"02 June 2023" Archive - Page 2

New Guidelines on Licensing and Stock Limits for Pulses namely tur & urad

Notification No. S.O. 2423(E). 02/06/2023

The amended order introduces specific stock limits for wholesalers, retailers, big chain retailers, millers, and importers. Notably, the most significant impact of this amendment is the requirement for these entities to declare their stocks' positions on the portal of the Department of Consumer Affairs....

India’s GST Revenue for May 2023 Surpasses ₹1.57 Lakh Crore

The gross GST revenue collected for May 2023 in India amounted to ₹1,57,090 crore, representing a 12% year-on-year growth compared to May 2022. This marks the 14th consecutive month with GST revenues exceeding ₹1.4 lakh crore and the 5th time crossing ₹1.5 lakh crore since the implementation of GST. The revenue from import of goods ...

Posted Under: Corporate Law |

Punjab HC directs Service of notice, summons by WhatsApp, Telegram and Signal

Amar Singh Vs Sanjeev Kumar (Punjab And Haryana High Court)

Amar Singh Vs Sanjeev Kumar (Punjab And Haryana High Court) In this case High Court has issued directions for the use of modern communication methods in serving notices and summons. The court recommends email, fax, and commonly used instant messaging services like WhatsApp, Telegram, and Signal. Parties and their advocates are required to...

Recent Updates In GST till 01st May 2023

Morgan Stanley has expressed that India may emerge as a key driver for Asia and global growth with growth differentials swinging in India’s favour. Also, India remains the fastest growing major economy in 2022-23. According to Moody’s, Global Rating Agency, India may be the fastest growing G-20 economy in next five years with expansio...

Meaning of ‘income chargeable to tax’ for time limit under 149(1)(b) for reopening

Sanath Kumar Murali Vs ITO (Karnataka High Court)

Sanath Kumar Murali Vs ITO (Karnataka High Court) Petitioner challenged the order  u/s 148A(d)  for AY 2016-2017 & sought for quashing  148 notice before the Karnataka High Court. Notice u/s 148A(b)  was issued to the petitioner stating that information was received which suggested that income chargeable to tax for the AY has esca...

Capital Gain Deduction u/s 54 and 54F simultaneously for a Single Residential House Property

Article explains deductions on capital gains from the sale of a long-term capital asset under Sections 54 and 54F of the Income Tax Act, 1961 simultaneously for a Single Residential House Property. Section 54 enables individuals to claim deductions when selling a residential house and purchasing or constructing another residential house w...

Posted Under: Corporate Law |

Notice In Form ASMT-10 Invalid If Issued by Other Than Proper Officer Without Authorisation

Section 61 read with Rule 99 of the Central Goods and Services Tax (CGST) Act provides the authority to the Proper Officer to scrutinize the returns submitted by registered persons. This ensures that the tax compliance of businesses is properly examined and any discrepancies or non-compliance can be addressed. The definition of the Proper...

Posted Under: Corporate Law |

Refund of CENVAT credit pertaining to the period prior to registration cannot be denied

Commissioner of Service Tax Vs Ad2Pro Global Creative Solutions Pvt. Ltd. (CESTAT Chennai)

Denial of CENVAT credit for non-registration of premises is not justified as per Section 11B of the Central Excise Act, 1944. Further held that, when conditions like payment of tax and receipt of service are satisfied, in such case credit cannot be denied on the basis that the credit was availed few days before the payment of tax....

Bona fide belief of non-deduction of TDS vis-à-vis default u/s 201(1) and 201(1A) needs re-adjudication

State Bank of India Corporate Centre Vs CIT(A) (ITAT Mumbai)

ITAT Mumbai remanded the matter for adjudication of bona fide belief of TDS exemption in case of LTC relating to foreign travel vis-à-vis default u/s 201(1) and 201(1A) of the Income Tax Act....

Payment of mandatory pre-deposit directed against detention order

Haresh Kumar Vs Assistant Commissioner (ST) (Madras High Court)

Madras High Court directed the petitioner to deposit maximum penalty of 200% of the tax involved in detention matter as once the mandatory pre-deposit is complied, the order has no force and all the further recovery proceedings will be subject to final outcome of the appeal....

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December 2023