A. Amendment
Notification no. 131/2024 dated 30.12.2024- Income tax
CBDT issued notification no. 131/2024 dated 30.12.2024 whereby the Central Government approves ‘Sri Paripoorna Sanathana Charitable Trust’, Bengaluru for its college unit, ‘Sri Paripoorna Sanathana Ayurveda Medical College, Hospital and Research Centre’ under the category of ‘University, college or other institution’ for ‘Scientific Research’ for the purposes of section 35(1)(ii) of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
Circular No. 21/2024 dated 31.12.2024
CBDT issued Circular No. 21/2024 dated 31.12.2024 regarding Extension of due date for furnishing belated/revised returns of income for the Assessment Year 2024-25 in certain cases.
Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application. The above-said functionality has been developed by GSTN. It has been rolled out in Arunachal Pradesh on 28th December 2024.
B. Tax in Media
GST annual return deadline is December 31: Why should you file it even if not liable to file one
Every GST registered person needs to file GST annual return using GSTR-9 form on or before December 31, 2024, for FY 2023-24. However, for FY 2017-18, 2018-19, 2019-20, 2020-21, 2021-22, 2022-23 and 2023-24 it is optional for taxpayers to file GSTR-9 (annual return) if their annual turnover is less than Rs 2 crore.
ITC shares dip 1.5%on potential GST rate increase on tobacco products
Group of Ministers (GoM) within the GST Council is likely to recommend a rate hike on tobacco and tobacco-related products from 25 per cent to 35 per cent
IRDAI seeks industry feedback on GST rate for insurance sector
The Insurance Regulatory and Development Authority of India (IRDAI) is holding talks with the insurance industry to determine the optimal Goods and Services Tax (GST) rate that would allow companies to pass on tax benefits to policyholders, sources told CNBC-TV18.
‘No such move…’: IT department denies misuse of DigiYatra data for cracking down on tax evaders
Amid news reports claiming that the DigiYatra platform’s facial recognition data will be used to crack down on tax evaders, the income tax department clarified that such reports were false.
The deadline for determining the payable amount under the Direct Tax Vivad Se Vishwas Scheme 2024 has been extended by the Central Board of Direct Taxes (CBDT). Taxpayers now have until January 31, 2025, to submit their declarations and resolve disputes at reduced tax rates. Effective February 1, 2025, individuals participating in the scheme will be required to pay additional fees based on updated rates.
C. Article
by CA Bimal Jain
The Hon’ble Andhra Pradesh High Court in the case of Avexa Corporation (P.) Ltd. set aside the demand order passed before the expiry of period of filing of reply as the said order passed is in violation of the principles of natural justice, especially when the Assessee could not access the GST portal due to registration cancellation which was subsequently revoked later.
The Hon’ble Allahabad High Court in the case of M/s Lakhdatar Traders dismissed the writ petition where goods in transit were accompanying with proper tax invoice and e-way bills were detained, imposing penalty on account of suspension of registration of owner would not sustain.
The Hon’ble Calcutta High Court in the case of Bazaar Style Retail Limited set aside the Order and SCN issued by State Authority when SCN has already been issued by the Central Authorities by relying upon the provision of Section 6(2)(b) of the WBGST Act.
GST Refund Course
Your view and suggestion welcome!
We understand that every taxpayer, tax professionals and even taxman need to have better insight about GST Refund. It is because that not only the taxpayer doing export-import have the refund applicability but to every taxpayer who mistakenly pay excess tax and struggle to get his money back from the revenue.
But, before we conduct the course, we wish to have your view and suggestion on how you want us to conduct this course.
Tentatively the course would be conducted in January 2025.
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