Rule 86A of the GST Rules, 2017 empowers the officers to block the Input Tax Credit (ITC) availed by the taxpayers wrongly or fraudulently. Sub-rule (3) of the said Rule stipulates that the ITC so blocked shall cease to have effect after the expiry of a period of one year from the date of blocking in case no action has been taken by the officers.
Union Finance Minister Nirmala Sitharaman said that Union Budget 2022-23 recognises and encourages the potential of youth, their technological skills and entrepreneurial spirit. “In the 75th year of our independence, the next 25 years are very critical to India’s development; therefore we wanted this year’s Budget to encourage the power of youth, the power of […]
Karvy Innotech Ltd Vs Deputy Commissioner (ASSMT) SGST Department (Kerala High Court) While considering the question whether the petitioner was deprived of an opportunity of hearing, this Court bears in mind that, by Ext.P7, petitioner had sought only for two week’s time. By Ext.P9 he had only sought for one more week’s time and by […]
Reference is drawn to the provisions of IRDAI (Health Insurance) Regulations, 2016 in accordance to which every insurer shall evolve a health insurance underwriting policy covering approach and aspects relating to offering health insurance coverage not only to standard lives but also to substandard lives. Attention is also drawn to provision of The Transgender Persons (Protection of Rights) Act, 2019.
Ensuring sufficient financial resources for your family anytime is a moral obligation. And if you are the only earning member in the family, then it is your prime responsibility! So, it would help if you are looking for financial instruments such as passive income streams or a savings policy to set up an income stream for your family in your absence and otherwise.
In re Mohammed Hasabhai Karbalai (GST AAR Gujarat) What should be the classification and applicable tax rate on the supply of Ready to Serve Fruit Beverage named as ‘Apple Cola Fizzy’ and ‘Malt Cola Fizzy’ made by the applicant under Notification No. 1/2017 – CT (Rate) dated 28.06.2017 as amended up to date? Apple Cola […]
Varun Beverages Limited Vs Commissioner of Central Excise & Service Tax (CESTAT Delhi) The preliminary objection by the appellant is that a show cause notice (SCN) dated 10 February 2016 was issued by the Department demanding duty short paid by irregularly availing exemption under Notification No. 1/2011-CE along with interest and penalty. The present show […]
Income from contract farming done by assessee cannot be treated as agricultural income and that the assessee is not eligible to claim exemption under section 10(1) in respect of such income.
As per Section 115(2) of the Customs Act, 1962 Any conveyance or animal used as a means of transport in the smuggling of any goods or in the carriage of any smuggled goods shall be liable to confiscation, unless the owner of the conveyance or animal proves that it was so used without the knowledge or connivance of the owner himself, his agent, if any, and the person in charge of the conveyance or animal
Bodal Chemicals Ltd. Vs Union of India (Gujarat High Court) HC held that GST department cannot raise their hands in despair saying that it is not possible to correct or take care of the technical glitches. The writ applicant herein has been running from pillar to post requesting the respondents to provide a solution and […]
