News Update

Quake of 7.7 magnitude rocks Myanmar and Thailand this afternoonGST - Clerical or arithmetical errors, often discovered after denial of ITC, are not being permitted to be corrected despite acknowledgment of such errors by Revenue; notice to CBIC: SCGST - Need for realistic timelines for correcting bona fide errors in tax filings, particularly clerical or arithmetical mistakes: SCPM to attend BIMSTEC Summit in Thailand; then to LankaGST - If the transaction is entered into before completion of construction and consideration was paid (partly or fully) before issuance of completion certificate, the same would amount to supply of services requiring payment of tax: HCTrump is serious about acquiring Greenland: PutinGST - Petitioners, without distinguishing factual aspects of the matter, had sought to allege discrimination in the amounts being collected by respondent-authorities and the same cannot be countenanced: HCGST - Rule 108 - Retrograde to opine that online filing, which was complete in all respects, including electronic copy of the order, is not valid filing: HCGST - Fake ITC - Trial is likely to consume considerable time to conclude - No possibility of prosecution witness being won over - Bail allowed subject to furnishing of bail bonds and surety bonds: HCST - Case remanded where Revenue erroneously treated all receipts & payments as taxable services without adequately identifying specific taxable service: CESTATGST - Amnesty scheme - Rule 164 amended to woo more takersCus - Since the appellant paid higher duty than the CENVAT credit availed, proceedings are deemed revenue-neutral, further invalidating the demand: CESTATCustoms - CBIC notifies adjudicating authorities for several casesI-T - Mere deployment of funds does not amount to investment unless it is aimed at earning income or return: HCCustoms - CBIC amends Notifn Nos 11/2018 to insert heading 07132020I-T - Credits appearing in bank accounts of assessee could be added as unexplained income if such assessee fails to explain details of source from which such deposits are made: HCGovt locks borrowing plan for H1 of FY 2025-26Govt releases National Guidelines on Medical Oxygen ManagementFIEO hosts Sourcex India to boost Indian exportsNon-dom tax changes - Lakshmi Mittal to say sayonara to UKMoD inks Rs 2,500 crore contracts for NAMIS Tracked version of anti-tank weaponRussian submarine sinks in Red Sea - 6 dead; 39 tourists rescued
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