Latest update 12.10.2024
A. Amendment
DGFT – Policy Circular No. 08/2024-25 dated 11.10.2024
Directorate General of Foreign Trade issued Policy Circular no. 08/2024-25 dated 11.10.2024 regarding Applicability of Para 4.08 (ii) of HBP in case of inputs being procured by Advance Authorisation Holders from Units located in SEZ.
Adjustment of negative liability of previous tax period has been now implemented into Form GSTR-3B
Goods Services Tax RCM & TDS (U/s Section 51) Labiality on metal scrap w.e.f 10-10-2024
by B. Venkateswaran
B. Article
No GST on Extra Neutral Alcohol used in manufacturing of alcoholic liquor for human consumption
In India, the power to levy taxes on alcoholic beverages is vested solely with the States and not with the Union. Extra Neutral Alcohol (“ENA”), a key input for the alcoholic beverages industry, was in dispute as subject to the levy of GST, while the final output, being alcoholic liquor for human consumption, is excluded from the ambit of GST and is instead subjected to State taxes.
by CA Bimal Jain
Non-Recovery of GST based on General Practice
During the seven years of GST implementation, taxpayers have encountered various challenges due to genuine interpretational issues and ambiguities in the GST provisions, leading to non-payment or short payment of taxes. Taxpayers frequently approached the GST Council seeking relief, which resulted in the Department issuing circulars to regularise the past practices followed by taxpayers.
CA Bimal Jain
Parts and Accessories of the Motor Vehicle are classified under the HSN 8708 which attract the GST of 28%
The AAAR, Andhra Pradesh in the case of M/s Saddles International Automotive & Aviation Interiors (P.) Ltd., held that motor vehicle parts or accessories to be classified under heading 8708 as they are suitable for use solely or principally with motor vehicles of Headings 8701-8705.
by CA Bimal Jain
Time of supply for service supplied under HAM Contract would be the date of issuance of invoice or receipt of payment of annuity whichever is earlier
The Hon’ble Madras High Court in the case of KNR Srirangam Infra (P) Ltd. set aside the Impugned Assessment Order and remitted back the matter for reconsideration in light of the observations made in the Circular No. 221/15/2024-GST dated June 26, 2024 (“the Circular”) and held that the liability to pay tax would arise when invoice has been received or payment would be received under Hybrid Annuity Model (“HAM”) contract wherein the payment is received in installments for part compensation.
by CA Bimal Jain
C. Tax in Media
Flair Writing Industries receives tax notices for excess ITC claims, stock advances.
Flair Writing Industries Limited (FWIL) disclosed today that it has received two show cause notices from the Office of the Assistant Commissioner of State Tax, Valsad, regarding excess input tax credit (ITC) claims for the fiscal year 2020-21. The notices, issued under Section 73 of the CGST Act, allege tax discrepancies totaling approximately ₹1.86 crore.
UP gets Rs 31,962 crore advance instalment of tax devolution from Centre, largest among all states
Uttar Pradesh on Thursday received Rs 31,962 crore advance instalment from the central government, the largest share among all states, as part of tax devolution ahead of the festive season.
Shirdi’s Saibaba Sansthan eligible for income tax exemption on anonymous donations: HC
The Bombay high court (HC) on Tuesday held that the Shri Saibaba Sansthan Trust, which administers the famous temple at Shirdi in Maharashtra, was eligible for tax exemption on anonymous donations as it was both a religious and charitable trust.
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