Search Results for Tag : finance act
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# GST Changes Applicable From 01.01.2021: Amendment to Composition Scheme Under CGST Act(29.12.2020)
Finance Act, 2020 has amended Section 10(2) of the Central Goods and Services Tax Act, 2017 to provide that a registered person seeking to pay the tax.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, Composition Scheme
# GST Changes Applicable From 01.01.2021: Time Limit for ITC Availment on Debit Note Amended(29.12.2020)
Finance Act, 2020 has amended Section 16 (4) of the Central Goods and Service Act, 2017, omitting the words “invoice relating to such” and hence the t.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, ITC on Debit Note
# GST Changes Applicable From 01.01.2021: Voluntarily Registered Persons Can Opt for Cancellation(29.12.2020)
Finance Act, 2020 has amended Section 29(1) of the Central Goods and Service Act, 2017 to provide that even a registered person who has obtained the r.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, Cancellation of Registration
# GST Changes Applicable From 01.01.2021: Extension on Period for Filing of Revocation Application(29.12.2020)
Finance Act, 2020 has amended Section 30(1) of the Central Goods and Service Act, 2017 to provide that on sufficient cause, the Additional/Joint Commi.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, Filing of Revocation Application
# GST Changes Applicable From 01.01.2021: Extension of Government Power Related to Tax Invoice(29.12.2020)
Finance Act, 2020 has amended Section 31(2) of the Central Goods and Service Act, 2017 to grant the power to the Government to specify, with respect t.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, Tax Invoice
Finance Ministry Notifies Section 100 of Finance Act, 2019(26.08.2020)
Ministry of Finance on Tuesday (August 25) notified that Section 100 of Finance Act, 2019 will come into force from 1st September, 2020.
Tags : Ministry of Finance, Finance Act, 2019
Finance Ministry Notifies Section 100 of Finance Act, 2019(26.08.2020)
Ministry of Finance on Tuesday (August 25) notified that Section 100 of Finance Act, 2019 will come into force from 1st September, 2020.
Tags : Ministry of Finance, Finance Act, 2019
# GST Changes Applicable From 01.01.2021: Provisions Related to TDS Certificate Omitted(29.12.2020)
Finance Act, 2020 has omitted the provisions related to the procedural part contained in Section 51 of the Central Goods and Services Tax Act, 2017 de.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, TDS Certificate
# GST Changes Applicable From 01.01.2021: Penalty for Beneficiaries of Fake Invoicing Introduced(29.12.2020)
Finance Act, 2020 has introduced new sub-section (1A) in Section 122 wherein it has been proposed that a person who retains the benefit of certain tra.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, Penalty, Fake Invoicing
# GST Changes Applicable From 01.01.2021: Schedule II, CGST Act, 2017 Only to Classify Supply(29.12.2020)
Finance Act, 2020 has made a retrospective amendment effective from 01.07.2017 to the effect that the aspect of presence/absence of consideration will.....
Tags : Finance Act, 2020, Central Goods and Services Act, 2017, Schedule II
CONSTITUTION - Delhi HC Dismisses PIL Challenging Amendments to PMLA Through Finance Act(28.02.2019)
Delhi High Court has dismissed the PIL filed by Congress Leader Jairam Ramesh challenging the amendments to Prevention of Money Laundering Act, 2002 t.....
Tags : Delhi High Court, Prevention of Money Laundering Act, 2002, Finance Acts of 2015, 2016 and 2018
Govt Notifies Finance Act 2018(31.03.2018)
Ministry of Finance has notified the Finance Act, 2018 applicable with effect from 1st April 2018.
Tags : Budget 2018, Finance Act
Finance Bill, 2016 Receives Presidential Assent(16.05.2016)
The Finance Bill, 2016 has been enacted as The Finance Act No. 28 of 2016, by receiving Presidential assent as on 14 May 2016.
Tags : The Finance Act No. 28 of 2016
ITAT, Cochin Denies Tax Exemption to Trust on Micro Finance Activity(12.03.2020)
Income Tax Appellate Tribunal (ITAT), Cochin has held that micro finance activity cannot be treated as charitable in nature for the purpose of allowin.....
Tags : Income Tax Appellate Tribunal, Micro Finance Activity
Supreme Court Strikes Down Rules in Amended Finance Act 2017 on Tribunals(13.11.2019)
Supreme Court has struck down rules in the amended Finance Act, 2017 on Tribunals and has directed the Government to reformulate fresh norms with resp.....
Tags : Supreme Court, Finance Act 2017
No Arrest Under Section 91 Finance Act Without Notice and Hearing: SC(01.02.2019)
Supreme Court has upheld the decision of Delhi High Court which held that following the procedure under Section 73A(3) and (4) of the Finance Act 1994.....
Tags : Supreme Court, Section 91 Finance Act
SERVICE TAX - Supplying Electricity to Occupants of Commercial Complex is subject to Service Tax: Calcutta HC(28.03.2019)
Calcutta HC has held that the transaction of obtaining high-tension electric and supplying it to occupants after converting it to low-tension supply a.....
