The GST, introduced on July 1, 2017, streamlined India's tax system by subsuming many indirect central and state taxes. It eliminated tax cascading, promoted transparency through…
29/06/20241 min read
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The GST, introduced on July 1, 2017, streamlined India's tax system by subsuming many indirect central and state taxes. It eliminated tax cascading, promoted transparency through…
ICICI Prudential Life Insurance has received a GST notice demanding Rs. 365 crore, including interest and penalty, for the fiscal years 2017-18 to 2022-23, alleging unpaid GST on…
On June 29, Tata Consumer Products Ltd announced a ₹171.83 crore tax demand from the Income Tax department for the assessment year 2019-20. The company received an Assessment…
Life Insurance Corporation of India LIC ranked 4th among India's most valuable brands with a brand value of $9.8 billion, as per the Brand Finance India 100 2024 report. LIC…
The Multilateral Convention MLC for Pillar 1 of the global tax reform deal is unlikely to be signed by the June 30 deadline, but India may announce its Pillar 2 roadmap in the…
The Enforcement Directorate ED has attached a land parcel and bank deposits worth ₹73 lakh allegedly linked to the CPI M in the Karuvannur Service Cooperative Bank scam…
On June 29, 2024, the Commerce Ministry extended the Interest Equalisation Scheme IES for Micro, Small & Medium Enterprises MSME exporters by two months, until August 2024. \r The…
The Federation of Indian Export Organisations FIEO has urged Union Commerce and Industry Minister Piyush Goyal to extend the Interest Equalisation Scheme IES beyond June, as the…
HealthCare Global Enterprises Limited HCG has announced the acquisition of Mahatma Gandhi Cancer Hospital & Research Institute MGCHRI in Vizag, Andhra Pradesh, for an enterprise…
Bharat Electronics Limited BEL signed a ₹3,172 crore contract with Armoured Vehicles Nigam AVNL on June 28, 2024, for the supply and installation of an advanced sighting and fire…
Delhi Chief Minister Arvind Kejriwal was sent to judicial custody until July 12 in a corruption case linked to the alleged excise scam. The court, citing his role as a "main…
The Puducherry government has taken steps to implement new criminal laws from July 1, said PWD and Law Minister K Lakshminarayanan. Training has been provided, and a manual…
The Ministry of Statistics and Programme Implementation MoSPI has established a 26-member Advisory Committee on National Accounts Statistics ACNAS to decide the base year for GDP…
The enactment of three new criminal laws in India, effective from July 1, has sparked significant changes and debates within the legal landscape. While some view the overhaul as…
The Kerala High Court ruled that the petitioner is entitled to credit for the entire amount paid under Circular No. 50/2006 for goods stock-transferred to its Pollachi branch.…
The Madras High Court recently quashed tax demands on post-sale discounts received via financial credit notes, ruling that such discounts do not constitute a taxable service under…
The Bangalore ITAT ruled that the Revenue Department's selective enforcement violates Article 14 of the Constitution. Consequently, it overturned the penalty imposed under Section…
The Telangana High Court, under Chief Justice Alok Aradhe, ruled that filing a petition under Section 9 of the Insolvency and Bankruptcy Code IBC does not prevent initiation of…
The Calcutta High Court, in a recent decision by Justice Shampa Sarkar, ruled that Indian courts do not enforce moratorium orders from non-reciprocating countries like the U.S.…
The National Company Law Tribunal NCLT Mumbai bench has allowed Zee Entertainment Enterprises Limited ZEEL to withdraw its application for implementing a merger with Culver Max…
The Central Board of Direct Taxes CBDT has issued Notification No. 01/2024-25 on June 24, 2024, requiring the electronic submission of specified forms listed in Appendix-II of the…
The Central Board of Indirect Taxes and Customs CBIC is set to launch the Exchange Rate Automation Module ERAM on July 4, automating the publication of exchange rates for 22…
The Punjab and Haryana High Court directed a petitioner to pay maintenance arrears and monthly support to his minor son, despite claiming unemployment. The court based its…
The National Academy of Customs, Indirect Taxes & Narcotics NACIN , overseen by the Central Board of Indirect Taxes & Customs CBIC , has published a handbook specifically for…
A 31-year-old, Babar Khan, evading authorities for nine months, was arrested for a Rs 10,000-crore GST fraud involving fake firms using stolen IDs for tax credit claims. Noida…
