A. Amendment
Notification No. 62/2024-Customs (N.T.) dated 19.09.2024
To hereby make further amendments in the First schedule of the Customs Tariff Act, 1975.
Circular No. 17/2024- Customs dated 18.09.2024
Regarding Amendment of Note 3 of Chapter 98 in the First Schedule to the Customs Tariff Act, 1975.
Notification no. 102/2024 dated 18.09.2024- Income tax
To hereby approve Auroville Foundation as ‘Other Institution’ for research in social science or statistical research for the purpose of clause (iii) of sub-section (1) of section 35 of the Income tax Act, 1961 read with rule 5C and 5E of the Income Tax Rules, 1962.
Notification no. 103/2024 dated 19.09.2024- Income tax
Whereby Central Government hereby appoints 1st day of October, 2024, as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force.
B. GST Note
Lawgics – Judgment No. 175
Section 83(1) mandates that any provisional attachment order must contain reasons for the Commissioner’s decision to protect the government’s revenue and failure to provide such reasons renders the provisional attachment order invalid.
C. Article
Central Authority cannot conduct audit after State Authority under same subject matter
CA Bimal Jain
The Hon’ble Madras High Court in the case of P S K Engineering Construction & Co. held that there is no restriction in statute for Central GST authorities to initiate proceedings on different subject matter. Further, allowed the Assessee to respond to the audit notice, subject to audit not being on same subject matter as State GST proceedings.
A recipient of goods or services cannot file GST refund application
by CA Bimal Jain
The Hon’ble Madras High Court in the case of Tvl. Norton Granites & Properties Private Ltd. held that the refund application for excess tax paid must be filed by the registered service provider, not by the recipient of services. Since M/s KG Foundation was the registered entity, the Assessee’s direct refund claim was deemed invalid. Consequently, the writ petition was dismissed.
An appeal can be filed beyond limitation period
by CA Bimal Jain
The Hon’ble Calcutta High Court in the case of Acme Paints and Resin (P.) Ltd. held that since the Assessee had deposited pre-deposit amount and there was no lack of bona fide on part of the Assessee, explanation given by the Assessee that delay in filing appeal was due to an oversight by accountant, though not entirely adequate, was accepted in interest of justice.
Penalty cannot be imposed for expired E-way bills in the absence of intent to evade taxes
by CA Bimal Jain
The Hon’ble Calcutta High Court (Circuit Bench at Jalpaiguri) in M/s Maa Amba Builders set aside the order of detention and held that there was no material record available, therefore, no presumption can be drawn that there was the intention of the tax evasion. Taking into the consideration, within 24 hrs from the expiry of the validity of the e-way bill, there was material to show that was involved in the tax evasion.
Appellate Authority can quash the order of refund which was based on a repugnant Circular
by CA Bimal Jain
The Hon’ble Rajasthan High Court Bench at Jaipur in M/s MO Industries set aside the order of the Appellate Authority denying refund solely relying upon Circular No.135/05/2020-GST dated March 31, 2020 (“the Circular”) because the said circular had already been held to be in conflict with section 54(3)(ii) of the CGST Act, 2017 (“the CGST Act”).
HC grants bail to Accused when co-accused with more serious role already released on Bail
by CA Bimal Jain
The Hon’ble Allahabad High Court in the case that the other accused with more serious role in commission of Gurmeet Singh Batra @Sahil released the accused on bail inter-alia on the ground crime has already been released on bail.
Launching of B2C E-invoicing
by CA Bimal Jain
Following the successful implementation of e-invoicing in the B2B sector, the GST Council recommended the rollout of a pilot for B2C e-invoicing.
GST DAILY – 256
by CA Pradeep Modi
Recovery proceedings couldn’t be initiated before expiry of 3 months from date of service of order: HC
GST DAILY – 258
by CA Pradeep Modi
HC directs assessee to approach IT dept. for release of cash seized by GST Dept. as it was handed over to them
GST DAILY – 259
by CA Pradeep Modi
HC remanded matter for fresh consideration since assessee couldn’t reply to SCN or attend personal hearing due to illness
GST DAILY – 260
by CA Pradeep Modi
HC remanded matter as assessee was not aware of proceedings as notice & order were uploaded on GST portal
D. Tax in Media
State registers 18 per cent rise in GST collection
Bihar has joined the top league of five states of the country by registering 18% annual growth in GST collection during fiscal 2023-24, said commercial taxes department (CTD) commissioner-cum-secretary, Sanjay Kumar Singh here on Wednesday.
Zomato receives fresh GST demand, penalty order amounting to Rs 17.7 cr
Online food delivery aggregator Zomato on Wednesday said it has received a GST demand order along with interest and penalty amounting to Rs 17.7 crore from the Assistant Commissioner of Revenue, West Bengal.
MP meets Finance Minister, seeks GST exemption for black pepper
Yaduveer Krishnadatta Chamaraja Wadiyar, Mysuru MP, met Finance Minister Nirmala Sitharaman in New Delhi and urged her for the continuation of GST exemption for black pepper.
FY26 Budget-making process to start in second week of October
Will lot of taxpayers miss the tax audit report deadline due to this glitch on the ITR e-filing portal?
The deadline to submit the tax audit report on the e-filing ITR portal for specific taxpayers is September 30, 2024. However, with only 12 days left, the ITR e-filing portal is experiencing numerous glitches and issues when it comes to uploading tax audit reports. Several chartered accountants and tax professionals have raised concerns about this matter with ET Wealth Online and on social media, stating that they have been unable to upload the tax audit report on the e-filing ITR portal since September 18, 2024.
Income Tax Act Review Put On Fast-Track With January Deadline
The revenue department in the Finance Ministry is seeking to fast-track the comprehensive review of the Income-Tax Act 1961, as it aims to complete it by January, ahead of the Union Budget in the following month, officials privy to the discussion said.
Net direct tax collection grows 16 percent annually to Rs.9.95 trillion up to 17 Sep
Net direct tax collection after adjusting for refunds has grown 16% so far this financial year to ₹9.95 trillion, led by strong growth in taxes on personal and corporate incomes and on trading in securities, Central Board of Direct Taxes (CBDT) said on Wednesday.
DND flyover operator Noida Toll Bridge Company gets massive Rs.21,000 crore tax relief
In a significant win for Noida Toll Bridge Company Limited (NTBCL), the Income Tax Appellate Tribunal (ITAT) has quashed a massive tax demand of approximately ₹21,000 crore. The listed entity, part of the IL&FS Group, operates the Delhi-Noida-Delhi (DND) flyover, a critical infrastructure link between the two cities.
CBDT revises tax appeal limits to Rs.60 lakh, Rs.2 crore, Rs.5 crore to streamline disputes, reduce litigation
The income tax department has hiked the minimum threshold for filing appeals by the department in tribunal, high courts and the Supreme Court.
Webinar Videos Watch here
Follow us at Twitter
Support us contribute
Subscribe Newsletter
Share this content:
