Opportunity for Personal Hearing must be granted even if the Notices were sent to an unregistered email-id
The Hon’ble Telangana High Court in the case of M/s. Raghava-HES-Navayauga (JV), held that the Assessee must be granted an opportunity of a personal hearing even where the notices for personal hearing were sent to an unregistered e-mail id due to technical glitches. Read more
Compensation collected for Liquidated Damages under the Agreement will be subject to GST
The Andhra Pradesh, AAR in the matter of South India Krishna Oil & Fats (P.) Ltd. held that the compensation amounts, such as liquidated damages or trade settlement, collected by the Applicant from customers for non-performance or breach of contracts constitute a supply of service and are liable to GST. Read more
Lawgics – Judgment No. 102
The Department was directed to provide a reasonable opportunity to the petitioner, including a personal hearing, and thereafter issue a fresh order. It was made clear that amounts appropriated pursuant to the impugned order shall abide by the outcome of the remanded proceedings. Read more
ICICI Securities Gets Rs 66.70 Lakh GST Demand Order
ICICI Securities on Tuesday said it has received a tax demand of about Rs 66.70 lakh from the Gujarat state GST department. Read more
Indirect tax collection for FY24 exceeds RE by handsome margin: CBIC chief
The indirect tax collection for FY24 has exceeded the revised estimates (RE) of Rs 14.84 lakh crore by “a handsome margin”, helped by a record GST mop-up, a top government official said. Lauding the efforts of tax officials, CBIC chairman Sanjay Kumar Agarwal, in a letter to field officials, said, “I am happy to inform that the indirect tax collections for the Financial Year 2023-24, including Customs and Union Excise Duty have exceeded the Revised Estimates by a handsome margin”. Read more
Buoyant GST collections in FY24 may give Centre room to raise target for FY25 in full Budget
With the mop up from the goods and services tax (GST) expected to have exceeded the Revised Estimate for FY24, the government may look at hiking the targets presented in the interim Budget for FY25 at the time of the full Budget in July. While there is no official word and a decision on this will be taken closer to the exercise, experts note that this is most likely given the record collections. Read more
Want to expedite pending tax appeals?
The Central Board of Direct Taxes (CBDT) has introduced a new process to fast-track pending tax appeals, aiming to alleviate the burden on taxpayers and streamline the appeal disposal system, according to an ET report. Read more
ITR-V, ITR acknowledgement forms notified. When should these forms be filled?
The Central Board of Direct Taxes (CBDT) has issued a notification making changes in the ITR-V and acknowledgement forms. Form ITR-V stands for ‘Income Tax Return-Verification’ Form. The verification form is a single-page document provided to individuals when they file their Income Tax Returns online without using a digital signature. Read more
Export of Kala namak rice exempted from customs duty subject to conditions
CBIC issued Notification no. 22/2024-Customs dated 02.04.2024 to exempt the goods ‘Kala namak rice’ falling under tariff item 1006 30 90 subject to conditions mentioned in the said notification. The notification is effective from 03.04.2024. Read more
Export of additional 10K mt of onions to UAE – DGFT
DGFT permits export of additional 10K MT of onions to UAE though National Cooperative Exports limited (NCEL) over and above the quota notified vide DGFT Notification no. 65/2023 dated 01.03.2024. Read more
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