"04 October 2022" Archive

CBIC clarifies time limit for certain compliances under GST

Clarification regarding time limit for certain compliances pursuant to issuance of Notification No. 18/2022-Central Tax dated 28.09.2022 Vide Notification No. 18/2022-Central Tax dated 28.09.2022, the Central Government has appointed 01.10.2022 as the date on which the provisions of sections 100 to 114, except clause (c) of section 110 an...

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Issues related to Export Policy of Rice

Trade Notice No. 18/2022-23 04/10/2022

It is clarified in respect of normal rice that -Rice (5% and 25%) is already exempted as it is not broken rice but normal rice with permissible limits of broken rice as per standards. However, it will carry 20% duty as per notification...

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Circular on filing of Products/Riders for Life Insurance Business

Circular No. IRDAI/ACTL/CIR/PRO/207/10/2022 04/10/2022

In order to facilitate the life insurance industry to respond faster to the emerging market needs, in terms of designing and pricing of insurance products and to promote ease of doing business, certain specified modifications were allowed to be carried out through Use & File process...

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NAA directs DGAP to recalculate amount of profiteering by GK ARPL Ventures

Sh. Nitin Kumar Joshi Vs GK ARPL Ventures (NAA)

Sh. Nitin Kumar Joshi Vs GK ARPL Ventures (NAA) In the instant case, there is no reduction of rate of tax during the relevant period and the only issue which is required to be decided by the Authority as to whether Respondent is required to pass on the benefit of Input Tax Credit. As mentioned […]...

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DGAP to re-investigate Profiteering by distributor of Johnson & Johnson: NAA

Director General of Anti-Profiteering Vs J.P. and Sons (NAA)

Director General of Anti-Profiteering Vs J.P. and Sons (NAA) NAA has observed that the Respondent, M/s J.P. and Sons was a distributor of M/s Johnson & Johnson Pvt. Ltd. The Authority finds that M/s Johnson & Johnson Pvt. Ltd. was investigated by the DGAP for allegations of profiteering is as much he has not passed […]...

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DGAP to re-investigate Profiteering by distributor of L’Oreal India: NAA

Director General of Anti-Profiteering Vs Raj & Company (NAA)

Director General of Anti-Profiteering Vs Raj & Company (NAA) There is no dispute with regard to the reduction of the tax in respect of subject products supplied by the Respondent with effect from 15-11-2017. The Government by Notification No 41/2017-CT (Rate) dated 14-11-­2017 has reduced rates on subject products. In view of the abo...

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NAA directs DGAP to recalculate amount of profiteering by E homes pvt Ltd

Sh. Sumit Mansingka Vs E-Homes Infrastructure Pvt. Ltd. (NAA)

Sh. Sumit Mansingka Vs E-Homes Infrastructure Pvt. Ltd. (NAA) The Respondent E-Homes Infrastructure Pvt. Ltd. has made his detailed submissions regarding the fact that the credit of VAT for pre-GST era has been denied to him. He has also submitted copies of VAT returns and the UPVAT assessment orders for the relevant period in this rega...

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Legal Metrology (General) Amendment Rules, 2022

Notification No. G.S.R. 763(E) 04/10/2022

(1) These rules may be called the Legal Metrology (General) Amendment Rules, 2022. (2) They shall come into force from the date of their publication in the Official Gazette....

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Self certified copies of documents sufficient for claiming section 12AA exemption

Radheyshyam Mandir Trust Bhawani Mandi Vs CIT(Exemption) (ITAT Jaipur)

Rule 17A of Income Tax Rules, 1962 clearly explained that self certified copies of documents are sufficient for the claiming exemption under section 12AA ...

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Interest cannot be disallowed if interest free funds exceed interest bearing funds

Shri Narendra Kumar Khandelwal Prop. M/s Ranjana Textiles Vs ITO (ITAT Jaipur)

Shri Narendra Kumar Khandelwal Prop. M/s Ranjana Textiles Vs ITO (ITAT Jaipur) Interest free funds available: The law is well settled that where assessee is having mixed i.e. interest free/interest bearing funds both, but where the interest free funds are larger than the interest free advances/utilization than there will a presumption tha...

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