A. Amendment
DGFT – Policy Circular No. 06/2024-25 dated 19.06.2024
DGFT issued Policy Circular No. 06/2024-25 dated 19.06.2024 to clarify the doubts regarding import of specific items restricted vide Notification no. 17/2024-25 dated 11.06.2024. Read more
DGFT Notif. 18/2024-25 dt 19.06.2024
DGFT issued Notification No. 18/2024-25 dated 19.06.2024 regarding Export of Non-Basmati White Rice falling under HS Code 10063090 to Malawi and Zimbabwe through National Co-operative Exports Limited (NCEL). Read more
B. GST Notes
GST DAILY – 224
No relief to assessee who mistakenly availed IGST instead of CGST/SGST; HC dismissed writ petition Read more
GST DAILY – 225
The GSTN has been issued an advisory regarding Self Enablement For e-Invoicing Read more
GST DAILY – 226
Petitioner contesting for appellate order directed to deposit 20% of disputed tax; benefit of stay to be extended until GSTAT constitution Read more
C. Article
Revenue Authorities may determine if documents can be seized from the premises of an Assessee not subject to the search warrant
The Hon’ble Delhi High Court in the case of Savinder Sharma disposed of the writ petition and directed the Revenue Authorities to decide the Assesse’s representation seeking copies of seized documents in accordance with law within 2 weeks. Read more
Order and SCN are liable to be set aside when reply and documents filed by the Assessee with the Auditor are not taken into consideration
The Hon’ble Delhi High Court in the case of Samsung India Private Limited allowed the writ petition and set aside the Impugned Order and Show Cause Notice on the ground that the reply and documents filed by the Assessee with the Auditor are not taken into consideration. Read more
D. Tax in Media
Council unlikely to review 28% GST on online gaming at June 22 meeting
The online gaming sector, which pays 28 percent as goods and services tax (GST) on the full face value involved, will have to wait longer for relief. Read more
GST Council meeting June 2024: Key expectations on revision in gst tax slabs and exemptions
The upcoming GST Council meeting scheduled for June 22 has sparked considerable interest in the market. Many are hopeful that significant changes may be announced, especially given its timing just before the Budget. Experts anticipate a review of the GST slabs, with discussions centered around potentially reducing the number of slabs from four to three. Read more
Kerala HC stays judgment holding Malabar Parota attracts 5% GST, not 18%
The Kerala High Court has intervened to halt a recent judgment that had ruled on the GST rate applicable to Malabar parota, a popular South Indian flatbread, according to a report by the Bar and Bench. The decision, which stated that Malabar parota should attract a GST of 5% rather than 18%, has been temporarily suspended following an appeal by the State government. Read more
Slash GST on health insurance to 5% from 18%: Trade body to govt
The government should bring down the existing GST on individual health insurance policies to 5 per cent from the existing 18 per cent to encourage people to buy these policies as a measure of social security, the Confederation of General Insurance Agents’ Associations of India appealed to the government on Tuesday. Read more
Over 50% gaming cos saw revenue stagnate or dip after 28% GST norm: Report
Over half of the online gaming sector enterprises in India saw their revenues fall or stagnate after the Centre last year imposed a 28 per cent goods and services tax (GST) on total deposits on these platforms, a report released on Wednesday said. Read more
Fertiliser shares gain up to 9% amid proposal to exempt fertilisers from GST
GST Council may decide to remove fertilizers from within the ambit of GST. This is as the Fitment Committee has proposed to exempt fertilizers from GST. The committee has referred the matter concerning fertilisers to the Group of Ministers (GoM) for rate rationalization. Read more
GST rates: GST Council to refer GST rates on cigarettes, bidis to rate rationalisation panel
GST Council may refer the issue of GST rates on cigarettes, bidis to the Rate Rationalisation Committee to notify maximum tax rate of 20% under CGST and 20% under SGST from the current 28%, sources told Business Today on Tuesday. Read more
Tamil Nadu Food Grains Merchants Association writes to the Centre demanding redressal of GST grievances
Tamil Nadu Food Grains Merchants Association has written to the Union Finance Minister Nirmala Sitharaman urging the Centre to redress the grievances with regard to Goods and Services Tax (GST). Read more
Bid to bring natural gas under GST
Natural gas players will be glued to the upcoming meeting of GST Council that could see the new government take a shot at bringing the feedstock under GST. Read more
Rs.13cr GST fraud: Court denies bail to trader, orders probe against taxmen
A local court denied pre-arrest bail to a businessman accused of a Rs. 13 crore GST fraud by claiming input tax credit (ITC), saying the fraud could not have been done without the connivance of govt. officials. The fraud came to light during an inspection in 2021. The court has now directed police to initiate a probe against tax officials. Read more
Online gaming firms likely to be left in the lurch at GST Council meet
Online gaming companies hoping for relief from the GST Council on retrospective taxes adding up to Rs. 1.12 trillion may have to wait longer. The federal indirect tax body is unlikely to consider the industry’s plea during its meeting on Saturday, according to two officials informed about the council’s plans. Read more
GST Council may quash retro tax demands on online gaming companies
In a potential relief to the online gaming sector, the Goods and Services Tax (GST) Council is likely to consider an amendment to the Central Goods and Services Tax (CGST) Act, 2017, that would quash retrospective tax demands. Read more
GST anti-profiteering cases to be taken up by the appellate tribunal
The GST Council in its Saturday meeting might mandate the GST Appellate Tribunal (GSTAT) to adjudicate anti-profiteering cases and introduce “sunset date”, allowing filing of such complaints only up to April 1, 2025. Read more
Govt may hike exemption limit under new tax regime to Rs 5 lakh; relief unlikely for the rest
The Centre is looking to increase the income limit for individuals before any tax is levied to Rs 5 lakh from Rs 3 lakh currently in the upcoming budget likely to be presented mid-July, one of the officials said. Read more
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