Latest update 05.10.2024

Latest update daily post, latest update Admin 05/10/2024 0 Comments

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A. Amendment

Instruction No. 04/2024-GST dated 04.10.2024

MGST Notification – No Eway bill for goods sent to jobwork purpose

Advisory on Proper Entry of RR No./Parcel Way Bill (PWB) Numbers in EWB system Post EWB-PMS Integration

Guidance for Accurate Entry of RR No./Parcel Way Bill (PWB) Numbers following the Integration of E-Way Bill (EWB) with Parcel Management System (PMS)

DGFT Trade Notice 19/2024-25 dt 04.10.2024

DGFT issued Trade Notice no. 19/2024-25 dated 04.10.2024 to provide clarification on RCMC Requirements for Post-Export Remission-Based Schemes under FTP 2023.

B. Notes/PPT

PPT – APEX COURT ON ITC RELATED TO CONSTRUCTION (Safari Retreat)

CA Pritam Mahure and Associates present their view on the Hon’ble Supreme Court judgment on M/s. Safari Retreat Private Limited. The PPT is given below.

C. Article

Safari Retreats: Hon’ble Supreme Court: Outcomes of the Judgment

Adv. Pawan Arora, Partner of Athena Law Associates shares his viewpoint on the recent judgment of Hon’ble Supreme Court’s in M/s. Safari Retreats Private Limited on the issue of eligibility of Input Tax Credit (ITC) on inputs used in the construction of shopping mall constructed for giving the units in it for rental purpose.

Intelligence Officer empowered to pass order under GST

The Hon’ble Madras High Court in the case of Tvl. Sri Paranjothi Traders dismissed the writ petition and thereby held that the Intelligence Officer is empowered to pass the orders under GST when the same falls within the definition of proper officer under Section 2(91) of the CGST Act.

Revenue Department not empowered to block ITC in excess of credit available in the Electronic Credit Ledger

The Hon’ble Delhi High Court in the case of Best Crop Sciences Private Limited held that the Revenue Department is not empowered to block ITC in excess of the credit available in the ECL under Rule 86A of the CGST Rules stating that in case where the credit of input tax is not available in the ECL or the credit has already been utilised, Rule 86A of the CGST Rules cannot be invoked.

Aluminium Foil Container is classifiable under 7615 with applicable GST rate

The Hon’ble Madras High Court in the case of M/s Veeram Natural Products held that the aluminium foil container is classifiable under Chapter Heading 7615 of the Customs Tariff Act, 1975 with 12% of GST based on Apex Court Judgment.

Common time limit for issuing demand notices and orders, regardless of whether the case involves fraud, suppression, or willful misstatement

Under the self-assessment taxation regime, where tax is either not paid, short-paid, erroneously refunded, or Input Tax Credit (“ITC”) is wrongly availed or utilized—whether intentionally or unintentionally—then the proper officer may initiate action against the said registered person for the determination of tax and recovery of the said tax from the registered person.

Hon’ble SC ruling allowing ITC on P&M needs a review?

With due respect to the Hon’ble Supreme Court ruling, my personal takeaway is that the ruling seems to have overlooked some crucial aspects (as apparent from para 32) and therefore, a review could be essential. Here are a few points:

D. Tax in Media

SC lays down ‘functionality’ and ‘essentially’ test for Input Tax Credit eligibility

The Supreme Court on Thursday declared that real estate companies can claim Input Tax Credits (ITC) under the Goods and Services Tax (GST) regime, on costs of construction for commercial structures intended for renting or leasing purposes.

TDS deposit rules for employers relaxed from today (Oct 1)

In a major relief to the employers, the Centre has relaxed the rules for companies of depositing the Tax Deducted at Source (TDS) on salaries of employees. Employers will now have more time to deduct Tax Deducted at Source (TDS) from employees’ salaries starting from October 1, 2024. The revised rule allows employers additional time to submit TDS filings to the government beginning October 1.

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