A. Update
| Sr. No. | Category | Subject | In brief | In detail/ Reference |
| 1 | GST Portal | Enhancements to Address-Related Fields in GST Registration Functionalities | The Following enhancements have been made to address-related fields in the registration functionalities: New Registration, Amendment Application (Core & Non-Core), and Geocoding Business Addresses. These enhancements are based on the analysis of tickets and user feedback. | Click here to read more |
| 2 | GST Portal | GST Portal downtime 05.07.24 | GST Portal services will not be available until 5th July’24 06:30 AM | Click here to read more |
| 3 | Guide book | Implementation Guide on Revision in Form No. 3CD and 3CEB in March, 2024 | Existing clauses of Form 3CD and 3CEB were amended to made changes in clause 8A, 12, 18(ca), 19, 21(a), 22, 32(a) and part c of the annexure to Form 3CEB | Click here to read more |
B. Article
| Sr. No. | Topic | In brief | Authored by | In detail/ Reference |
| 1 | Whether the revenue department can block an Electronic Credit Ledger by making a negative balance? | The Honorable Telangana High Court in Laxmi Fine Chem held that in case assessee has wrongly or fraudulently availed input tax credit, the Revenue department should initiate appropriate recovery proceedings under section 73 or 74 of the CGST Act, 2017, rather than invoking Rule 86(A) of the CGST Rules, 2017. | CA Ritesh Arora | Click here to read more |
| 2 | Bombay HC ruled when ITC is blocked u/s 17(5); Construction of breakwater wall not a ‘Plant’ & ‘Machinery’ | Hon’ble Bombay High Court ruled that the petitioner, a company involved in LNG regasification, couldn’t claim input tax credit (ITC) for constructing a breakwater wall. | Vikash Agarwal | Click here to read more |
C. Tax in Media
| Sr No. | Category | In brief | In detail/ Referene |
| 1 | GST | The tourism department’s proposal to introduce a ‘tourism development and sustainability’ fee has been met with consternation, with stakeholders pointing out that it goes against everything that the industry has been recommending to state govt. Industry players also said that the introduction of a new tax for the sector defeats the very purpose of GST which aimed at subsuming all taxes. | Read more |
| 2 | GST | Revenues of India’s top 18 States are likely to grow by 8%-10% this fiscal year to about ₹38 lakh crore | Read more |
| 3 | GST | New functionality has been enabled on the GST portal to track the return filing status of registered persons on a financial year-wise basis. | Read more |
| 4 | GST | In the wake of the fake ghee making factories that are busted every year. India’s dairy sector has demanded a reduction in GST on ghee which currently attracts 12% tax. | Read more |
| 5 | Income tax | The deadline for filing income tax approaches each day, underscoring the importance for senior and super-senior citizens to grasp the specific tax benefits available to them. Many senior citizens mistakenly believe that Tax Deducted at Source (TDS) on their income automatically relieves them from filing income tax returns. However, this is not necessarily true. | Read more |
Webinar Videos Watch here
Advertisements
Join WhatsApp Channel
Follow us at Twitter
Support us contribute
Subscribe Newsletter
