Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
The circular provides a Standard Operating Procedure (SOP) for cancellation of GST registration of non-genuine taxpayers and creation of a repository of such entities. It outlines the background, legal provisions, procedure for cancellation initiated by the officer or on application, collection of evidence during investigation/inspection, preparation of evidence folders, sharing with authorities, and maintaining a repository by the Business Intelligence Unit (BIU). The aim is to curb the menace of fake invoices, wrongful ITC availment, and identify generators and users through risk parameters. It emphasizes thorough scrutiny, collection of evidence, recording statements, and reasoned orders for cancellation to safeguard government revenue.
The circular provides a Standard Operating Procedure (SOP) for cancellation of GST registration of non-genuine taxpayers and creation of a repository of such entities. It outlines the background, legal provisions, procedure for cancellation initiated by the officer or on application, collection of evidence during investigation/inspection, preparation of evidence folders, sharing with authorities, and maintaining a repository by the Business Intelligence Unit (BIU). The aim is to curb the menace of fake invoices, wrongful ITC availment, and identify generators and users through risk parameters. It emphasizes thorough scrutiny, collection of evidence, recording statements, and reasoned orders for cancellation to safeguard government revenue.
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