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Exposure Draft on Long-Term Fire Insurance products 

December 8, 2022 1203 Views 0 comment Print

Authority issued Guidelines relating to Fire and Allied perils standard products covering Dwellings, Micro and Small businesses, namely, – Bharat Griha Raksha (BGR), – Bharat Sookshma Udyam Suraksha (BSUS) and – Bharat Laghu Udyam Suraksha (BLUS)

Review of SLR holdings in HTM category

December 8, 2022 2898 Views 0 comment Print

At present, banks have been granted a special dispensation of enhanced Held to Maturity (HTM) limit of 23 per cent of Net Demand and Time Liabilities (NDTL), for Statutory Liquidity Ratio (SLR) eligible securities acquired between September 1, 2020 and March 31, 2023, until March 31, 2023.

RBI Governor’s Monetary Policy Statement: December 7, 2022

December 7, 2022 2418 Views 0 comment Print

RESERVE BANK OF INDIA Governor’s Statement: December 7, 2022 As we come to the end of yet another turbulent year, the global economy is still marred by profound shocks and unprecedented uncertainty. Mixed signals are emanating from the geopolitical situation and financial market volatility. In the beginning of this year (2022), just as the COVID-19 […]

GST on charges collected under Unparallel Health Insurance Scheme

December 7, 2022 1062 Views 0 comment Print

Charges collected under the Unparallel Health Insurance Scheme are to be considered as advance towards the provision of the health care services to the subscribers of this scheme, and accordingly, any amount collected towards this scheme will not be subjected to levy of GST

Services provided by Ranchi Club are governed by principal of mutuality

December 6, 2022 1977 Views 0 comment Print

In re Ranchi Club Limited (GST AAR Jharkhand) Once it has been established that the applicant is not doing any business in terms of section 2(17) of the CGST Act, 2017, it can be deduced that activities carried out by the applicant would not come under the scope of supply as envisaged under section 7(1) […]

Input Tax Credit of Demo vehicles along with repair, maintenance & insurance

December 6, 2022 2415 Views 0 comment Print

Applicant is required to maintain up to maximum of one (1) Demo Vehicle of each model till final disposal of that said Demo Vehicle before acquiring new Demo vehicle of the same model with the condition that it is to be shown in the capital goods account.

ITAT’s clarifies law on additions wrt employees’ contributions for PF/ESI based on Tax Audit Report by CPC

December 6, 2022 3006 Views 0 comment Print

CIT(A) was justified in sustaining the adjustment u/s 143(1)(a) by means of disallowance made in these cases for late deposit of employees’ share to the relevant funds beyond the date prescribed under the respective Acts.

Section 263 revision not valid for duly explained cash payment exceeding threshold limit to AO with documents

December 6, 2022 864 Views 0 comment Print

PCIT Vs Shukla Dairy Pvt. Ltd. (Gujarat High Court) We note that during the assessment proceedings, assesses had submitted before assessing officer (AO), the cash payment register and explained each of the item of proposed addition as per show cause notice of assessing officer. The cash payment register, which is placed at paper book page […]

IRDAI (Registration of Indian Insurance Companies) Regulations, 2022

December 5, 2022 2280 Views 0 comment Print

These Regulations may be called the Insurance Regulatory and Development Authority of India (Registration of Indian Insurance Companies) Regulations, 2022.

Damodar Valley Corporation under definition of Government Entity for GST

December 3, 2022 1605 Views 0 comment Print

Whether Damodar Valley Corporation is covered under the definition of the term ‘Government’ Entity as per Notification No. 32/2017 – Central Tax (Rate) dated 13/10/2017 and Notification No. 31/2017 – Central Tax (Rate) dated 13/10/2017?

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