A. Amendment
Custom Instruction: Verification of authenticity and genuineness of Certificate of Origin issued by UAE Authority – Customs Instruction
The Central Board of Indirect Taxes & Customs issued an Instruction No. 11/2024-Customs dated 01.05.2024 regarding verification of authenticity and genuineness of Certificate of Origin (CoO) issued by UAE Authority. Read more
B. Article
Can a registered person issue GST Credit Note u/s 34 w.r.t. B2C supplies?
There is an ambiguity in the trade and industry that GST Credit note can be issued only with respect to Tax Invoices which are issued to B2B supplies and not to B2C Supplies, on the contention that such unregistered dealer will not be in a position to reduce the input tax covered by GST Credit notes, if so issued, hence not acceptable. This Article deals with the legal provisions relating to issue of GST Credit notes under GST Law, based on the provisions of GST Law as existing today, whether such GST Credit notes can be issued with respect to B2C transactions. Read more
Hon’ble SC upheld strict adherence to the time limit of Refunds
Recently Hon’ble Supreme Court enunciated the following principles with respect to adherence to the time limit for granting refund and adjusting any tax dues therefrom.
- The department must strictly adhere to the time limit for processing and issuing refunds under the statute
- Refunds should be processed promptly within the prescribed time frame
- Refund amounts can only be adjusted when an enforceable demand (such as pending tax or duty) exists at the time of refund
- Read more
C. GST Lawgics
Lawgics – Judgment No. 122
Notice disclosed that it is dated 29.9.2023 and on the very next day, notice under Section 73 was issued. The petitioner was not afforded any time for filing reply to the notice in GST ASMT-10. It is also not in dispute that the petitioner’s GST registration was cancelled before the said notices were uploaded in the GST portal. Thus, there has been violation of the principles of natural justice and, therefore, the impugned assessment order, is unsustainable and the same was set aside. Read more
D. Tax in Media
Bogus Firms, Rs. 10,000 Crore Transactions: Delhi Businessman Arrested In GST Scam
The Noida police on Wednesday arrested a Delhi-based businessman, his wife and son in connection with its probe into a multi-crore GST scam, officials said. Read more
Yes Bank Gets GST Demand Orders Levying Rs 6.87 Lakh Penalty
Yes Bank on Wednesday said it has received two GST demand orders, which levied a penalty of over Rs 6.87 lakh. Read more
All you need to know about Form 16, its issue date and why is it crucial for filing of ITR
Form 16 is a crucial document that is essential when one is filing the income tax return (ITR) of a particular financial year. The document is essential for individuals earning a salary as it gives the whole breakup of Tax Deducted at Source (TDS), providing a comprehensive overview of an employee’s earnings, including salary, allowances, and additional perks, throughout a given financial year. Read more
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