A. Amendment
PUBLIC NOTICE NO. – 22/2024-CUSTOMS DATED 20.12.2024
Office of the Principal Commissioner of Customs, Noida Customs Commissionerate, Concor Complex, Greater Noida, UP- 201311 issued Public Notice No. 22/2024-CUSTOMS DATED 20.12.2024.
DGFT Notif. 57/2024-25 dt 06.02.2025
DGFT issued Notification No. 57/2024-25 dated 06.02.2025 regarding export of broken rice to Senegal through National Cooperative Exports Limited.
DGFT-Public Notice No. 46/2024-25 dated 06.02.2025
DGFT issued Public Notice No. 46/2024-25 dated 06.02.2025 regarding Amendment in Standard Input Output Norms (SION) A-222 for export of Erythromycin Stearate Tablet.
B. GST Handbook
GST Circulars from 2017 to 2025
CA Pritam Mahure and Associates compiled all the GST Circulars from 2017 and 2025 in PDF.
C. Tax in Media
GST fraud racket busted: Fake invoices worth Rs 658.55 crore unearthed
The central GST’s Itanagar commissionerate has unearthed a racket involved in issuance of fake invoices valued at Rs 658.55 crores without any supply of goods/services and arrested two masterminds of the racket, Ashutosh Kumar Jha and Bipin Kumar Jha.
GST authorities clamp down on IndiGo with Rs 115.86 crore penalty
GST authorities have imposed penalties totalling Rs 115.86 crore on IndiGo, the airline said in a regulatory filing on Wednesday.
The introduction of the Goods and Services Tax (GST) in India on July 1, 2017, was envisioned as a transformative step towards a seamless, technology-driven indirect tax regime. Central to this vision was the concept of invoice matching and automation, aimed at ensuring indirect tax compliance through real-time reconciliation of invoices between buyers and suppliers. However, the journey towards achieving this vision has been fraught with technical challenges, operational complexities, and the need for stakeholder readiness.
New I-T bill not to have provisos, explanations; may come up in Cabinet on Friday
The new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday. The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said.
Here’re the foreign companies embroiled in tax disputes with govt
Foreign companies have often struggled in India due to high tax demands related to duty evasion on imports or levies payable on big M&A transactions, leading to prolonged litigation at times.
Comparing benefits of Old and New Tax Regimes for salaried taxpayers
Finance Minister Nirmala Sitharaman made significant announcements that have delighted middle-class taxpayers. The changes include raising the rebate limit from Rs 7 lakh to Rs 12 lakh under the New Tax Regime (NTR). Additionally, Sitharaman made adjustments to the tax slabs, benefiting taxpayers in higher income brackets and giving them more control over their finances.
New Income Tax Bill likely to be approved by Cabinet tomorrow. Check key details
The Union Cabinet may approve the new Income Tax Bill on Friday, paving the way for its introduction in the Lok Sabha as early as Monday, sources said. The bill is part of a broader push to reform the taxation system.
Royalty is not a tax but a contractual payment
The Hon’ble Chhattisgarh High Court in Mahesh Sharma dismissed the writ petition challenging the SCN demanding service tax on royalty. The court relied on the Supreme Court’s ruling in Mineral Area Development Authority v. Steel Authority of India [Civil Application Nos. 4056-4064 of 1999 dated July 25, 2024] and held that royalty is not a tax but a contractual payment.
India to cut tariffs on 30 products including luxury cars and bikes, before PM Modi’s US trip
India is set to review import tariffs on over 30 items including luxury cars and solar cells, potentially leading to higher imports from the United States, a senior finance ministry official said.
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