In the case of Munjaal Manishbhai Bhatt v. Union of India, the High Court questioned the validity of the deduction of 1/3rd of the total consideration towards the value of land in construction services under GST. The court argued that such mandatory deductions cannot be prescribed through notification as the GST Act doesn’t permit it. However, a recent Supreme Court decision in Union of India v. Mohit Minerals Pvt. Ltd. supports the issuance of notifications for determining the value of supply, citing a reasonable means consistent with GST principles.
Section 7 application under IBC 2016 is not maintainable in case of lack of written document / evidence in the form of loan agreement, promissory note, contract or any document to substantiate its claim that there was a financial debt and a default of the same
The quantity which has been dispatched from the sugar mill up to 31.05.2022 or which is in transit or lying on the port area shall continue to be undertaken for export without any requirement of separate release order in respect of source sugar mill.
Reduced compliance burden for insurance companies IRDAI, in its continuous endeavour towards promoting ease of doing business for insurance companies in India, has reviewed and rationalized the regulatory returns to be filed by the Insurance Companies. In its latest circular dated 10.06.2022, IRDAI has reduced the number of off-line returns being submitted by Life Insurers […]
Become a GST Consultant by meeting the eligibility criteria, such as being a Tax Return Preparer or Sales Tax Practitioner with 5 years of registration or holding a degree in Commerce, Law, Banking, Business Administration, or Management. Learn about the earnings potential and the range of services GST practitioners offer, including GST registration, return filing, and business consulting. Stay informed on GST rates, with consultancy services generally attracting an 18% GST rate.
Income-tax Authorities of the NaFAC/ AUs/ RUs e. Pr.CCIT/CIT/ Addl.CIT/Jt.CIT/DCIT/ACIT/ITO shall act as and perform the functions of the corresponding Income-tax authorities of the National Faceless Penalty Centre/ Penalty Units/ Penalty Review Units respectively.
CBDT or the Board) hereby sets up the Units as specified in Column 2 of the Schedule below (hereinafter referred to as the said Schedule), which shall have its headquarters at the places mentioned in Column 3
CBDT hereby directs that the words ‘Principal Commissioners of Income-tax (ReFAC) (Technical Unit)’ in Para 3 of the said Order shall be replaced with the words ‘Principal Commissioners of Income-tax (Technical Unit)’.
Extension of last date for filing of annual returns under Para 5.15 of HBP 2015-20 along with a clarification that imposition of penalty of Rs.5000/- for late filing of annual returns is applicable from 2022-23. MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) (DIRECTORATE GENERAL OF FOREIGN TRADE) New Delhi, the 9th June, 2022 Public […]
(1) These rules may be called the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette.
