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Archive: May, 2022

Posts in May, 2022

AAR Maharashtra allows I-Stron Corporation Private Limited to withdraw application

May 27, 2022 546 Views 0 comment Print

The Application in GST ARA Form No. 01 of M/s. 1-STRON CORPORATION PRIVATE LIMITED, vide reference Online ARA Application Dated 03.09.2019 is disposed of, as being withdrawn voluntarily and unconditionally.

How to reply notices of reversal of ITC when supplier defaulted in payment of Output Tax Liability

May 27, 2022 44409 Views 4 comments Print

One of the burning issues which is often litigated in the GST since its inception and implementation in the year 2017 is the reversal of Input Tax Credit by the recipient due to non-payment of output tax liability by the supplier.

DRI seizes 52 kg Cocaine worth over Rs 500 crore under Operation Namkeen

May 27, 2022 1293 Views 0 comment Print

Continuing its streak of significant seizures, the Directorate of Revenue Intelligence (DRI) has recovered 52 kg of cocaine, estimated to be valued at over Rs 500 crore in the international illicit market, from an import consignment. On the basis of extensive data analysis and field surveillance, intelligence was developed by DRI that certain consignments being imported from Iran were likely to […]

Modifications in definition of Critical Illnesses prescribed in Guidelines on Standardization in Health Insurance

May 27, 2022 2307 Views 0 comment Print

Prescribing nomenclature and procedure for 22 critical illnesses that may form part of health insurance policies. Insurers were mandated to use the definitions without exception wherever the products cover any of the Critical Illnesses specified in the guidelines.

Analysis & Implications of SC Decision on Ocean Freight – The game is not over till the last ball is bowled 

May 27, 2022 6243 Views 0 comment Print

Dive into the analysis and implications of the Supreme Court decision on ocean freight in the context of CIF imports.

Secondment of employee…un-settling the law

May 27, 2022 18903 Views 0 comment Print

Author, in this article, analyses a supreme Court decision in the case of Northern Operating system dated 19-May-2022 which has un-settled an otherwise settled tax treatment of secondment of employees under both direct and indirect tax laws. 

Re-availment of ITC “availed & reversed” earlier

May 27, 2022 14904 Views 1 comment Print

whether it is possible for the company to re-avail ITC which was earlier availed basis invoice/debit note in terms of Section 16 (2) of the CGST Act, 2017 and was reversed in the same tax period by complying with Section 17(2) of the CGST Act, 2017 read with Rule 42/43 of the CGST Act, 2017.

HC stays GST Registration cancellation order for continuing trading activities of Assessee

May 27, 2022 2028 Views 0 comment Print

HC stayed the order of cancellation of GST Registration and directed the Revenue Department to open the GST site so as to enable the assessee to continue their trading activities in relation to the stocks held by them at the time of passing of order for cancellation of GST Registration, for a period of two weeks.

Recent Updates In GST till 26.05.2022

May 27, 2022 15507 Views 0 comment Print

Stay updated with recent updates in GST till 26.05.2022. Get insights on the impact of geopolitical situations, inflation, and global capital market on India’s growth outlook.

Premature redemption under Sovereign Gold Bond (SGB) Scheme

May 27, 2022 2523 Views 0 comment Print

Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on May 30, 2022 (Series I of SGB 2015)

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