A. Amendment
| Sr. no. | Category | Subject | in brief | in detail/ reference |
| 1 | GST | Notification No. 04/2024-Central Tax (Rate) dated 12.07.2024 | Said notification amends the Notification 12/2017- Central Tax (Rate) dated 28.06.2017 which pertains to GST Rate exemption on services. – service by Railway – accommodation service | click here to read more |
B. Article
| Sr. no. | Category | Title | Authored by | in detail / reference |
| 1 | GST | Valuation of Corporate Guarantee still unresolved? The recent changes in the valuation mechanism for corporate guarantees can serve as a boost for all pending writs before various High Courts. The principle here is straightforward: ‘NO VALUATION MECHANISM, NO TAX’ | Vikash Agarwal | click here to read more |
| 2 | GST | Corporate Guarantee Puzzle! With all due respect, it appears that the circular extends beyond the provisions of GST and couldn’t address the inherent nature of guarantee contracts. The following extract may shed some light on the reasoning: | Vikash Agarwal | click here to read more |
C. GST Notes
| Sr. no. | Category | In brief | Authored by | in detail / reference |
| 1 | GST | Lawgics – Judgment No. 153 HC allowed filing of Revised GSTR-3B return to correct error when such error led to scrutiny proceedings u/s 61, culminating into order | Adv. Nidhi Aggarwal | click here to read more |
| 2 | GST | Lawgics – Judgment No. 154 Late fees for belated filing of GSTR-9 & GSTR-9C cannot be demanded when Government itself has given waiver through Amnesty Scheme | Adv. Nidhi Aggarwal | click here to read more |
| 3 | GST | Chapter -1 – IGST Act, 2017 – Q&A format 1. What does the term “customs frontiers of India” mean? 2. What does “export of goods” refer to? like wise this chapter has 14 slides. | CMA Anil Sharma | click here to go to slides |
D. Tax in Media
| Sr. no. | Category | In brief | In detail / reference |
| 1 | GST | CBIC clarifies taxability on corporate guarantee Goods and services tax (GST) will be applied to 1 per cent of corporate guarantee fees on an annual basis and become applicable from October 23, 2023, the government has said. | click here to read more |
| 2 | GST | Bizmen meet GST officials over rising tax evasion Punjab is fast becoming a state with the highest tax evasion rates in the country with numerous criminals involved in bogus billing worth billions of dollars being apprehended on a daily basis. Besides bogus billing, bill swapping is in full swing, with traders selling their bills to other parties and not giving them to the customers. | click here to read more |
| 3 | GST | Fake firm defrauds government of Rs 20 crore in GST fraud: Delhi Police A fraudulent company illegally obtained Rs 20 crore in GST rebates from Government of India, said the Delhi police after registering a First Information Report (FIR) on July 5. | click here to read more |
| 4 | GST | Budget 2024: Oil and gas industry awaits schemes to boost production, inclusion in GST The oil and gas industry is expecting policy announcements and investment schemes aimed at increasing domestic production and bringing required changes in the tax structure in the upcoming Union Budget, set to be announced on July 23. | click here to read more |
| 5 | Income tax | ITR Filing 2024: What is Form 67 and how can it help you avoid double taxation, claim foreign tax credit When a resident taxpayer earns income from a foreign country, the tax will be withheld by the foreign state. The taxpayer is still responsible for taxes in their resident country. In these situations, residents can seek a tax credit for the amount withheld by the foreign country by submitting Form 67 to the income tax department. | click here to read more |
| 6 | Income tax | ITR filing deadline should be permanently extended beyond July 31: Salaried get only 45 days to file tax returns The deadline to file income tax return (ITR) for FY 2023-24 (AY 2024-25) is 31.07.2024. A former IRS officer and founder of ITR filing website TaxBuddy.com, says, “Form 16/16A is required to be received by June 15. Three months from the last date for issuance of Form 16/16A can be an ideal due date for filing ITR for individuals and non-audit cases. Thus, September 15 can be an ideal due date.” | click here to read more |
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