Wednesday, 30 May 2018

CBIC's interim solution for IGST refunds stuck due to data non-transmission from GSTN

CBIC prescribes an interim solution for pending IGST refunds not being sanctioned owing to non-transmission of data from GSTN to Customs EDI system, due to mismatches in amount mentioned by exporters in GSTR-1 and GSTR-3B; Procedure prescribed is subject to undertakings / submission of CA certificates by exporters and post refund audit scrutiny : CBIC Circular 
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Delhi HC: No Deemed Gift Tax on Share Buy-Back at Discount

The Delhi High Court in the case of Globe Capital market has ruled that a company’s buy-back of its own shares cannot be taxed under Section...