Latest update 02.05.2024
A. Tax in Media
GST revenue collection for April 2024 highest ever at Rs 2.10 lakh crore
The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs.2.10 lakh crore. Read more
YES Bank receives GST demand orders levying penalty worth Rs 6.87 lakh
Yes Bank on Wednesday said it has received two GST demand orders, which levied a penalty of over Rs 6.87 lakh. Read more
Minutes of GST Grievance Redressal Meeting held on 22.04.2024 at New Delhi
The Grievance Redressal Meeting held on 22.04.2024. The minutes of the said GRC Meeting is published on 01.05.2024 Read more
Gujarat High Court rules mango pulp attracts 12% GST since July 2017. The Gujarat High Court has ruled that mango pulp attracts 12 per cent Goods and Services Tax (GST) since the introduction of the indirect tax regime in July 2017. Read more
Govt mulling over relaxing 45-day MSME payment rule in July Budget
The government is racking its brains for options to relax the 45-day payment rule to MSMEs that has come into effect from April 1, 2023, as the rule may disrupt business practices due to its severity and lack of clarity. In order to provide relief to businesses the government is mulling diluting the rule in the Union Budget after the elections. Read more
ICAI seeks tax incentives for entities engaged in green energy projects
Chartered accountants’ apex body ICAI has proposed separate deduction of expenses related to education of a girl child in the tax regime as well as tax incentives for entities engaged in green projects and skill development activities. The Institute of Chartered Accountants of India (ICAI) has submitted its Pre-Memorandum 2024 to the Central Board of Direct Taxes (CBDT). The full budget for the current financial year 2024-25 will be presented by the new government. Read more
Pakistan to block mobile sim cards of over half a million tax defaulters
Pakistan authorities decided to freeze sim cards of over half a million people who failed to file tax returns for 2023. The Federal Board of Revenue (FBR) sated in an Income tax general order (ITGO) that the mobile SIMs of 5,06,671 individuals who filed to file their tax returns for 2023 will be frozen unless they are restored by the FBR or the commissioner inland revenue having authority over the person. Read more
B. GST Lawgics / Notes
Lawgics – Judgment No. 121
The imposition of tax is only on the basis of a technical error with regard to address of the consignee that was wrongly written in the E-Way Bill. The authorities have not been able to indicate any mens rea on the part of the petitioner for evasion of tax. Thus, the orders dated September 23, 2023 and April 10, 2021 were quashed and set aside. The amount deposited by the petitioner shall be refunded. Read more
C. Amendment
Notification No. 32/2024-Customs (N.T.) dated 30.04.2024
The Central Board of Indirect Taxes and Customs (CBIC) issued Notification no. 32/2024-Customs (N.T.) dated 30.04.2024 to make amendment in the Notification no. 36/2001-Customs (N.T.) dated 03.08.2001. Read more
Notification No. 33/2024-Customs (N.T.) dated 30.04.2024
The Central Board of Indirect Taxes and Customs (CBIC) issued Notification no. 33/2024-Customs (N.T.) dated 30.04.2024 to make amendment in the Notification no. 77/2023-Customs (N.T.) dated 20.10.2023. Read more
Corrigendum to Public Notice no.1/2024 dated 09.04.2024 – DGFT
The Directorate General of Foreign Trade (DGFT) issued Corrigendum on 29.04.2024 to Public Notice No. 01/2024 dated 09.04.2024 to make correction on import item at serial no. 6 in said public notice. Read more
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