Latest update 04.10.2024
A. Amendment/ Update
Notification no. 106/2024 dated 01.10.2024- Income tax
CBDT issued notification no. 106/2024 dated 01.10.2024 to specify ‘Principal Secretary to Government & Chairman, Odisha Computer Application Centre (OCAC), Department of Electronics & Information Technology (E&IT), Government of Odisha’ for the purposes of identifying genuine beneficiaries for social welfare schemes of Government of Odisha in pursuance of Section 138(1)(a)(ii) of the Income-tax Act, 1961.
Lawgics – Judgment No. 180 [on M/s. Safari Retreats Private Limited]
Synopsis: The Supreme Court held that if construction of a building is essential for supplying services such as renting out, it could fall into the “plant” i.e. exception to section 17(5)(d) of CGST Act. Functionality test will have to be applied to decide whether building is a plant.
B. Article
Exemption is not available when the maintenance charges exceed Rs. 7,500/- per month per member
by CA Bimal Jain
The Authority for Advance Ruling, West Bengal in the case of Prinsep Association of Apartment Owners, In re [Order No. 22/WBAAR/2023-24 dated November 29, 2023] ruled that the exemption is not available when the maintenance charges exceed Rs. 7,500/-per month per member.
GST order cannot sustain if demand exceeds in the Show Cause Notice
by CA Bimal Jain
The Hon’ble Madras High Court in the case of Nanjappan Senthilkumar held that if the Order passed under Section 73 of the CGST Act confirming tax demand is unreasoned and exceeds amount specified in SCN without any explanation, such order is liable to be set aside.
No GST payable on supply of electricity
CA Bimal Jain
The AAR, Maharashtra in the case of In Re: AES Engineering Solar (P.) Ltd. ruled that the supply of electrical energy by the AES Engineering was exempt from levy of GST as per Entry No. 104
C. Tax in Media
GST Rate Cut: Tax on several mass-use products may be reduced
A ministerial panel on GST rate rationalisation is considering lowering GST rates on several mass-use items, including medicines and tractors, to 5%. However, the tax on products like cement is likely to remain unchanged. Tractors currently face a 12% or 28% GST, depending on their classification.
DGGI sends 300 notices to cos’ top brass over input tax credit
The Directorate General of Goods and Services Tax Intelligence (DGGI) has sent out over 300 show-cause notices to promoters, directors and top management of companies. It has also sought to impose penalties, as high as 100%, for wrongfully availing input tax credit.
Supreme Court allows ITC benefit on commercial property construction & leasing
The Supreme Court on Thursday (October 3) provided relief to the industry by allowing the benefits of input tax credits (ITC) on construction costs for commercial buildings intended for leasing.
Due date of filing of audit report u/s 139(1) of Income Tax Act, 1961 has been extended
Due date of filing of audit report u/s 139(1) of Income Tax Act, 1961 has been extended from 30th September, 2024 to 07th October, 2024
Form 1 of DTVSV 2024 is now available for online filing
Supreme Court ruling validates 90,000 income tax notices, ending prolonged dispute
In a verdict that will impact over 90,000 taxpayers, the Supreme Court on Thursday ruled that all income-tax notices served between April 1 and June 30, 2021 under the earlier law will be valid
Finance ministry releases new norms for handling delayed tax refund claims
The Ministry of Finance has released new guidelines for handling delayed tax refund claims and loss carry forward applications. The new guidelines issued on Tuesday increase the limit of tax refund claim amount in condonation of delay cases which will help taxpayers who missed filing any ITR though had a tax refund due to him/her.
Webinar Videos Watch here
Follow us at Twitter
Support us contribute
Subscribe Newsletter
Share this content:
Post Comment