Latest update 06.10.2024

A. Amendment

Notification No. 06/2024- Customs (CVD) dated 04.10.2024

Seeks to extend the levy of countervailing duty on “Continuous Cast Copper Wire Rod” originating in or exported from Indonesia, Malaysia, Vietnam and Thailand.

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Kerala, Nagaland and Telangana

This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.

Webinar: How to draft Grounds of Appeal

by Vardhaman Khatod

on 16.10.2024 at 2:30 pm, participant fee: Rs.100/-

B. Article

Personal hearing is mandatory under Section 75(4) before passing of order\

by CA Bimal Jain

The Hon’ble Allahabad High Court, Lucknow Bench in the case of M/s. Eveready Industries India Limited allowed the writ petition and held that it is mandatory to grant opportunity of personal hearing and stated that the word “personal” is intended to be added before the word hearing in Section 75(4) of the CGST Act which was erroneously left out at the time of drafting.

Constitutional Validity upheld for TOLA which Extends Income Tax Reassessment Time limit

by CA Bimal Jain

The Hon’ble Supreme Court in the case Union of India & Ors. set aside the judgments of the various High Courts which held that the reassessment notices issued under Section 148 of the new regime under the Income Tax Act, 1961, which is in pursuance of the deemed notices, ought to be issued within the time limit surviving under the Income Tax Act, 1961 read with the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions Act) 2021.

ITC benefit allowed on commercial property construction

by CA Bimal Jain

The Hon’ble Supreme Court in the case of Chief Commissioner of Central Goods and Services & Ors. upheld the validity of Section 17(5)(c) and 17(5)(d) of the CGST Act, rejecting the constitutional challenge.

Brief of Circular No.-212/6/2024-GST dated 26-06-2024 suggested certificate formats

B. Venkateswaran

This circular clarifies the conditions under which discounts provided by suppliers via tax credit notes after supply should not be included in the taxable value. It also provides a mechanism for verifying the reversal of Input Tax Credit (ITC) by recipients. The goal is to ensure uniform implementation of Section 15(3)(b)(ii) across tax departments until a permanent system functionality is introduced.

Big relief for real estate; Input tax credit allowed on construction costs for rental buildings

The Supreme Court on October 3 made a landmark ruling that allows property owners to claim input tax credit, or ITC, on construction costs for rental buildings.

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