Seeks to rescind notification Nos. 190/1978-Customs and 191/1978-Customs both dated 22th September, 1978 prescribing additional duty of customs on imports of transformer oil equivalent to such portion of the excise duty leviable on the raw material commonly known as transformer oil base stock or transformer oil feedstock vide Notification No. 04/2022-Customs Dated 1st February, 2022 […]
Seeks to further amend notification No. 11/2018- Customs dated 2nd February, 2018 so as to exempt certain goods from Social Welfare Surcharge (SWS) and to withdraw SWS exemption on certain textile items vide Notification No. 03/2022-Customs Dated 1st February, 2022 to give effect to Changes prescribed vide Union Budget 2022-23 i.e. Finance Bill 2022. GOVERNMENT […]
PREFACE TAKES A BIRD’S EYE VIEW OF EVOLUTION OF ECONOMIC SURVEYS SINCE INDEPENDENCE NEW CHAPTER DEMONSTRATES USE OF SATELLITE & GEO-SPATIAL IMAGES TO GAUGE VARIOUS ECONOMIC PHENOMENON ECONOMIC SURVEY REVERTS TO A SINGLE VOLUME PLUS A SEPARATE VOLUME FOR STATISTICAL APPENDIX The central theme of this year’s Economic Survey is the Agile approach, implemented through […]
Economic Survey 2021-22 states that the year ahead is well poised for a pick-up in private sector investment with the financial system in a good position to provide support to the revival of economy.
On the Anti-Evasion front, the Directorate of Goods and Service Tax Intelligence (DGGI), Meerut Zonal Unit, busted a syndicate involved in creating and controlling fake firms and issuing of bills by these fake firms without supply of any Goods or Services and encashment of GST refund. The investigation involved in-depth analysis of the network and devices used by the syndicate. Preliminary investigations have revealed more than 275 fictitious firms with the total value of the invoices issued being in excess of Rs 3,100 Crore and the total GST evaded estimated to be about Rs. 362 Crore.
The Pure Services provided by the applicant by way of rendering Consulting Services for Programme Management and Accompanying Measures for implementation of Integrated Strom Water Drain for M1 & M2 Components of Kovalam Basin in the extended area of Greater Chennai Corporation, supplied to the Superintending Engineer, Strom Water Drain Department, Greater Chennai Corporation, Chennai vide the contract dated 03rd December 2020 are covered under S.No.3 of the Notification No.12/2017-Central Tax (Rate) dated 28.06.2017 and SGST Sl.No.3 of the No.II(2)/CTR/532(d-15)/2017 dated 29.06.2017 and exempted from payment of GST.
In re Shanmuga Durai (GST AAR Tamilnadu) Section 15(1) stipulates the transaction value as the value to be adopted in cases where the supplier and recipient are not related. In the present situation, the applicant and the firm are related persons. Therefore, the value to be adopted is to be arrived at following the Valuation Rules […]
CBIC hereby sets up office for the Interim Boards for Settlement (hereinafter referred to as ‘the IBS’) as specified in Column 2 of the Schedule below, with their headquarters at the places mentioned in Column 3 of the said Schedule and comprising of Income-tax Authorities as specified in Column 4 of the said Schedule.
A perusal of the record shows that this allegation of the Ld. Pr. CIT is correct in so far as no query has been raised by the AO on these two issues and neither has the assessee made any submissions either before the AO or even before the Ld. PR. CIT on these two issues even when the said issues were duly mentioned in the show cause notice issued u/s 263 of the Act. Accordingly, we have no option but to uphold the impugned order u/s 263 of the Act on these two issues.
Giraben Atulbhai Shah Vs ACIT (Gujarat High Court) The objections raised by the assessee came to be disposed of by the Assessing Officer vide his order dated 16th November 2021 stating that the assessee sold immovable property for an aggregate value of Rs.52 Lakh and the same was not offered for tax in the return […]
