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This article reports on Swiggy's upcoming IPO and Bollywood actress Madhuri Dixit’s investment of Rs 1.5 crore in the company. It provides details about the IPO, including its…
The Madras High Court has ruled that light green float glass, which is tinted and non-wired, should be classified as tinted glass. This classification impacts the tax treatment…
The Delhi High Court has invalidated an income tax reassessment order that was based on the same grounds as a prior assessment. The case centered around the principle of…
The Authority for Advance Rulings AAR has ruled that goods and assets procured by a foreign company from a liquidating company do not qualify as zero-rated supply. This decision…
The discussion focuses on how to draft a reply to GST show cause notices regarding ITC reversal on book adjustments. The guidance provided is crucial for taxpayers facing queries…
The Delhi High Court has ruled that the process of canceling GST registration cannot be stalled due to ongoing recovery proceedings. The case dealt with the issue of whether…
The National Financial Reporting Authority NFRA has issued revised standards on auditing, specifically SA 600, inviting public comments. This update is part of an ongoing effort…
The Karnataka High Court has annulled an income tax penalty notice and order issued by the assessing officer AO , citing unwarranted doubts regarding the genuineness of the…
The Karnataka High Court has ordered the Income Tax Department to refund Rs. 17.48 crores that were erroneously adjusted towards income tax demand. The case involved an issue…
This article reports on Kaleidofin, a fintech startup that has successfully raised $13.8 million in a funding round led by Rabo Partnerships. It details the company’s business…
In a major relief to Parle Products, the Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that Cheeselings, a popular snack, is classifiable as "namkeen" and thus…
The Orissa High Court has ruled that surplus electricity supplied free of cost is entitled to Cenvat credit. The case involved the eligibility of Cenvat credit on electricity…
The Income Tax Appellate Tribunal ITAT has dismissed an appeal filed by Mahindra International Schools seeking tax exemption under section 143 3 . The appeal was denied due to…
The Madras High Court has ruled that light green float glass, which is tinted and non-wired, should be classified as tinted glass. This classification impacts the tax treatment…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT has set aside excise duty recovery orders issued against Cipla Ltd, following a decision by the Development…
The Madras High Court has ruled that the GST department must verify the correctness of returns and particulars before initiating any action under Section 73 of the GST Act. This…
The Central Board of Direct Taxes CBDT announced a significant update, increasing the monetary limits for filing income tax appeals before the ITAT, High Courts, and the Supreme…
The Kerala High Court overturned the denial of Input Tax Credit ITC under Section 16 4 of the CGST Act, 2017. The petitioner, Govindapurath Meethal Deepak, had been denied ITC,…
The Central Board of Indirect Taxes and Customs CBIC has postponed the automation of the process for Export Oriented Units EOUs importing goods. The new implementation date is…
The Delhi High Court has annulled a customs duty recovery order imposed on a deceased individual, setting aside a demand of Rs. 22.6 lakhs along with penalties. The case revolved…
The Delhi High Court has ruled that the cancellation of GST registration cannot be withheld due to ongoing recovery proceedings. The case dealt with the issue of whether recovery…
The Delhi High Court has invalidated an income tax reassessment order that was based on the same grounds as a prior assessment. The case centered around the principle of…
The Karnataka High Court has ordered the Income Tax Department to refund Rs. 17.48 crores that were erroneously adjusted towards income tax demand. The case involved an issue…
In a major relief to Parle Products, the Customs, Excise, and Service Tax Appellate Tribunal CESTAT ruled that Cheeselings, a popular snack, is classifiable as "namkeen" and thus…
The government has raised the transaction limit for tax payments made using the Unified Payments Interface UPI to ₹5 lakh per single transaction. This increase is part of efforts…
In a significant ruling, the Delhi High Court directed the GST authorities to restore a petitioner's GST registration for 30 days, allowing them to file returns. The petitioner…
