Latest update 14.12.2024 – OnlineTaxUpdate

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A. Amendment

Notification no. 31/2024 – Central Tax dated 13.12.2024

B. Article

Pre-deposit can be waived off in certain circumstances

by CA Bimal Jain

The Hon’ble Bombay High Court in the case of Lalit Kulthia & Anr. held that only in rare and deserving cases where a clear justification is made out for such interference can a waiver of pre-deposit can be granted be granted.

C. Tax in Media

Retailers urge FM and GST Council not to go for higher 35 pc tax rate

Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has urged the finance minister and the GST Council not to accept some of GST rate rationalisation suggestions, including the proposal for inclusion of a special rate of 35 per cent on some products. The sellers body is of the view that a fifth GST slab of 35 per cent on demerit goods such as aerated beverages, cigarettes and tobacco, and pricing-based rate structure will materially and fundamentally alter the country’s GST framework with devastating outcomes.

Bombay High Court dismisses revenue’s appeal in customs classification dispute

Classification issues and the legal battles arising from them continue to haunt the Indian government. In yet another case, the Bombay High Court dismissed an appeal filed by the Commissioner of Customs (Imports) against Priya Limited under Section 130 of the Customs Act, 1962.

Higher tax will drive capital away, says CEA V Anantha Nageswaran

Taxing capital less may not lead to more investments but taxing more will drive capital away, Chief Economic Advisor V Anantha Nageswaran on Friday said during a discussion on Inequality, Economic Growth and Inclusion. While it is easy to drive capital out, bringing it back is a lot harder, said Nageswaran.

EPFO subscribers may get services at par with banking, including ATM access

Members of the retirement fund body EPFO may soon be able to withdraw their provident fund (PF) money directly from ATMs after the settlement.

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