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GNPA for PSBs in agriculture sector crosses Rs 1-trillion mark: RBI data | 15 Oct
PMC Bank: FM urges RBI Governor to expedite payments to worst affected customers | 15 Oct

IBBI

Group insolvency resolution: UK Sinha-led panel recommends phased implementation of framework
The UK Sinha-led Working Group on Group Insolvency has called for a legal framework to facilitate insolvency resolution and liquidation of companies belonging to a group.
15-Oct-2019

MoF

Centre committed to upholding contractual agreements: FM tells energy sector
Finance Minister Nirmala Sitharaman has assured the investors in the energy space that the government will honour its contractual commitments.
15-Oct-2019

MoF

Public sector banks disburse Rs 81,781 crore in nine days, says Nirmala Sitharaman
Public sector banks (PSBs) alone have disbursed Rs 81,781 crore in the first phase of the outreach programme between October 1-9, Finance Minister Nirmala Sitharaman said on Monday.
15-Oct-2019

MoF

PMC Bank: FM urges RBI Governor to expedite payments to worst affected customers
Finance Minister Nirmala Sitharaman on Monday urged the Reserve Bank of India Governor Shaktikanta Das to try and expedite payments to “genuinely suffering” customers of the crisis-ridden PMC Bank.
15-Oct-2019

MoF

Will ask firms to clear Rs 40,000-cr MSME dues fast: FM Nirmala Sitharaman
The government will ask big corporates to expedite clearing dues worth Rs 40,000 crore to micro, small and medium enterprises (MSMEs), Finance Minister Nirmala Sitharaman said on Monday.
15-Oct-2019

Corporate Affairs

Retail inflation at 14-month high, WPI falls to 39-month low of 0.33%
The inflation rates in terms of the consumer price index (CPI) and the wholesale price index (WPI) continued to chart divergent paths for the second consecutive month in September. The CPI inflation r
15-Oct-2019

IBC

Insolvency Law Committee plans to meet on October 15 to discuss new reforms for IBC
The government-appointed Insolvency Law Committee (ILC) will meet on October 15 to deliberate on various proposed reforms to the existing insolvency and bankruptcy code (IBC), including new concepts
14-Oct-2019

PMO

PMO reviewed GST collection issues with States
The Prime Minister office (PMO) on Friday reviewed revenue position especially GST collection with Finance Ministry officials and with State Governments.
14-Oct-2019

GST Highlights

Top Stories

Latest Statutes

The product Nano Rechargeable LED Torch Light is classifiable under Chapter Head 8513 presently attracting GST @18%--the product in the question will not be entitled to concessional rate of GST @5% as the same is not a Solar Based Device.

Prakash Chand Jain, In re

Section 98 of MPGST Act, 2017 GST

Where the intention of assessee for purchase of the land was for resale and within a short period of time though the sale was only to the companies of which the assessee was a director, it was apparent that assessee was acting as an interface to purchase the lands from the land owners and then converted in non-agricultural use and sold to these companies who were in the business of real estate. Hence, properties sold were not excluded from the meaning of capital asset, as they were not agricultural land as defined by section 2(14).

Sunil Bansal v. Asstt. CIT

Section 45 Direct Taxes

The claim of deduction under section 54EC could not be disallowed since assessee has demonstrated that non–investment in REC Bonds within the stipulated period was due to non–availability of bonds in the market.

Heatex Products (P) Ltd. v. Dy. CIT

Section 54EC Direct Taxes

Sanitation and similar services, classified under SAC 99945, includes sweeping and cleaning, but only with reference cleaning of a road or street. Cleaning of hospital premises is not, therefore, classified under Sanitation or similar service.

Altabur Rahaman Mollah, In re

Section 100 of WBGST Act, 2017 GST

As firm envisaged payment to a outgoing partner on the basis that the partner would have rendered service during his tenure but could not enjoy the fruits thereof on account of the fact that the work having remained incomplete, the concerned client had not been billed for the work already done, payment to the partner would amount to diversion of income at source by overriding title. Thus, payment made to the legal heir of deceased partner would be an admissible expenditure for firm

Pr. CIT v. Wadia Ghandy & Co.

Section 4 Direct Taxes

Where assessee had explained source of the cash deposit in the bank account by producing copies of the bills of sale of agricultural produce, which supported the explanation of assessee that assessee had received cash out of sale of agriculture produce, no addition under section 68 was warranted.

Naresh Kumar v. ITO

Section 68 Direct Taxes

Since the unaccounted money as alleged by the AO was the loan, which was repaid subsequently by assessee, addition made on account of unverifiable unsecured loans was unjustified.

ITO v. Habitat Infrastructure Ltd.

Section 68 Direct Taxes

Where an agricultural land which was cultivated by assessee for agricultural purposes, on being notified by the Government, the land was sold for industrial purposes, was not chargeable to tax as it was sale of agricultural land, irrespective of the fact that no agricultural income was shown by assessee because of the smallness of income.

ITO v. Meera Thapa Prop & Vice-Versa

Section 2(14)(iii) Direct Taxes

Mechanical Sprayers classifiable under Chapter head 8424 shall attract GST @12% with effect from 25-1-2018.

Ravi Masand, In re

Section 98 of MPGST Act, 2017 GST

Receipt of capitation fee by educational institution and non-recording thereof by assessee, educational trust, in regular books of account was in total violation of section 13(1)(c) and, therefore, cancellation of registration under section 12AA was justified.

Prathyusha Educational Trust v. Asstt. CIT

Section 12AA(3) Direct Taxes

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