The Income Tax Department has raised the threshold for filing appeals in tribunals and courts. This measure is aimed at reducing frivolous litigation and easing the burden on…
Effective immediately, the government has reduced the windfall tax on petroleum crude, diesel, and aviation turbine fuel ATF to zero. The windfall tax had been imposed in July…
The Central Board of Direct Taxes CBDT announced a significant update, increasing the monetary limits for filing income tax appeals before the ITAT, High Courts, and the Supreme…
This article reports on Swiggy's upcoming IPO and Bollywood actress Madhuri Dixit’s investment of Rs 1.5 crore in the company. It provides details about the IPO, including its…
The Central Board of Indirect Taxes and Customs CBIC has postponed the automation of the process for Export Oriented Units EOUs importing goods. The new implementation date is…
The government has raised the transaction limit for tax payments made using the Unified Payments Interface UPI to ₹5 lakh per single transaction. This increase is part of efforts…
Finance Minister Nirmala Sitharaman has indicated potential changes in the Goods and Services Tax GST structure through a process known as "GST rate rationalization." This…
The GSTN has issued a draft manual on the Invoice Management System IMS as part of its efforts to streamline the Goods and Services Tax GST process. The IMS aims to improve how…
The Goods and Services Tax Network GSTN has provided a final opportunity for taxpayers to report the Input Tax Credit ITC reversal opening balance. Effective from September 15,…
The Interest Equalisation Scheme, which provides financial support to MSMEs by subsidizing interest rates on pre- and post-shipment export credit, has been extended until…
In a significant ruling, the Delhi High Court directed the GST authorities to restore a petitioner's GST registration for 30 days, allowing them to file returns. The petitioner…
The Income Tax Department has raised the threshold for filing appeals in tribunals and courts. This measure is aimed at reducing frivolous litigation and easing the burden on…
The Central Board of Direct Taxes CBDT has released a Standard Operating Procedure SOP to streamline the handling of internal audit objections. This move comes in response to the…
Finance Minister Nirmala Sitharaman has indicated potential changes in the Goods and Services Tax GST structure through a process known as "GST rate rationalization." This…
The article reports that Nazara Technologies has acquired a 19.35% stake in Absolute Sports, the parent company of Sportskeeda. It discusses the strategic rationale behind the…
The article covers the funding round of E6Data, a data infrastructure startup that has raised $10 million, led by Accel. It provides details about the company's objectives, how…
The GST Council has set up a Group of Ministers GoM to assess the taxation rates on health and life insurance premiums. This decision comes amidst industry requests to reduce the…
The GSTN has issued a draft manual on the Invoice Management System IMS as part of its efforts to streamline the Goods and Services Tax GST process. The IMS aims to improve how…
The Goods and Services Tax Network GSTN has provided a final opportunity for taxpayers to report the Input Tax Credit ITC reversal opening balance. Effective from September 15,…
GST evasion in India has surged to Rs 2.01 lakh crore in FY24, with Mumbai emerging as the leading city for evasion detection. The increase is attributed to enhanced monitoring…
Phoenix Asset Reconstruction Company ARC is receiving interest from 8 to 9 asset reconstruction companies ARCs for its sale of retail non-performing assets NPAs valued at Rs 3,550…
The Madras High Court ruled that a single satisfaction note is sufficient under Section 153C of the Income Tax Act if the same Assessing Officer is handling both the searched…
In a case involving Reliance Life Science, the Customs, Excise, and Service Tax Appellate Tribunal CESTAT ordered a cash refund of ₹49 lakh due to an excess reversal of Cenvat…
The Central Board of Direct Taxes CBDT released a Standard Operating Procedure SOP detailing how to address internal audit objections raised during assessments. The SOP mandates…
This article reports on Swiggy's upcoming IPO and Bollywood actress Madhuri Dixit’s investment of Rs 1.5 crore in the company. It provides details about the IPO, including its…
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