213 ViewsThe Central Bureau of Investigation (CBI) arrested a Commissioner (Appeals) in Central GST and CE posted at Guwahati and a middleman (private person) in an alleged bribery case. A case was registered against Commissioner identified as Raju Shaktivel and three middlemen on a complaint. It was alleged that the complainant executed construction work related […]
GST CT Notification issued on 28.09.22
234 Views Notification No. 18/2022-Central Tax dated 28.09.2022 is published by CBIC to notify 01.10.2022 as the date on which provisions of sections 100 to 114, except clause (c) of section 110 and section 111 of Finance Act, 2022 shall come into force. 2) Notification No. 19/2022-Central Tax dated 28.09.2022 is published by CBIC to […]
Oct 1 deadline for compulsory e-invoice generation nears for firms with Rs 10 crore turnover
172 ViewsBusinesses having aggregate annual turnover of Rs 10 crore and more will have to compulsorily generate e-invoices for business-to-business (B2B) transactions from October 1 onwards, according to the Finance Ministry. As of now, businesses with turnover of Rs 20 crore and more are required to generate e-invoices for all B2B transactions.Central Board of Indirect […]
Finance Minister lists out 3 ‘R’s for Income Tax officials
360 ViewsFinance minister Nirmala Sitharaman on Tuesday urged the income tax department to focus on 3 R’s asking them to assess tax returns and process tax refunds even faster. FM Sitharaman further requested tax officials to redress pending grievances of assessees. “We are going to basics in some ways. I think there are three ‘Rs’ […]
FAQ’s for Form 3CA-3CD/3CB-3CD
207 ViewsThe Income Tax Department has issued Frequently Asked Questions dated September 27, 2022 for filing of Tax Audit Report in Form 3CA-CD/3CB-CD Question 1: What are the prerequisites for filing of Form 3CA-3CD/3CB-3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD Taxpayer and CA are registered on the e-Filing portal with […]
TN Govt. issued Instructions regarding assessments and adjudications under TNGST Act and other legacy Acts
124 ViewsThe Commercial Taxes Department of Tamil Nadu has issued Instructions vide Circular No. 12/2022 dated September 26, 2022 regarding the assessment and adjudication proceedings under the Tamil Nadu Goods and Services Tax Act, 2017 (“the TNGST Act”) and other legacy Acts for adherence of the Principles of Natural Justice with the reference of Circular […]
Govt to plug duty loophole in solar equipment imports
184 ViewsThe government is looking at ways of plugging a loophole in regulations that may allow many solar power developers to avoid paying duties of up to 40% on cells and modules and instead get away with shelling out only 5%. India imposed basic customs duty (BCD) of 40% on solar modules and 25% on […]
Threshold for criminal offences under GST law may be raised
168 ViewsThe government is looking at decriminalising some provisions under the Goods and Services Tax (GST) by allowing compounding of offences and making arrests exceptional. “This is in the works… It would be taken to the GST Council,” an official, aware of the deliberations, told ET. A final call would be taken after the council’s […]
Activities to be undertaken w.r.t GST Compliances for the FY 2021-22 in September 2022
244 ViewsWe are fast approaching the end of September 2022. It mandates for important activities to be carried out under the GST laws for smooth filing of Annual Return (GSTR 9) and Self Certified Reconciliation Statement (GSTR 9C) for the Financial Year (“FY”) 2021-22. We have listed down certain important activities for the smooth amendment/ […]
CENVAT credit available on inputs used in the production of electricity supplied to Sister Unit FOC
227 ViewsThe CESTAT in Principal Commissioner v. M/s Hira Ferro Alloys Limited [Excise Appeal No. 53531 of 2018 with Excise Miscellaneous Application No. 50363 of 2019 dated September 6, 2022] held that the assessee is entitled to Central Value Added Tax (“CENVAT”) credit to the extent that the inputs are used for the production of […]
