Recently, one such case has been noticed, wherein the tax payer of Maharashtra State has not disclosed the ineligible ITC on account of IGST paid on inward interstate supply and import supplies in its periodic returns filed in form GSTR-3B. It resulted in short transfer of IGST funds to the State of Maharashtra
Central Board of the Reserve Bank of India (RBI) today decided to transfer a sum of ₹1,76,051 crore to the Government of India (Government) comprising of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today.
In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance (No. 2) Act, 2019 on tax payable at special rate on income arising from the transfer of equity share/unit referred to in section 111A and section 112A of the Income-tax Act,1961(the ‘Act’) from the current FY 2019-20. The following capital assets are mentioned in section 111A and section 112A of the Act:
For the periods starting on or after Ola April 2005 and ending on or before 31a March 2008, the return as well as the MVAT Audit report filing process was not electronic. ITC in such cases shall be allowed upon verification of record such as tax invoices and books of accounts produced by the claimant dealer.
Amendment to the Order of the Removal of Difficulties faced by the taxpayers due to technical glitch-Extension of dates for submission of application and for making payments for Settlement by the Identified Taxpayers under Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Act, 2019 till 30th August 2019. FINANCE DEPARTMENT Madam Cama […]
It has been noticed that importers importing motor vehicle parts are misclassifying the automobile parts under wrong CTH and item description is not proper. It has been found from the description/technical name mentioned in the bill of entry that the actual item and its nature is not forthcoming.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA IRDAI/INT/GDL/RSB/139/08/2019 22nd August, 2019 Guidelines on operational issues pertaining to the Regulatory Sandbox As per Regulation 13(3) of the IRDAI (Regulatory Sandbox) Regulations, 2019, the Authority hereby issues the following guidelines on operational issues pertaining to the Regulatory Sandbox. The following procedure will be followed for the implementation of […]
CBIC extend the validity of 2% Basic Excise Duty on ATF drawn from RCS-UDAN airport or heliport or waterdrome vide Notification No. 07/2019-Central Excise dated 22nd August, 2019. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 07/2019-Central Excise New Delhi, the 22nd August, 2019 G.S.R. 591(E). – In exercise of the powers conferred […]
The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which provides deduction for 100 per cent of income of an eligible start-up for 3 years […]
Reduction of Government Litigation —Raising of monetary limits for filing appeals by the Department before CESTAT/High Courts and Supreme Court in Legacy Central Excise and Service Tax-regarding.
