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Instructions regarding rectification of assessment orders under GST| Department of Trade and Taxes, Delhi
Notification
CA. Sachin Jindal

Instructions regarding rectification of assessment orders under GST| Department of Trade and Taxes, Delhi

GST Assessments, u/s 73, are already closed for FY 2017-18 and the due date of issuance of order for FY 2018-19 is 30th April, 2024. In many of the Assessment orders, the taxpayers have faced genuine hardship such as as the Assessment orders passed are not the speaking one or assessment orders contain clerical mistakes causing unnecessary increase in demand amount.

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Personal Guarantee and Corporate Guarantee
Notification
CA. Sachin Jindal

Taxability of Personal Guarantee and Corporate Guarantee under GST| Clarified by CBIC

Providing guarantee is a very common part of business finance wherein one person provides guarantee to the bank or financier on behalf of the other person for securing loan or credit facility. In some cases, commission is paid as a consideration for providing guarantee. CBIC has received various representations with respect to applicability of GST on personal guarantee provided by Director to the bank for granting credit facility to the company or corporate guarantee provided by the company on behalf of its sister concern or subsidiary company.

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RBI Guidelines on Merchant Trade Transaction
Notification
CA. Kapil Mittal

RBI Guidelines on Merchant Trade Transaction

For the purpose of monitoring Merchant Trading Transactions, RBI has issued guidelines for Merchant Trade Transactions (“MTT”). These guidelines have been amended various times over the period of time based on changes in the market and transactions. The latest guidelines were issued vide circular No. RBI/2019-20/152 A.P. (DIR Series) Circular No.20 dated 23rd January, 2020.

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Guidelines For Arrest and bail under GST law
Inspection, Search and Seizure and Arrest
CA. Sachin Jindal

Guidelines For Arrest and bail under GST law

Guidelines For Arrest and bail under GST law – the GST Investigation Wing has examined the judgment and issued guidelines related to Arrest and Bail in relation to offenses punishable under CGST Act, 2017.

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