DGGI busts firm for making bogus Input Tax Credit invoices of more than Rs 268 crores The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Nitin Jain, resident of Sonepat, Haryana, proprietor of M/s Shiv Trade Incorporation, Delhi, for issuing bogus invoices. During investigation it was revealed that Shri […]
In this case in which GST department has raised Interest Demand on Gross GST without considering the Input Tax Credit, Hon’ble Court has directed the department to not to take any coercive steps for the purpose of recovery of the interest.
Portfolio Managers shall provide an option to clients to be on-boarded directly, without intermediation of persons engaged in distribution services. Portfolio Managers shall prominently disclose in its Disclosure Documents, marketing material and on its website, about the option for direct on-boarding.
Indo Rubber and Plastic Works Vs Commissioner of Customs (CESTAT Delhi) CESTAT Delhi has held that in absence of any condition precedent, the expenditure by the importer-appellant on advertisement and sales promotion incurred on its own account and not for discharge for any obligation of the seller (foreign exporter) under the terms of the sale, […]
National Institute of Financial Management, Faridabad, to be renamed as Arun Jaitley National Institute of Financial Management The Government of India has decided to rename National Institute of Financial Management (NIFM), Faridabad as Arun Jaitley National Institute of Financial Management (AJNIFM). NIFM, Faridabad, was set up in 1993 as a registered society under Department of […]
Regulation of irregularities in GST claims To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further verification. Moreover, a standard […]
Amendment to notification no. 12/97-Customs (NT) dated 2nd April, 1997 vide Notification No. 12/2020-Customs (N.T.) dated:11th February, 2020. Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 12/2020-Customs (N.T.) New Delhi, the 11th February, 2020 G.S.R. 105(E). – In exercise of the powers conferred by clause […]
The amount retained by the bank for the fees charged for having rendered banking services, cannot be treated as a commission or a brokerage paid in course of use of banking service by a person acting on behalf of another for buying or selling goods, so as to be hit by section 194H.
Where no assessment proceedings are pending on the date of search and seizure proceedings, the assessment under section 153A can be carried out only on the basis of seized material and where no incriminating material was unearthed during the course of search proceedings, addition could not be made in the hands of assessee.
Is there any difference in tariff or customs preferences if the wholly obtained (WO) criteria is used instead of the product specific rule (PSR)? No, the tariff or customs duty preferences are the same i.e either tariff elimination if the product is non-sensitive and tariff reduction if the product is sensitive irrespective of whether the criteria is WO or PSR.
