Income Tax Systems show pending refunds of Rs. 29000 crores approx In a recent  communication issued by the Director of Income Tax (Systems), New Delhi, a sum of Rs. 28941.50 crores (for cases  with refund greater than Rs. one crores) is showing as pending in the system. The data …

Refund of ITC accumulated due to Inverted Tax Structure (RFD-01A)-FAQ 1. What is Inverted Tax Structure in the GST regime? The term ‘Inverted Tax Structure’ refers to a situation where the rate of tax on input received (i.e. Input tax credit received) is more than the rate of …

RBI grants Relief to MSME Borrowers registered under GST from NPA classification due to adverse impact of GST formalities  Presently a loan account is classified as Non-Performing Asset (NPA) by banks/NBFCs based on 90 day and 120 day delinquency norms, respectively.  According to press release of Reserve Bank of …

Order of seizure of goods in transit passed u/s 129(1) of  U.P. Goods and Service Tax Act, 2017 not appealable and therefore, a writ petition is maintainable against it subject to the limitations of judicial review – Allahabad High Court ABCAUS Case Law Citation: ABCAUS 2194 (2018) (02) …

Revised Procedure for procedure for modification in IEC for shifting the office Director General of Foreign Trade (DGFT) has revised the provision at para 2.14 (A) of the Handbook of Procedure (2015-20). Under the existing procedures, when an IEC holder seeks modification/ change of Branch Office/ Head Office/ Registered …

Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act read with Rule 11UA(2) of Income-tax Rules-CBDT Instruction Section 56(2)(viib) of the Income-tax Act, 1961 (Act) provides that where a closely held company issues its shares at a …