334 ViewsThe Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) consisting of S.K. Mohanty (Judicial Member) and P.V. Subba Rao (Technical Member) has held that service tax is not payable on liquidated damages recovered on the failure to fulfil the contract. The appellants/assessees are public sector undertakings established by the Government […]
CBIC issues amending notification to align HS codes in Customs Tariff notifications with the Finance Act, 2022 w.e.f. 01.05.2022
196 ViewsCBIC issues amending notification to align HS codes in Customs Tariff notifications with the Finance Act, 2022 w.e.f. 01.05.2022
Status Note on GST compensation released to States/UTs
229 ViewsAt the time of introduction of GST, the Constitution amendment provided that the Parliament, by law shall provide compensation to States for a period of five years for loss of revenue due to introduction of GST. Accordingly, the GST Compensation to States Act was legislated which provides for release of compensation against 14% year-on-year […]
CBDT issued revised instructions for constitution and functioning of ‘Local Committees to deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment’
228 ViewsThe CBDT issued revised instructions vide F.No.225/101/2021-ITA-II dated April 23, 2022 for the constitution and functioning of ‘Local Committees to deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment’. The Central Board of Direct Taxes (the ‘CBDT’), by its Instruction No.17/2015 dated November 09, 2015 (copy enclosed) provided for constitution of ‘Local Committees to deal […]
April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance Ministry sources
244 ViewsThe monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore, CNBC-TV18 reported on April 26, citing sources in the Finance Ministry. The projected numbers mark a consecutive month-on-month (MoM) surge in GST collections. In March, a record-high amount of Rs 1.42 […]
SUPPLY OF RELIED UPON DOCUMENTS
456 ViewsThe manner of adjudication proceedings is laid down under the statutory provisions of tax. The starting stage of adjudication proceedings is the scrutiny of returns or records of the taxpayers. If any discrepancy observed or found in the returns then it is required to be intimated to the taxpayers for clarification thereafter a show […]
Kerala GST Dept. issued clarification regarding extension of limitation under GST Law in terms of the Hon’ble Supreme Court’s Order
242 ViewsThe Kerala GST Department vide Circular No 8/2022 dated April 23, 2022 issued clarification regarding the extension of limitation under GST Law in terms of the Hon’ble Supreme Court’s Order in the reference Order in Miscellaneous Application No. 21 of 2022 in Miscellaneous Application No. 665 of 2021 in Suo Motu Writ Petition (C) […]
Finance Ministry clarified the report on raising GST Rates on 143 items is misleading
273 ViewsIt has been noted that a section of the media has reported that feedback has been sought from States regarding a suggestion for raising Good & Services Tax (GST) rates on 143 items. Some reports have even carried the number and description of items. It is clarified that no feedback from States has been […]
CBIC issued revised guidelines for NRMC/LRMC for Customs and GST
272 ViewsThe CBIC issued revised guidelines vide Instruction No. 3/2022-Customs dated April 23, 2022 for the National Risk Management Committee (“NRMC”)/Local Risk Management Committee (“LRMC”) for effective implementation of the Risk Management System in Customs and GST. Kind attention is invited to the Board’s Circular No. 23/2007-Customs dated June 28, 2007 and Circular No. 43/2005-Customs […]
Kerala GST Dept. issued SOP for filing ‘Kerala Flood Cess Annual Return’
215 ViewsKerala GST Department has issued Standard Operating Procedure (“SOP”) for filing Kerala Flood Cess Annual Return. User Manual for KFC Annual Return 1. Menu Click the ‘Annual Return’ 2. List of pending annual return List of pending annual returns will be available and one can proceed by clicking the button ‘Prepare online’ 3. Annual […]
