15th Sept 2023 – 2nd Installment of Advance Income Tax
What is advance tax? As the name suggests, advance tax is the practice of paying taxes in advance rather than paying a lump sum amount at the end of the financial year. Also known as ‘pay as you earn’ scheme, these taxes are supposed to be paid in the same year the income is received. […]
Amendment in Import Policy of Laptops, Tablets, Computers etc.
The move seems to be aimed at promoting domestic manufacturing, and probably targeted at China since more than 75 per cent of India’s total $ 5.33 billion imports of laptops and personal computers in 2022-23 was from the neighboring country. Policy conditions are introduced as under: This Article is only a knowledge-sharing initiative and is […]
KEY HIGHLIGHTS OF 50TH GST COUNCIL MEETING
The 50th meeting of the GST Council witnessed the release of a short video film titled ‘GST Council- 50 steps towards a journey,’ highlighting the Council’s progress. The film, available in Hindi, English, and regional languages, will be shared on various social media platforms. Additionally, the Council recommended changes in GST tax rates, trade facilitation […]
Gujarat High Court Quashes Cancellation Order of GST Registration Due to Vague Notice
CASE LAW: SONA METALS VERSUS STATE OF GUJARAT The Gujarat High Court declared the order cancelling the GST registration as unsustainable in law and set it aside. The court emphasized that the cancellation was based on a vague show cause notice, which prevented the petitioner from providing a proper response. The court referred to previous […]
“Revoking GST Registration Cancellation: Implications for Input Tax Credit”
CASE: Allyssum Infra Vs Union of India (Gujarat High Court) The petitioner, which is a partnership firm engaged in the business of real estate projects, has challenged in this petition order of cancellation of its Goods and Services Tax Registration. The Goods and Services Tax registration of petitioner came to be cancelled on the ground […]
GST Rate on services provided by sub-sub-contractors to the main contractor – AAAR M/s. Shreeji Earth Movers
Fact of the case M/S Kababhai Popatbhai Savalia (Shreeji Earth Movers) (“the Applicant”) is a registered firm having is engaged in providing works contract service directly to sub-contractors who execute the contract with the main contractor for original contract work with the irrigation department (State of Gujarat). The Government Irrigation Division awarded work contract to […]
Recommendations of 49th GST Council Meeting
The 49th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate AffairsSmt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and seniorofficers of the Ministry of Finance & States/ […]
RMPS – The Union Budget – 2023 – Key Tax Announcements
Dear Readers, The first Budget in Amrit Kaal (the 25-year countdown to India@100) hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. Vision for Amrit Kaal – an empowered and inclusive economy, includes technology-driven and knowledge-based economy with strong public finances. As of 2023, India’s economy is […]
Special Economic Zone (SEZ) – Recent updates
1. GOVT AMENDS SEZ NORMS TO HELP COMPANIES OPT FOR FLEXIBLE WORK OPTIONS The government has amended the Special Economic Zones (SEZ) Rules, 2006 to accommodate the work-from-home model of employment, a move expected to change the demand for leasing of space at information technology parks. This proposal for working from home will cover a […]