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Archive: 31 August 2023

Posts in 31 August 2023

Who Repays Personal Loan After the Borrower Dies? Important Guide

August 31, 2023 4518 Views 0 comment Print

An instant personal loan is a popular way that many use to bridge financial gaps, be it during weddings, medical emergencies or more. Lenders offer affordable interest rates and flexible repayment plans to ensure one can repay the loan comfortably and conveniently.

Merchant Bankers/Issuers Advised to File Abridged Prospectus in XBRL Format

August 31, 2023 657 Views 0 comment Print

NSE has now established a provision that requires the filing of the Abridged Prospectus in the XBRL (eXtensible Business Reporting Language) format.

Tariff Value Update: Edible Oils, Metals and Areca Nut wef 01.09.2023

August 31, 2023 1293 Views 0 comment Print

An overview of latest tariff values for Edible Oils, Brass Scrap, Gold, Silver, and Areca Nut as amended by Notification No. 63/2023- Customs(N.T.)  Dated: 31st August, 2023

CBIC exempt LPG, Liquified Propane and Liquified Butane from levy of AIDC

August 31, 2023 789 Views 0 comment Print

The Ministry of Finance, Department of Revenue has released a new notification numbered 51/2023-Customs on 31st August 2023. This notification announces critical amendments to a previous notification, No. 11/2021-Customs, which dates back to 1st February 2021. The primary focus of the amendment is to exempt LPG, Liquified Propane, and Liquified Butane from the levy of […]

Supreme Court Declares Homebuyers as Creditors under IBC

August 31, 2023 4302 Views 1 comment Print

An analysis of the Supreme Court ruling which positions homebuyers as financial creditors under the Insolvency and Bankruptcy Code, its implications, and history.

Satellite derived 3D model services – OIDAR or Export of Services?

August 31, 2023 834 Views 0 comment Print

Globolive 3D Private Limited Vs Union of India (Bombay High Court) Introduction: The Bombay High Court recently delved into a significant issue concerning the nature of Satellite derived 3D model services. The core matter revolved around whether such services should be categorized as Online Information Database Access or Retrieval (OIDAR) services or considered as an […]

Advisory on Reporting of ITC Reversal opening Balance

August 31, 2023 24846 Views 2 comments Print

Please read the following advisory carefully before proceeding ahead for reporting the ITC Reversal opening balance: 1. Taxpayers are permitted to use this facility to report their ITC Reversal Balance that has not been re-claimed. 2. The taxpayer is advised to report solely those reclaimable ITC reversal balances that meet the legal criteria for re-claim […]

Nickel (Quality Control) Order, 2023

August 31, 2023 1494 Views 0 comment Print

On August 31st, 2023, the Ministry of Mines in India released a crucial directive under the Bureau of Indian Standards Act, 2016. Named as the Nickel (Quality Control) Order, 2023, this order aims to standardize the quality of nickel powder produced within the country. The order mandates the compulsory use of Standard Mark licensed by […]

Section 67(2) of CGST Act doesn’t grant officers authority for cash seizures

August 31, 2023 1797 Views 0 comment Print

In Rajeev Chhatwal vs Commissioner of Goods and Services Tax (East), case, Delhi High Court addressed contentious issue of whether officers have authority under Section 67(2) of CGST Act to seize cash.

CTD Cracks Down on Fake GST Bill Operators

August 31, 2023 2874 Views 0 comment Print

Bengaluru’s Enforcement Wing reveals a major GST fraud involving 30 fake entities and a turnover of Rs. 525 Crs. Two masterminds arrested. More details inside.

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