[ad_1] The Finance Ministry is working on a comprehensive mechanism that can resolve Goods and Services Tax (GST) disputes raised by states while avoiding distortions in the tax regime. The mechanism can be further discussed with the states GST The council meeting is expected sometime in June. The scheme includes a Disputes Redressal Bench which will be represented by states, the Center and independent law and tax experts who are well-versed in the legal and economic implications. There will be detailed guidelines on what matters can be referred for such…
Tag: dispute
CBDT issues directions to implement Supreme Court’s decision on revaluation dispute
[ad_1] CBDT, in exercise of the powers under section 119, issued Instruction No. 1 of 2022 for implementation of the judgment of the SC in Ashish Agrawal in respect of revaluation notices issued between 01.04.2021 to 30.06.2021; Explains the scope of the decision and lays down the procedure to be followed by the AO. Some of the salient points of the said directive, inter alia, include the following: Honourable Supreme Court’s decision will be applicable in all cases Where extended revaluation notices have been issued notwithstanding the fact Whether such…