The CBIC recently issued the Circular No.135/05/2020 – GST dated 31.03.2020, incorporating the direction of the Hon’ble Court in the Case of M/s Pitambra Books Pvt Ltd. W.P(C) No. 627 of 2019, wherein Court had passed an order Staying the Para 8 of the Circular No. 125/44/2019-GST dated 18.11.2019, (which had imposed the restriction that …

The Hon’ble Finance Minister of India, via press conference on 24.03.2020 has announced the following relief measures relating to Indirect Taxes and Direct Taxes, in view of COVID-19 outbreak in India. The necessary legal circulars and legislative amendments to give effect to said reliefs shall be issued in due course and GST relief shall follow …

In line with the vision of our Hon’ble Prime Minister that each district should develop as an export hub, the Cabinet Committee of Economic Affairs on 13th March 2020 took another move and green signaled scheme for Remission of Duties and Taxes on Exported products (RoDTEP). Our Finance Minister Smt. Nirmala Sitaraman in the budget …

Today, i.e. 02.03.2020, the Hon’ble High Court of Delhi at New Delhi, has in a petition challenging the demand notice issued by Department over payment of interest on gross tax liabilty, granted stay in the matter of Sunrise Autoworld Pvt. Ltd. v. Union of India. The Department has sought to levy interest even on the …

A discussion on maintainability of Writ Petition under Article 226 – where disputed questions of facts exist. Under Article 226 of the Constitution of India, the High Courts are given the power to issue writs. That this power to issue writ is a discretionary power of the High Courts.  However, the High courts while entertaining …

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 …