The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No.51/2023 Dated 29 September 2023, notified the Central Goods and Service Tax (Third Amendment) Rules 2023 by bringing amendments in many of the rules under the Central Goods …
The Central Board of Direct Taxes (CBDT) vide its Notification No 83/2023 Dated 29th September 2023 notified about insertion of a new Rule 21AHA in the Income Tax Rules 1962. This new Rule 21AHA pertains to various provisions about “Exercise …
Introduction Value of Supply under GST: Goods and Services Tax (GST) has brought about a significant shift in indirect taxation, prompting numerous inquiries from businesses. Among the crucial questions is understanding the value of supply under GST and what elements …
Introduction: CBDT Notifies I-T (22nd Amendment) Rules 2023 The Central Board of Direct Taxes (CBDT) recently introduced significant amendments through its Notification No-82/2023 dated September 27, 2023, titled the Income Tax (Twenty Second Amendment) Rules 2023. These amendments brought by …
The Finance Ministry is set to implement a 28% Goods and Services Tax (GST) on the face value at entry level for online gaming, casinos, and horse racing from October 1. However, the progress of this move might face delays …
ICICI Lombard General Insurance Company Ltd. has been issued a show cause notice by the Directorate General of GST Intelligence (DGGI) for a tax demand amounting to ₹1,728.80 crore. This notice pertains to the period between July 2017 and March …
Introduction Applicability of GST on NBFCs: The Goods and Services Tax (GST), a transformative indirect tax system, made its debut in India on July 1, 2017, ushering in a new era in the country’s tax structure. This tax reform represented …
In a recent move, the Indian government has decided to waive the 5% integrated GST on ocean freight for imported goods, effective from October 1, 2023. The Finance Ministry made amendments to the IGST Act to implement this exemption, relieving …
The Central Board of Direct Taxes (CBDT) has introduced new rules regarding the process of obtaining Low Tax Deduction at Source (TDS) or No TDS certificates from the Income Tax (I-T) department, as per Notification No-2/2023 dated September 27, 2023. …
Foreign companies offering online services like advertising, cloud services, music, and information to non-GST-registered individuals in India will be required to pay goods and services tax (GST) from October 1,2023. The Finance Act, 2023, amended the Integrated GST Act, broadening …
Online gaming companies in India, including major players like Dream11, Games 24×7, and Head Digital Works, are encountering significant Goods and Services Tax (GST) demands, totaling over Rs 55,000 crore. They have initiated or are considering legal action following pre-show …
Capital Gain on Compulsory Acquisition of Immovable Property: Section 45(5) In the realm of income taxation in India, when a government agency necessitates any compulsory acquisition of land, it is considered a transfer according to the provisions outlined in Section …
In the case before the Income Tax Appellate Tribunal (ITAT) Delhi, the issue revolved around the assessment of an Assessee Firm, which had declared an income of Rs.12,220 during the relevant year. The firm was engaged in a wholesale scrap …
The Income Tax Department has introduced new rules for valuing investments in startups, addressing concerns related to ‘Angel Tax.’ Effective from September 25, these changes to Rule 11UA of the Income Tax Act offer more flexibility to taxpayers by allowing …
The 52nd GST Council meeting, chaired by Union finance minister Nirmala Sitharaman, will be held on October 7 at Vigyan Bhawan in New Delhi. In a post on X (formerly Twitter), the GST Council wrote, “The 52nd meeting of the GST …
Introduction Input Tax Credit (ITC) is a tax benefit that allows you to offset the tax you’ve paid on your purchases (inputs) against the tax you need to pay on your sales (outputs). Essentially, if you’re a GST registered manufacturer, …
In a bid to combat potential GST evasion, tax authorities are expanding their investigation into online gaming firms. Reliable sources indicate that the Directorate General of GST Intelligence (DGGI) plans to launch probes into 100 additional companies in the coming …
In a recent ruling, the Allahabad High Court shed light on ownership determination in goods transportation concerning the Goods and Services Tax Act, 2017. The Court emphasized that when goods are accompanied by specified documents like invoices, either the consigner …
Facts of the Case In a recent judgment on 12th September 2023, the Bombay High Court ruled on a case involving the amendment of Section 54F in 2015 and its prospective application. The case, Hemant Dinkar Kandlur Vs Commissioner of …
Extract of the Notification-79/2023 NBFC Classification for the Purpose of Section 43D: The Central Board of Direct Taxes (CBDT) has recently issued a crucial notification, Number 79/2023 dated September 22, 2023. This notification pertains to the classification of Non-Banking Financial …