[Global Financial Insights] International Finance Corporation Joins Hands with IFRS Foundation to Improve Sustainability Reporting in Emerging Markets and More
Global Financial Insights is a weekly feature for the users wherein we aim to provide the latest updates on financial reporting, and auditing practices from across the globe. This week we have covered updates of International Financial Reporting Standard (IFRS), and Security and Exchange Commission (SEC). 1. International Finance Corporation joins hands with IFRS Foundation […]
Entrepreneurship – Concept, Functions, Need and Its relevance in Indian Society
Before the concept of entrepreneurship is explored, it is important to, first, understand the meaning of ‘entrepreneur’ and also know who can be an entrepreneur. An entrepreneur is someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a […]
[Opinion] To Appeal or Not to Appeal | CBIC Sets Limits for GST Appeals by Department
Ajay Kumar Maggidi – [2024] 164 taxmann.com 48 (Article) 1. Background In pursuance of 53rd GST Council recommendations, the Central Board of Indirect Taxes and Customs (CBIC) has recently issued Circular No. 207/1/2024-GST dated 26-June-2024, setting up new monetary limits for the Department’s filing of appeals before the GST Appellate Tribunal (GSTAT), High Courts, and […]
Overview of Foreign Trade Policy 2023 – Background | Interpretation | Classification
The Foreign Trade Policy 2023 outlines India’s strategies to boost exports and enhance global trade engagement. It aims to achieve $2 trillion in exports by 2030, emphasizes ease of doing business, and introduces various schemes to support exporters, such as the Remission of Duties and Taxes on Exported Products (RoDTEP) and the Export Credit Guarantee […]
HC Directed Refund of Amount Encased by Tax Authorities as No GSTAT Was Constituted to File Appeal
Case Details: Cultgear (P.) Ltd. v. Commercial Tax Officer (Enf) – [2024] 162 taxmann.com 490 (Karnataka) Judiciary and Counsel Details S.R. Krishna Kumar, J. Smt. Disha & P.B. Harish Advs. for the Petitioner. Hema Kumar, AGA for the Respondent. Facts of the Case The petitioner was engaged in the business of manufacturing and trading of sports goods. The department […]
[World Tax News] Canada Implements Digital Service Tax & Global Minimum Tax and More
Editorial Team – [2024] 163 taxmann.com 763 (Article) World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week. 1. Canada implements Digital Service Tax & Global Minimum Tax On June 20, 2024, Canada’s Department of Finance announced that […]
Distance of Land to Be Measured as per Old Notification if Municipal Limits Are Extended Without New Notification | ITAT
Case Details: Ashish Gupta vs. Income-tax Officer – [2024] 163 taxmann.com 739 (Delhi-Trib.) Judiciary and Counsel Details Shamim Yahya, Accountant Member & Ms Madhumita Roy, Judicial Member Subodh Gupta & Mukesh Agarwal, CAs for the Appellant. Kanv Bali, Sr. DR for the Respondent. Facts of the Case The assessee, an individual, sold land that he treated as […]
SEBI Proposes Measures to Facilitate Ease of Doing Business Under LODR and ICDR Norms
Consultation Paper; Dated: 26.06.2024 SEBI has released a Consultation Paper to facilitate ease of business under LODR and ICDR Norms. The objective is to seek comments from the public on the expert committee’s recommendation regarding the ease of doing business under these norms. The expert committee’s report is divided into three parts. The first and […]
HC Quashes Order Rejecting Refund Claim Without Issuing SCN and Providing Opportunity of Hearing to Assessee
Case Details: Omkareshwar Embroideries Ltd. v. Union of India – [2024] 162 taxmann.com 453 (Gujarat) Judiciary and Counsel Details Bhargav D. Karia & Niral R. Mehta, JJ. Sanket Gupta & Anand Nainawati for the Petitioner. Utkarsh R Sharma for the Respondent. Facts of the Case The petitioner was engaged in the manufacturing of grey fabrics. The rate of […]
Accounting of Pre-construction Expense Pending Fund Approval From Parent Company Under Ind AS Framework
A Ltd. herein referred to as “the company” is engaged in the business of crude oil. The company is subsidiary of Oil Industry Development Board (OIDB). To enhance its storage capacity, company plans to construct strategic crude oil storages. The construction cost were provided by parent company. The company has estimated that construction expense would […]