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GST - Renting of Immovable Property service - Notional interest on security deposit has to be considered as part of value of supply of service if it influences monthly rent: AARGST - If, at expiry of lease tenure, entire deposit or part of it is withheld and not paid back, as charge against damages etc., then such amounts not refunded will be liable to GST: AARGST - Examination is an incomplete activity without assessment - Scanning of answer sheets and quantifying marks is main objective of examination process - activity of applicant is exempted: AARHarley Davidson to shut down manufacturing & sales offices in IndiaEU resolves to go ahead with digital tax if OECD fails to broker global consensusCOVID-19 & Digital Technologies eat up romance of 'OFFICE' & also sovereignty to levy taxes!Obituary: Shiva Kant Jha passionately fought judicial battles in public interestsCus - Onus rests with the Revenue to establish that valuation of imported goods was incorrect & it is not for the importer to prove otherwise: CESTATCX - Limitation period for filing refund application must strictly be followed - no relief can be allowed if assessee files refund claim after prescribed time period & the same is rejected on limitation: CESTATST - When an amount deposited loses the character of service tax, it can only be treated as a deposit - such amount merits adjustment u/r 6(3) and becomes liable for refund: CESTATLate filing fee u/s 234E cannot be levied where date of filing TDS statement & date of intimation are prior to date of introduction of Section 234E: ITATHigh Speed Rail Corporation opens bids covering 47% of Mumbai-Ahmedabad corridorOnce liability stands converted into share application money with consent of creditors, then same cannot be treated as cessation or remission of liability, either unilateral or bilateral: ITATIn case of unabated assessments, no addition can be framed u/s 153A unless it based on tangible material incriminating the assessee, found in course of search operations: ITATCOVID-19 - PM asks States to increase testing & ensure 100% RT-PCR testsTheory of extrapolation cannot be applied on mere theoretical or hypothetical basis in absence of any incriminating & corroborative evidence or material brought on record by the AO in this regard: ITAT871 formulations of essential medicines covered under price controlStatements of third parties per se do not qualify as incriminating evidence: ITATCus - Notification 5/2019-Cus dt. 16.02.2019 imposing duty of 200% on all goods originating in or exported from Islamic Republic of Pakistan was uploaded on the e-Gazette at 20:46:58 hours - power of re-assessment u/s 17(4) could not have been exercised for self-assessments made earlier in the day - Revenue appeals dismissed: SC LBGST - Bench cannot sit in appeal and postulate that decision of Council is not what they have unwaveringly held it to be: HCGST - Response of Union Minister to query cannot prevail over decision of Council and also cannot form basis for impugning decision of Council or notification notifying tax rate: HCBombay HC stops hearing as it’s pouringStartup ecosystem for rural & tribal entrepreneurs being developed: GovtRajya Sabha adjourned sine die; bids sayonara to 11 retiring Members from UP & Uttarakhand'Lost Decade' if austerity dominates winning policy space: UNCTADCBDT notifies New Form 15C to accommodate Insurer with banking companies for Sec 195(3) certificateThe Interest ConundrumSeizure of Cash made during investigation - Legality under GST?VAT - Assessee cannot be relegated to invoke appellate remedy, where writ remedy is sought in contest of a non-speaking order which suffers from arbitrariness: HCUDAN: Demand-driven Scheme for affordable air travel: PuriExpenses incurred by the company for holding a dealers' conference or towards sales promotion, cannot be considered for determining assessee's liability towards Fringe Benefit Tax u/s 115WB(2)(c): HCIndia not in position to accept Data Free Flow with Trust: GoyalCX - Revenue cannot refuse to accept surrender of assessee-company's registration certificate where no enforceable dues are recoverable from the assessee: HCMonsoon Session may wrap up today; CAG to table 29 reports in HouseAssessment u/s 153A can be resorted to only if any material incriminating the assessee is found during Search operation conducted u/s 132: ITATSales Tax - Tribunal upheld assessment order by considering a remand report only & without hearing the assessee - case remanded for passing fresh order: HCCouncils sets up to help MSMEs in resolving delayed payments: Sarangi
 
Global economic crisis calls for greater cooperation: FM

 

By TIOL News Service

NEW DELHI, OCT 21, 2019: THE Union Finance Minister, Ms Nirmala Sitharaman, has said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives. She stated this in her intervention during International Monetary and Financial Committee (IMFC) Plenary Session in the ongoing Annual Meetings 2019 of the IMF and World Bank being held in Washington DC, USA. At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added.

Ms Sitharaman further stated that International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum. The Finance Minister also stated that the IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies. On the 15th Round of the IMF’s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, the Finance Minister stated that work on the 16th Round should begin in right earnest and should have a tight timeframe.

Ms Sitharaman later participated in the 100th Meeting of the Development Committee Plenary. The items on the agenda included the World Development Report 2020: Trading for Development in Age of Global value Chains; Jobs and Economic Transformation (JET): Drivers, Policy Implications and WBG Support theme for IDA; Human Capital Project: An update; and IDA Voting Rights Review: Report to Governors. In her intervention at this session, the Finance Minister mentioned that as we draw closer to SDG 2030, India is pursuing both scale and speed of development, through large National missions in a fiscally responsible, sustainable and inclusive manner. These programs range widely from solar energy to direct benefit transfer, from skilling to sanitation. But there is a common approach: to improve incomes, reduce deprivation and enhance living standards. Smt. Sitharaman also stated that in pursuing investment led growth, we should not neglect sustainability, efficiency and transparency in debt and tax policies. Moreover, investments must generate domestic revenues that can be channelized into effective public spending in health, education and skilling so that youth can benefit from the economic growth. The Finance Minister encouraged IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment MDB financing into developing countries.


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