Introduction: A recent scam has come to light in Uttar Pradesh, where fraudsters have been using hand pumps to claim fake refunds under the Inverted Duty Structure (IDS) mechanism of the Goods and Services Tax (GST). Understanding the Inverted Duty Structure (IDS): The IDS allows
Introduction: In the case of Kantilal Bhaguji Mohite v. Commissioner, Central Excise and Service Tax-Pune III [Special Leave to Appeal (C) No. (s). 11203/2019 dated February 14, 2024], the Hon’ble Supreme Court dismissed the Special Leave Petition (SLP) filed by the petitioner against the judgment
Introduction: Advisory No. 625 was released by the Goods and Services Tax Network (GSTN) on February 28, 2024, aiming to address instances of delayed registration despite successful Aadhaar authentication among specific taxpayers. Rule 9 of CGST Rules, 2017: The advisory highlights Rule 9 of the
Introduction: Telangana Chief Minister Revanth Reddy recently chaired a crucial review meeting to address the state’s revenue shortfall and discuss the regularisation of unapproved layouts. The meeting shed light on pending dues from the Union government and the government’s decision to regularise unauthorised layouts to
Introduction: The coal sector plays a pivotal role in India’s economy, contributing significantly to both the Centre and state governments’ revenue through various channels such as GST, royalties, and other levies. The government’s recent statement emphasizes the substantial financial contribution of the coal industry, highlighting
Introduction: The Reserve Bank of India (RBI) has recently introduced the Master Direction – Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024, aiming to enhance regulatory clarity and simplify compliance procedures for supervised entities. This directive, announced alongside the Statement on Developmental
Introduction: In a recent development, Hyderabad law enforcement has apprehended Srinath Rathi, a 29-year-old proprietor of a YouTube educational channel, on accusations of deceiving chartered accountants. Rathi purportedly tempted them with fictitious promises of substantial investment returns, leading to a combined loss of Rs 2.48
Introduction: In recent developments, Pricol, a prominent manufacturer of instrument clusters, finds itself embroiled in a tax dispute following a showcause notice from the Directorate General of GST Intelligence, Gurugram Zonal Unit. This article delves into the details of the investigation and its potential implications
Introduction: The recent judgments in Writ Petitions (WP) Nos. 1251, 1255, and 1258 of 2024 by the High Court of Judicature at Madras shed light on the challenges faced by taxpayers in the assessment process under the Goods and Services Tax (GST) regime. These writ
In the realm of international trade, the Directorate General of Foreign Trade (DGFT) has introduced a transformative change with the launch of the revamped Electronic Bank Realisation Certificate (eBRC) system. This groundbreaking initiative is set to redefine the landscape of export documentation, offering a streamlined
