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GST

1. SC stay on GST on mining lease, royalty may impact other sectors, say experts

The stay pertains to a contested period from July 1, 2017 to December 31, 2018
A Supreme Court stay on payment of Goods & Services Tax for grant of mining lease/royalty on October 4 is likely to impact the telecom sector and casinos as well. This has been a contested segment with Government maintaining 18 per cent rate from July 1, 2017 while many companies started paying at this rate only from January 1, 2019.

Multiple implications’
“if one statutory levy of the government is subject to tax today then the question of taxability on all such levies would be a subject matter of debate in the days to come”, said Rastogi.

The stay could have positive consequential effect for various sectors such as casino, telecom,” he said.

Source & Read more

2. Since the implementation of Goods and Services Tax (GST), Ahmedabad and Surat are becoming hubs of fake billing: Government

Since the implementation of Goods and Services Tax (GST), Ahmedabad and Surat are becoming hubs of fake billing: Government

Since the implementation of the Goods and Services Tax (GST), Ahmedabad and Surat have become hubs of bogus billing in Gujarat, while the web of illegal transactions has spread to rapidly industrializing districts like Bhavnagar, Rajkot, Morbi and Gandhinagar. , where is a large number. Many businessmen and business companies have been found involved in this racket.

Both Ahmedabad and Surat districts accounted for about 58 per cent of the taxes of Rs 3,094 crore involved in the bogus billing racket in the three years ended June 30, 2021, the state government said in a written reply to an unstarred question asked by the Congress MLA. About Fake Billing from Petlad, Niranjan Patel
GST during the recently concluded monsoon session of Gujarat Legislative Assembly.

BUSINESS & ECONOMY

1. Auditors shifting out of jobs at financial companies to comply with new RBI guidelines

BUSINESS & ECONOMY / October 17, 2021

Auditors have begun shifting out of assignments at financial companies to comply with the latest guidelines from the central bank, which had shortened audit terms at high-street banks, other types of lenders and financial-services firms in its guidelines aimed at improving the quality of oversight.

As per Prime Database, more than 30 auditors have already rotated out from their assignments citing the RBI guidelines and multiple auditors have told ET that scores of such conversations are on with audit committees and a spate of resignations can be expected over the next month or two.

Source & Read more

2. Lenders to set threshold for sale of distressed assets under IBC

BUSINESS & ECONOMY / October 17, 2021

The trigger for an internal benchmark was an observation made by the NCLT on the resolution plan offered by Twin Star Technologies, owned by billionaire Anil Agarwal, for Videocon Industries and 12 group companies.

Banks plan to set an internal benchmark below which they will not sell distressed companies that are in the midst of corporate insolvency and resolution proceedings, in a move aimed at deflecting concerns of the kind raised over the liquidation value of Videocon Group, two persons with knowledge of the matter said.

This was discussed informally by lenders at a meeting called to discuss the code of conduct released by the Insolvency and Bankruptcy Board of India (IBBI), the persons said on condition of anonymity.

Source & Read more

3. FSSAI Shares Simple Test To Check Black Pepper Adulteration

BUSINESS & ECONOMY / October 17, 2021

According to studies, food adulterants are so toxic that they may lead to heart failure, liver disorders, kidney disorders & many more. To avoid that, it is important that we understand our food well and shop sensibly. To make it simple for the common man, the Food Safety and Standards Authority of India (FSSAI) has started an initiative on Twitter and is called #DetectingFoodAdulterants. Under this, every week they share a quick test that you can try to check whether your food is adulterated or not. This week, they have shared a test video on how to detect blackberries adulteration in black pepper.

How to check black pepper adulteration?

  1. Take a small quantity of black pepper and place it on a table.
  2. Press the berries with your finger.
  3. The unadulterated berries will not break away easily.
  4. The adulterated berries break away easily showing they are light blackberries mixed in normal black pepper.

