Update
GSTN Advisory: Enabling filing of Application for Rectification as per Notn. 22/2024-CT, dtd. 08/10/2024
The Central Government, on the recommendations of the 54th GST Council, had issued Notification No. 22/2024 – CT dated 08.10.2024 and notified that any registered person against whom any order confirming demand for wrong availment of ITC, on account of contravention of provisions of sub-section (4) of section 16 of the said Act had been issued, but where such ITC is now available as per the recently inserted sub-sections (5) and/or (6) of section 16 of the Act, would now be able to file an application for rectification of such demand orders.
B. Article
Understanding Treatment of Vouchers under GST: New Perspective
by R.SRIVATSAN, IRS, NACIN, CHENNAI
The circular outlines two primary models for voucher distribution, each carrying distinct GST implications. In the Principal-to-Principal (P2P) model, a distributor might purchase festival gift vouchers and earn margin. The margin so earned by the distributor is not subject to GST since the trading of vouchers itself is neither a supply of goods nor supply of services . In contrast, under the commission-based model , an agent helping distribute restaurant vouchers and earning a 5% commission on sales would need to pay GST on their commission income, as it represents a service provided to the voucher issuer.
C. Tax in Media
Gujarat HC provides relief, says no GST on transfer of state land leases
In a landmark judgment, the Gujarat High Court has ruled goods and services tax (GST) does not apply to the transfer of leasehold rights to a third party in land granted by Gujarat Industrial Development Corporation (GIDC).
Gaming companies move SC for interim relief from taxman
Laden with tax demands way above their earnings, gaming companies are moving the Supreme Court (SC) to restrain the taxman from precipitating a crisis.
Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there’s a catch
Finally good news is there for those taxpayers who are eligible to claim section 87A tax rebate but were prevented from claiming it post July 5, 2024. The Income Tax Department has now updated the excel utilities for ITR Forms 2 and 3 to exercise the option to update tax rebate under section 87A for FY 2023-24 (AY 2024-25). The department also said the HTML utilities will be made available shortly. This information was mentioned by the Income Tax Department in the late hours of yesterday.
Industry seeks extension of RoDTEP scheme to SEZs, EOUs till Sep-end
Amid global economic uncertainties, the industry has urged the government to extend key export-boosting scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for export-oriented units (EOUs) and special economic zones (SEZs) till September-end.
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