A. Amendment/ update
GSTN Advisory: Invoice Management System
To enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the Invoice Management System (IMS) is being brought up at portal. This will also facilitate taxpayer in matching of their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC) and shall allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later
GSTN Advisory on Reporting of supplies to un-registered dealers in GSTR1/GSTR 5
The Government has reduced the threshold limit for reporting of invoice wise details of inter-state taxable outward supplies made to unregistered dealers from 2.5 Lakh to 1 Lakh which needs to be reported in Table 5 of Form GSTR-1 and Table 6 of GSTR-5.
GSTN: Gross and Net GST revenue collections for the month of Aug, 2024
Instruction No.20/2024-Customs dated 03.09.2024
CBIC issued Instruction no. 20/2024-Customs dated 03.09.2024 regarding Implicating Customs Brokers as co-noticee in cases involving interpretative disputes.
DGFT-Public Notice No. 22/2024-25 dated 03.09.2024
DGFT issued Public Notice no. 22/2024-25 dated 03.09.2024 on Allocation of 8606 Metric Tonnes Raw Value (MTRV) of raw cane sugar to USA under TRQ scheme for US Fiscal year 2025.
DGFT Notif. 26/2024-25 dt 03.09.2024
DGFT issued Notification no. 26/2024-25 dated 03.09.2024 on Extension of time for Export of Red Sanders wood by Forest, Environment & Climate Change Department, Government of Odisha.
B. Tax in Media
Vodafone Idea slapped with Rs 73 cr GST demand orders, penalty, interest
Debt-ridden telecom firm Vodafone Idea has been slapped with demand orders from various GST offices to pay over Rs 73 crore comprising tax dues with penalty and interest, a regulatory filing said on Monday.
New notices for GST on transfer of leasehold land stir real estate concerns
The issue of tax implications of transferring leasehold land has come to the fore once again as the authorities have started to issue notices to recover dues for such a transfer. This has sparked a significant debate among industry stakeholders as it is expected to have a major impact on future transactions and the broader real estate market.
DGGI vs Infosys | How to value related party transactions under GST
Recently the issue of pre-show cause notice to Infosys for non-payment of IGST amounting to over ₹32,000 crores on import of services from their overseas branch offices (related person) came under widespread criticism, so much so that a former CFO of the company termed it as a case of tax terrorism.
GST council to discuss report on online gaming taxation, fake registration
The GST Council in its meeting next week is likely to deliberate upon the status report on taxation of online gaming, in addition to the progress of the drive against fake Goods and Services Tax registration, sources said.
Zomato Shares Fall After Being Slapped With A GST Penalty Of ₹3.5 Lakh
Deepinder Goyal-led Zomato appears to have ran into a bit of a trouble, as the company has been served with a GST penalty notice of Rs 3.5 lakh. This also appears to have started to affect their performance at teh equity market as well. The company shares were trading in red in the early hours of the day’s trade on Monday, September 2.
GST return filing changes: New thresholds and liability rules to take effect from
Starting this September, taxpayers in India may need to adjust their GST return filing practices due to upcoming changes that could affect compliance and financial reporting. These updates include revised reporting thresholds and liability adjustments, which will impact all taxpayers..
No income tax rebate u/s 87A despite total income below Rs 7 lakh in these cases
If you filed your ITR by the deadline, you might be waiting for it to be processed. However, there is a chance it won’t be processed according to your calculations. Also do keep in mind that if you missed the filing deadline, you could only file under the new tax regime.
CBDT forms committee to review Income Tax Act, will eliminate ‘sunset’ clauses
An internal committee under the CBDT has been established to review the Income Tax Act of 1961. The committee will be led by VK Gupta, Chief Commissioner of Income Tax.
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