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PMLA - Statement given by accused, while under custody in PMLA case to investigating officers of ED incriminating oneself in another money laundering case would be inadmissible in evidence: SC (See 'TIOLCorplaws')CBDT promotes 6 IRS officers as CCITThe making of an 'Input Service Distributor'President Murmu unwraps new Insignia and flag of Supreme Court of IndiaCBIC amends Sea Cargo Manifest & Transshipment Regulations‘Kavach’ system to be deployed in mission mode: Rail MantriI-T - Re-assessment cannot be commenced when there is no failure on assessee's part to make full and true disclosure of material facts during original assessment: HCHeavy rains in AP & Telangana; 26 NDRF teams deployedMoS unveils New Single Unified Pension Form for Senior CitizensGST mop-up in August month rises to Rs 1.75 lakh croreI-T - Issue as to whether or not there was in fact a suppression, is question of fact that has to be determined by AO/ DRP before whom assessee has admittedly filed his objections, and cannot lie before writ court: HCPresident Murmu says Culture of adjournment needs to be amended for speedier justiceIndia Post Payments Bank providing financial inclusion to remote areas17 killed in Russian copter crashI-T - Amount paid by assessee for obtaining mining rights in e-auctions, can be countenanced as income of assessee: HCOMCs hike LPC cylinders cost by Rs 39India, Malaysia ink MoU for strengthening Cooperation in Tourism sectorFire at fireworks factor in TN - 2 killed & 4 injuredI-T- Theory of human behaviour and preponderance of probabilities cannot be cited as a basis to turn a blind eye to the evidence produced by respondent: ITATIndia-China 1962 war era smoke bomb found in Assam; Cops safely defuse itMandaviya calls for transparent System for EPF DeductionsForbes ranks Princeton Univ as No 1 in USCX - The provisions of Section 11B of Central Excise Act, 1944 are not applicable for deposit lying in PLA account for refund and same is to be treated as deposit: CESTAT

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Credit Flow in GST Regime - And the Discredit goes to ...


Online credit verification

The VAT dept in Kerala has evolved a software as per which ,immediately on typing the invoice no and partys name,the rest of VAT details will pop up.Also whether any credit has already been taken by any body else would appear.If and if only the invoice wise details are made available like this,the system of credit flow of Cenvat,or GST can be streamlined.Even after 30 yeras since MODVAT was introduced,the CBEC has never bothered to have such a software for the Central excise,CVD and service tax credit taken running to thousands of crores.Sometime in 1990s,remember a case where within same Range ,two units had claimed the modvat on the basis of same Invoice,which was revealed by the good old Annexure D verification ,that too noticed by the receiving supdt ,when two reports came as correct from the range of origin.

Unnikrishnan V 24/05/2015

 

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