Amidst escalating scrutiny, the GST Council is poised to reconsider the Input Tax Credit (ITC) availed by companies like Infosys, especially in light of significant tax notices. The upcoming council meeting on September 9 is expected to address these issues, potentially shaping the future of GST compliance for multinational corporations operating in India. After resolving … Continue reading GST Council Set to Reassess ITC Usage Amidst Infosys Tax Controversy
Nitin Gadkari Advocates for the Removal of GST on Insurance Premiums
Union Minister Nitin Gadkari has made a compelling case to Finance Minister Nirmala Sitaraman, urging the withdrawal of the Goods and Services Tax (GST) on life and medical insurance premiums. This appeal follows a significant memorandum from the Nagpur Life Insurance Union, which categorizes GST on these premiums as a tax on life’s uncertainties and … Continue reading Nitin Gadkari Advocates for the Removal of GST on Insurance Premiums
Karnataka Withdraws Pre-Show Cause Notice to Infosys Amid IT Industry Uproar
Infosys has publicly acknowledged receiving pre-show cause notices for GST dues exceeding ₹32,000 crore. This announcement, made in a regulatory filing late Wednesday, follows communication from Karnataka State authorities, which retracted the initial pre-show cause notice and directed Infosys to further respond to the central Directorate-General of GST Intelligence (DGGI). This hefty GST demand reverberated … Continue reading Karnataka Withdraws Pre-Show Cause Notice to Infosys Amid IT Industry Uproar
Infosys Faces Massive ₹32,000 Crore Tax Evasion Allegations
The recent allegations by the Directorate General of GST Intelligence (DGGI) against Infosys have sent ripples through the corporate world, raising significant concerns about GST compliance for companies with foreign branches. The accusations, amounting to an evasion of ₹32,000 crore in GST on imported services from overseas branches, underscore a critical issue for multinational corporations. … Continue reading Infosys Faces Massive ₹32,000 Crore Tax Evasion Allegations
Mamata Banerjee Joins Nitin Gadkari in Urging GST Exemption on Insurance Premiums
Amidst the ongoing discourse on GST policies, West Bengal Chief Minister Mamata Banerjee has echoed the call made by Surface Transport Minister Nitin Gadkari for the removal of GST on insurance premiums. Banerjee and her party, the Trinamool Congress (TMC), have fervently pressed for this change, underscoring the significant burden the tax imposes on the … Continue reading Mamata Banerjee Joins Nitin Gadkari in Urging GST Exemption on Insurance Premiums
Pivotal Tax Amendments: Finance (No. 2) Bill, 2024
The Finance (No. 2) Bill, 2024, introduces critical amendments to section 107, reshaping the landscape for appellants by reducing the maximum pre-deposit amount and incorporating new regulatory sections. These changes, aimed at financial alleviation and procedural simplification, mark a significant shift in tax administration. The Notes on Clauses to the Finance (No. 2) Bill, 2024, … Continue reading Pivotal Tax Amendments: Finance (No. 2) Bill, 2024
Aurobindo Pharma Ltd: Tribunal’s Comprehensive Review of Transfer Pricing Adjustments and Weighted Deduction Claims
Aurobindo Pharma Ltd., a notable entity in the manufacture and sale of bulk drugs and Active Pharmaceutical Ingredients (APIs), filed its income return for the 2017-18 assessment year on November 28, 2017. Subsequently, the Transfer Pricing Officer (TPO) recommended upward adjustments concerning international transactions of corporate guarantee fees and interest on receivables, which the appellant … Continue reading Aurobindo Pharma Ltd: Tribunal’s Comprehensive Review of Transfer Pricing Adjustments and Weighted Deduction Claims
The Essential Guide to Becoming a Licensed Customs Broker
In the intricate web of international trade, customs brokers are the linchpins ensuring smooth transactions between traders and customs authorities. They meticulously handle documentation, compliance with customs laws, and the collection of duties and taxes, streamlining the clearance process. Beyond their traditional responsibilities, customs brokers are now expanding into consultancy roles, providing various supply chain … Continue reading The Essential Guide to Becoming a Licensed Customs Broker
Budgetary Changes in CGST Act, 2017
The Central Goods and Services Tax (CGST) Act, 2017 has undergone significant budgetary revisions, coming into effect from July 1, 2024. These amendments are aimed at refining tax compliance and easing procedural constraints for registered taxpayers. Below are the pivotal changes and their far-reaching implications: Amendment to Section 16 Eligibility for Input Tax Credit (ITC) … Continue reading Budgetary Changes in CGST Act, 2017
A Deep Dive into the Amendments of Chapter XII of the Income Tax Act, 1961
Chapter XII of the Income Tax Act, 1961, delineates the procedural framework for determining income tax in specific scenarios, encapsulated in Sections 110 to 115. This discourse meticulously explores the fiscal amendments within Chapter XII, illuminating their profound implications. Refinements to Section 111A Section 111A, addressing the taxation of short-term capital gains, witnesses a pivotal … Continue reading A Deep Dive into the Amendments of Chapter XII of the Income Tax Act, 1961