"06 September 2022" Archive - Page 2

Monthly GST Newsletter for September 2022

Please find below the important clarifications/ amendments issued by the Government on GST in August/ September 2022 alongwith compliance timelines in September 2022: Updates in the month of August/ September 2022 CBIC issues guidelines for arrest and bail in relation to offences punishable under GST The Department has issued detailed gui...

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Reassessment order not based on reasons of Notice is not sustainable

Excel Commodity And Derivative Pvt. Ltd Vs Union of India (Calcutta High Court)

Excel Commodity And Derivative Pvt. Ltd Vs Union of India (Calcutta High Court) The appellant/assessee was issued notice under Section 148A(b) of the Act dated 22nd March, 2022. The sum and substance of the allegation in the notice was that the appellant/assessee has done fictitious derivative transactions with M/s. Blueview Tradecom Pvt....

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No tax on Compensation for compulsory acquisition of agricultural or non-agricultural Land

ITO Vs Shri Suresh Prasad (ITAT Patna)

No distinction between compensation for compulsory acquisition of agricultural & non agricultural land for income Tax exemption under RFCTLARR Act...

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Reconstitution of Committee to Review IRDAI’s Information & Security Guidelines

Order No. IRDAI/GA & HR/ORD/MISC/186/09/2022 06/09/2022

IRDAI Reconstitutes  Committee to Review IRDAI’s Information & Security Guidelines vide Order No. IRDAI/GA & HR/ORD/MISC/186/09/2022 | Date: 06th Sep, 2022 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Order No. IRDAI/GA & HR/ORD/MISC/186/09/2022 | Date: 06th Sep, 2022 RECONSTITUTION OF COMMITTEE TO REVIEW I...

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GST on service to non-chest branches is to be charged separately: RBI

Notification No. RBI/2022-23/112 DCM (NPD) No.S770/09.40.002/2022-23 06/09/2022

Applicability of GST on the service charges levied on cash deposited by non-chest bank branches to the Currency Chests....

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Revenue cannot be restrained from collecting GST when Adverse Order sustains

Oil and Gas Natural Corporation Limied ("ONGC") Vs Union of India (Madras High Court)

An order has passed holding the issue adverse to interests of petitioner. So, prayer of petitioner for a mandamus forbearing respondents from levying, collecting or recovering GST does not arise....

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Ultimate use of imported goods cannot be criteria for deciding valuation

Bytesware Electronics Vs Commissioner of Customs (CESTAT Bangalore)

Ultimate use of imported goods cannot be criteria for valuation. Every business man is free to adopt his own way of conducting business ...

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Payment from electronic cash ledger under GST for SVLDRS allowed: HC

Reliance Infrastructure Limited Vs Union of India (Bombay High Court)

Payment made by electronic cash ledger maintained by petitioner under CGST Act also amounts to payment through internet banking for SVLDRS: HC...

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Gist of Private Placement- Section 42 of Companies Act, 2013

Gist – As per Section 42 of Companies Act, 2013 Private Placement – Meaning • means any offer or invitation to subscribe or issue of securities • to selected group of persons by a company (Other than by way of Public Offer) through Private Placement offer-cum application letter (PAS 4) ; Other Imp points • […]...

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Basic concept of Allocation of fund under GST and refund in case of Inverted structures

Goods and Service Tax is one of the important ways of collecting revenue from the public, which plays an important role in the collection of funds and its allocation or distribution among various states along with the Union. As you are well aware that GST is being levied on various goods and services and it […]...

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