Analysis of recent amendments to IBC Regulations covering Insolvency Resolution Process (CIRP), Liquidation Process, and Voluntary Liquidation Process by IBBI. Changes include mandatory communication in CIR process, extended timeline for Information Memorandum submission, and reduced timeline for compromise proposal in liquidation. The article provides an in-depth overview of amendments, ensuring clarity for stakeholders in the insolvency ecosystem.
CBIC instructs GST officers to refrain from mechanically summoning CMD/CEOs and avoid routine arrests. Guidelines ensure arrests are based on credible material and ‘reason to believe. Industry welcomes clarity on summons issuance, limiting calls to senior officials, and emphasizes adherence to the instructions for a fair process. Author provides insights on these crucial directives.
Explore the intricacies of Suo Moto cancellation of GST registration – Reasons, Withdrawal & Actions to Activate. Learn about the grounds for initiation, withdrawal procedures, and steps to reactivate. Understand the impact on businesses and the latest notices issued by the GST department. Stay compliant and informed to navigate the complexities of GST registration effectively.
Ensure compliance with Schedule III Additional Requirements using our comprehensive checklist and referencer. Ideal for Small & Medium Sized Companies, this audit tool covers the latest changes effective from 01.04.2021. Navigate through Balance Sheet and Profit & Loss disclosures, from rounding off figures to details on shareholding, current maturities of LT borrowings, ageing schedules, property holdings, and financial ratios. Simplify your financial reporting with our easy-to-follow checklist, aiding your company’s adherence to the Companies (Accounting Standards) Rules, 2006.
Can the I-T department call for reassessment when the Income Tax Act, 1961 does not provide for it – Per Incuriam application of Article 142
Discover eligibility for Input Tax Credit (ITC) on Transport/Cab services for employees under section 17(5) of CGST Act, 2017. Explore analysis of CGST Act provisions and government notifications. Learn how businesses can claim ITC for transport services, especially during night shifts for women employees, based on Circular No. 172/04/2022-GST. Stay informed and maximize tax benefits for your organization.
RoDTEP and RoSCTL are e-scrips issued by customs in respect of remission of embedded local duties/ taxes/ levies in exported goods.
In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR.
HC held that for interim release of goods under Section 110A of Customs Act, 1962 importer of goods cannot be regarded as owner
HC held that accusations of clandestine removal cannot be confirmed merely based on statement of few transporters under Central Excise Act
