31 Oct, 2023
On October 26, 2023, the Central Board of Indirect Taxes and Customs (CBIC) notified that Goods and Services Tax (GST) will be applicable to corporate guarantees between related entities, such as parent firms and subsidiaries, from October 26, 2023. This decision was taken by the GST Council on October 8, 2023. What is a corporate […]
Read More09 Oct, 2023
The recent ruling by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) that export consignments of iron-containing products that are less than 70% iron content cannot be considered iron oxides is a significant development for exporters of these products. The ruling could have implications for the export of a variety of iron-containing products, including […]
Read More07 Oct, 2023
The 52nd GST Council meeting was held on October 7, 2023 in New Delhi. The meeting was chaired by Finance Minister Nirmala Sitharaman and attended by State Finance Ministers and senior officials from the Union Government and States. Here are the key takeaways from the meeting: The GST Council also discussed the roadmap for the […]
Read More02 Oct, 2023
Maruti Suzuki India, the country’s largest car manufacturer, has been served a show cause notice by the GST Authority for a tax liability of Rs 139 crore. The notice pertains to the period from July 2017 to August 2022 and relates to the reverse charge basis on certain services. What is the Reverse Charge Basis […]
Read More29 Sep, 2023
Infosys gets a Rs 26.5 lakh IGST demand, penalty of Rs 2.6 lakh, and interest demand of Rs 8.58 lakh Infosys, a leading Indian IT company, has received a demand notice from the Commercial Taxes Department for Rs 26.5 lakh in integrated goods and services tax (IGST), along with a penalty of Rs 2.6 lakh […]
Read More29 Sep, 2023
Non-awareness of other contraband goods in Consignment other than Declared in the Bill of Entry is not an Excuse to avoid Penalty u/s 117 of the Customs Ac Section 117 of the Customs Act, 1962 provides for the imposition of penalty on any person who imports any goods in contravention of the provisions of this […]
Read More28 Sep, 2023
The Indian government has exempted ocean freight imports from 5% GST, effective October 1, 2023. This is a significant move that will benefit importers and reduce the cost of doing business in India. What is ocean freight? Ocean freight is the transportation of goods by sea. It is the most common mode of transportation for […]
Read More27 Sep, 2023
What is Section 80G of the Income Tax Act? Section 80G of the Income Tax Act, 1961 allows taxpayers to claim a deduction for donations made to certain charitable organizations and institutions. The deduction is available for donations made in cash or kind. What is CSR? Corporate Social Responsibility (CSR) is a concept in which […]
Read More27 Sep, 2023
What is Section 69B of the Income Tax Act? Section 69B of the Income Tax Act, 1961 deals with unexplained investments. It states that if an assessee is found to have made investments that cannot be explained by their known sources of income, the Assessing Officer can make an addition to the assessee’s income under […]
Read More26 Sep, 2023
Introduction In a recent judgment, the Kerala High Court has provided relief to taxpayers who have filed condonation applications for delay in filing their income tax returns (ITRs). The court has held that the income tax authorities cannot issue recovery cum garnishee orders during the pendency of such condonation applications. Background Taxpayers are required to […]
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