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The Reserve Bank of India (RBI) has imposed, by an order dated October 28, 2020, a monetary penalty of ? 1 crore on Jio Payments Bank Limited (the bank) for non-compliance with RBI directions on timely submission of application in the case of reappointment of Managing Director and Chief Executive Officer (MD & CEO) under … Read more
The Income Tax Department has carried out searches on 29.10.2020 in the cases of four prominent contractor groups based in Patna, Bhagalpur, Hilsa, and Katihar. In addition, surveys have been conducted on some traders of mined rocks in Gaya. All the four groups have been found to have been evading taxes by inflating expenses for … Read more
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes& Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of … Read more
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established syndicate was being operated by floating seven different fake firms … Read more
In view of the COVID-19 pandemic and resultant nationwide lockdown as well as disruption of transport and hospitality sector, as also the need for observing social distancing, a number of employees are not able to avail of Leave Travel Concession (LTC) in the current Block of 2018-21. With a view to compensate Central Government employees … Read more
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods or services. It … Read more
Ever since the concept of taxation evolved, the tax authorities have viewed the real estate sector as “the goose that lays golden eggs”. The nature of real estate is such that it can neither be covered under movable assets (Goods) nor services. The ever evolving, multi-faceted layers of transactions and arrangements in this sector have … Read more
The levy of GST on development charges is a matter of dispute as sale of land per se is out of the ambit of GST law. When the sale of land is not liable to GST, then how can the development of land be chargeable to GST but the logic does not come to the … Read more
This papa: -As we know that the department has also started verifying the e-way bills issued in a particular period with the invoices issued in that period. To keep a check on the e-way bills, there is no such facility to download the consolidated report of e-way bills issued in a respective period on the … Read more
It was represented by trade and industry that in order to cater to their working capital requirements during this pandemic situation prevailing in the Country, the operation of Rule 36(4) of CGST Rules, 2017 restricting the availment of input tax credit upto 10% of the eligible input tax credit reflected in GSTR-2A should be suspended. … Read more