Latest update 14.05.2024

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A. Article

Tax leviable at 12 percent on Mango Pulp from the beginning of GST

The Hon’ble Gujarat High Court in the case of Vimal Agro Products Pvt. Ltd. held that, the tax on Mango Pulp is leviable at the rate of 12 percent since the beginning of GST, thereby stating that as per Circular No. 179/11/2022-GST dated August 3, 2022 the Notification No. 06/2022 dated July 13, 2022 , only clarifies that mango pulp attracts GST at the rate of 12 percent as after the Guava the words and brackets “Mangoes (other than mangoes, sliced, dried)” were inserted. Read more

Whether confiscated good and vehicles can be released by depositing 25% of the amount mentioned in the order in case and furnishing a bank guarantee for the balance?

The Honorable Punjab and Haryana High Court in the case of M/s. Kanchan Supplier held that the Taxpayer has the right to appeal against the Order. Further, the vehicle and the goods confiscated shall be released upon 25% of the amount mentioned in the impugned Order and the outstanding balance shall be secured by furnishing of bank guarantee. Read more

Supreme Court’s Lifeline for Distressed Businesses

In a landmark decision, Hon’ble Supreme Court has underscored a crucial point for the business community: companies facing financial hardship and unable to meet export obligations should not be penalized. Read more

B. Press Release

CBDT releases new functionality in AIS for taxpayers to display status of information confirmation process in real-time

The Annual Information Statement (AIS) is available to all registered Income Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of a large number of financial transactions undertaken by the taxpayer which may have tax implications. AIS is populated based on the financial data received from multiple information sources. Read more

C. GST Notes

Lawgics – Judgment No. 127

Department had recovered the amount both from the Electronic Credit Ledger and Electronic Cash Ledger even before the expiry of the 90 days under proviso to Section 78 of the CGST Act/TNGST Act, 2017. The Department failed to satisfactorily explain the recourse to the proviso to Section 78, therefore, the petitioner is entitled to a refund. The Department was directed to either refund the recovered amount or recredit the same to the petitioner’s Electronic Cash or Credit Ledgers, as the case may be, within 1 month from the date of receipt of a copy of this order. Read more

D. Tax in media

Income tax filing: 3 updated utilities available for filing this ITR form for AY 2024-25; find out which one works best for you

The Income Tax Department has released offline, online, and Excel utilities for ITR-3 for FY 2023-24 (AY 2024-25). Individuals who need to file ITR-3 for FY 2023-24 (AY 2024-25) can now use either the offline (Java), online or Excel-based utility to file their income tax return (ITR). Read more

Supreme Court of India Admits Petition Challenging GST on Transfer of Development Rights

The issue relates to the levy of 18% GST on the value of development rights that will make various projects across key markets including Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata unfeasible for all stakeholders including landowners. Read more

122 Shipping Containers Seized In Massive Customs Ops At JNPT Port

In one of the largest such operation in its history, the Custom Central Intelligence Unit (CIU) of Jawaharlal Nehru Custom House (JNCH) has put on hold 122 containers on suspicion of containing banned Chinese fireworks, electronic items, microchips, and other contraband. Read more

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