The mechanism to distribute ISD credit read with clause 2 to Schedule I of CGST Act (i.e., inter branch services) allows the organisation to avoid the ISD and optimize the utilisation of input tax credit (ITC). Let us analyse how.
On 14th of April, the CBEC released Electronic Way (e-way) Bill Rules in public domain. Some significant provisions with reference to E-Way bill are as follows: 1. Furnishing of information before commencement of movement of goods:
In a welcome move, the Central Government seems to be all set to abolish ‘Lal Batti’ culture. The government on Wednesday notified draft rules for abolishing red beacons.
In the present case, the assessee was not having any trust deed. So it is quite difficult for the ld. Commissioner to arrive at a firm conclusion about the objects of the trust. In case the trust deed is being written after application for grant of registration, then that deed can never be seen through by the ld. Commissioner for satisfying himself.
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of a Protocol amending the Convention between India and Portugal for avoidance of double taxation. The Protocol will also ensure prevention of fiscal evasion with respect to taxes on income.
It has been informed by the Income Tax Department that the e-Filing account of the members, who have not provided their PAN details to the Institute but are using e-filing account with Income Tax Department, will be blocked by the Income Tax Authorities after April 30, 2017 in case the same is not updated.
It has been observed that a number of IRS officers have been visiting North Block for having personal audience with Members/Chairman in connection with their requests for transfers and postings. Time and again it has been impressed upon the officers that any request in connection with transfers and postings should be made online to Data Base Cell only.
Central Government hereby specifies Special Commissioner of Police, Crime, Delhi (Office of Crime Branch & Economic Offences Wing, Delhi Police) for the purposes sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961
Exemption from the application of quantitative ceiling and export bans on export of organic agricultural products (wheat, non-Basmati rice) and organic processed products (edible oils and sugar) and enhancement of quantitative ceiling on export of pulses & lentils.
Standard Input Output Norms (SION) A-39 for export product falling under the Chemicals and Allied Products Group has been amended.
