Latest update 22.08.2024
A. Amendment
| Sr. no | Category | Subject | In brief | In detail / Reference |
| 1 | Customs | Circular No. 10/2024- Customs dated 20.08.2024 | Regarding the use of ICETABs for efficient examination and clearance process. | Read more |
B. Article
| Sr. no. | Category | Tile | Authored by | In detail / Reference |
| 1 | GST | GST Authority must consider the rectification application of the Assessee due to an inadvertent error made in Form GSTR-1 The Hon’ble Madras High Court in Veeran Mehhta directed the disposal of the Order dated January 22, 2024, which was based on a belatedly filed Form GSTR-1, for the wrong assessment period. The Court further held that no recovery or coercive measures could be initiated until the Assessee’s rectification petition was resolved. | CA Bimal Jain | Read more |
C. Tax in Media
| Sr. no. | Category | In brief | In detail / Reference |
| 1 | GST | GST sleuths tracking merchants skipping tax via digital payments The rapid growth of digital payments has also increased the scrutiny of online merchants due to a spike in cases of tax evasion, people aware of the development told ET. | Read more |
| 2 | GST | FinMin should identify high risk taxpayers in GST composition scheme: CAG The Comptroller and Auditor General (CAG) has asked the Finance Ministry to identify high risk taxpayers in the GST composition scheme on a periodical basis and verify from other sources, including … | Read more |
| 3 | GST | GoM to review GST on JDA in real estate sector, Council to meet on September 9 Amid an ongoing legal battle on GST’s application on Joint Development Agreement (JDA) in the real estate sector, the GST Council is expected to look into the issue, as suggested by the Group of Ministers, on September 9. | Read more |
| 4 | GST | GST enforcement officials told to chase ‘real evasion’, fake firms Top Revenue officials on Tuesday urged enforcement chiefs of State and Central GST formations to focus on “real evasion” of taxes rather than “interpretative issues and general industry practice” and emphasised on the importance of finely balancing enforcement actions with the ease of doing business. | Read more |
| 5 | GST | Bombay HC quashes Rs 2,237-cr GST demand raised against L&T Larsen & Toubro said on August 20 that the Bombay High Court has quashed a Rs 2,237-crore GST demand raised against the company. | Read more |
| 6 | GST | GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020 DGGI has detected tax evasion of Rs 1.2 trillion using fake ITC, since 2020 to date, with special emphasis being laid on identifying and apprehending the masterminds and disrupt syndicates, operating across the country, the finance ministry said in a release on Tuesday. | Read more |
| 7 | GST | Panacea Biotec gets Rs. 5.75 crore demand from GST authority in Mumbai Vaccines maker Panacea Biotec Ltd on Tuesday said it has received a demand of nearly Rs 5.75 crore from GST authority in Mumbai on the sale of its leasehold land and building in Navi Mumbai. | Read more |
| 8 | Income-tax | No penalty for income concealed if taxpayer corrects error in revised return The Income-Tax Appellate Tribunal (Mumbai bench) has ruled that a penalty for concealment of income cannot be imposed if a taxpayer has rectified all errors in a revised return. | Read more |
| 9 | Income-tax | Who needs to get a tax clearance certificate to travel abroad? Check government’s latest clarification The Ministry of Finance has released a new clarification, in response to what it calls false information, stating that Indian nationals traveling overseas do not require an income-tax clearance certificate (ITCC) and specifying under what conditions one must obtain one. | Read more |
D. Webinar
| Sr. no. | Category | Topic | Speaker | Date/ Time | Click here to Register |
| 1 | GST | All about Reverse Charge Mechanism (RCM) in GST | Mr. Ganesamoorthi V | 23.08.2024 (Friday) 2:30 pm to 3:30 pm | Click here to know more & Register |
| 2 | Income tax | Important Aspects of TAX AUDIT | CA Aman Rajput | 24.08.2024 (Saturday) 2:30 pm to 3:30 pm | Click here to know more & Register |
Webinar Videos Watch here
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