It is clarified that an entity which has obtained a certificate of registration or authorisation for a specific activity either under a framework or a regulation administered by IFSCA, shall not be required to seek a fresh registration under the Finance Company Regulations for carrying out the same activity, which is a permissible activity under regulation 5 of the said Regulations.
In re Eastern Coalfields Ltd (GST AAR West Bengal) Whether the applicant is entitled for input tax credit already claimed by him on the invoices raised by the supplier pertaining to the period Jan-2020, Feb-2020 and March-2020 for which the supplier has paid the tax in November-2020 and whether the applicant has to reverse the […]
The petitioner states that he has paid the customs duty and therefore, no further tax is to be levied. Neither Sales Tax nor Entry Tax is levied for vehicles that are imported. The contention of the petitioner is that, the goods that are manufactured in India suffers payment of Excise Duty and the goods that are imported suffers Customs Duty. By questioning the levy of Entry Tax, the petitioner has prayed for an injunction restraining the respondents from collecting the Entry Tax in respect of the imported vehicle.
CAIT India has sent an important communication to all Chief Ministers of Indian States drawing their attention towards GST avoidance by e-commerce players causing huge loss of GST revenue to both state & central Govt and also urged support for E-Commerce Rules under the Consumer Protection Act. Full text of their communication is as follows:- […]
No Ban on Import of Toys Government Provids All Round Support to Domestic Toy Industry by Promoting Made in India Government is not considering ban on import of toys. Government has taken several steps for promoting indigenous toys makers in the country. The details are as follows- (i) Directorate General of Foreign Trade (DGFT) vide […]
Thorogood Associates India Private Limited Vs Commissioner Of Central Tax (CESTAT Bangalore) In present case, the appellant has complied with the conditions prescribed under para 2(h) of the Notification No.27/2012 and debited the CENVAT account on 31.3.2018 though there was some delay in debiting the CENVAT account but the delay in debiting the CENVAT account […]
Shri Puneet Sehdev Vs ITO (ITAT Amritsar) The activity for converting gold bricks, biscuits or bars, into jewellery amounts to ‘production or manufacture of a new article. The gold, silver or platinum in bar, biscuits or brick form, is converted by manual labour and by the use of implements/tools or by machinery, culminating into an […]
It is five years now since the enactment of The Insolvency and Bankruptcy Code, 2016 and both the Financial Creditors and Operational Creditors have taken recourse under the Code for insolvency resolution. As per IBBI data, as of March 2021, with regard to realizations under resolutions, the recovery for all classes of creditors, as compared […]
Read IRDAI’s guidelines urging General Insurance Companies to expedite claims for July 2021 floods in Maharashtra. Steps, contacts, and awareness highlighted for efficient claim settlement.
As a result of recent flood there are reports of loss of human lives and loss of belongings in the state of Maharashtra. In order to extend every possible facilitation in quick and timely settlement of life insurance claims, you are advised to take the following actions immediately.
