Latest update 31.10.2024
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Month: October 2024
Whether CGST department can conduct the audit after the State Authority has conducted proceedings for the same period?
Yes, the Honorable Madras High Court in the case of P S K Engineering Construction & Co. v. Assistant Commissioner of GST & Central Excise [Writ Petition No. 13418 of 2024 dated June 10, 2024] held that there is no restriction in statute for Central GST authorities to initiate proceedings on different subject matter that it is already adjudicated by State Authorities. The Honorable Madras High Court noted that on perusal of the Impugned Notice, it is clear that such notice was issued while being fully aware of Section 6(2)(b) of the CGST Act. However, there is no restriction to initiate any proceedings on any other subject matter by the Central Tax Authority.
IRF seeks reduction of GST on helmets to 0 percent
Welcoming the government’s campaign against the use of substandard helmets, the International Road Federation (IRF) on Tuesday demanded reduction of GST on the protective gear to 0 per cent from the present 18 per cent.
Supply of manpower to foreign company for working in India to attract GST, says UPAAR
Supply of manpower for work in India to foreign clients having no permanent establishment here will not be treated as export of services and accordingly attract GST, Uttar Pradesh’s Authority for Advance Ruling (UPAAR) has said.
CBDT notifies Tolerance Range for Transfer Pricing for A.Y 2024-25 as per proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962
The Central Board of Direct Taxes (CBDT) has issued notification no. 116/2024 dated October 18, 2024 notifying the tolerance range for AY 2024-25. The notification of tolerance range shall provide certainty to taxpayers and reduce the risk perception associated with pricing of a transaction in transfer pricing.
CBI files chargesheet against sr I-T official
The Central Bureau of Investigation (CBI) has filed a chargesheet against five accused, including the then principal commissioner of income tax (PCIT), Patna & Dhanbad, Santosh Kumar, and four others in a case related to a bribery of Rs. 10 lakh, the agency said here on Tuesday.
BMC scraps GST on free stalls on Mahaparinirvan Diwas
After backlash on the 18% GST charged on stalls distributing free food, water and medicines for visitors to Chaityabhoomi on Mahaparinirvan Diwas, the death anniversary of Babasaheb Ambedkar, on December 6, BMC decided to scrap the tax on Tuesday.
Siddaramaiah warns Karnataka officials against missing tax collection targets
In a firm warning to government officials, Karnataka Chief Minister Siddaramaiah stated that those who fail to meet the commercial tax collection targets will be held accountable. During a review meeting held to assess the progress of tax collections, Siddaramaiah emphasised that it is critical for tax collections to remain on track, underscoring the importance of meeting financial goals for the state’s development.
GST return time bar: No filing after 3 years of due date, taxpayers advised to file pending return
Starting in early 2025, GST taxpayers will no longer be able to file monthly and annual GST returns three years after the original filing due date. According to an advisory from the Goods and Services Tax Network (GSTN), GST outward supply returns, returns related to payment of liability, annual returns, and tax collected at source will be considered time-barred three years after the due date of submission.
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Ladakh
Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants at Ladakh has been rolled out on 30.10.2024