A. Article
Assessee should respond to the SCN and take all grounds before the authority, and if aggrieved, should avail an alternate statutory remedy of appeal
by CA Bimal Jain
The Hon’ble High Court of Bombay in the case of Viswaat Chemicals Ltd. & Anr. dismissed the writ petition and held that an Assessee should respond to the Show Cause Notice and taken all grounds before the authority, and if aggrieved, should have availed the alternate statutory remedy of appeal.
Recent Important amendments in the CGST Rules
by CA Bimal Jain
B. Tax in Media
Taxation of economic surplus — why liquor companies still getting GST demand notices despite clarification
While the CBU pays applicable service tax/ GST on the amount received from the BO as consideration for manufacturing liquor, the taxability of economic surplus has been a bone of contention between the department and taxpayers. Despite a clarification that such amount is not taxable being profit of the BO, the department has been disputing the non-levy of Service Tax on such amount from time to time.
New tactics, biometrics being used to catch elusive GST fraud masterminds
Since the introduction of GST in 2017, a sophisticated scam has thrived, exploiting loopholes and draining thousands of crores from the exchequer every year. Despite catching hundreds of fraudsters, the masterminds remain hidden, according to a source.
Cab owners, rent-a-car bizmen with over 10 vehicles get notices for bypassing GST
Using data intelligence, the department of state tax identified around 260 taxi operators who may have evaded paying the GST. The department issued notices to the taxi operators along with a demand for payment of GST, said sources. As part of a 3-month exercise, the department of state tax gathered data from the I-T department, regional transport office, banks and other agencies to identify businesses that were evading tax in the state.
Insurance benefits for EPFO members extended up to Rs 7 lakh
The government has increased insurance benefits under the Employees’ Deposit Linked Insurance (EDLI) scheme for all members of the Employees’ Provident Fund Organisation (EPFO). EDLI provides life insurance cover of up to Rs 7 lakh.
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