Section 129 is a complete code for the purpose of addressing all violations committed in transit leading to detention, seizure, and release of goods and brings within its sweep all such contraventions, irrespective of the gravity of the violation itself.

Vide decision of High Court of Madras in Ideal Movers (P.) limited vs. State tax Officer. Facts of the case: The Petitioner is a transporter and had been engaged to transport a consignment.The consignment was accompanied by invoices and an E-way bill.E- way bill was generated on 12-01-2020 and valid till 16-01-2020. As the lorry had broke-down and [...]

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Budget Highlights 2020-21 – Infrastructure

A National Logistics Policy to be released soon to clarify roles of the Union Government, State Governments and key regulators.Single window e-logistics market to be [...]

Budget highlights 2020-21 – Financial Sector

Deposit Insurance and Credit Guarantee Corporation (DICGC) permitted to increase Deposit Insurance Coverage to Rs. 5 lakh from Rs.1 lakh per depositor.NBFCs eligibility limit [...]

Budget Highlights 2020-21 – Women Empowerment

Allocation of Rs. 35,600 crore for nutrition-related programs proposed for the FY 2020-21.Rs. 28,600 crores proposed for women-specific programs.The issue about the age of a [...]

Budget Highlights 2020-21 -Health

PM Jan Arogya Yojana (PMJAY): Viability Gap Funding (VGF) window (incentive scheme in which a certain percentage of the total capital cost is paid by the government) [...]

Budget Highlights 2020-21 – Industry, Commerce and Investment

National Technical Textiles Mission: With four-year implementation period from 2020-21 to 2023-24.At an estimated outlay of Rs 1480 crore. To position India as a global [...]

Budget Highlights 2020-21 – Education and skills

National Police University and National Forensic Science University proposed for policing science, forensic science, and cyber-forensics.Degree level full-fledged online [...]

Budget Highlights 2020-21 – Agriculture and Rural Economy

The government proposed an action plan to boost agriculture and farmers' welfare.Kisan Rail to be set up by Indian Railways through PPP: To build a seamless national cold [...]

Budget Highlights 2020-21 – Fiscal Management

For the FY 2019-20:Revised Estimates of Expenditure: at Rs.26.99 lakh Crores.Revised Estimates of Receipts: estimated at Rs.19.32 lakh Crores.For the year 2020-21:Nominal [...]

Budget Highlights 2020-21 – Indirect Taxes

Simplified GST returns with features like SMS based filing for nil return and improved input tax credit flow to be implemented from 1st April 2020 as a pilot run.Customs duty [...]

Budget Highlights 2020-21 – Direct Taxes

New and simplified personal income tax regime proposed wherein tax rates are as follows: Taxable Income (in Rs.) Existing Tax Rates New Tax Rates 0 - [...]

Composite supply of goods and services and regular supply are differentiated.

A finding as regards composite supply must take into account supplies as effected at a given point in time on 'as is where is' basis. In particular instances where same [...]

Revised Return of Income of companies to be accepted by the authorities which are in case of scheme of arrangement for amalgamation etc.

It is incumbent upon Department to assess total income of successor in respect of previous assessment year after date of succession. Thus, where [...]

SEBI signs Memorandum of Understanding on bilateral co-operation with the Astana Financial Services Authority, Kazakhstan

SEBI vide Press Release No. 30/2019 dated 23rd December 2019 it is published that the SEBI and the Astana Financial Services Authority (AFSA) have entered into a bilateral [...]

Stewardship Code with effect from 01.04.2020 for all Mutual Funds and all categories of AIFs, in relation to their investment in listed equities

SEBI vide circular No. CIR/CFD/CMD1/168/2019 dated 24th December 2019. Previously, SEBI has already implemented principles on voting for Mutual  Funds,  which prescribed [...]

Regulation of management and advisory services by Asset Management Companies to Foreign Portfolio Investors

SEBI vide circular No. SEBI/HO/IMD/DF2/CIR/P/2019/155 dated 16thDecember, 2019 it has been decided that, AMCs  may  provide  management  and  [...]