Latest update 19.06.2024

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A. Amendment

Assam State GST Order dt 10.06.2024

Assam GST Kar Bhawan issued an ORDER No. 1/2024 – GST dated 10.06.2024 to withdraw the power as the proper officers of the officers mentioned in Column (2) of the Table below to administer the power as specified in relation to section of the said Act as mentioned in the corresponding entry in column (3) of the said table. Read more

DGFT Trade Notice 06/2024-25 dt 18.06.2024

DGFT issued Trade Notice dated 18.06.2024. All stakeholders are advised to provide their comments/ suggestions/ views with regards to proposed amendments in Appendix -4J of HBP 2023, within 15 days of the issuance of this Trade Notice to email id policy4-dgft@gov.in Read more

IEC UPDATION – 30.06.2024

An IEC holder has to ensure that details in its IEC are updated electronically every year, during April – June period. in cases where there are no changes in IEC details the same also needs to be confirmed online. Read more

B. GST Notes

Lawgics – Judgment No. 146

Provisional attachment under Section 83 cannot be done without issuing proper notice under section 74 of CGST Act, 2017. Read more

GST DAILY – 221

HC quashed order as assessee wasn’t given opportunity to explain disparity between GSTR-3B and GSTR-2B Read more

GST DAILY – 222

HC set-aside order passed by GST officer as no time was granted to assessee to file reply to SCN Read more

GST DAILY – 223

Gross GST collection reaches Rs. 20.14 lakh crores for FY 23-24 Read more

C. Article

Opportunity of a personal hearing is required to be provided even when the Assessee did not check the GST portal after the cancellation of the GST registration

The Hon’ble Madras High Court in the case of Chettiar Stores quashed the disputed order wherein the Assessee’s GST registration was canceled and did not check the GST portal because Assessee was not acquainted with GST Portal. The Assessee was allowed to reply to the Show Cause Notice and an opportunity of personal hearing was granted. Read more

Salary Deductions for Canteen Services Not Considered Supply of Service though ITC is available as canteen services provided are obligatory in nature

The AAR, Gujarat in the case of M/s. Dormer Tools India Pvt Ltd ruled that the nominal amount deducted by the Applicant from employee salary would not be considered as supply of services . The AAR, Gujarat further ruled that ITC would be available to the Appellant as per proviso to Section 17(5)(b) of the CGST Act, wherein the canteen service provided by the Applicant is obligatory in nature. Read more

Department cannot take Coercive Action unless a SCN is issued w.r.t Claim of IGST Refund on Exports under the Advance Authorization Scheme

The Hon’ble Rajasthan High Court in Reliance Chemotax Industries Ltd. has directed the Revenue not to take coercive measures against the Petitioner w.r.t Recovery pertaining to the wrong claim of IGST Refund as the vires of Rule 96(10) have been challenged by the Petitioner and due statutory process viz. issue of SCN was not followed by the Revenue. Read more

Whether uploading SCN under ‘Additional Notices’ tab on the GSTN constitute sufficient intimation to the taxpayer?

The Honorable Delhi High Court in the case of Anhad Impex held that merely uploading a Show Cause Notice under the category “Additional Notices” instead of “Notices” on the GST Portal does not constitute sufficient intimation to the taxpayer. Consequently, the subsequent demand order passed without giving the Petitioner a proper opportunity to respond to SCN was set aside, and the Court directed that SCN be re-adjudicated after affording a proper opportunity of hearing to the Petitioner. Read more

D. Tax in Media

Budget 2024: Personal income tax rates likely to be slashed

The government is reportedly considering reforms to the current income tax structure, particularly targeting lower income levels, to boost consumption, reported The Indian Express. Read more

GST Council likely to recommend relief for sectors hit by inverted duty structure

The GST Council is likely to consider a proposal to give relief to sectors such as textiles, fertilizers, leather, etc. that face difficulty due to the Inverted Duty Structure (IDS). Read more

GST Council is likely to introduce new Form GSTR-1A

GST Council is likely to consider including a new Form GSTR-1A to enable the taxpayer to amend or declare additional details to GSTR-1. Read more

A struggle to survive as online gaming companies continue to subsume 28% GST

Few online gaming companies shutting shops, as some chose to lay off staffers and close down regional centres. For instance, MPL and Hike-owned Rush Gaming Universe, a Web3 gaming platform, laid off as many 350 (MPL) and 55 staffers,” said a senior analyst, on the condition of anonymity. Read more

Morbi Ceramic explains what GST on gas will mean for the industry

“If the government considers this under GST slab, the GST what we are paying right now will be 6% benefit to the industry,” says Shailesh Vasnani, Vice President of Morbi Ceramic Association. Read more

Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19%

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs. 4,62,664 crore, compared to Rs. 3,82,414 crore in the corresponding period of the preceding Financial Year (i.e. FY 2023-24), representing an increase of 20.99%. Read more

Indian trade regulator allows medical device EPC to issue export certificates

In a bid to ensure uninterrupted medical device exports and streamlined customs processes, the Directorate General of Foreign Trade (DGFT) has issued a directive allowing the Export Promotion Council for Medical Devices to issue Registration-Cum-Membership Certificates (RCMC). Read more

Income Tax returns show doubling of capital gains in AY23
- Income tax assessees have shown capital gain nearly double, during Assessment Year 2022-23 (AY23), as compared to AY22. Read more
Govt looks at income tax rate cut to boost demand, trigger private investment
- As the Indian economy grapples with the problem of flagging consumption, policymakers in the government are in favour of rationalising the existing income tax structure, especially at lower income levels. Read more
Budget 2024: Income Tax relief for low earners on cards
- The Centre is reportedly looking at rationalising the current income tax structure, especially for lower income levels, to boost consumption. Read more
A major PAN card misuse scam likely unfolding across India; many cases already reported
- A major PAN card misuse scam is likely unfolding across the country, ToI reported on June 18. Quite a few cases of the scam have already been reported from various places, the report said. Read more