Karnataka Value Added Tax Act (Removal of Difficulties) Order, 2021

The the Karnataka Value Added Tax Act empowers Additional Commissioner and Commissioner to call for and examine the record of any order passed or proceeding recorded under this Act and if he considers that any order passed therein by any officer, who is not above the rank of a Joint Commissioner, is erroneous in so far as it is prejudicial to the interest of the revenue, he may, if necessary, stay the operation of such order. The Removal of Difficulties Order provides that for orders relating to tax periods up to March 2017, the time limit shall be four years and three months.

SEBI to streamline the process of IPOs with UPI in ASBA.

The SCSB’s shall continue to send SMS alerts during the actual block/debit/unblock of UPI mandate in the prescribed format, the details of total number of shares applied/allotted/non-allotted etc shall be included in SMS for Public Issues opening on/after 1st January, 2022.

Ministry of Finance issues clarification on date of issuance of completion certificate.

The registered person who shall pay integrated tax on supply of construction service by him against consideration in the form of development rights or FSI, in a tax period not later than the tax period in which the date of issuance of the completion certificate for the project, where required, by the competent authority, or the date of its first occupation, whichever is earlier.