A. Amendment
Notification No. 40/2024-Customs (N.T.) dated 06.06.2024
CBIC issued Notification No. 40/2024 – Customs (N.T.) dated 06.06.2024 to hereby determine that the rate of exchange of conversion of each of the foreign currencies into India currency or vice versa effective from 07.06.2024. Read more
Circular No. 06/2024- Customs dated 07.06.2024
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular no. 06/2024- Customs dated 07.06.2024 regarding Customs duty on Display Assembly of a cellular mobile phone. Read more
Notification no. 49/2024 dated 06.06.2024- Income tax
CBDT issued Notification no. 49/2024 dated 06.06.2024 to grant Income Tax Exemption to Real Estate Appellate Tribunal, Punjab Under Section 10(46) of Income Tax Act, 1961 in respect of specified income arising to that body. Read more
Notification no. 50/2024 dated 06.06.2024- Income tax
The Central Board of Direct Taxes (CBDT) issued Notification no. 50/2024 F. No. 187/6/2024 ITA-I dated 06.06.2024 to make further amendment in the Notification no. S.O. 3125 (E) dated 10.12.2014. Read more
B. GST Portal
Filing of information by manufacturers of Pan Masala and Tobacco taxpayers
Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month. Read more
C. GST Notes
Lawgics – Judgment No. 142
Appellate Authority has the power to condone delay in Filing GST Appeals beyond limitation period Read more
D. Article
Whether output tax can be demanded merely because the financial statements did not provide state-wise turnover?
The Honorable Madras High Court, in the case of Tvl Future General India Insurance Co. Ltd held that an assessment order passed by the Assessing Officer has accepted the explanation of the assessee with regard to certain defects that had imposed GST at the rate of 18% on the ground that the financial statements submitted by the assessee did not reflect state-wise turnover. Read more
GST DAILY – 219
No proceedings under sec. 74 if assessee cleared all tax liability along with interest prior to issuance of SCN: HC Read more
GST DAILY – 220
Non-constitution of Appellate Tribunal can’t deprive assessee of its benefits; Order to be stayed on making pre-deposit: HC Read more
No IGST credit is required to be reversed when credit is wrongly claimed instead of CGST and SGST
The Hon’ble Calcutta High Court in the case of M/s. Cosyn Limited held that there is no requirement to reverse the IGST credit where the Assessee had availed IGST credit and subsequently used the same for payment of CGST and SGST, on utilization of IGST for payment of SGST. Read more
E. Tax in Media
GST rate rationalisation may see further delay
With a new coalition government at the helm, a key economic reform involving GST rate rationalisation may be further delayed. Many experts feel that as rate rejig impacts inflation, there may be pressure to not undertake it at all. However, there is a section that feels there is still hope for this long-pending reform. Read more
Flour mixes with additives attract 18% GST, clarifies Gujarat appellate authority
The Gujarat Appellate Authority for Advance Ruling has clarified that flour mixes containing additives attract an 18% Goods and Services Tax (GST) as they fall under a class of food preparations for which a lower tax rate is not specified in the law. Read more
AAR rules 18% GST on infant food containing milk, other ingredients
Infant food products containing milk and other ingredients may be subject to an 18 per cent goods and services tax (GST), contrasting with the 5 per cent applicable to milk products, if a judgment by the Rajasthan Authority for Advance Ruling (AAR) sets a precedent. Read more
GST department makes one more arrest under Operation Palm Tree
The Kerala State Goods and Services Tax (SGST) department has made one more arrest under Operation Palm Tree, a drive launched on May 23 targeting scrap trade in which tax evasion to the tune of Rs.209 crore was detected. Read more
Sales tax officer arrested for demanding, accepting bribe
A sales tax officer of Delhi govt has been arrested by the Central Bureau of Investigation (CBI) for allegedly demanding and accepting a bribe of Rs. 40,000 from a tax consultant. Read more
No HC relief for co over delayed I-T return
The Delhi high court dismissed a writ petition filed by a technology company, seeking condonation of delay in filing its income-tax return for FY20. The Central Board of Direct Taxes had refused to invoke its powers accorded to it under section 119 of the I-T Act to condone this delay — the HC found no justification to interfere with this view. Read more
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