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“IMA vs. DGGI: Unveiling the Charitable Status Debate”
Dismantling the ‘Mutuality’ Argument: DGGI’s Case Against IMA The Directorate General of GST Intelligence (DGGI) has presented additional evidence before the Kerala High Court, challenging the charitable status of the Indian Medical Association (IMA). This evidence suggests that the IMA, primarily an association of allopathy
“Deciphering GST on Corporate Guarantees: Navigating Uncertainties”
Introduction Indirect tax experts are seeking clarity on the levy of Goods and Services Tax (GST) on corporate guarantees provided by Indian companies on behalf of their subsidiaries. A notification issued by the finance ministry in October 2023 has sparked discussions and raised questions regarding
“Streamlining Import Duty Payments: The ECL Initiative”
Introduction: In a bid to modernize and streamline import duty payments, the Indian government has introduced the Electronic Cash Ledger (ECL) as the designated mode of payment for goods imported through International Courier terminals, effective from March 01, 2024. Implementation Timeline: The journey towards adopting
Driving Sustainability: Lowering GST on Auto LPG
Introduction The Indian Auto LPG Coalition (IAC) has urged the national government to reduce the Goods and Services Tax (GST) on Auto LPG from 18% to 5%, aligning with recent adjustments in the natural gas sector. This call for action comes in response to Andhra
“India’s Economic Outlook: A Promising Start to Q4”
Promising Start to Q4 India’s economy kicked off the fourth quarter on a positive note, as indicated by the National Council of Applied Economic Research (NCAER) in its latest economic review. Key Indicators The report highlights several key indicators pointing to a robust and resilient
“Unmasking the GST Scam: The Shiv Kumar Deora Saga”
Cracking the Case: Unveiling the Intricate GST Scam The relentless pursuit of the Jamshedpur GST Intelligence team has led to a significant breakthrough in the arrest of Shiv Kumar Deora in Kolkata. This arrest sheds light on a complex GST scam potentially worth over Rs
Revolutionizing Regional Trade: India’s Digital Leap in the North East
Introduction: In a landmark endeavor aimed at revolutionizing regional trade efficiency, Union Finance Minister Smt. Nirmala Sitharaman inaugurated the Electronic Data Interchange (EDI) at Land Customs Stations (LCS) in the North East Region. This momentous step is poised to enhance transparency, streamline operations, and bolster
March 2024: Key Changes Affecting Businesses and Consumers
GST Rules Update: Effective March 1, businesses with a turnover exceeding ₹5 crore will face new GST rules. They must now include e-invoice details for all B2B transactions to generate e-way bills for inter-state goods transportation valued over ₹50,000. This change aims to streamline tax
“Roadblocks and Routes: OTAs in Bus Ticketing”
Overcoming Regulatory Challenges: OTAs in the Bus Ticketing Industry Online travel agencies (OTAs) are currently spearheading the expansion of the bus ticketing segment, which has emerged as a focal point for growth. Nevertheless, recent policy shifts have presented obstacles, prompting a demand for equitable regulatory
“DGFT Allows Merchanting Trade Within Single Foreign Country”
DGFT Notification Allows Merchanting Trade within Single Foreign Country The Directorate General of Foreign Trade (DGFT) has issued a significant amendment to the Foreign Trade Policy, 2023, through Notification No. 62/2023 dated February 29, 2024. This amendment marks a notable shift by permitting merchanting trade
Government should reduce the number of notices issued in Income Tax and GST
At present, the taxpayers of the country are not only troubled but also unhappy and feeling offended by the continuous and large number of notices related to various issues related to both GST and Income Tax taxes. Tax assessment and scrutiny of returns in GST
CA Sudhir HalakhandiFeb 29, 2024“Madras HC: CENVAT Credit for Sister Unit Electricity”
Introduction: The Hon’ble Madras High Court recently ruled in the case of India Cement Limited v. Commissioner of Customs regarding the eligibility of CENVAT credit for electricity supplied to sister units. This landmark decision addresses the interpretation of relevant provisions under the Central Excise Act