Introduction: The Finance Act of 2023 introduced Clause (h) under Section 43B of the Income Tax Act, aimed at addressing the issue of delayed payments encountered by Micro, Small, and Medium Enterprises (MSMEs) from their buyers. This clause, scheduled to take effect from April 1,
Background: The case originated from a search conducted by the Directorate General of Goods and Service Tax Intelligence (DGGI) at the business premises of M/s. K.M. Food Infrastructure Pvt. Ltd. and M/s. Apparent Marketing Pvt. Ltd. During this search, various documents and records were seized,
Introduction: In a notable move aimed at easing the financial strain on traders, Chief Minister Pramod Sawant of Goa announced a significant initiative today. The state government has decided to waive off pre-GST arrears amounting to a substantial sum of Rs 49.5 crore for approximately
Overview of February 2024 GST Revenue: Total collection: ₹1,68,337 crore Growth rate: 12.5% increase compared to February 2023 Breakdown: Domestic transactions – 13.9% rise; Import of goods – 8.5% increase Net of refunds: ₹1.51 lakh crore, marking a 13.6% growth over the same period last
Inauguration of Hearings The Supreme Court’s 9-judge Constitution Bench commenced hearings on February 27, diving deep into the complexities surrounding the taxation of mineral-bearing lands. Focus on Royalty Characterization The focal point of the discussions revolves around the characterization of royalty under Section 9 of
