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Archive: 24 March 2023

Posts in 24 March 2023

Generation of IGCR Intimation Number at ICEGATE under IGCR Rules

March 24, 2023 1998 Views 0 comment Print

Directorate General of Systems and Data Management CENTRAL BOARD OF INDIRECT TAXES & CUSTOMS Dept. of Revenue, Ministry of Finance, Government of India Advisory No: 04/2023 Date: 24th March, 2023 Category: IGCR, Imports Issued by: DGoS, ICES Subject – Generation of IGCR Intimation Number (i.e. IIN) at ICEGATE under IGCR Rules for the Financial Year […]

Safety Glass (Quality Control) Amendment Order, 2023

March 24, 2023 1386 Views 0 comment Print

Nothing in Safety Glass (Quality Control) Order, 2020 shall apply to import of safety glass by a vehicle manufacturer for manufacturing up to ten thousand vehicles manufactured in India per financial year

Finance Bill 2023 as Passed by Lok Sabha on 24.03.2023

March 24, 2023 5208 Views 0 comment Print

AS PASSED BY LOK SABHA ON 24.03.2023 Bill No. 17-C of 2023 THE FINANCE BILL, 2023 A BILL to give effect to the financial proposals of the Central Government for the financial year 2023-2024. BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. Short […]

Reasons for reopening found to be non-existent, such defect is not curable by applying section 292B

March 24, 2023 2001 Views 0 comment Print

ITAT Delhi held that AO drew belief on the reasons which were later found to be totally non-existent. Such defect in the reasons cannot be ascribed as a mere technical irregularity and consequently defect cannot be cured by applying Section 292B of the Income Tax Act.

Procuring orders from foreign companies & providing service to domestic vendor classifiable under SSBC

March 24, 2023 690 Views 0 comment Print

CESTAT Chennai held that services rendered to the domestic vendors by procuring orders from foreign companies rendered are classifiable under Support Services of Business or Commerce (SSBC) and not under Business Auxiliary Service (BAS).

Petition u/s. 7 of IBC duly admissible on existence of ‘debt’ and ‘default’

March 24, 2023 3099 Views 0 comment Print

NCLT Mumbai held that petition under section 7 of Insolvency and Bankruptcy Code (IBC) duly admissible, as two essential qualification i.e. ‘debt’ and ‘default’ existed.

Income earned from offshore supply not taxable in India as none of operation is carried out in India

March 24, 2023 1746 Views 0 comment Print

ITAT Mumbai held that income earned from offshore supply of escalators and elevators is not taxable in India as assesse didn’t carried out any operations in India.

Retrospective effect to provisions of section 56(2)(vii)(b) of Income Tax Act unjustifiable

March 24, 2023 2436 Views 0 comment Print

ITAT Delhi held that provisions of Section 56(2)(vii)(b) of the Income Tax Act Act which were introduced in the Act by Finance Act, 2010 cannot be given retrospective effect.

CHA service includes any service provided relating to entry/ departure of conveyance or import/ export of goods

March 24, 2023 1632 Views 0 comment Print

CESTAT Chennai held that as per circular F. No. B43/1/97-TRU dated 06/06/1997 services provided by a licensed Custom House Agent in very broad way, to include any service provided to a client in relation to the entry or departure of conveyances or the import or export of goods. Accordingly, whole range of activity is covered under CHA service.

Recent Updates In GST till 23rd March 2023

March 24, 2023 14520 Views 0 comment Print

GSTN keeps issuing advisories and new functionalities to upgrade the portal and for ease of taxpayers. Recently, it issued advisories on forward charge option for GTAs, geo-coding address and new invoice portal.

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March 2023