News Update

Rajya Sabha also passes Citizenship Amendment BillCabinet nod for Agreement on Social Security between India and Brazil (See 'taxindiainternational.com')Cabinet okays funding of Delhi Metro's three Priority Corridors of Phase - IVCCEA approves extension of PM's Package for Horticulture in UTsCabinet nod for increase in authorised capital for IIFCL (See 'tiolcorplaws.com')Cabinet okays 'Partial Credit Guarantee Scheme' for purchase of high-rated pooled assets by PSBs (See 'tiolcorplaws.com')Cabinet approves IBC (Second Amendment) Bill, 2019 (See 'tiolcorplaws.com')GST - GSTR-1 is declaration of tax liability and GSTR-3B is evidence of actual payment - Petitioner has filed GSTR-1 but not GSTR-3B - Revenue is simply pressing upon for actual payment - claim of petitioner that s.79 can be invoked only after invoking s. 78 of Act, is, therefore, erroneous:HCCBIC gives addl charge to JS NegiFraud by e-Commerce Companies - File FIR if they are not traceable: GovtIndustrial Corridors - Onus is on States to acquire land towards their equity: GoyalWTO General Council decides to extend moratorium on electronic transmissionsProfiteering - Additional benefit given to one recipient cannot be offset with the denial of benefit to another recipient as this is not spirit of law: NAASection 171 of CGST Act nowhere mentions that investigation should be done only for State where complaint is filed and not for other States: NAAKeyword is 'commensurate reduction' - amount of profiteering has to be calculated by keeping recipient at centre and, therefore, contention that amount of profiteering has to be calculated entity-wise is not correct interpretation of law: NAARule 133 of CGST Rules - Time period for Authority to pass order after receipt of report from DGAP has been increased to six months by notification 31/2019-CT: NAASC keen to appoint former SC Judge to probe into Hyderabad encounterCus - Once a review Committee has taken a decision of not filing appeal, they become functus officio , and such decision cannot be re-opened or revised by a new Committee: CESTATPSLVC48 carrying 9 customer satellites and earth observation satellite successfully lifts offAs net interest income exceeds interest expenses, there cannot be any disallowance of interest expenses if no interest expense is claimed in P&L A/c: ITATST - Assessee is engaged in marketing and promotion of pesticides/insecticide manufactured by their principal - services rendered by assessee as super distributor are agriculture extension services which are covered under negative list as per section 65B(4) of FA, 1994: CESTATClaim of deduction on interest expenditure merits being allowed to extent of interest income received from various parties: ITATIf bill of exchange found during search relates to AY 2005-06, then no addition pertaining to it can be made in AY 2006-07: ITATProvisions of Section 40A come into operation only when payment in cash, in single day, exceeds specified limit of twenty thousand: ITATIGST to States - The Revised GoMOcean Freight and GST- Are We Missing Something?GST - N K Singh favours design changeArms Amendment Bill - Govt to introduce bullets with serial numbers soon: MoSGovt Keen to trim Central Deputation quota for IPS as States show reluctance to release officers30 Cr vehicles plying on road - Steps being taken to promote e-Vehicles: GovtGST - Law Committee to hold two-day meet starting todayThere is no universal yardstick to estimate profit derived from bogus purchase: ITATGovt trying to further simplify export procedures: Puri


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