The provisions on penalties and offenses are quite similar to the Excise Act. The customs law envisages two types of penalties, viz., first, civil liability: penalty for violation of statutory provisions involving fines and confiscation of goods. Second, criminal liability: the criminal penalty is imprisonment and a fine; which can only be granted in a…
Like any other tax law, the customs law contains detailed provisions for judicial review, dispute resolution, appeal, and review. The appellate authorities for cases under Customs Law include the Commissioner (Appeals), Customs Excise, Review Authority and Service Tax Appellate Tribunal (CESTAT), High Court, and Supreme Court. In this article, we will discuss in detail the…
The committee responsible to take cognizance of the procedural delays or problems faced in customs clearance of export/import cargo or provisions related to various incentives is the Grievance Redressal Committee. Feedback from trade and industry is used to review procedures as necessary and take action to address importer/exporter concerns. In this article, we will discuss…
Any Director of a Company, a Designated Partner of an LLP, or a Professional like a Chartered Accountant or Company Secretary should compulsorily register DSC on the MCA portal to file forms. In case of non-registration a DSC on the MCA portal the person will not be able to file any forms. As a director…
Auditing is an important function for any company that wants to operate within the ambit of law. Auditors help to ensure that company operations are in compliance to applicable laws and regulations, and also identifies potential risks, and recommend corrective actions if necessary. Illegal use of digital technology to commit fraud or other illegal activities…
Filing Income Tax Returns (ITR) is a crucial step in fulfilling one’s duty as a citizen and also avoids legal issues in the future. In the era of digitization, the Indian government has introduced an e-filing facility to make it convenient for taxpayers to file their ITR. However, e-filing does not end the process, and…
Professional Tax is a tax levied by the state government on individuals and entities engaged in various professions, trades, and employments. It is a state-specific tax, and hence, the rates, slabs, and regulations vary from state to state. Professional Tax is a source of revenue for state governments and is also used for the development…
India has a long history of various savings schemes. Among all the schemes, Chit Funds are one of the most popular and widespread savings schemes. The concept of chit funds originated in 1800. Then, the Cochin ruler of Kerala state, Raja Ravi Varma, gave a loan to a Syrian Christian merchant, keeping a certain portion…
Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in a country. The introduction of GST in India in 2017 was a significant reform that aimed to simplify the taxation system and reduce the cascading effect of taxes. While India’s GST system is relatively new, many countries…
Limited Liability Partnership (LLP) is a form of business that combines the features of a traditional partnership and limited liability. This form of business is governed by the provisions of the Limited Liability Partnership Act, 2008. Limited Liability Partnership (LLP) is governed through the rules of Limited Liability Partnership Act, 2008. In today’s time an…