Tags : Calcutta HC, Service Tax, Finance Act, 1994
Madras HC: Any Appointments to 19 Tribunals Under Finance Act Would be Subject to Order in Writ(30.06.2017)
Madras High Court has observed that all appointments to 19 odd tribunals, under purview of impugned Finance Act and Rules, would be subject to final o.....
Tags : Madras High Court, Finance Act
Service Tax Paid by Mistake Can’t be Refunded under Finance Act, 1994: CESTAT(10.05.2019)
Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that refund of the service tax paid by mistake cannot be processed under the Fina.....
Tags : Customs, Excise and Service Tax Appellate Tribunal, Finance Act, 1994
Supreme Court Upholds Constitutional Validity of Amendments Related to Charitable Trust Registration(11.04.2022)
Supreme Court has upheld the constitutional legality of the recent amendments made in the Finance Act, 2020 with regard to the new provisions regardin.....
Tags : Supreme Court, constitutional legality, Finance Act, 2020, Income Tax Act, 1961, religious trusts
SC Notice to Centre on Changes in CAT Appointments Brought by Finance Act, 2017(21.08.2017)
Supreme Court has issued notice to Finance Ministry on a petition filed by Central Administrative Tribunal Bar Association challenging the alterations.....
Tags : Supreme Court, Finance Act
Bombay HC: Loss On Trading in Derivatives of Securities Not A Speculative Loss(19.05.2022)
Bombay High Court has ruled that transactions in respect of trading in derivatives carried out in a recognized stock exchange are excluded from the de.....
Tags : Income-Tax Act, Bombay High Court, ITAT, Finance Act
Non-Compliance of S. 148A Notice: Rajasthan HC asks Income Tax Dept to Follow SC Judgment(19.05.2022)
Rajasthan High Court has directed the income tax department to proceed with the notices quashed earlier under Section 148A of Income-Tax Act, 1961, in.....
Tags : Supreme Court, Rajasthan High Court, Section 148A Income-Tax Act 1961, Finance Act
SC: Service Tax Not Applicable on UDF Collected from Passengers at International Airport(23.05.2023)
Supreme Court has held that ‘user development fee (UDF) collected from passengers departing the Delhi, Mumbai and Hyderabad International Airport, is .....
Tags : Supreme Court, User Development Fees, Service Tax, Finance Act
SC rules in Favour of Revenue Department in Reassessment Dispute Case(05.05.2022)
Supreme Court by reversing the high court orders that had quashed income-tax notices under the old reassessment regime has held that notices issued un.....
Tags : Supreme Court, Finance Act, 2021, reassessment, old regime, income-tax notices
DGFT Notifies New RoDTEP Schedule to Align with Finance Act, 2022(03.06.2022)
Director-General of Foreign Trade (DGFT) has notified a new Refund of Duties and Taxes on Exported Products (“RoDTEP”) schedule Appendix 4R consequent.....
Tags : DGFT, Custom Tariff, Finance Act
ITAT: No Late Fee U/S 234E of IT Act Can be Levied for Default Committed After 2015 Amendment(10.06.2022)
Income Tax Appellate Tribunal (ITAT), Pune bench has held that late fees u/s 234E can’t be levied for the default committed after the insertion of Sec.....
Tags : ITAT, Income-Tax Act, Finance Act
Notifications & Circulars
Syncing of ITC (IIS), 2022- Schcdule-1 (Import Policy) with the Finance Act, 2022 (No. 6 of 2022) dated 30.03.2022(07.07.2022)
1.In exercise of powers conferred by Section 3 read with Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (as amended from time t.....
Tags : Syncing, Import Policy, Finance Act
Committee for examining applications under Rule 10VA notified(23.05.2016)
The Central Board of Direct Taxes noticed several Commissioners of Income Tax as Committee examine and opine on cases in respect of offshore funds fun.....
Tags : offshore fund, manager, approval, finance act 2015
Indirect Tax Dispute Resolution Scheme Rules, 2016(31.05.2016)
The Ministry of Finance introduced Rules to give effect to Section 18 of the Finance Act 2016.
The Rules provide declarations and manner of.....
Tags : indirect tax, dispute resolution, finance act, 2016
Direct Tax Dispute Resolution and Equalisation Levy effective 1 June 2016(31.05.2016)
The Direct Tax Dispute Resolution Scheme 2016 under Chapter X of the Finance Act 2016 came into effect on 1 June 2016. Declarations in respect of tax .....
Tags : direct tax, dispute resolution, equalisation levy, finance act, 2016
Alignment of Appendix 4R with the Finance Act, 2021(11.05.2022)
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 of the Foreign Trade .....
Tags : Alignment, Appendix, Finance Act, 2021
Alignment of Appendix 4R with the Finance Act, 2022 with effect from 01.05.2022(01.06.2022)
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 of the Foreign Trade .....
Tags : Alignment, Appendix 4R, Finance Act, 2022