Latest update 18.06.2024
A. Amendment
State GST Notification – Search cum Selection Committee is constituted
Government of Karnataka hereby constitutes the Search-cum-Selection Committee with following composition to recommend Read more
State GST Notification -amendment in Form REG-01
The Government of Madhya Pradesh issued a Notification dated 13.05.2024 to make further amendment in Form GST REG-01. Read more
B. Article
Whether ITC is permissible when the payment is settled through book adjustment?
The West Bengal, AAR in the case of Paragon Polymer Products (P.) Ltd., held that the claim of input tax credit by the taxpayer cannot be denied u/s 16(2 of the CGST Act, 2017 when payment is settled through book adjustments because the law has not put any restriction on such adjustments. Read more
Services to Overseas Clients via Foreign Subsidiaries: If Not Exports, Then What?
Hon’ble Court upheld the denial of export refunds on the ground that services provided by an Indian entity (to its foreign customers) through its foreign subsidiary of do not qualify as exports. Read more
C. Tax in Media
Jharkhand High Court: GST Officers should not coerce individuals summoned to give statements after office hours
The Jharkhand High Court in the case of Shiva Kumar Deora vs. Union of India and Ors observed and has held that GST officers should not require or coerce individuals summoned under GST to give statements after office hours. Read more
Verification of FOB value indicated on COO Certificates issued as per ASEAN India Trade in Goods Agreement
Chief Minister Pramod Sawant has been appointed as the permanent member of the GST Council for Goa, replacing Minister Mauvin Godinho who has been the State representative on the council since 2017. Read more
GST Officials Raid 18 Resorts And 15 Water Parks Across State
The state GST officials conducted raids at 18 resorts in the Gir Somanath and Dwarka districts, unearthing shady transactions worth Rs 16.29 crore. Read more
Annual revenue collection of state GST dept rises
The annual revenue collection of the Directorate of Commercial Taxes under the state department of Finance (Revenue) has gone up by nearly 300 per cent over the last 10 years. Read more
Govt of Bihar to offer 80% GST reimbursement to investors
For any investors, we offer a 25 to 30 per capital subsidy and GST reimbursements of up to 80 percent. Read more
Coalition dynamics could reflect on GST council meet
The meeting is critical as it’s expected to address several issues including review of GST rates on online gaming, bringing petroleum products, electricity, and real estate under GST, besides considering rate rationalisation. Read more
Must evolve to eased, 3-tier GST rate format: CII Prez Sanjiv Puri
India needs to transition towards a more modest, three-tier rate structure in goods and services tax over time, according to Confederation of Indian Industry president Sanjiv Puri. Read more
Confederation of West Bengal Trade Associations seeks amnesty scheme for GST disputes
Traders’ association the Confederation of West Bengal Trade Associations has written to revenue secretary Sanjay Malhotra seeking an amnesty scheme for Goods and Service Tax disputes. Read more
Nirmala Sitharaman likely to present Union Budget 2024-25 in July end, pre-budget meet on June 20
Finance Minister Nirmala Sitharaman will most likely present the Union Budget for the 2024-25 fiscal year in the last week of July, reported PTI.
Income tax relief for those in lowest slab may need to be considered in Budget: CII
Income tax relief for the people in the lowest slab may need to be considered in the upcoming full Budget 2024-25 considering the high levels of inflation, according to newly elected CII President Sanjiv Puri. Read more
Failure to report foreign income leads to loss of DTAA benefit
Indian law mandates resident individuals who hold specified foreign assets (FAs) during the relevant accounting period to file an income tax return (ITR) They must disclose all their foreign assets and incomes therein. Failure to do so can lead to a heavy penalty or even imprisonment. Read more
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