News Update

RBI revises directions on Voluntary Retention Route for FPIsCBIC enables Customs to launch prosecution in certain cases immediately after issuing SCNOver 13 children killed in major fire in SuratPresident receives Union Cabinet's recommendation to dissolve 16th Lok SabhaFANI fall-out - CBDT extends due date for TDS for Odisha from June 15 to July 15, 2019British Prime Minister Theresa May to resign on June 7 post failed efforts for Brexit compromiseRoundtables on e-commerce can act as inclusive force: WTO chiefAmerican trade body congratulates ModiFire breaks out at Bhilai Steel Plant's Tar Distillation Unit; no casualties or injuries reportedAAR erred in classifying PP Non-woven bags made from non-woven polypropylene fabric as being plastic goods under SH 3923 29, correctly classifiable under HSN 6305 3300: AAARGST - Remittances from IWAI are being credited to Consolidated Fund of India so they are part of government revenue and not part of business proceeds - appellant satisfies Sr. 3(vi)(a), 11/2017-CTR; GST @12%: AAARRespondent had not availed any additional benefit of ITC post GST as compared to pre-GST, therefore, no contravention of s.171 of Act - Profiteering unproved: NAAFor computing GST tax liability, respondent had taken 2/3rd value and charged GST @12% which shows effective GST rate was 8% - no profiteering observed, applicant agrees, withdraws complaint: NAANotice served u/s 143(2) at different address than what was consistently disclosed by assessee, is time barred service: ITATCus - Refund of SAD - Tribunal was not justified in holding that discrepancy in description of goods on sales invoices was not in nature of curable effect: HCNo penalty u/s 271AAA is leviable, if additional income is voluntarily surrendered during course of search and offered to tax along with its mode of earning: ITATCus - When Tribunal remanded matter for fresh consideration, obviously, adjudicating authority cannot start from inception as if it is a fresh proceeding: HCIndustry captains welcome Massive mandate for Modi; says it is vote for economic growthCarbon credits - Whether taxable under GST?


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Legal Wrangle | International Taxation | Episode 104