Infosys CEO Salil Parekh Settles Insider Trading Charges with SEBI, Pays Rs 25 Lakh for Inadequate Controls

Infosys' CEO Salil Parekh has settled charges of violating provisions of insider trading. IT services giant Infosys' CEO Salil Parekh has agreed to pay Rs 25 lakh for failing to have adequate controls to prevent insider trading. SEBI's investigation revealed that certain information classified as Unpublished Price Sensitive Information (UPSI) were not appropriately handled by...

Karnataka CID Files Chargesheet Against Former CM BS Yediyurappa In POCSO Case

The Karnataka CID on Thursday filed a chargesheet against former Chief Minister B Y Yediyurappa in connection with a POCSO case registered against him.Special Public Prosecutor Ashok Naik said the chargesheet had been filed before the Special POCSO court. The chargesheet is filed under provisions of POCSO and the Indian Penal Code against four accused including Yediyurappa. As per the...

CBIC Clarification On Amount Of Premium For Taxable Life Insurance Policies Is Not Included In Taxable Value

The Central Board of Indirect Taxes and Customs (CBIC) has issued the clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value.The Board has received the representations from the trade and field formations seeking clarification on the issue as to whether the amount of...

CBIC Issues Clarification On Availability Of ITC On Ducts And Manholes Used In Network Of OFCs

The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017.The board has received representations from Cellular Operators Association of India (COAI) submitting that input tax credit (ITC) is being denied by some...

CBIC Clarification On Taxability Of Salvage Wreck Value In Claim Assessment Of Motor Vehicles

The Central Board of Indirect Taxes and Customs (CBIC) has clarified on the taxability of salvage/wreck value earmarked in claim assessment of damage caused to motor vehicles.The Board has received the representations from the trade and field formations seeking clarification as to whether in case of motor vehicle insurance, GST is payable by the insurance company on salvage/ wreckage...

CBIC Clarification On GST Liability & ITC Availability On Warranty/Extended Warranty

The Central Board of Indirect Taxes and Customs (CBIC) has issued the clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023.Circular No. 195/07/2023-GST dated 17.07.2023 clarified certain issues regarding GST liability and availability of input tax...

Road Construction & Maintenance Service By NHAI; CBIC Clarification On Time Of Supply

The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on time of supply in respect of supply of services of construction of road and maintenance thereof of National Highway Projects of National Highways Authority of India (NHAI) in Hybrid Annuity Mode (HAM) model.The Board has received the representations from the trade and the field formations seeking...

CBIC Clarifies Taxability Of ESOP/ESPP/RSU By Company To Employees Through Its Overseas Holding Company

The Central Board of Indirect Taxes and Customs (CBIC) has issued the clarification on the taxability of Employee Stock Ownership Plan (ESOP)/ESPP/RSU provided by a company to its employees through its overseas holding company.The Board has received the representations from the trade and field formations seeking clarification regarding the taxability of Employee Stock Option (ESOP)/Employee...

Certificates By CA/CMA To Be Treated As Suitable & Admissible Evidence For Section 15(3)(B)(ii): CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has prescribed the mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers.In cases where the discounts are offered by the suppliers through tax credit notes, after the supply has been effected, the said discount is not to be included in the taxable value only if...

Timing Of Arvind Kejriwal's CBI Arrest Circumspect, But Arrest Not Illegal: Delhi Court

A Delhi Court yesterday said that the arrest of Chief Minister Arvind Kejriwal by Central Bureau of Investigation (CBI) in the liquor policy case, at this stage, cannot be said to be illegal.While remanding Kejriwal to CBI custody for three days, Vacation judge Amitabh Rawat of Rouse Avenue Courts underscored that while the arrest is not illegal, CBI should not be over zealous....

CBIC Clarification, Supply Of Import Of Services By Related Person Where Recipient Is Eligible To Full ITC

The Central Board of Indirect Taxes and Customs (CBIC) has issued the clarification on valuation of supply of import of services by a related person where recipient is eligible for full input tax credit.The Board has received the representations from trade and industry stating that demands are being raised by some of the field formations against the registered persons seeking tax on...

CBIC Clarification On Time Of Supply Of Spectrum Usage Services Under GST

The Central Board of Indirect Taxes and Customs (CBIC) has issued the clarification on time of supply of services of spectrum usage and other similar services under GST.The Board has received the representations from the trade and the field formations seeking clarification regarding the time of supply for payment of GST in respect of supply of spectrum allocation services in cases where...