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Daily Tax updates

Tax Updates

Dated May 4,2017

1. Govt. asserted in the Supreme Court that Aadhaar was made mandatory for PAN card to weed out fake PAN cards which were used for terror financing and circulation of black money, while terming the concerns over privacy as "bogus".

2. IGST, CGST, SGST deposited cannot be adjusted against each other. Only IGST, CGST & SGST input tax credit can be adjusted in specified order.

3. Services performed in India for a service recipient located abroad are export of services provided recipient does not have any branch or project or business establishment in India and payment for the service has been received in convertible foreign exchange:  Gap International Sourcing (India) Pvt. Ltd. Vs. CST- CESTAT NEW DELHI]

4. SEBI has issued Securities and Exchange Board of India (International Financial Services Centers) Guidelines, 2015.

5. NCLT: Company petition filed by authorized signatory is maintainable where the source of authorization letter is the shareholders' resolution and the authorized signatory is competent to file company petition. BUHARI ABDUL KHADER KHALID vs. EMIRATES TRADING LLC. CHENNAI BENCH. 

6. RBI invites applications for Direct Recruitment for the posts of Officers in Grade ‘B’ (General) - DR, DEPR and DSIM in Common Seniority Group (CSG) Streams – 2017. visit www.rbi.org.in

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