Karnataka AAR disposed of the application after observing that a request for extension of the ITC availment deadline did not fall within matters covered under Section 97(2) of the CGST Act.
The authority clarified that ITC cannot be claimed on amounts recovered from employees toward canteen facilities. Credit is restricted to the expenditure actually incurred by the employer.
RBI has clarified reporting requirements, valuation methods, submission procedures, and entity obligations under the Portfolio Investment Positions survey. The FAQs aim to improve the quality and consistency of cross-border investment data reporting.
SC declined interference as statutory GST appeal was available, but allowed appeal within eight weeks and protected it from dismissal for delay.
RBI has reiterated that software and ITES exporters must submit the annual survey based on the previous financial year. The guidelines outline reporting timelines, filing methods, and compliance requirements.
RBI requires mutual funds to report foreign liabilities and assets annually for compilation of Balance of Payments and International Investment Position statistics. The survey must be filed each year by the prescribed deadline.
The Supreme Court quashed the removal of a Mathadhipati after finding that relied-upon documents were not properly supplied and the enquiry process violated principles of natural justice. A fresh enquiry was ordered through an independent mechanism.
This article explains why FEMA does not explicitly prohibit round-tripping transactions and how regulators instead control them through overseas investment and FDI rules. It highlights the importance of commercial substance and regulatory compliance.
The article argues that recurring policy interventions have failed to resolve deep-rooted economic problems. It suggests that prolonged neglect of structural issues could push the global economy from recession into stagflation.
The Supreme Court held that adjudicatory proceedings cannot survive when authorities rely on undisclosed material or deny meaningful hearing. The ruling reinforces that procedural fairness is a constitutional requirement, not a mere formality.
