A. Amendment
Notification no. 19/2025 dated 11.03.2025- Income tax
CBDT issued notification no. 19/2025 dated 11.03.2025 whereby the Central Government specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely:-
B. Article
IGST refund cannot be denied despite availing duty drawback
The Hon’ble Madras High Court of Madurai Bench in the case of M/s Modern India Products allowed refund claim by the assessee of the IGST refund for exports that would qualify as zero -rated supply. While Circular No. 37/2018-Customs dated October 09, 2018 (“the Circular”) relied upon by Standing Counsel to state that if duty drawback is claimed, refund of IGST amount cannot be sought. The Court relied on the Hon’ble Gujarat High Court case wherein it was held that the Circular cannot prevail over Rule 96 of the CGST Rules.
C. Tax in Media
GST rate rationalisation: Govt unlikely to bring 35% slab, may cut taxes on essentials: Sources
With all eyes on the GST rate rationalisation exercise, which aims to ease the tax burden on the common man, CNBC-TV18 has learnt from sources that the government is not in favour of introducing a new “special rate” slab of 35%, as proposed by the Group of Ministers (GoM) on GST rates.
Suspecting tax evasion, I-T teams raid Sri Chaitanya office, colleges
Income Tax officials on Monday carried out searches at the corporate office and branches of the Sri Chaitanya Group of educational institutions simultaneously in Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai.
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