A. Amendment
DGFT Trade Notice 20/2024-25 dt 07.10.2024
To provide clarification on the Provision for Import/ Re-Import of ‘Exhibits and Samples”.
DGFT-Public Notice No. 26/2024-25 dated 07.10.2024
To amend the Appendix 10M of Para 10.15 in the Handbook of Procedures of the Foreign Trade Policy (FTP) 2023 to include more items under the purview of Global Authorization for Intra-Company Transfer (GAICT) of SCOMET items/software/technology.
CBDT forms internal committee to comprehensively review Income-tax Act and invites suggestions from stakeholders/ experts/ public on the Income Tax e-filing portal
CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act). The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
B. Notes
Lawgics – Judgment No. 181
The SCN lacked specific details or evidence to support the allegations of fraud, willful misstatement, or suppression of fact and the extremely short time given to respond violated the petitioner’s right to natural justice. Thus, the authorities were directed to restore GST registration.
C. Article
Whether an adverse order be passed without affording an opportunity of hearing to the taxpayer?
by CA Ritesh Arora
The Honorable Karnataka High Court in the case of M/s. Bangalore Golf Club set aside the order as no opportunity of hearing was granted to the Petitioner before passing an adverse order. The Honorable Court held that it is mandatory to grant the opportunity of hearing as required under section 75(4) of the CGST Act when an adverse order is being contemplated against the Petitioner.
Whether recovery action can be taken without disposing of the rectification application of the Petitioner due to an inadvertent error made in Form GSTR-1?
The Honorable Madras High Court in the case of Veeran Mehhta directed the disposal of the Order dated January 22, 2024, which was based on a mismatch of tax liability discharged in form GSTR-3B and belatedly filed Form GSTR-1.
D. Tax in Media
CBDT forms an internal committee for full review of Income-Tax Act
The Union finance ministry on Monday invited public input and suggestions for a review of the Income-Tax Act, which was announced in this year’s Budget.
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