TaxTru Business Advisors
30 articles written by TaxTru Business Advisors on ConsultEase.
GST ComplianceClassification & Importance of HSN under GST
Importance of Correct Classification The term “Classification” is defined as a systematic arrangement in groups or categories according to established criteria. Under the given concept, the arrangement of varied items is into mutually exclusive but related classes. An essential and integral part of the
Income Tax ComplianceLatest TDS/TCS Related Amendments
Taxation is the price that civilized communities pay for the opportunity of remaining civilized! Section 194Q Deduction of tax at source on payment of a certain sum for the purchase of goods. 194Q. (1) Any person, being a buyer who is responsible for paying
Import / ExportProduction Linked Incentive Scheme For Pharmaceuticals (Ver. 2.0)
Version 1.0 is Extended! ▪ The Production Linked Incentive (PLI) Scheme for promotion of domestic manufacturing of critical Key Starting Materials (KSMs)/Drug Intermediates (DIs) and Active Pharmaceutical Ingredients (APIs) in India. ▪ Production Linked Incentives of up to INR 6,940 crores have been approved. ▪
GST ComplianceThe Constitutional Validity of Section 13(8)(B) of IGST Act 2017
Various pre-GST concepts were transitioned into the GST era, but many were embedded with legacy disputes as well. To mention the best illustration, ‘Intermediary ’ could be one of them. Hon’ble Gujarat High Court in case of Material Recycling Association of India vs Union
GST ComplianceA complete approach on how to deal with Show Cause Notice & Summon
Show Cause notice “Tax laws are the most imaginative fiction being written today. Audi Alteram Partem It is a time-tested principle of natural justice i.e. Audi alteram partem meaning ‘let the other side be heard’ that no person can be adjudged guilty without being given
GST ComplianceFinance Minister’s view on West Bengal’s Letter seeking exemption on Covid-19 related items.
In a series of tweets, Finance Minister explained that GST exemption to domestic supplies and commercial import of COVID drugs, vaccines, and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs.
GST ComplianceDemystifying the woes of ‘Classification’
1. Importance of Correct Classification “You don’t pay taxes–they take taxes The term “Classification” is defined as a systematic arrangement in groups or categories according to established criteria. Under the given concept, the arrangement of varied items is into mutually exclusive but related classes.
GST ComplianceDenial of Integrated GST refund to Advance Authorization License Holders
What is Advance Authorization Scheme? Advance Authorization is issued to allow duty-free import of input, which is physically incorporated in export product (making normal allowance for wastage). In addition, fuel, oil, the catalyst which is consumed/utilized in the process of production of export product, may
Investment AdvisoryAmazon-Future Tussle
Amazon-Future Tussle India’s retail giant Kishore Biyani’s Future Retail is stuck in a long-standing tussle with the US tech giant Amazon. Amazon has been blocking a deal worth $3.4 billion between Future Group and Reliance Retail alleging that the transaction between the two Indian majors
Import / ExportDRI Officer Is Not ‘The’ Proper Officer’
DRI! As the apex intelligence organization of Indian Customs, it is the prime responsibility of DRI to enforce the provisions of the Customs Act, 1962. The charter of duties of the DRI includes the collection, collation, analysis, and dissemination of intelligence relating to smuggling. It
Income Tax LitigationIndian Tax Authorities Will Not Grant Refund of Taxes Paid In Foreign Jurisdictions
Indian Tax Authorities Will Not Grant Refund of Taxes Paid In Foreign Jurisdictions The Hon’ble Mumbai ITAT in the case of the Bank of India , has held that an Indian tax payer will not be entitled to claim refunds from Indian tax authorities for
Supreme Court Ends ‘Extension Of Limitation’
Supreme Court Ends ‘Extension Of Limitation’ SUO MOTO WRIT (CIVIL) NO. 3 OF 2020 IN RE: COGNIZANCE FOR EXTENSION OF LIMITATION It is needless to point out that the law of limitation finds its root in two Latin maxims, one of which is ‘Vigilantibus Non-Dormientibus