Tobacco products such as bidi, cigarettes, chewing tobacco, gutkha, etc. already attract GST at the highest rate of 28%, and a compensation cess up to 290% on ad valorem basis along with specific rate, on certain products like cigarettes, up to Rs. 4170 per thousand. In addition, Tobacco products also attract Excise Duty and National Calamity and Contingency Duty.
Processing of filed ITRs is done by Centralized Processing Centre (CPC) Bengaluru as a separate process. Duly verified valid ITRs are processed by CPC for determining the tax payable and amount of refund due, if any, to the taxpayer, and an electronic intimation is sent by e-mail to this effect. For AY 2021-22, CPC has processed more than 5.17 crore ITRs out of the 6.01 crore verified ITRs on the new system.
Amount of tax by way of TDS on the interest on compensation awarded on the road accident claim amount is not maintained at Central Processing Centre (CPC-TDS) of the Income Tax Department as there is no separate indicator or flag for the amount of tax deducted under section 194A (3) (ixa) of the Act.
IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act).
In general, a person resident in India to whom any amount of foreign exchange is due or has accrued is duty bound to take all reasonable steps to realise and repatriate such foreign exchange to India, save as otherwise provided under the provisions of Foreign Exchange Management Act, (FEMA), or the rules and regulations made thereunder, or with the general or special permission of the Reserve Bank.
Get an opinion on the consignment sales and transfer of ownership in goods under GST. Explore the implications and considerations surrounding this topic.
Hon. Madhya Pradesh (MP) High Court (HC) Quashes Sec. 148 Notice Issued After 31st March 21 The Division Bench of Hon. Madhya Pradesh High Court consisting of Justice Sheel Nagu and Justice Maninder Singh Bhatti in Yuvraj Jain vs. ITO W.P No.28293 of 2021. Order dated 03.03.22 quashed the reassessment notice issued after 31.03.21. Contentions […]
As per the guidelines of RBI, periodic updation is required to be carried out by REs at least once in every two years for high risk customers, once in every eight years for medium risk customers and once in every ten years for low risk customers from the date of opening of the account/last KYC updation.
The decision to reduce import duty on both crude and refined edible oils was taken to reduce the burden of high prices on final consumers. Import duty structure has been prescribed in a manner that crude edible oil attracts lesser duty than the refined edible oil thereby incentivising domestic refining of imported crude oil. The custom duty rate structure of crude and refined oils after reduction is as follows:
As per the 1st Revised Estimates released by National Statistical Office (NSO), Ministry of Statistics and Program Implementation (MoSPI), India’s real Gross Domestic Product (GDP) is estimated to have contracted by 6.6 per cent during FY 2020-21. This contraction reflects the unparalleled effect of the COVID-19 pandemic and the containment measures that were taken to control the pandemic.
