Central Government approved Credit Guarantee Scheme for Startups

Central government through its notification dated 6th October 2022 approved the Credit Guarantee Scheme for Startups (CGSS) for providing credit guarantees in case of loans extended by Member institutions (MIs) to the finance eligible borrowers. MIs include all financial intermediaries such as banks, financial institutions, AIFs, NBFCs involved in investing/lending. This scheme provides collateral free loans … Read more

GST Portal: New functionalities for Registration, Returns & Refund for taxpayers

New functionalities are added in the GST Portal to simplify filings in better way. The functionalities are as follows: Registration: When you file for any clarification in Form REG-04, and then click on the registration module two options are enabled with a pop-up window: Open all allowed fields – When user choose this option, he/she will … Read more

RBI increases repo rate by 50 basis points to 5.90%

The Monetary Policy Committee (MPC) held meeting from 28th September – 30th September 2022 and decided to increase the repo rate by 50 basis points to 5.9% with immediate effect to control the inflation. The standing deposit facility rates stands adjusted to 5.65%, the marginal standing facility and the bank rate to 6.15%. MPC decided to stay … Read more

Have you Submitted your annual life certificate for pensioners?

annual life certificate for pensioners

The Ministry of Personnel, Public Grievances and Pensions Department of Pension and Pensioners’ Welfare through its notification dated 30th September 2022 issued memorandum for timely submission of Annual Life Certificate for pensioners. It is mandatory for every central government pensioner to submit Annual Life Certificate in November for continuation of the pension without any hindrance. The … Read more

GST: CBIC Extends Last Date for filing of ITC

The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for claiming input tax credit (ITC) for FY22 from 20 October to 30 November. Additionally, the deadline for submitting credit notes and declarations for FY22 has been extended until November 30. However, recipients’ ITC might be disallowed if the GSTR-1 (monthly Statement … Read more

No Compulsory Review for Income Tax Returns Submitted Under Section 142(1) Based on Departmental Information: CBDT issues Guidelines

The Central Board Of Direct Taxes (CBDT) has recently issued guidelines clarifying that when a return has been furnished in response to a notice u/s 142(1) of the Act, where such notice was issued due to the information contained in NMS Cycle/ SFT information, such return will not be taken up for compulsory scrutiny but … Read more

Physical Verification of Premises for GST Registration Granted Without Notice Violates Natural Justice Principles: Delhi High Court

Physical Verification of Premises for GST Registration Granting Without Notice Violates Natural Justice Principles: Delhi High Court

In a landmark decision, the Delhi High Court ruled that the physical inspection of company premises without notice for the purpose of issuing GST registration is unconstitutional since it violates the principles of natural justice. The department revoked the GST registration of the petitioner, M/s Curil Tradex Pvt Ltd, based on the show cause notice, … Read more