A. Amendment
GSTN is enhancing services on the GST portal on 4th Dec’24 12:00 AM onwards.
Notification No. 48/2024-Customs dated 03.12.2024
CBIC issued Notification No. 48/2024-Customs dated 03.12.2024 to hereby rescind the Notification no. 32/2022-Customs dated 30.06.2022 except as respects things done or omitted to be done before such rescission.
Notification no. 125/2024 dated 02.12.2024- Income tax
CBDT issued notification no. 125/2024 dated 02.12.2024 to hereby approves International Institute of Information Technology, Hyderabad (PAN: AAAAI6797B) for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.
B. Article
The Hon’ble Allahabad High Court in the case Vijay Trading Company set aside order passed under Section 130 under the CGST Act following the determination of excess stock in inspection and directed the determination of tax on Section 73/74 of the CGST Act. As intent to evade tax must be present for the application of Section 130 of CGST Act.
C. Tax in Media
FM seeks GST compensation cess extension beyond 2026
Finance Minister Harpal Cheema on Monday recommended the continuation of the Goods and Services Tax (GST) compensation cess regime beyond March 31, 2026, to ensure that states can mitigate the revenue loss caused by the subsumation of various taxes into the GST.
Centre detects Rs 722 cr GST evasion from Binance, recovered Rs 122 cr from other crypto exchanges
The finance ministry on Monday informed parliament that it has detected goods and services tax (GST) evasion of Rs 824 crore against the crypto exchanges including Rs 722.43 crore GST evasion by Binance Group Company.
Cipla faces ₹10.95 Crore GST penalty
An order passed by the GST Authority imposing a penalty of ₹ 10,95,32,757 on Cipla under applicable provisions of the Central Goods and Services Tax Act, 2017, Rajasthan Goods and Services Tax Act, 2017, and Integrated Goods and Services Tax Act, 2017.
35% GST slab in the works? A look at GST bands and how they are decided
The government is planning to raise Goods and Services Tax (GST) on select goods such as cigarette, tobacco products and aerated drinks, by introducing a new slab of 35 per cent, sources said. The report impacted the markets on Tuesday, with shares of cigarette company ITC and aerated drinks Varun Beverages witnessing a dip.
New GST Invoice Management System: A step forward or backward?
GoM proposes hike in GST on aerated drinks, cigarettes & tobacco to 35%
GST framework in India has undergone several changes since its inception in 2017. One of the most significant updates is the introduction of the Invoice Management System (IMS) by the GSTN, launched in October 2024. This new system aims to enhance the accuracy and transparency of invoices, making it easier for businesses to claim Input Tax Credit (ITC) while improving overall compliance with GST regulations.
GoM proposes hike in GST on aerated drinks, cigarettes & tobacco to 35%
A step that would mark the first major restructuring of tax rates under the Goods and Services Tax (GST) seven years after its rollout, a special rate of 35 per cent could be carved out for demerit (sin) goods such as aerated beverages, cigarettes, tobacco and related products.
Insurance premiums may drop if GST Council decides to reduce taxes: FM
Finance Minister Nirmala Sitharaman on Monday said the cost of insurance to the policy holder is expected to come down if the GST Council recommends a reduction in GST rate on health and life insurance policies.
GST fitment committee set to review 18% tax on co-lending services
The Fitment Committee of the Goods and Services Tax (GST) Council is set to review the 18 per cent GST on co-lending services, following a report submitted by the State Bank of India (SBI)-led committee on co-lending. The Department of Financial Services (DFS), which had commissioned the report, had submitted a request to the Department of Revenue for a review of the GST on co-lending services, sources said.
GST GoM on cess likely to seek extension from Council, examining legal aspects
The Group of Ministers (GoM) set up by the Goods and Services Tax (GST) Council to explore taxation mechanisms for luxury and demerit goods post-cess abolition is expected to seek more time to finalise its recommendations. According to sources, the GoM, chaired by Minister of State for Finance Pankaj Chaudhary, is still deliberating on key aspects, particularly legal frameworks.
A Group of Ministers (GoM) was constituted to look into the GST rate rationalization apart from certain other issues referred by the GST Council. The GoM comprises of Hon’ble Ministers from the States of Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka and Kerala with the Hon’ble Deputy Chief Minister of Bihar as the Convenor.
Income tax practitioners get 3 year jail term for TDS refund fraud
A special CBI court here on Friday found two income tax practitioners, Suresh Prajapati and Shobna Prajapati, guilty of wrongfully obtaining TDS refunds based on false or forged TDS certificates.
EPFO update: Aadhaar not mandatory for claims; see full list of new rules
The Employees’ Provident Fund Organisation (EPFO) has issued a circular announcing that specific categories of employees are exempt from linking their Aadhaar with their UAN (Universal Account Number) for processing physical claims. EPFO subscribers are generally required to seed their Aadhaar to their UAN for claim settlements.
See Webinar
Videos Watch here
Follow us at Twitter
Support us contribute
Subscribe Newsletter
Share this content:
