News Update

ED attaches Dubai-based Midwest Hotel, 14 commercial and residential properties worth Rs 203 Cr of Iqbal Mirchi under PMLAGST - VKC Footsteps decision disagreed as Gujarat High Court failed to take into consideration scope, function and impact of proviso to Section 54(3): HCCCI gives nod to proposed combination of Midlife & API HoldingsGST - Parliament has used double negative in proviso to s.54(3) - Proviso performs larger function of limiting the entitlement of refund: HCGST - Inverted Duty Structure - Refund - This is clearly in nature of benefit or concession and cannot be equated with refund claim for excessive taxes that were paid inadvertently: HCGST - Un-amended Rule 89(5) exceeded scope of s.54(3)(ii) and extended benefit of refund to credit that accumulates both on account of rate of tax on 'inputs' and 'input services': HCNTPC invites EoI for setting up manufacturing facility within plant premisesGST - If words 'input services' are read into Rule 89(5) then it becomes ultra vires Section 54(3)(ii): HCPM to have tête-à-tête with CMs of 7 States on COVID-19COVID-19 - PM to interact with CMs of 7 States reporting skyrocketing graph of new cases on WednesdayRajya Sabha okays amendments to Companies Bill & Banking Regulation BillDeficits and fulfilling promises to States - A different viewCus - Procedure for rejection of declared value u/r 12 of CVR is mandatory in nature - the mandate of Rules 4 to 9 must be satisfied sequentially before invoking provisions of Rule 12: CESTATIFSCA Panel submits interim report on international retail businessST - Even if receipts under Club & Association service, earned by a society registered under Societies Registration Act are treatable as its income, no service tax is leviable on such amount: CESTAT46K villages in Bihar to be connected with OFC Internet by Mar 31, 2021Cus - It is a substantive right of the exporter to claim drawback; should not be denied on account of procedural irregularities: CESTATIEA, NITI Aayog launch Report on Sustainable RecoveryPenalty cannot be imposed for alleged breach of one limb of Sec 271(1)(c), if penalty proceedings were initiated for breach of other limb of Sec 271(1)(c): HCRailways needs Rs 50 lakh Cr by 2030; to rely more on PPPAssessment u/s 153A can be resorted to only if any material incriminating the assessee is found during Search operation conducted u/s 132: ITATCBDT notifies scope of faceless assessment with cut-off date of Aug 13Income tax officers compulsorily retired under Rule 56(j) - Representation - Govt constitutes Panel
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Rail Budget merger without holistic reforms implies window-dressing
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Pool CAG's compliance audit findings into State of Governance Report
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Capital Good Policy Execution can make or mar or #Make In India
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Smugness over pace & direction of Fiscal Reforms not good for growth
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Galloping wilful defaulters mock at Indian banking sector
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Panama Papers give timely stimulus to global tax cooperation
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Modi Govt to shift gears from incremental reforms to innovative ones
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India needs Transformational Agenda to check revenue leakages
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Manage NPAs through a multi-facet approach
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Budget should fresh light on GAAR and BEPS
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Substitute piecemeal approach with a composite one to fuel growth
Published: January 24, 2016
Substitute piecemeal approach with a composite one to fuel growth
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