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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.
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.
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.
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?
- Take a small quantity of black pepper and place it on a table.
- Press the berries with your finger.
- The unadulterated berries will not break away easily.
- The adulterated berries break away easily showing they are light blackberries mixed in normal black pepper.
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Tax Concept is a dedicated team of financial writers, legal analysts, and tax professionals committed to breaking down complex Indian corporate updates. From real-time GST amendments and crucial Income Tax judgements to EPFO schemes and corporate law updates, TaxConcept serves as a reliable, authoritative guide for chartered accountants, businesses, and everyday taxpayers seeking absolute compliance clarity.