A. Amendment / Notes
Significant Judicial and Advance Rulings in GST : A compilation by ICAI
ICAI has published a handbook on “A Compilation of Significant Judicial and Advance Rulings in GST”.
Notification no. 116/2024 dated 18.10.2024- Income tax
Central Board of Direct Taxes (CBDT) issued notification no. 116/2024 dated 18.10.2024. The notification provides for tolerance range of one per cent. for wholesale trading and three per cent. in all other cases for the assessment year 2024-2025.
Notification no. 117/2024 dated 18.10.2024- Income tax
Central Board of Direct Taxes (CBDT) issued notification no. 117/2024 dated 18.10.2024 whereby the Central Government notifies ‘West Bengal Pollution Control Board’, as a board constituted by the Government of West Bengal for the purpose of exemption u/s 10(46) of the Income Tax 1961 for specified income arising to that Board namely:
B. Article
Delhi HC issued notice in circular mandating CA certification for proving credit reversal for post sales discount
by CA Bimal Jain
The Hon’ble Delhi High Court in the case of M/s. JSW Steel Limited issued notice in the writ petition filed challenging Circular No. 212/6/2024-GST dated June 26, 2024 wherein it has been mandated to collect CA/CMA certificate from the recipient ensuring that the credit has been reversed relating to post-sales discount.
Geo Membrane is classifiable would fall under Chapter 59
by CA Bimal Jain
The Hon’ble Gujarat High Court in the case of M/s Ananta Synthetic Innovations held that the product manufactured by the Assessee being Geo Membrane is classifiable would fall under Chapter 59 and not under Chapter 39. Therefore, the Assessee was liable to pay the GST @ 12% from November 15, 2017 onwards and not @ 18%.
Order passed against deceased person is nullity
The Hon’ble Kerala High Court in the case of Benoy Abraham allowed the writ petition and quashed the held that order passed against deceased person is nullity. The Section 93 of the Central Goods and Services Tax Act, 2017 permits continuance of proceedings against legal heirs but does not authorize culmination of proceedings against deceased person. Tax authorities directed to continue proceedings against legal heirs by issuing notice to Assessee who holds power of attorney for other legal heirs.
No ITC to purchasing dealer in the absence of proof of genuine transactions
by CA Bimal Jain
The Hon’ble Supreme Court in the case of The Additional Commissioner of Commercial Taxes granted leave and allowed appeal, wherein M/s. Shankara Infrastructure Materials Ltd. (“the Respondent”) was duly served notice, however, no appearance was made before the officer.
C. Tax in Media
GST Rejig Proposed: Life, Health Insurance Premiums Exempt; 5% on 20L Water, Bicycles; 28% on Shoes & Watches
The GoM on GST rate rationalisation on Saturday decided to exempt health insurance premiums up to Rs 5 lakh coverage and term life insurance premiums. It also proposed to cut tax rates on 20-litre packaged drinking water bottles, bicycles and exercise notebooks to 5 per cent, apart from suggesting higher 28 per cent tax on high-end wristwatches and shoes.
See Webinar
Videos Watch here
Follow us at Twitter
Support us contribute
Subscribe Newsletter
See GST Book
Share this content:
