"04 July 2022" Archive

Five Years of GST and Recent Updates

1st July, 2022 is a unique day in the history of India when entire nation celebrates  CA day, the financial doctors of the economy and the Doctor’s day, the health keepers of the nation. As an icing on the cake, India also celebrate today the 5th GST day. On the same day today five years […]...

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Exemption to Ethanol Blended Petrol from Central Excise duty

Notification No.12/2022-Central Excise [G.S.R. 510(E).] 04/07/2022

Seeks to amend notification No. 11/2017-C.Ex to give exemption to Ethanol Blended Petrol -  Notification No. 12/2022-Central Excise, Dated: 04.06.2022...

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CBIC extends exemption from BCD & AIDC upon import of Raw Cotton

Notification No. 38/2022-Customs [G.S.R. 509(E).] 04/07/2022

Seeks to extend the exemption from BCD and AIDC upon import of Raw Cotton – Notification No. 38/2022-Customs, Dated: 04.07.2022. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 38/2022-Customs New Delhi, the 4th of July, 2022 G.S.R. 509(E).– In exercise of the powers conferred by sub-section (1...

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GST addressed many of distortions & imperfections of previous tax regime

DO No. 31/CH(IC)/2022 04/07/2022

Many of the distortions and imperfections of the previous tax regime such as a fractured tax base for indirect taxes; cascading of taxes; multiplicity of taxes and rates and heavy compliance burden were substantially addressed with the introduction of GST....

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CERSAI to maintain online database for information on deposit takers

Notification No. S.O. 3042(E). 04/07/2022

Govt appoints CERSAI as the authority which shall create, maintain and operate an online database for information on deposit takers operating in India. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 4th July, 2022 S.O. 3042(E).—In exercise of the powers conferred by sub-section (1) of section 9 of the...

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Corrigendum Notification No. 78/2022-Income Tax, Dated: 04.07.2022

Notification No. 78/2022-Income Tax [S.O. 3044(E).] 04/07/2022

CBDT issues Corrigendum Notification No. 78/2022-Income Tax, Dated: 04.07.2022 to rectify mistakes in Notification No. 60/2022-Income Tax | Dated: 10th June, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi, the 4th July, 2022 Notification No. 78/2022-Income Tax S.O. 3044(E).—In the...

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Withdrawal of Public Notice No-92/2021 on Utilisation of MEIS scrip- Reg.

Public Notice No. 40/2022-23-JNCH 04/07/2022

OFFICE OF THE PR. COMMISSIONER OF CUSTOMS (NS – I), APPRAISING MAIN (IMPORT), JAWAHAR LAL NEHRU CUSTOM HOUSE, NHAVA-SHEVA,TAL-URAN, RAIGAD-400707, MAHARASHTRA (e-mail:[email protected]; Telephone No.022-27244979) S/22-Gen-20/2020-21 AM(I) JNCH Part-1 date: 04 .07.2022 PUBLIC NOTICE NO. 40/2022-23-JNCH DIN: 20220778NX...

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IBBI Insolvency Professional Agencies) (Amendment) Regulations, 2022

F. No. IBBI/2022-23/GN/REG089 04/07/2022

The disciplinary proceedings shall be conducted in accordance with the provisions of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017....

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IBBI (Insolvency Professionals) (Amendment) Regulations, 2022

Notification No. IBBI/2022-23/GN/REG088 04/07/2022

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022....

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AO had no power to review but having power to re-assess

Sanjit Jitendranath Biswas Vs ITO (ITAT Surat)

Reassessment was not justified as AO can exercise power to re-open, provided there was tangible material to come to the conclusion that there was escapement of income from assessment....

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