The Chandigarh Bench of CESTAT ruled that penalty under Section 78 of the Finance Act, 1994 cannot be imposed without invoking the extended limitation period. P S Construction,…
The Supreme Court has directed the Uttar Pradesh government to decide on the remission plea of former BSP MLA Uday Bhan Singh, who was convicted for murder. Singh's plea sought…
Ernakulam District Consumer Disputes Redressal Commission held State Bank of India liable for negligence resulting in financial losses to a customer. The commission found that the…
The Ernakulam District Consumer Disputes Redressal Commission ruled against DTDC Courier & Cargo Ltd. for deficiency in service and unfair trade practices. The case involved a…
The Central Board of Direct Taxes CBDT issued an order on June 27, 2024, in response to numerous representations concerning delays in tax payments under Form-3 of the Direct Tax…
The Calcutta High Court ruled that Rs. 32.42 crores received by ITC Ltd. for relinquishing its right to operate a hotel is a revenue receipt, not a capital receipt. This decision…
In a recent case, the Calcutta High Court restored a Goods and Services Tax GST appeal that had been rejected by the appellate authority for being filed beyond the prescribed…
The Calcutta High Court recently restored a GST appeal for hearing after it was initially rejected by the GST appellate authority for being filed beyond the one-month limit. The…
The government will automate exchange rate notifications for imports and exports starting July 4, 2024. Circular No. 07/2024, issued by the CBIC on June 25, 2024, outlines this…
The Income Tax Department now allows individual taxpayers undergoing tax audits to use an Aadhaar One-Time Password OTP instead of a Digital Signature Certificate DSC for audit…
The Central Board of Indirect Taxes & Customs CBIC , under the Ministry of Finance, issued notification no. 46/2024-CUSTOMS N.T. on June 28, 2024, amending the tariff values of…
The Chennai Bench of the Income Tax Appellate Tribunal ITAT has ruled that a deduction under the Income Tax Act cannot be denied due to a wrong classification in the Income Tax…
The Central Board of Indirect Taxes and Customs CBIC clarified the GST implications on ESOP/ESPP/RSU transactions between foreign holding companies and their Indian subsidiaries.…
Filing Income Tax Returns ITR can be complex, with various challenges affecting taxpayers. Common issues include technical glitches delaying return processing, difficulties in…
The Central Board of Indirect Taxes and Customs CBIC issued Circular No. 209/3/2024-GST on June 26, 2024, clarifying clause ca of Section 10 1 of the Integrated Goods and Service…
The Karnataka High Court ruled that an assessment order against a deceased person is void ab initio, emphasizing that such orders lack legal sanctity. The court reasoned that…
Yatra Online Pvt. Ltd. challenged the imposition of service tax on convenience fees and cancellation charges collected from customers. The issue revolved around whether these…
The New Delhi ITAT held that rejection of objections by the DRP due to delay confirms the merit of the draft order by the AO but does not extend the time limit for the final…
discusses a decision by the Customs, Excise, Service Tax Appellate Tribunal CESTAT regarding service tax exemptions for pipelines used in water supply and drainage systems. The…
The Customs, Excise and Service Tax Appellate Tribunal CESTAT ruled that the payment made to foreign commission agents for services rendered outside India does not attract service…
a ruling by the Cuttack Income Tax Appellate Tribunal ITAT , which upheld a net profit rate of 27.5% over total turnover for the assessment year. The case involved a taxpayer…
The Customs, Excise, and Service Tax Appellate Tribunal CESTAT held that verification of addresses by customs brokers doesn't constitute a taxable service. The issue arose when…
a Service Tax case where the issue revolves around whether trade discounts granted by automobile dealers to customers are liable for service tax. The Central Excise and Service…
The Ernakulam District Consumer Disputes Redressal Forum ruled in favor of the complainant in a case involving two interpretations of the same clause. The dispute centered on the…
The National Consumer Disputes Redressal Commission NCDRC recently examined a case where a surveyor's report was pivotal in rejecting a consumer's claim. The case involved a…
The GST, introduced on July 1, 2017, streamlined India's tax system by subsuming many indirect central and state taxes. It eliminated tax cascading, promoted transparency through…
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