A. Update/Amendment
Re-opening of Reporting ITC Reversal Opening Balance
Taxpayers are being provided with one final opportunity to report their cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for “Electronic Credit Reversal and Re-claimed Statement”, if any, before hard locking the reversal and reclaim ledger.
Draft Manual on Invoice Management System
GST Common Portal has unveiled a ground breaking new facility, the Invoice Management System (IMS), revolutionizing the way recipient taxpayers interact with invoices.
Circular No. 16/2024- Customs dated 17.09.2024
CBIC issued Circular no. 16/2024-Customs dated 17.09.2024 regarding the Implementation of automation in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 in respect of EOUs.
DGFT Trade Notice 17/2024-25 dt 17.09.2024
DGFT issued Trade Notice 17/2024-25 dated 17.09.2024 regarding amendment to Interest Equalisation Scheme.
Circular No. 09/2024 dated 17.09.2024
Central Board of Direct Taxes (CBDT) issued Circular No. 09/2024 dated 17.09.2024 for further enhancement of monetary limits for filing of appeals by the department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court amendment to Circular 5 of 2024 – Measures for reducing Litigation.
B. Article
Extended period of demand is unsustainable if there is no malafide intention to evade tax
by CA Bimal Jain
The CESTAT, New Delhi in the case of Kanoria Energy & Infrastructure Ltd. held that an assessee may genuinely believe that duty is not leviable, while the department may believe that duty is leviable. The assessee may, therefore, not pay duty in the self-assessment carried out by the assessee, but this would not mean that the assessee has wilfully suppressed facts.
Department cannot pass adverse orders without reasonable opportunity of hearing
The Hon’ble Delhi High Court passed a common order in the case of Mohinder Kumar held that an Adjudicating Authority shall not pass any adverse order against any of the Petitioners without affording them a reasonable opportunity to be heard.
Education Cess (EC), Secondary and Higher Education Cess (SHEC), and Krishi Kalyan Cess (KKC) can only be utilized for their specific purposes
Blessed, that the recent ruling by Hon’ble Kerala High Court in the case of M/S. MUTHOOT FINANCE LIMITED ruled on 03.09.2024 aligns closely with the views I expressed in my article long ago.
C. Tax in Media
DGGI suggests info sharing with fgn govts, blocking websites to curb GST evasion in OIDAR services
GST investigation arm DGGI has suggested reciprocal arrangements with foreign governments for information sharing and enforcement measures as well as blocking of websites to prevent tax evasion in OIDAR services like e-gaming, online education and advertisement.
Houseboat owners asked to pay 18% GST from 2017
Houseboat owners are in a fix as the state GST department has started demanding 18% GST to be paid with retrospective effect from 2017, even though the boat owners have been paying the tax at 5% all these years.
GHCL Limited receives notice from GST Dept. for excess ITC Claim
GHCL Limited has received a scrutiny notice on September 16, 2024 from GST department, Maharashtra for the financial year 2020-21.
GSK Pharmaceuticals Receives ₹1.07 Crore GST Demand Order from Telangana Commissioner
GlaxoSmithKline Pharmaceuticals Limited has received an Order dated May 31, 2024 for period FY 2017-18 to 2021-22 from Telangana Commissioner of Customs and Central Tax (Appeals-II), raising total demand of ₹ 1,07,16,991 in Telangana State, according to the exchange filling.
FM signals lower, simpler GST framework
Union Finance Minister Nirmala Sitharaman on Monday (September 16) said the Narendra Modi government is exploring further rationalisation of GST rates to simplify the tax structure and potentially reduce rates.
Growth of GST compensation cess outpaces overall GST in FY24
As the 54th GST Council Meeting last week formed a Group of Ministers (GoM) to decide the future of the GST compensation cess, data show that the tax component contributes substantially to the government coffers and merits continuation in new form once its levy ends in March 2026.
No tax rate reductions for old regime, clarifies FM
Finance Minister Nirmala Sitharaman has confirmed that there will be no tax rate reductions under the old tax regime, despite increasing demands from taxpayers for equal rate cuts across both the old and new systems.
Income Tax notices for unexplained expenditure haunts industry
In a bid to plug revenue leakage and take advantage of the exchange of information between the Income Tax Department and the GST wing, the government has issued a slew of notices to the industry under Section 69C of the Income Tax Act. These notices seek detailed explanations of expenditures incurred by the assessees and the source of funds for these expenditures.
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