A. Amendment
CBIC issued Notification no. 05/2024-Central Tax (Rate) dated 08.10.2024 to make further amendment in the rate notification no. 01/2017-Central Tax (Rate) dated 28.06.2017.
CBIC issued Notification no. 06/2024-Central Tax (Rate) dated 08.10.2024 to make further amendment in the RCM notification no. 04/2017-Central Tax (Rate) dated 28.06.2017.
Amendment in GST rate on services, exemption on services and RCM on services w.e.f 10.10.2024
Central Board of Indirect Taxes and Customs (CBIC) issued following Notifications on 08.10.2024
Notif. no.21, 22 & 23 dt 08.10.24
CBIC issused notification to give effect to sec 128A, special procedure for rectification of order u/s 73 , 74 or 107 or 108, waiver of late fees to person liable to deduct TDS u/s 51 for the month of June 2021 onwards
Order File No.173/118/2024-ITA-1 dated 07.10.2024 -Income tax
Central Board of Direct Taxes issued Order u/s 119 of the Income tax Act, 1961 to further allow the trusts / institutions/ funds who have mistakenly filed Form No. 10B instead of Form No. 10BB and vice-versa, to furnish such audit report in the applicable Form No. 10B / 10BB on or before 10.11.2024.
Income tax seek suggestions for comprehensive review of Income tax Act
Income tax is seeking suggestions for comprehensive review of Income tax Act at the link below.
B. Article
A single SCN cannot be issued for multiple periods
by CA Bimal Jain
The Hon’ble Madras High Court in the case of M/s. Uno Minda Limited (Seating Division) sets-aside bunching of SCN issued for various AYs to split the SCNs for each AYs, allowing the Assessee to avail benefit of Amnesty Scheme proposed to be launched during November 2024, that would waive interest as well as penalty on tax liability.
Fortified Rice Kernels are classified under the Chapter 19 under sub-heading 19049000 and attracts the GST of 18%
by CA Bimal Jain
The AAAR, Chhattisgarh in the case of M/s Brindavan Agrotech (P.) Ltd., held that the Fortified Rice Kernels is made by using the milling process, is covered under Chapter 11 of the Customs Tariff Act, 1975.
Penalty order passed on the detention of goods and vehicle after 7 days from service of notice is not sustainable
by CA Bimal Jain
The Hon’ble Patna High Court in the case of M/s Kedia Enterprises ruled that an Order of detention in FORM GST MOV- 06 and the Notice in FORM GST MOV-07 must be in accordance with Section 129(3) of the CGST Act.
C. Tax in Media
IDFC First Bank announces integration with GST portal
IDFC First Bank on Saturday announced the integration of its Internet banking and branch network channels with the Goods and Services Tax (GST) portal, enabling seamless GST payments.
Blinkit launches GST invoicing feature for businesses, offering up to 28% input credit
Blinkit has rolled out a feature that allows businesses to add their GSTIN (Goods and Services Tax Identification Number) while purchasing products on the platform
Nazara Tech Arm Gets Interim Relief From Calcutta High Court In Rs 846 Crore Tax Dispute
Nazara Technologies Ltd.’s subsidiary, Openplay Technologies Pvt., has announced that the Calcutta High Court has granted interim relief regarding a tax demand worth Rs 846 crore.
GoM may gradually phase out of 12% GST slab to rationalise rates, sources say
The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation is likely to push for phasing out the 12 percent tax slab by gradually shifting items to either the 5 percent or 18 percent slabs to simplify the tax framework and ease compliance for businesses, people familiar with the development said.
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