Since its inception, the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) has ushered in a new financial culture, which is responsive and vibrant. The Code has yielded positive outcomes by way of bringing in a systematic and institutionalized framework in restructuring of stressed assets from the debt-ridden economy. Prior to the …

Section 50 of the Central Goods and Services Tax Act, 2017 (henceforth the CGST Act) prescribes for liability of interest in case of delayed payment of tax upon failure of a person who is liable to pay tax as per the CGST Act but fails to pay the tax within prescribed period. The said provision …

Since the introduction of GST effective from July 2017 fraudulent invoices or fake invoicing has regularly made the headlines. It is estimated that there have been numerous occasions in the past two years of implementation of GST that evasion of tax in the form of fraudulent ITC in lakhs of crores of rupees has happened. …

  As you are aware that the Hon’ble Union Finance Minister Smt. Nirmala Sithraman presented the Union Budget 2020 on 1st February 2020. Please find the attached Highlights of The Finance Bill of 2020 containing changes under CGST Act, Customs and Income Tax Act. Write-up on Budget 2020 by Adv. Puneet Agrawal titled as “FM’s Recipe …

Key Highlights of Economic Survey 2019-20 Theme of the Survey: Wealth Creation: The Invisible Hand Supported by the Hand of Trust India’s aspiration to become a $5 trillion economy depends critically on: Strengthening the invisible hand of the market by promoting pro-business policies. Introducing the idea of trust as a public good, which gets enhanced …

Sales Tax Bar Association has filed an application  before Hon’ble Delhi Court, in the pending Writ Petitions No. W.P(C) No. 9575/17 & W.P(C) No. 10284/18 for the extension of date for filing Annual Return & Reconciliation Statement in FORM GSRT 9, GSTR 9A and GSTR 9C.  The application has been filed in order to …

Section 65 of the CGST/SGST Act empowers the tax authorities to conduct the audit under GST Law. GST Department has started to knock on the doors of the Assessees and have started to serve the notices to conduct GST Audit. Now, it is time to awake on time and rectify the mistakes/ errors and correct the stands …

From the Desk of the Editor.. प्रियमित्रों,सादरप्रणाम राष्ट्रीय युवा दिवस एवंनववर्षकीहार्दिकशुभकामनाएं Indian democracy is surely maturing. It has got the ability to discuss the real issues faced by the country and its citizenry. The role of media and the addition of social media to it, is helping people of our country especially the youth to form their opinion …

Online Tax portal, GSTSUTRA has recently published an article on the topic “Curtailing Limits of Purchase of Liquor and Cigarettes at Duty Free Shops- A Welcome Step”.  Author Advocate Puneet Agrawal has expressed his views welcoming the proposal of the Commerce Ministry. The link for the article already published in GstSutra is given below http://gstsutra.com/experts/column?sid=614&page=1 

In Writ Petition No. 9575 of 2017 and Writ Petition No. 10284 of 2018 in the matter of Sales Tax Bar Association v. Union of India which were listed today before Hon’ble Delhi High Court. The Hon’ble High Court directed the GSTN to correct the functioning of the GSTN Portal and issued notices returnable on …