Source & Read more

Quick Reads from taxconcept.net

Amazon layoffs expected to mount to 20,000, includes top managers

Amazon plans to lay off as many as 20,000 employees in the coming months, including  distribution center workers, technology staff and corporate executives as the retail and cloud computing giant retrenches after going on a hiring spree during the pandemic, according to a report by Computerworld. Amazon employees are ranked from level 1 to level 7, …

Amazon layoffs expected to mount to 20,000, includes top managers Read More »

Income tax benefits on home loan

Section 80EE was initially introduced in the financial year 2013-14 and 2014-15 for individual taxpayers to avail of the tax deduction on interest on housing loans. However, 80EE of the Income Tax Act 1961 was re-introduced in the financial year 2016-17. Section 80EE was introduced in the 2019 Budget to help first-time home buyers. The …

Income tax benefits on home loan Read More »

Detailed Analysis of Options to Save Tax Under Income-tax Section 80C

Section 80C is one of the most well-liked and popular sections among taxpayers because it allows them to reduce their taxable income by making tax-saving investments or incurring eligible costs. It allows a maximum annual deduction from the taxpayer’s gross income of Rs 1.5 lakh. Individuals and HUFs are both eligible to take advantage of …

Detailed Analysis of Options to Save Tax Under Income-tax Section 80C Read More »

Income Tax Department gave big relief to taxpayers, changed the rules of tax refund

The Income Tax Department has given relief to the taxpayers regarding refund adjustment against the outstanding tax. Tax officials will now have to take a decision in such cases within 21 days. This decision will reduce litigation. The Directorate of Income Tax (Systems) said that the 30-day time limit given to assessing officers to take …

Income Tax Department gave big relief to taxpayers, changed the rules of tax refund Read More »

LIC WhatsApp Service: LIC has started a wonderful WhatsApp service for its policyholders

Life Insurance Corporation of India has launched select interactive WhatsApp services for its registered LIC policyholders. With this, it will be easier for the policy holders to avail the service. Let us know what process has been made by LIC for this and how it will be possible to use it? How to use? Policyholders …

LIC WhatsApp Service: LIC has started a wonderful WhatsApp service for its policyholders Read More »

Latest GST News, Information, Notifications & Announcements [Period 29/11/22 to 05/12/22]

1.    GSTR-9 Annual Return Update; Computation of ITC (Table 8A) has been updated based on GSTR-1/IFF/GSTR-5 filed by Supplier upto Nov 30, 2022:- The Goods and Services Tax Network (“GSTN”) has issued an Update on GSTR-9 Annual Return for Computation of ITC (Table 8A) has been updated based on GSTR-1/IFF/GSTR-5 filed by Supplier upto November …

Latest GST News, Information, Notifications & Announcements [Period 29/11/22 to 05/12/22] Read More »

REAL STATE NEWS December 2022

Monthly Corporate Real Estate Regulatory Authority (RERA) Bulletin for December, 2022

Monthly Corporate RERA Bulletin Five years after Real Estate Regulatory Authority (RERA) came into existence, the full force of its orders do not see the light of the day as revenue officials have not been moving files unless the home buyers wage a struggle, as seen in the case of a recent seizure. As per …

Monthly Corporate Real Estate Regulatory Authority (RERA) Bulletin for December, 2022 Read More »

Buying or selling house? Check these Important TDS compliances

An amendment was made to the Tax Deducted at Source (TDS) provisions on buying a house property in the Budget 2022. Archit Gupta, founder and CEO of Clear (formerly Cleartax), stated that there are some TDS-related compliances that a buyer and seller need to follow. The buyer of a property which is worth more than …

Buying or selling house? Check these Important TDS compliances Read More »

Section 245 of the Income Tax Act enables the assessing officer (AO) to adjust the refund

To help avoid litigation, the Income Tax department has trimmed the timeframe required for tax officers to decide on adjustment of refunds against outstanding tax dues to now 21 days from the earlier 30 days. According to the Directorate of Income Tax (Systems) notice, if the assessee either does not agree or partially agrees to …

Section 245 of the Income Tax Act enables the assessing officer (AO) to adjust the refund Read More »

Buy HealthCare Global Enterprises; target of Rs 375: Prabhudas Lilladher

HCG’s consolidated post IND AS EBITDA grew healthy 21% YoY (4% QoQ) to Rs 747mn, in line with our estimates (Rs754mn). Adjusted for one time consulting (Rs50mn) and ESOP related charges (Rs12.9mn); was up by 28% YoY. Existing centers reported strong profitability with EBITDA growth of 30% YoY (4% QoQ) to Rs777mn, while new centers …

Buy HealthCare Global Enterprises; target of Rs 375: Prabhudas Lilladher Read More »

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