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Services and Accounting Code (SAC): An overview

Services and Accounting Code (SAC): An overview   The SAC (Services and Accounting Code) code is a categorization system used by the Indian government to identify and tax different services that businesses perform. The SAC codes are used to determine the kind of service provided and the corresponding GST rate. SAC (Services and Accounting Code)…

Electoral Bond Issue & Impact of Supreme Court Judgement on Political Contributions : Short Overview

Electoral Bond Issue & Impact of Supreme  Court  Judgement  on Political Contributions : Short Overview   1.  The Supreme Court had delivered a seminal judgement in the case of Association for Democratic Reforms & Anr v/s Union of India & Ors. declaring Section 182(3) of the Companies Act (as amended by Section 154 of the…

No GST on renting of hostel rooms for residential purpose: Madras HC

No GST on renting of hostel rooms for residential purpose: Madras HC   In a significant ruling, the Madras High Court has held that hostels being used for residential purposes will not attract goods and services tax. The Order by Madras High Court judge Krishnan Ramasamy has quashed a decision by the Tamil Nadu State…

Draft assessment order not provided before final Order: Calcutta HC set aside assessment

Draft assessment order not provided before final Order: Calcutta HC set aside assessment   to the assessee for filing objections prior to passing of the final order. As the action of the income tax authority was in violation of principles of natural justice, The Learned Single Bench of the Hon’ble High Court at Calcutta set…

GST State Code List and Jurisdiction

GST State Code List and Jurisdiction While migrating to a GST registration or while going for a new registration,businesses would have received the 15 digit GSTIN (Goods and Services Tax Identification Number). Knowing the structure of the GSTIN is crucial for a business – to ensure that one’s suppliers have quoted the correct GSTIN in…

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