Latest update 03.10.2024

A. Amendment

Notification No. 4 of 2024 dt 30.09.2024 – Income tax

Procedure for making declaration and furnishing undertaking in From-1 under Rule 4 of the Direct Tax Vivad Se Vishwas Rules, 2024.

B. Article

Whether penalty can be levied under section 130 for excess stock found during inspection?

by CA Ritesh Arora

No, the Honorable High Court of Allahabad in the case of M/s Vijay Trading Company quashed the assessment order stating that the law is clear on the subject that the proceedings under section 130 of the GST Act cannot be put to service if excess stock is found at the time of the survey.

C. Tax in Media

Mere issuance of SCN not enough to cancel GST registration, rules Delhi HC

In a recent judgment, the Delhi High Court has reaffirmed that the mere issuance of a show cause notice (SCN) by the tax authority is not enough to cancel the Goods and Services Tax (GST) registration of any entity. The judgement addresses the ongoing uncertainty surrounding the authority to cancel registration based solely on an SCN, and the prevailing doubts over its cancellation with retrospective effect.

Govt notifies Apr 1, 2025, as sunset date for GST anti-profiteering

The government has notified April 1, 2025, as the sunset date for the anti-profiteering clause in the GST law.

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