A. Amendment
Circular no. 239/33/2024-GST dated 04.12.2024
CBIC issued Circular no. 239/33/2024-GST dated 04.12.2024 to Amend Circular No. 31/05/2018-GST, dated 9th February, 2018 on ‘Proper officer under sections 73 and 74 of the Central Goods and Services Tax Act, 2017 and under the Integrated Goods and Services Tax Act, 2017.
GSTN Advisory on mandatory Sequential Filing of GSTR-7 Returns
GSTR-7 return is to be filed in chronological order, beginning with the return period of October 2024. It is pertinent to mention that for a month in which no deduction have been made, deductors need to file NiL return for the same month.
B. Article
Demand of service tax cannot be raised when the tax liability has already been discharged under RCM
by CA Bimal Jain
The CESTAT, Ahmedabad in the case of Utility Labour Suppliers held that demand of service tax cannot be raised when the tax liability has already been discharged under RCM.
Cream is classifiable under HSN 1517 90 90, attracting GST @ 5%
by CA Bimal Jain
The Uttar Pradesh AAAR, in the case of S.S. Traders ruled that manufacturing of ‘cream’ which will contain vegetable fat to extent of 23% is nothing but a preparation of vegetable oil, classifiable under Heading No. 1517 90 90 and attract GST @ 5%.
C. Tax in Media
Decoded: How Volkswagen Group ‘evaded’ paying $1.4 billion in tax in India
Indian authorities have issued a tax notice to German automaker Volkswagen Group, accusing it of evading $1.4 billion (approx Rs 11,865 crore) in import duties. The allegations pertain to manipulation in the import classification of car parts by the group’s Indian subsidiary, Skoda Auto Volkswagen, which reportedly misrepresented its imports to benefit from lower tax rates.
Keep interest of economy before interest of revenue’: Sanjay Malhotra
Revenue secretary Sanjay Malhotra Wednesday asked revenue officials to exercise caution when issuing high-pitched demand notices to businesses and industries, asking them to keep the interest of the economy before the interest of the revenue.
Multiple experts have voiced their concerns about the Centralised Processing Centre (CPC) of the income tax department making errors in processing income tax returns (ITR). The Karnataka State Chartered Accountants Association (KSCAA) has sent a representation to the CBDT in this regard. KSCAA’s representation says that the CPC has erred in considering the due date for filing ITR and has imposed penalties even for those who filed ITR well within the deadline.
Simplify ITR forms, bring ‘one rate one section’ for TDS: Deloitte survey
A vast majority of income tax filers want simplified ITRs for individuals, easier way for computing incentives and deductions, and simplification of TDS framework for ‘one rate one section’, a Deloitte survey said on Wednesday. Deloitte’s Income-Tax Policy Survey also suggested doing away with the requirement of issuing Form 16A as the TDS information is already reported and available in the Form 26AS and AIS of the recipient.
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