Latest update 22.10.2024
A. Amendment
Instruction No.23/2024-Customs dated 21.10.2024
Central Board of Indirect Taxes and Customs (CBIC) issued Instruction no. 23/2024-Customs dated 21.10.2024 to clarify certain aspects of origin procedures under free trade agreements (FTAs)
B. Article
Rectification application filed to be mandatorily disposed within six months of issuance of order or notice or any other document under Section 161
by CA Bimal Jain
The Hon’ble Madras High Court in the case of Manu Blue Metals and M. Sand disposed of the writ petition in case where the rectification application filed was not being decided upon within the prescribed period of six months for rectification of order as per Section 161 of the CGST Act.
Date of online filing is considered as the date of filing appeal when order appealed against uploaded on the common portal
The Hon’ble High Court of Madras in the case of Sunbeam Generators (P.) Ltd. remanded the matter for disposal on merits and allowed the writ petition. The Court held that the date of online filing is considered as the date of filing appeal when order appealed against uploaded on the common portal.
Principal Additional Director DGGI empowered to pass order for provisional attachment of Bank Account under Section 83
by CA Bimal Jain
The Hon’ble Delhi High Court in the case of Nikhil Gupta held that the Principal Additional Director, DGGI is empowered to pass the order of provisional attachment of bank account under Section 83 of the CGST Act.
Assessee can avail ITC only on tax paid on services for leasing/ renting/ hiring of motor vehicles for women’s safety
by CA Bimal Jain
The AAR, Tamil Nadu in the case of M/s. CMA CGM Global Business Services (India) (P.) Ltd., ruled that an Assessee is eligible to avail input services in respect of leasing/ renting/ hiring of motor vehicles to provide transportation facility to ensure safety and security of women employees as per Tamil Nadu Shops and Establishments Act, 1947 subject to satisfying and fulfilling the eligibility and conditions provided under Section 16 of Central Goods and Services Tax Act, 2017 (“the CGST Act”). Further, ITC shall be available to the Assessee only on the tax paid on services or renting, leasing or hiring of motor vehicles for providing transport facilities to women employees alone who are arriving or leaving workplace between 8 pm to 6 pm. Lastly, ITC on the same shall be available to the Assessee from May 28, 2019 onwards only on satisfying and fulfilling the eligibility provided under Section 16 of the CGST Act.
C. Tax in Media
Invoice Management System may add compliance for GST assesses, say tax experts
The effort to enhance Input Tax Credit (ITC) ecosystem through Invoice Management System (IMS) may add additional layer of compliance to GST assesses, tax experts have said.
Akzo Nobel India receives reduced GST demand in appeal order from Telangana Department
Akzo Nobel India Limited has received an appeal order against the order of Telangana GST Department demanding Rs.21,85,751/- which has now been reduced to Rs.14,77,341/-, according to an exchange filing.
Softy ice cream mix not dairy produce, attracts 18% GST, rules AAR
Softy ice cream mix in vanilla flavour is not a dairy product and will attract 18 per cent GST, Rajasthan bench of Authority of Advance Ruling has said.
GST panels propose slew of tax tweaks; rate changes likely for 100+ products
A Group of Ministers (GoM), tasked with reviewing the manner of Goods and Services Tax levy on life and health insurance premiums, has taken the view that term life insurance could be exempt from tax, along with health insurance cover up to Rs 5 lakh and premiums paid by ‘senior citizens’ above 60 years.
GoM recommends lowering GST rate on water bottles, bicycles to 5%: Report
The GoM on GST rate rationalisation on Saturday decided to lower tax rates on 20-litre packaged drinking water bottles, bicycles and exercise notebooks to 5 per cent, but suggested raising taxes on high-end wrist watches and shoes, an official said.
GoM proposes to raise GST on luxury shoes, watches, aims revenue boost by Rs 22,000 cr
In a significant development, the Group of Ministers (GoM) on Saturday agreed up some Goods and Services Tax (GST) rate revisions that are likely to bring in an additional Rs 22,000 crore revenue.
Number of taxpayers exceeds 10 crore mark, tax buoyancy second highest in 14 years
Number of income taxpayers in India has exceeded 10 crore, latest time series data from the Central Board of Direct Taxes (CBDT) showed. Data also revealed that after a gap of one year, tax buoyancy has again crossed 2, and is second highest in the last 14 years.
I-T searches on real estate firm
The income tax investigation unit of Hyderabad conducted searches on Thursday at multiple locations belonging to Anvitha Real Estate Group to investigate suspected tax evasion. The company has real estate projects in Abhi Dhabi, the United States, and Kollur, Hyderabad. Searches took place in Hyderabad and Rangareddy districts.
Mohandas Pai gets refund a day after filing income tax returns: ‘Globally best in class’
Former Infosys CFO TV Mohandas Pai has praised the Income Tax Department for its swift and efficient service in processing tax refunds. In a tweet, Pai shared his satisfaction with the system, stating that he had filed his return the previous day and had already received the refund.
Can the 12% GST slab be done away with to simplify the tax framework?
The 12 percent Goods and Services Tax (GST) slab contributes only 5 percent to India’s total GST revenue, making it the lowest revenue generator among the four primary tax slabs, according to sources. In contrast, the 18 percent slab dominates collections, accounting for a massive 73 percent of the overall revenue, while the 28 percent slab brings in 12.5 percent share of the GST revenue.
Delhi GST Refund Fraud Case: Main Conspirators Made 500 Fake Firms, Forged Invoices To File Bogus Claim
In a huge success, the Deli police’s Anti-Corruption Branch (ACB) has busted a gang in connection with the scam of fraudulent GST refunds in the Trade & Taxes department in the national capital. The cops have arrested three main conspirators and four proprietors of the fake firms.
EPFO adds Rs.18.53 lakh net members in Aug, up 9% YoY
The Employees’ Provident Fund Organisation (EPFO) has reported a net addition of Rs. 18.53 lakh members in August, reflecting a 9.07% rise compared to 16.9 lakh members in August 2023, according to the latest government data revealed on Sunday.
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