fake invoices of ₹ 3100 cr busted

DGGI Ghaziabad officials bust bogus network of 275 firms involving fake invoices of more than Rs 3,100 crore The Directorate of Goods and Service Tax Intelligence, Ghaziabad Regional Unit has busted a syndicate involved in creating and controlling fake firms and issuing of bills by these fake firms without supply any Goods or Services and...

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7 Expectations from Union Budget 2022

Expectation from budget – This would be the Fourth budget presented by Ms. Nirmala Sitharaman and second budget since covid has emrged. This Budget would be special as this would be seen as a Pre-poll budget of significant states like UP and Punjab along with Goa Manipur and Uttarakhand. Where central government may try to […]...

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How to Set Up an Export Import Business Unit in India?

With the globalisation of trade and business, we are seeing enormous growth in imports and exports in India. The Indian economy is one of the largest economies in the world and one of the fastest-growing ones too. Foreign trade in India is promoted and facilitated by the Directorate General of Foreign Trade (DGFT), under the […]...

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Case of FEMA Violation by Rajasthan Royals

As you are aware that the history of exchange control laws in India goes back to year 1939, when the law relating to exchange control was introduced for th first time as a war measure under the defense of Indian Rules. It was subsequently place on statutory basis by the Foreign Exchange Regulation Act, 1947, […]...

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Rajasthan HC Upheld the provisions w.r.t claiming of refund of unutilized ITC

Triveni Electrodes Vs Union of India (Rajasthan High Court at Jaipur)

Rajasthan High Court upheld the provisions w.r.t claiming of refund of unutilized Input Tax Credit (ITC) and asked the department to pass final order after taking into account the reply of the assessee....

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CST not payable If movement of goods from one state to other occasions export

Parle Products Pvt. Ltd. Vs The State of Karnataka (Karnataka High Court)

Parle Products Pvt. Ltd. Vs State of Karnataka (Karnataka High Court) The petitioner – assessee is a manufacturer and dealer of consumer goods under provisions of the Karnataka Value Added Tax Act, 2003 and the Central Sales Tax Act, 1956 (‘CST Act’ for short). The returns in Form VAT 100 were filed by the assessee […]...

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Expenditure on Promotion of ‘Snapdeal’ Brand is Revenue expense

Addl. CIT Vs Jasper Infotech Pvt. Ltd. (ITAT Delhi)

Addl. CIT Vs Jasper Infotech Pvt. Ltd. (ITAT Delhi) Expenses w.r.t promotion for brand ‘Snapdeal’ are revenue in nature The Hon’ble Delhi Income Tax Appellate Tribunal in Additional Commissioner of Income Tax, New Delhi v. M/S Jasper Infotech Private Limited [ITA No 2605/Del/2017 (Assessment Year: 2012-2013) dated November 1...

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RBI advisory on Cyber Threats and Frauds

Press Release: 2021-2022/1630 28/01/2022

Fraudsters attempt to get confidential details like user id, login / transaction password, OTP (one time password), debit / credit card details such as PIN, CVV, expiry date and other personal information....

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Union Budget 2022-23 on 1st February, 2022 in Paperless form

The Union Budget 2022-23 is to be presented by the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 1st February, 2022 in Paperless form....

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DGTR issues 56 final findings since April, 2021 in AD/CVD/SG investigations

DGTR (Directorate General of Trade Remedies) of the Department of Commerce issues 56 final findings since April, 2021 in in Anti-Dumping (AD)/Countervailing Duties (CVD)/Safeguard (SG) investigations. 35 more investigations started since April, 2021 and many more are in pipeline. Introduction of self-certification to usher in a new regime...

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