A. Amendment
Customs: Notification No. 38/2024-Customs (N.T.) dated 31.05.2024
The Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 38/2024 – Customs (N.T.) dated 31.05.2024 to make amendment s in the Notification No. 36/2001- Customs (N.T.) dated 03.08.2001. Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg. Read more
West Bengal: Profession Tax return due date
The last date of online filing of Profession Tax return for the F.Y. 2023-24 has been further extended Read more
Notification no. 48/2024 dated 31.05.2024- Income tax
CBDT issued Notification no. 48/2024 – Income tax dated 31.05.2024 to amend Form No. 27Q by inserting note no. 7A after Note no. 7. Read more
B. Article
Unutilized VAT Credit is allowed to be transitioned under the GST regime
The Hon’ble Madras High Court in the case of M/s. Radhikka Ceramic World held that the amount of advance tax that was un-utilized under VAT has to be allowed to be transitioned under Section 140 of the TNGST Act. Read more
No recovery proceedings shall be initiated within three months following the issuance of an Order
The Hon’ble Madras High Court in the case of Tvl. Cargotec India (P.) Ltd. allowed the writ petition and held that no recovery measures shall be undertaken by the GST Authorities for a period of three months from the date of such order as per the proviso to Section 78 of the CGST Act provided the GST Authority satisfies in writing. Read more
C. Tax in Media
Gross GST revenue collection in May 2024 stands at Rs.1.73 lakh crore
The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs.1.73 lakh crore. Read more
GST collection in May 2024 moderates to Rs 1.73 lakh crore
Goods & Services Tax (GST) collections recording a growth of 10 per cent on-year, according to the latest data released by the Ministry of Finance on Saturday. Read more
DSTO of Madhapur circle arrested in GST fraud denied bail in ACB court
The special court for ACB cases denied bail petition of Vemavarapu Venkata Ramana, the Deputy State Tax Officer (DSTO) of State Taxes, Madhapur-II circle in a GST fraud case. Read more
Lower GST to stem slowdown in sales of life insurance policies: Insurers request GST Council
Insurance companies have knocked on the doors of the GST Council. These companies are seeking a cut in GST rates in a phased manner, beginning with a reduction of levies on life insurance, followed by health insurance. Read more
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