Top Court Admits Petition Against GST on Realty JVs
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Top Court Admits Petition Against GST on Realty JVs

The Supreme Court has admitted a petition challenging imposition of goods and services tax (GST) on the transfer of development rights within joint development agreements between realty developers and landowners. The court has issued notices to the Union government, GST Council and Central Board of Indirect Taxes and Customs (CBIC), seeking their replies to the…

MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries
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MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries

The corporate affairs ministry is considering a faster way of transferring to beneficiary’s shares, dividends and matured debentures in inactive accounts that have not been claimed for years, said a person privy to the development. Such securities, dividends and debentures that remain unclaimed for more than seven years are transferred by companies to the Investor…

Authorized Car Dealers Can Claim ITC on Demo Cars: AAR
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Authorized Car Dealers Can Claim ITC on Demo Cars: AAR

Registered automobile dealers can claim input tax credit (ITC) on cars that are used for demonstration to potential customers, commonly known as demo cars, the West Bengal bench of the GST Authority for Advance Ruling (AAR) has ruled. Landmark Cars East Pvt. Ltd, an authorized agent of Mercedes Benz, had filed an application before the…

Govt. Cancel FCRA Licences of 6 NGOs Over ‘Violations’
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Govt. Cancel FCRA Licences of 6 NGOs Over ‘Violations’

The Union home ministry has cancelled the Foreign Contribution Registration Act (FCRA) licences of six non-governmental organizations (NGOs) for their alleged violation of the FCRA rules, misuse of foreign grants, religious conversion, among others, ET has learnt. The cancellation came following a scrutiny by the Centre in March-April this year, said officials familiar with the…

Closing Fake A/cs in Govt. Schemes Saved ₹335 L cr.
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Closing Fake A/cs in Govt. Schemes Saved ₹335 L cr.

Weeding out fake beneficiaries of the government’s schemes for food security, rural employment and fuel subsidy between FY18 and FY24 resulted in saving of about 3.35 lakh crore for the exchequer, according to a recent internal presentation of the department of expenditure. The department identified and cancelled 50.1 million fake ration cards, struck off 41.3…

Cash in Circulation More than Doubles Since FY17 on Consumption Demand
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Cash in Circulation More than Doubles Since FY17 on Consumption Demand

Cash in circulation has more than doubled since 2016-17-the year of de monetization and launch of UPI despite phasing out of the 22,000 notes. HSBC PMI and CMS cash index have moved in tandem showing both cash and digital payments have seen growth underscoring the continued relevance of cash. Currency in circulation increased from 13.35…

Non-Linkage of PAN-Aadhaar: CBDT Gives Relief to Tax Deductors
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Non-Linkage of PAN-Aadhaar: CBDT Gives Relief to Tax Deductors

The Central Board of Direct Taxes (CBDT) on Wednesday said tax deductors such as companies will not be treated as a defaulter for any failure in deduction of tax at a higher tax on transactions carried out between July 1, 2023, and March 31, 2024, by those whose Permanent Account Number (PAN) had become inoperative…

Payment for Imported Software Not Royalty: SC
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Payment for Imported Software Not Royalty: SC

The Supreme Court has rejected the income tax department’s petition seeking review of its March 2021 judgment that held that payments made to non-residents for software purchase can’t be taxed as royalty. The revenue authorities had termed these cross-border payments made to foreign software companies and distributors for the soft- ware purchase as royalty. The…