GSTN Advisory on Auto Suspension of GST Registration due to Non-Furnishing of Bank Account Details as per Rule 10A As per Rule 10A, taxpayers (except those registered under TCS, TDS, or Suo-moto registrations) must furnish their bank account details within 30 days of grant of registration or before …

ITC can’t be denied on ground that supplier’s registration was cancelled subsequently when supplier had filed GSTR-1 and GSTR-3B for the relevant period. In a recent judgment, Allahabad High Court has held that ITC can’t be denied on ground that the supplier’s registration was cancelled subsequently to the …

Amount of Rs. 6 lakh claimed to have been received as gift from parents in law not an excessively or unreasonably high amount – ITAT In a recent judgment, ITAT Lucknow has held that amount of Rs. 6,00,000/- claimed by assessee to have been received as gift from …

Assessee was entitled to GST exemption on renting of residential dwelling as hostel to students and working professionals In a recent judgment, Hon’ble Supreme Court has held that the assessee was entitled to GST exemption on renting of residential dwelling as lessee in turn leased out the property …

RBI increases number of basic minimum facilities to be offered in a Basic Savings Bank Deposit (BSBD) account, free of charge, without any requirement of minimum balance What is a BSBDA Account? The Basic Savings Bank Deposit (BSBD) Account (also often referred to as Basic Savings Bank Deposit …

Conducting courses in gemmology, jewellery arts, jewellery design amounts to imparting of education entitling assessee benefit of exemption u/s 11 of the Income Tax Act. In a recent judgment, ITAT Mumbai has held that conducting courses in the field of gemmology, applied jewellery arts, jewellery design and manufacturing …