The concept of Input Service Distributor(ISD) was found in erstwhile service tax law. The definition of ISD was in Rule 2(m) of Cenvat Credit Rule,2004. Rule 7 of Cenvat Credit Rules, 2004 is completely written down as per Notification No. 13/2016 C.E (N.T) dated 1st,March 2016 to allow an Input Service Distributer to distribute the input service credit to an outsourced manufacturing unit also in addition to its own manufacturing units.
E-Way Bill can be generated by the transport companies carrying the goofs, the driver, the owner of the merchandise or the recipient of the goods before the movement begins. It is mandatory for the land, air, and maritime transport of merchandise but not motorized carriers such as hand cart m bullock cart etc.
‘A penalty imposed for a tax delinquency is a civil obligation, remedial and coercive in its nature, and is far different from the penalty for a crime or a fine or forfeiture provided as punishment for the violation of criminal or penal laws.’ Every fiscal statute to exact taxes needs compliance of provisions and consequences […]
PROLOGUE If we see the provisions of the CGST Act and SGST Act for respective states, we come across identical provisions for the incidence of GST as provided in section 7 which provides for scope of supply under the CGST Act and the SGST Acts. The common feature is that if the supply is for […]
PROLOGUE It is well known to business fraternity and tax professional community, that the indirect tax reforms were introduced in India by 101st Amendment to Constitution of India. Consequently, several indirect taxes subsumed in the Goods and Service Tax regime. The concept was one country, one tax and one market. The field of legislation for […]
AMENDMENTS IN CENTRAL GOODS AND SERVICE TAX ACT, 2017,INTEGRATED GOODS AND SERVICE TAX ACT, 2017 AND AND CENTRAL SALES TAX ACT BY THE FINANCE ACT 2021. The Finance Act 2021 has been passed by both the houses of parliament and the President has given assent on 29.3.2021. The Finance Act 2021 has amended the CGST […]
Till 31.08.2016 and with effect from 1.9.2016, the Government dues have lost priority of its tax dues against the banks or financial institutions secured creditors (‘secured creditors’) since the Recovery of Debts and Bankruptcy Act, 1993 and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 were amended by inserting sections 31B and section 26E in respective Acts on 1st September 2016.
The principle of priority of Government debts is founded on the rule of necessity and of public policy. The basic justification for the claim for priority of state debts rests on the well recognized principle that the State is entitled to raise money by taxation because unless adequate revenue is received by the State, it would not be able to function as a sovereign government at all.
The Tribunal Reforms (Rationalisation and Conditions of Service) Bill, 2021 Objectives: 1. With a view to streamline tribunals, the Tribunals Reforms (Rationalisation and Conditions of Service) Bill, 2021 is proposed to be enacted to abolish certain tribunals and authorities and to provide a mechanism for filing appeal directly to the commercial court or the High […]
Power to Condone Delay under limitation Law applies to Special Or Local Laws unless Expressly Excluded: In a recent Supreme Court judgement dt 25.10.2019, in Superintending Engineers v/s Excise and Taxation Officer , it has been held , that delay in filing Revision against order of Tribunal beyond limitation prescribed under VAT Act can be condoned and judgment in Patel Bros v/s State of Assam 2017(2) SCC 350 appears to be overruled by necessary implication.
