A. Article
by CA Bimal Jain
The Hon’ble Allahabad High Court in the case of Anil Kumar Singh issued notice to the Revenue Department where the Assessee’s Form GST TRAN-1 claiming transitional credit was rejected on ground that transaction credit of Central Excise Duty was filled in wrong Column and further petitioner could not file appeal on there was no option on GST portal.
B. Tax in Media
10 things to remember while filing GSTR-9 and GSTR-9C
Krishna, the due date for filing GSTR-9 and GSTR-9C for the financial year 2023-24 is 31st December, 2024, so, please explain what are these forms and why they are important for businesses ?
Authorities book 17 crypto platforms for GST evasion of Rs 824.14 cr
GST authorities have booked a Rs 722.43 crore tax evasion case against crypto exchange and Binance Group Company, Nest Services Ltd, Parliament was informed on Monday.
Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance
About 70-75 per cent of GST revenues collected in 2023-24 fiscal year came from the 18 per cent slab, while just 5-6 per cent came from the 12 per cent bracket, Parliament was informed on Monday. Only 6-8 per cent of the FY24 goods and services tax (GST) revenues were from the 5 per cent slab, while the highest tax slab of 28 per cent contributed 13-15 per cent to the revenues in the last fiscal year.
GST Appellate Tribunal: HC Grants ‘Final Opportunity’ to J&K Govt
The High Court of J&K and Ladakh has ordered the personal appearance of the Secretary Finance department if the government failed to file the latest status report regarding the constitution of the GST Tribunal in Jammu and Kashmir.
High GST wiping out margins of gaming firms: Head Digital Works CEO
The Centre’s move of levying a higher 28% goods and services tax (GST) on online gaming companies a year ago has taken away 20-25% margins of such firms, pushing them into losses, Head Digital Works founder and CEO Deepak Gullapalli told FE.
Net GST collection grows by 62 pc in Nov: Punjab FM Harpal Singh Cheema
Punjab Finance Minister Harpal Singh Cheema on Sunday said the net GST collection in the state rose by 62.93 per cent in November compared to the corresponding period of last year. Additionally, the total net GST collection up to November in this financial year reflects an increase of 10.30 per cent compared to the same period of the financial year 2023-24, he said.
Haryana to reward whistleblowers reporting tax evasion, drug trafficking, cow smuggling
Haryana chief minister Nayab Singh Saini has directed officials to create a scheme to reward whistleblowers providing information about tax evasion, cow smuggling, and drug trafficking. The scheme will ensure the confidentiality of informants and offer financial incentives for actionable intelligence.
GST fraud using city man’s identity uncovered, probe on
Fraudsters misused the identity of a 24-year-old Ludhiana resident to obtain a GST number and open a firm, facilitating transactions worth crores of rupees. The Jamalpur police have registered an FIR against the unidentified accused.
Life insurance employees’ body demands withdrawal of GST on premiums
A prominent life insurance employees’ federation on Saturday said it will launch a nationwide campaign to press for its demands, including withdrawal of GST on insurance premiums and no further hike in foreign direct investment in the sector. Addressing a conference of the All India Life Insurance Employees’ Federation (AINLIEF), general secretary V Narasimhan said it will be approaching MPs from all political parties to voice support for the demands.
Time to simplify GST with fewer rates to curb misclassification, boost compliance: Govinda Rao
Simplifying India’s Goods and Services Tax (GST) system by reducing the number of tax rates, expanding its base, and leveraging digital tools could be a transformative step in addressing inefficiencies, economist and former member of the 14th Finance Commission M Govinda Rao has said.
Festival rush missing but net GST revenues up 11.1% in November amid sharp drop in refunds
Growth in Gross Goods and Services Tax (GST) revenues slowed to 8.5% in November from 8.9% in October, with the indirect tax receipts easing to a little over ₹1.82 lakh crore from ₹1.87 lakh crore in the previous month.
GST GoM proposes rate tweaks on 148 items, Textile sector braces for major rejig
The GST Group of Ministers (GoM) on rate rationalisation has finalised its report recommending sweeping changes to tax rates on 148 items, including a significant overhaul for the textile sector. The rate changes will be revenue-positive and are likely to be discussed in the upcoming GST Council meeting on December 21, three sources said.
Hyderabad’s lift market linked to over 100 crore GST evasion scam
The lift supply market in the state is linked to an annual GST evasion scam amounting to approximately Rs. 100 crore to Rs. 200 crore.
Levy on discounts is double taxation for liquor dealers
Commercial taxpayers who settled long-pending tax litigation now find themselves burdened by a new problem as the state commercial taxes department has decided to impose tax on discounts and incentives given to liquor dealers.
CBI raids Silchar I-T office, arrests two for bribery
A team from the CBI, Shillong, conducted on operation at the Income tax office on Circuit House Road in Silchar on Friday, and arrested two officials for accepting a bribe.
Central Board of Trustees of EPFO gave its go ahead to the Amnesty Scheme 2024
The central board of trustees of the Employees’ Provident Fund Organisation on Saturday approved the EPFO Amnesty Scheme 2024, encouraging employers to voluntarily disclose and rectify past non-compliance or under-compliance without facing penalties, a move aimed at fostering employment generation under the employment-linked incentive scheme.
EPFO invested Rs 34,208 cr in ETFs during Apr-Oct: Centre tells Parliament
Retirement fund body EPFO has invested Rs 34,207.93 crore in exchange traded funds (ETFs) during the April-October period this fiscal year, Parliament was informed on Monday.
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