Latest update 13.12.2024 – OnlineTaxUpdate

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A. Amendment

Notification no. 127/2024 dated 11.12.2024- Income tax

B. Tax in Media

Pre-Budget meet: MSME stakeholders seek tech upgrade, PLI benefits, GST cut

Stakeholders from the micro, small and medium enterprises (MSME) sought a reduction in GST, technology upgrade, and production-linked incentive scheme benefits for various segments in a pre-Budget meeting with Finance Minister Nirmala Sitharaman on Saturday.

Badam flavoured milk classified under ‘milk,’ attracts 5% GST, rules Andhra Pradesh HC

Badam ‘flavoured milk’ is not a beverage but is classifiable under a specific entry as ‘milk,’ the Andhra Pradesh High Court has ruled. This means Badam ‘flavoured milk’ will attract GST at the rate of 5 per cent and not 12 per cent.

Mahindra Lifespace gets tax demand of Rs 2.09 crore from GST department in Tamil Nadu

Realty firm Mahindra Lifespace Developers on Wednesday said that the GST department in Tamil Nadu has imposed a tax demand of Rs. 2.09 crore, including interest and penalty. In a regulatory filing, Mahindra Lifescape Developers Ltd said the “company has received order from the Officer of the Assistant Commissioner of State Tax, Chengalpattu, Assessment Circle Tamil Nadu, GST imposing tax demand along with interest and penalty.”

IRFC Receives Rs 231-Crore GST Demand Notice From Tamil Nadu Tax Authority

Indian Railway Finance Corp. on Wednesday said it received a goods and services tax demand order totalling Rs 230.55 crore from the Tamil Nadu tax authority.

States divided over GST rate rationalisation amid economic concerns

The proposed Goods and Services Tax (GST) rate rationalisation by the Group of Ministers (GoM) has received a mixed response from states, with several expressing apprehensions about the timing and potential impact of the changes.

GST Council Meeting: Industry eyes tax relief on health insurance premiums, higher levies on luxury items

Industry experts expect a reduction in GST rates on health insurance at the forthcoming GST Council meeting on December 21, 2024. This could expand health insurance coverage; however, it may also raise concerns for insurance companies.

West Bengal, Telangana see biggest fall in share of national GST collections since 2019-20

West Bengal is seeing a decline in its share of national Goods and Services (GST) tax collections, a Moneycontrol analysis of GST numbers shows.

Zomato ordered to pay Rs. 800 crore in GST and fines by tax authorities

Food delivery giant Zomato Ltd has been slapped with a significant tax demand by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra. The order alleges non-payment of goods and services tax (GST) on delivery charges for the period between October 29, 2019, and March 31, 2022. The total demand includes a GST liability of Rs. 401.7 crore, an equal amount in penalty, and applicable interest, brining the total to Rs. 803.4 crore. This development has raised questions about compliance practices in the rapidly growing food delivery industry. Despite the setback, Zomato has vowed to contest the order, citing strong legal grounds.

Planning to buy a property in Dubai: Here’s a list of 9 key tax obligations for Indians

Dubai has emerged as one of the favourite destinations for Indians buying properties overseas. To monitor this trend and track foreign assets owned by Indians, the Income Tax Department is stepping up its vigilance. Amid this development, experts have outlined key considerations and compliance measures to keep in mind when planning such financial transactions and the associated tax obligations.

Tax refunds up by 46.31% to ₹3.08 lakh crore in FY 2024-25: Finance Ministry

The Finance Ministry announced on Thursday a significant improvement in the issuance of tax refunds for the financial year 2024-25.

Indian Overseas Bank to receive Rs.1,359-crore income tax refund

State-owned Indian Overseas Bank (IOB) on Tuesday (December 10) said it has received an order confirming a refund of ₹1,359.29 crore for the assessment year 2015-16, including interest under Section 244A.

PAN 2.0: A master-key to access digital system and govt services, know how it will help you

When the government announced a new PAN project known as PAN 2.0, it made its intention clear about making PAN a common identifier number for various purposes. Think of it as the master key of the house which can unlock all the door-locks of the house.

Kerala seeks 50% share of divisible tax pool: Central Finance Committee

The government of Kerala has urged the 16th Finance Commission to increase its share of the divisible tax pool from the 41 per cent recommended by the 15th Finance Commission to 50 per cent.

🔔 Webinar on 14.12.24

🥳 Adv. CA Vivek Laddha, an author of GSTR-9/9C -Taxmann will be addressing the Issues & its Solution in GSTR-9/9C