Streamlining Norm Fixation Process: DGFT Issues Public Notice The Directorate General of Foreign Trade (DGFT) has issued Public Notice No. 15/2023 dated March 14, 2024, introducing amendments to Para 4.06 and Para 4.14 of the Handbook of Procedures 2023 (HBP 2023). These amendments aim to
Insurance Sector Challenges GST Tax Demand Amidst mounting concerns over a hefty Goods and Services Tax (GST) tax demand, insurance companies are mulling legal action to seek clarity on the levy imposed on commission earned from co-insurance. The potential for double taxation has stirred unease
Introduction The Ministry of Home Affairs (MHA) has announced a significant welfare measure aimed at benefiting serving and retired personnel of Central Armed Police Forces (CAPFs), Central Police Organisations, State Police Forces, and their families. This decision, made under the visionary leadership of Prime Minister
Introduction: The Central Board of Indirect Tax and Customs (CBIC) has introduced a novel approach to investigating the tax liabilities of multinational corporations (MNCs) through the Directorate General of Goods and Services Tax Intelligence (DGGI). This initiative aims to address challenges faced by senior management
Revolutionizing Infrastructure: New GST Bhawan and Residential Quarters in Hyderabad In a significant stride towards infrastructure development, the Revenue Secretary, Shri Sanjay Malhotra, ceremonially laid the foundation stone for the New GST Bhawan and Residential Quarters in Hyderabad on March 12, 2024. This ambitious project,
Government Mulls Amendments to MSME Development Act for Prompt Payment The central government is considering further empowering provisions to ensure prompt settlement of delayed payments to micro, small, and medium enterprises (MSMEs) through potential amendments in the MSME Development Act, 2006. Current Norms and Challenges:
Boosting GST Collection: Congress Guarantee Schemes Chief Minister Siddaramaiah has attributed the surge in Goods and Services Tax (GST) collection in Karnataka to the effective implementation of guarantee schemes by the Congress-led state government. Speaking at an event in Chamarajanagar, Mr. Siddaramaiah highlighted that GST
Insurance Companies Navigate Legal Waters Amidst GST Commission Tax Demand In a bid to resolve a looming tax conundrum, insurance companies are contemplating legal action regarding a tax demand related to commissions paid for co-insurance. The industry seeks clarity from the courts, arguing that subjecting
Empowering Police Welfare: Ministry of Home Affairs Offers 50% GST Relief In an effort to bolster the welfare of law enforcement personnel across the nation, the Ministry of Home Affairs has introduced a significant financial support initiative. Starting April 1, 2024, the Ministry will implement
In a recent decision the Delhi high court has held that the TP is eligible for interest on refund. In GST the rate of interest on refund is 6%. It is mandatory even if the TP has not asked for it specifically for it. This
