In October 1996, various regulatory prescriptions regarding conduct of consortium / multiple banking / syndicate arrangements were withdrawn by Reserve Bank of India with a view to introducing flexibility in the credit delivery system and to facilitate smooth flow of credit. However, Central Vigilance Commission (CVC), Government of India, in the light of frauds involving […]
1. Section 26 of Maharashtra VAT Act (MVAT Act) was amended by the State Legislature on 15 April 2017, by which condition of pre-deposit of certain percentage of disputed tax amount at the time of filing 1st and 2nd appeals was introduced. 2. Sub-sections (6A), (6B) and (6C) to Section 26 read as under: “26. […]
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With the increased transmissibility, morbidity, mortality of the emerging P2 Corona Variant and its ability to evade detection by diagnostic tests and decreased susceptibility to antiviral drugs, this new variant has taken everyone with a major surprise and setback. The so-called night curfews are a kind of mini lockdowns impending to be major lockdown if […]
With the increased transmissibility, morbidity, mortality of the emerging P2 Corona Variant and its ability to evade detection by diagnostic tests and decreased susceptibility to antiviral drugs, this new variant has taken everyone with a major surprise and setback. The so-called night curfews are a kind of mini lockdowns impending to be major lockdown if […]
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 Hon’ble AAR, Karnataka in Re: M/s Page Industries Limited [Advance Ruling No. KAR ADRG 54/2020 dated December 15, 2020] held that assessee is in essence not eligible to claim input tax credit (ITC) on promotional products/materials and marketing items used in promotion of their brand and marketing their products which is distributed to their […]
I have been watching lot of questions about use of SAC classifications in several groups. I am enclosing herewith list of illustrative SAC classification of services as applicable from July 1,2017. Please note that no specific exemption was available for non-quoting of SAC from the day one of GST Act 2017 Note: All users are […]
RULE 18 OF CGST OR SGST RULES, 2017 (1) Every registered person shall display his certificate of registration in a prominent location at his principal place of business and at every additional place or places of business. (2) Every registered person shall display his Goods and Services Tax Identification Number on the name board exhibited […]
In the backdrop of rising Covid-19 cases in its second wave, the International Monetary Fund (IMF) has raised its forecast of economic growth for India to 12.5% as per latest World Economic Outlook (WEO) for the FY 2022. In fact, it has pitched India as the fastest growing economy major and the only economy to […]
