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Mankind Pharma Ltd on Wednesday said it has been imposed a GST related penalty of over Rs 2 crore by tax authority in Kolkata over alleged mismatch in figures for the period of FY18 to FY22.
In a significant ruling, a quasi-judicial body has upheld the Income Tax (I-T) department’s ability to attach properties under the anti-benami law even if the actual owner of the property is not identified. The ruling, issued by the Adjudicating Authority set up under the Prohibition of Benami Property Transactions (PBPT) Act, 1988, confirms that the law provides a mechanism to deal with cases where the actual owners or the person who paid for the property cannot be traced.
The gratuity limit for central government employees has been raised to Rs 25 lakh from the previous Rs 20 lakh, following the increase in the dearness allowance (DA) to 50 per cent.
In light of the extended due dates for filing GSTR-1 and GSTR-3B returns for the month of December 2024 (Quarter Oct-Dec 2024) as per Notifications No. 01/2025 and 02/2025 dated 10th January 2025, the Draft GSTR-2B for the month of December 2024 (Quarter Oct-Dec 2024) will now be generated on 16th January 2025 in accordance with the rule 60 of CGST Rules, 2017.
The Hon’ble Gujarat High Court in the case of Tirth Agro Technology Pvt. Ltd. & Anr. allowed the writ petitions seeking GST refund under Inverted Duty Structure based on Section 54(3) of the CGST Act read with Rule 89(5) of the CGST Rules. The Assessee filed a rectification application for differential refund as per the amended formula which was rejected by issuance of SCN on the ground that refund as per the old formula was already granted to the Assessee…
The Hon’ble Delhi High Court in the case of Commissioner of Central Tax, GST dismissed the writ petition filed by the Department and held that, Accused/Taxpayer cannot be kept in custody beyond a period of more than sixty days when the complaint, pursuant to the investigation, relating to offences specified under GST Laws has not been filed. The said relief has been granted by invoking the powers under Section 167(2) of the Criminal Procedure Code, 1973 (“CrPC”) [Now Section 187(3) of Bharatiya Nagarik Suraksha Sanhita].
The government is likely to go for a major overhaul of the basic customs duty on more than 100 items in the Budget for FY26, in order to align the rates with global trade dynamics and correct the inverted duty structure, according to a senior official.
With the deadline for December 2024 returns set for January 11, 2025, many Indian businesses are facing delays in filing their GSTR-1 returns due to ongoing technical issues on the Goods and Services Tax Network (GSTN) portal. Taxpayers are urging immediate action and requesting an extension of the filing deadline.
An Income tax inspector who was under the scanner for accepting bribes finally landed in CBI net after they found that a shipping company paid for his and family’s two-day stay in Matheran.
The process of preparing the Indian Union Budget is a rigorous and detailed undertaking that unfolds over several months, led by the Ministry of Finance (MoF) in collaboration with various stakeholders, including NITI Aayog and other ministries.