CBIC have issued guidelines procedure to be followed during search operations u/s 67 of the CGST Act, 2017. It inter alia, covers the following : The officer issuing authorization for search should have valid and justifiable reasons for authorizing a search, which shall be duly recorded in the file. Search should be carried out. only with a proper search authorization issued by the Competent Authority.
The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget revolves around three themes i.e., inspirational India, economic development and caring society. The Budget made a statement that of all the structural reforms, the Goods and Services Tax (GST) has been the most […]
The Economic Survey was presented in Parliament which draws a blue print of Indian economy. It advocates at fiscal expansion and suggests of a calibrated fiscal policy (India’s fiscal stimulus as a percentage of GDP in Covid times). Economic survey highlights expansion in Government spending and borrowing. It defends farm laws and even comments positively […]
It is seen that often business entities provide working lunch or canteen services during office hours to employees / workers free of cost or at subsidized rates or against recovery of charges towards canteen services by way of receiving payment from employees or deduction of such amount from salary of employees. Whether such provision of […]
The 2020 has been a recessionary year unlike earlier ones, perhaps the longest one but not due to economic reasons. The sources of recession or slow down is neither financial nor economic one but the economy got adversely affected by Covid-19 pandemic, locally as well as globally. It destroyed social and productive capital badly, also […]
Central Government has inserted a new rule in CGST Rules, 2017, Rule 86B, providing for restrictions on use of amount available in electronic credit ledger. This rule shall be applicable from 1st January, 2021 and has an over-riding effect over other rules. It states that the registered person shall not use the amount available in […]
It now appears that Indian Government did paved the way for economic turn amid Covid which was made possible by a mix of fiscal reforms and infrastructural push leading to higher consumption and revival of all sectors of economy. How much, how less – may be a perception issue but it did worked. Governance and […]
Introduction The retail sale of various motor vehicles, which include two wheelers, three wheelers, four wheelers, various types of passenger cars, commercial vehicles and tractors etc. is done in India through a large network of automobile dealers. The retail sale of vehicles is done by dealers on a principal to principal basis by engaging in […]
Reserve Bank of India’s bimonthly credit policy on 4th December, 2020 has shown signs of recovery and its stance towards supporting the economy under revival mode. The basic theme has been to support growth while ensuring that financial stability is maintained. It ensures easy liquidity and promises to take further measures, as may be necessary to provide access to liquidity and easy financing.
Indian economy is now on a recovery drive. The figures suggest that it has fared well as against predictions. A GDP contraction of 7.5% is a better picture after witnessing a 23.9% negative growth in June, 2020 quarter. For March 21, people now predict a contraction of 7-9% only. Economists and other agencies have now […]
