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Archive: 12 July 2023

Posts in 12 July 2023

DPIIT notifies Quality Control Orders for Potable Water Bottles & Flame-Producing Lighters

July 12, 2023 735 Views 0 comment Print

DPIIT has issued two Quality Control Orders (QCOs) for Potable Water Bottles and Flame-Producing Lighters. These QCOs aim to enhance public health and safety by strengthening the quality ecosystem in India. Learn more about the implications and requirements of these QCOs.

50th GST Council meeting’s 15 Major Decisions

July 12, 2023 5133 Views 0 comment Print

Explore the 15 major decisions taken in the 50th GST Council meeting held on 11th July 2023, including GST rate reductions, exemptions for cancer-related drugs, and measures for trade facilitation. Stay informed about changes in GST tax rates, compliance procedures, and initiatives to streamline processes. The decisions made by the GST Council will become part of the GST law through future notifications issued by CBIC. For detailed insights and professional advice, consult IGTM Tax Advisory.

Supreme Court Judgment on Refund of Education Cess

July 12, 2023 1797 Views 0 comment Print

Supreme Court clarifies on education cess refund in CGST vs. Saraswati Agro Chemicals case, emphasizing the importance of legal finality and preventing endless litigation.

GAAR Gujarat Lacks Jurisdiction Over Madhya Pradesh Supply Issue

July 12, 2023 474 Views 0 comment Print

In re Pooja Construction Co (GST AAR Gujarat): GAAR Gujarat does not have the jurisdiction to rule on the question on account of the fact that as per the applicant the place of supply is Madhya Pradesh.

R&D services provided to foreign company considered as export of service

July 12, 2023 1788 Views 0 comment Print

AAR held that, services provided by the assessee to entities located outside India is covered under section 13(2) of IGST Act, 2017. Accordingly, such services would qualify to be treated as export of service.

Stay Ahead in Business Landscape with CMD Register’s Cutting-Edge Company Data Services

July 12, 2023 474 Views 0 comment Print

In today’s fast-paced and competitive business world, staying ahead of the curve is essential for success. As businesses strive to make informed decisions, having access to reliable and comprehensive data becomes a game-changer. This is where CMD Register, an Indian business intelligence and data analytics organization, comes into play.

Critical Role of Initial Enquiry under Section 148A(a) for Taxpayer Protection

July 12, 2023 5103 Views 0 comment Print

Understand the critical role of the initial enquiry under Section 148A(a) for taxpayer protection in income tax assessments. Explore the significance of the initial enquiry in gathering relevant information, ensuring a reasonable basis, and providing the assessee an opportunity to explain. Learn from recent court decisions, such as CIT v. Ravindra Kumar Jain and CIT v. Pradeep Kumar Gupta, emphasizing the importance of credible and reliable evidence before issuing orders under Section 148A(d). Stay informed to protect your rights and navigate the assessment reopening process effectively.

Decisions taken in 50th GST Council Meeting held on 11th July 2023

July 12, 2023 14685 Views 0 comment Print

Explore the key decisions taken in the 50th GST Council Meeting held on July 11, 2023. Discover relaxations for taxpayers, changes in rates, modifications in physical verification requirements, and updates on the GST Tribunal. Stay informed about amendments in amnesty schemes, exemptions for cancer-fighting drugs, and reduced GST rates. Get insights into system-based intimation on excess ITC, non-mandatory ISD mechanism, and restrictions on refund of accumulated ITC. Stay updated with the latest GST reforms.

Priority of Provisions: SARFAESI Act Prevails Over MSMED Act in Recovery Proceedings

July 12, 2023 1107 Views 0 comment Print

Both the Micro, Small, and Medium Enterprises Development Act 2006 (MSMED Act) and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) contain non-obstante clauses and often cause confusion with respect to their applicability.

NCLT approves Resolution Plan of Jain Shoppers Private Limited

July 12, 2023 771 Views 0 comment Print

NCLT Kolkata approves Jain Shoppers Pvt. Ltd. resolution plan, ensuring compliance with IBC for corporate revival and stakeholders’ interest protection.

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