Government consults stakeholders and expert GoMs to rationalize GST rates, reducing disputes and promoting transparent taxation.
RBI and MeitY block and monitor illegal digital lending apps, while regulatory guidelines and awareness campaigns protect citizens from predatory loans.
RBI and government regulations align banks and NBFCs with global best practices, ensuring secure and ethical handling of customer financial data.
To address cash flow issues, GST provisional refunds of 90% are allowed for inverted duty structure claims, preventing ITC blockages and easing business operations.
The Centre has released all provisional GST compensation for FY 2017-22, with Arunachal Pradesh and Manipur awaiting AG-certified final figures. Timely payment ensures states receive full compensation once reconciliation is completed
The applicant requested withdrawal of an advance ruling on Red Seaweed Calcium classification before issuance, and CAAR approved the withdrawal under Regulation 20.
New Legal Metrology amendments require all pan masala packs, including small 10-gram packs, to show Retail Sale Price, ensuring transparency and consumer protection.
The ITAT held that a penalty under section 271(1)(c) cannot survive once the underlying quantum addition is deleted by a binding ITAT order. The Revenue’s appeal was dismissed as no stay or direction from the High Court could revive the deleted quantum.
ITAT rules that reliance on remand report from a different year is invalid, restoring matter to Assessing Officer for AY 2012-13.
The Court held that Section 270A cannot be invoked when assessed income matches the returned income, and an excessive FTC claim alone does not constitute under-reporting. Key takeaway: Penalty requires statutory pre-conditions to be satisfied, not mere disagreement on a claim.
