Month: July 2024
Lawgics – Judgment No. 162
Revisionary order passed for recovery of erroneous grant of refund was set as Supreme Court’s extension of limitation periods due to COVID-19 and GST Council’s recommendations applied to the petitioner’s refund claim.
Lawgics – Judgment No. 161
Synopsis: Petitioner should seek remedy through the appropriate statutory process after the competent authority makes a decision and passes an order.
Extra liquidity is available for taxpayers under the tax new regime
The Union Budget has been a subject of intense scrutiny this year, with particular focus on the government’s approach to stimulating consumption. While there was no explicit, large-scale consumption boost, the Finance Minister argued that the tax reforms introduced in the budget indirectly serve this purpose.
Mumbai: State Tax Authorities Deny GST Exemption On University Affiliation Fees Amid Rising Concerns
Despite a request from the state’s public universities for exemption in levying Goods and Services Tax (GST) on the affiliation fees paid by colleges, the state’s tax authorities have refused to provide them with any respite.
Colgate-Palmolive receives Rs 248.74 crore tax demand notice
Colgate-Palmolive (India) Ltd has received a tax demand notice of Rs 248.74 crore from the Income Tax Authority in a transfer pricing-related issue.
‘Among the petroleum items, crude oil could be brought under GST first’: CBIC Chairman
CBIC Chairman stated that tariff rationalisation is undertaken with an objective to promote domestic manufacturing and boost exports and that the roadmap to bring petroleum products under the ambit of the Goods and Services Tax (GST) regime could start with crude oil as it would help integrate the entire petroleum product supply chain.
Exaggerated, bogus claims to get refunds punishable offence, warns I-T dept
The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds.
DGFT Notif. 21/2024-25 dt 29.07.2024
DGFT issued Notification no. 21/2024-25 on 29.07.2024 regarding Export of Non-Basmati White Rice under ITC(HS) code 10063090 to Namibia through National Cooperative Exports Limited (NCEL)
DGFT-Public Notice No. 16/2024-25 dated 29.07.2024
DGFT issued Public Notice no. 16/2024-25 on 29.07.2024 to keep further abeyance of Public Notice no. 05/2024 dated 27.05.2024 until 31.08.2024