Latest update 12.12.2024 – OnlineTaxUpdate

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Notification no. 30/2024 – Central Tax dated 10.12.2024

B. Article

Supreme Court dismissed the SLP on grounds of delayed filing it

by CA Bimal Jain

The Hon’ble Supreme Court in the case of Union of India & Anr. dismissed the SLP filed by the Revenue Department (“the Petitioner”) after a delay of 229 days. The SLP was against the Delhi High Court Judgment which permitted the refund of CENVAT credit under Rule 5 of the CCR to M/s BT India (Private) Limited (“the Respondent”) and held that finalised assessment cannot be reopened in refund proceedings absent any challenge to self-assessed returns.

C. Tax in Media

JSW Steel receives Rs.64.5 crore GST penalty order over mining rights payments

Steelmaker JSW Steel Ltd said a penalty of ₹64.47 crore has been imposed by the Office of the Commissioner of GST and Central Excise, Belagavi Division. The penalty relates to the alleged non-payment of GST under the Reverse Charge Mechanism for mining rights payments in Karnataka during the period of July 2017 to July 2019.

55th GST Council meeting : What to expect and why this meeting could be crucial?

The upcoming 55th GST Council meeting, scheduled to meet on December 21, 2024, is expected to address a range of significant issues that have been lingering for a considerable time. The GST Council is expected to address several pivotal reforms focussed towards inverted duty structure, GST rate rationalization that will make an impact on the economy and meeting the goal of minimising cascading effect in GST.

Dept asks donors to parties why their I-T deductions shouldn’t be scrapped

Taxpayers who donated to Registered Unrecognised Political Parties (RUPP) to claim deductions under Sections 80GGC/ 80GGB of the Income Tax Act have started getting show-cause notices from the department. These notices question why the deduction should not be disallowed, as these political parties have confessed that most of the donation was returned to the ‘donors’ after taking a cut. Chartered Accountants said that donors will be required to reply to these notices soon and it is likely that the department will issue orders before the end of March.

PF withdrawal from ATMs: ‘Major improvements from January 2025,’ says Labour secretary

PF withdrawal from ATMs: Labour Secretary Sumita Dawra announced that the Labour and Employment Ministry is currently in the process of enhancing its IT systems to better serve the workforce of India. She mentioned that EPFO subscribers can expect significant improvements, as they will soon have the ability to directly withdraw funds from their provident accounts at ATMs starting next year.

🔔 Webinar on 14.12.24

🥳 Adv. CA Vivek Laddha, an author of GSTR-9/9C -Taxmann will be addressing the Issues & its Solution in GSTR-9/9C