Latest update 05.09.2024

A. Amendment

Circular No. 13/2024- Customs dated 04.09.2024

Regarding Implementation of automation in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 in respect of EOUs.

DGFT Notif. 27/2024-25 dt 04.09.2024

Regarding Amendment in Import Policy condition for Raw Pet Coke and Calcined Pet Coke under Chapter 27 of Schedule–I (Import Policy) of ITC (HS) 2022.

B. Article

Tax Invoices, E-way bills, and Goods Receipts are not sufficient proof to avail ITC

The Hon’ble Allahabad High Court in the case of M/s Anil Rice Mill held that without details such as payment of freight charges, proof of goods delivery, and toll receipts to verify “the actual physical movement of goods and the authenticity of transportation,” tax invoices, EWB, and payments made through banking channels are insufficient for claiming the benefit of ITC.

Apex Court issued notice in SLP challenged on cross empowerment in investigation

The Hon’ble Supreme Court in the case of the Senior Intelligence Officer Directorate General of GST Intelligence and Ors. condoned the delay and issued notice to the Respondent.

Professional Services provided to BWSSB are not exempt from GST

The AAR, Karnataka in case of In re., Ernst and Young LLP held that the professional services for assistance in filing of corporate tax returns provided by the Assessee to Bangalore Water Supply & Sewerage Board (“BWSSB”) were not exempt supply under per S. No. 3 of Notification No. 12/2017-Central Tax (Rate) dated June 28, 2017

C. Tax in Media

Hitachi Energy faces ₹46.29 crore tax demand following GST audit for FY 2019-20

Hitachi Energy India Ltd on Tuesday (September 3) said it has received a tax demand totalling ₹46.29 crore following an audit conducted by the Assistant Commissioner of Commercial Taxes (Audit). The demand comprises ₹24.41 crore in GST, ₹19.43 crore in interest, and ₹2.44 crore in penalties.

GST on insurance premiums: Karnataka in favour of exemption on products used by working class

Karnataka is expected to pitch for GST exemption on health and life insurance only on such products used by the working and lower middle classes at the upcoming GST Council meeting.

Telangana & AP experience decline in GST growth rates

The latest GST figures for Andhra Pradesh and Telangana shows a lacklustre scenario for the Telugu States. Both states have exhibited lower growth rates compared to other southern states in terms of GST collections in Aug.

Munjal Auto gets tax demand notice of Rs 6.7 cr from Haryana GST authority

Munjal Auto Industries Limited on Tuesday (September 3) received a demand notice from the Haryana GST authority. The notice, with a total demand amounting to Rs 6.76 crore, concerns the period from April 2019 to March 2020, the company said in an exchange filing on Tuesday.

Enhancing oversight: On the GST Council meet and issues

The Council, whose parleys steered by the Union Finance Minister with States’ representatives are critical for resolving taxpayer challenges and setting broader policy direction, ought to meet regularly at such frequency.

How to use new electronic system to resolve Income Tax disputes

The Central Board of Direct Taxes (CBDT) has launched the e-Dispute Resolution Scheme (e-DRS) for taxpayers to resolve matters related to Income Tax assessments. The scheme was notified in 2022 and will minimise litigation and provide a more efficient resolution mechanism.

Delhi High Court Rules In Favour Of Microsoft, Sumitomo Over Tax Department’s Lapses

In a significant relief for Indian arms of multinational corporations such as Sumitomo Corp., Microsoft Corp., and JCB, the Delhi High Court has quashed final tax assessment orders that were passed without the issuance of draft assessment orders as envisaged in the Income Tax Act.

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