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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.
Quick Reads from taxconcept.net
Tax on Selling Gold in India (2026)
Selling gold in 2026? Here’s how much tax you may have to pay on your profits! Tax on Selling Gold in India (2026) Instrument / Situation Holding Period Tax Treatment Tax Rate Physical Gold Physical Gold Sold within 24 months STCG As per your Income Tax Slab Sold after 24 months LTCG 12.5% without indexation…
Son gets income tax notice for Rs 33.23 lakh in property investment and cash: gets relief in ITAT
Mr. Ram faced tax evasion allegations after failing to report a property purchase and cash deposits. However, he successfully appealed, providing a notarized gift deed showing his mother gifted him Rs 16 lakh from jewelry sales. The ITAT Jaipur confirmed the legitimacy of the gift, leading to cancellation of the tax notices against him.
Changes to GST Registration Amendments: Key Updates and Requirements
The recent amendment to Rule 19 of the Central Goods and Services Tax Rules allows changes to the Principal Place of Business to be examined by the Proper Officer. Other registration changes will be processed online, requiring OTP verification of key personnel. Successful validations will generate the amended Registration Certificate through the GST portal.
Proposed Amendments to Enhance GST Compliance: Key Takeaways from CBIC’s Consultation Paper
CBIC has released a 93-page consultation paper proposing an alternate mechanism for liability amendments and ITC adjustments. Key proposals include: 🔹 GSTR-1/1A Improvements: Better classification of sales and supplies to ensure correct details are automatically reflected in GSTR-3B. 🔹 More Flexibility in GSTR-1A: Businesses can correct details of earlier periods and fix incorrect recipient GSTINs…
Important Announcement: ICAI CA Foundation Examination Results (September 2026)
Important Announcement: ICAI CA Foundation Examination Results (September 2026) The results of the Chartered Accountants Foundation Examination held in September 2026 is likely to be declared by the evening of 6th November 2026 and the same can be accessed by candidates on the website caresults.icai.org It may be noted that for accessing the result at…
Scheduled maintenance for e-Invoice services will occur from 31 October 2026, 9:00 AM to 1 November 2026, 1:00 PM (IST). During this period, the GST portal’s e-Invoice data services will be temporarily unavailable. Taxpayers should plan accordingly, as services will resume post-maintenance.
New categories of supplies: New E-Invoicing Mandates for GST Taxpayers Effective January 2027
CBIC has notified new categories of supplies for the purpose of e invoicing, making e invoicing mandatory for the following transactions w.e.f. 1st January 2027: a. supply of goods or services or both received from an unregistered person where the tax is payable on RCM basis. b. import of services Another compliance burden for GST…
CBIC issue Circular for GST Council Meeting Proposal implemention
CBIC issue Circular for #GST Council Meeting Proposal implemention Circular 257 to 264
BREAKING: GST Circular No. 257/03/2026 : Guidelines for the handling applications for GST registration
GST Registration reforms that professionals have been waiting for! Thank you, @cbic_india, for Circular No. 257/03/2026-GST. A welcome step towards a more transparent, predictable and taxpayer-friendly GST registration process. Hope these guidelines translate into better ground-level implementation!
Bombay High Court Empowers Employees with Right to Higher Pension under EPS, 1995
The Bombay High Court has ruled that the EPFO cannot reject higher pension applications from eligible private sector employees based solely on their employer’s provident fund trust rules. The court directed EPFO to process these applications, clarifying that internal trust restrictions cannot override pension entitlements under the Employees’ Pension Scheme, 1995.
Ministry of Corporate Affairs: BIG ROC COMPLIANCE UPDATE FY 2025-26
MCA Grants Major Relief to Companies – But LLPs Remain Outside the Extension! The Ministry of Corporate Affairs (MCA), vide General Circular No. 05/2026 dated 24 October 2026, has announced significant relief for companies regarding the filing of financial statements and annual returns for FY 2025-26. Revised Filing Deadlines for Companies 31 December 2026 -…
₹1.64 lakh Foreign Tax Credit denied over late Form 67 filing
₹1.64 lakh Foreign Tax Credit denied over late Form 67 filing. ITAT Bangalore comes to the taxpayer’s rescue. An Indian taxpayer paid ₹1.79 lakh in US taxes on income of around ₹9 lakh and claimed ₹1.64 lakh as Foreign Tax Credit in India. But there was a catch: Form 67 was filed late. Here’s what…
Common Reasons for Received an Income Tax Department Notice
Receiving an Income Tax notice can be daunting, but responding promptly is essential. Common reasons for such notices include non-filing, discrepancies, and high-value transactions. Various notices exist, like those under Sections 142 and 143, each with specific requirements. Addressing these notices effectively requires thorough documentation and compliance with specified actions.
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