A. Amendment
CORRIGENDUM to Notification no. 9/2014-CTR/UTR/ITR dated 08.10.2024
Central Board of Indirect Taxes & Customs (CBIC) issued CORRIGENDUM to Notification no. 9/2024- Central Tax (Rate), Notification no. 9/2024- Union Territory Tax (Rate) & Notification no. 9/2024- Integrated Tax (Rate) dated 08.10.2024
Clarification regarding debiting of Restricted License for import of IT Hardware -Customs Public Notice
Office of the Principal Commissioner of Customs (NS-I), Jawaharlal Nehru customs House, Raigad, issued a Public Notice No. 90/2024 dated 21.10.2024 to provide Clarification regarding debiting of Restricted License for import of IT Hardware.
DGFT-Public Notice No. 27/2024-25 dated 23.10.2024
DGFT issued Public Notice No. 27/2024-25 dated 23.10.2024 prescribing the requirement of Filing of Annual RoDTEP Return (ARR).
Webinar: GSTR-9 Table wise discussion by CA CS Arun Chhajer.
B. Article
Taxpayers can avail ITC only on tax paid on services for leasing/ renting/ hiring of motor vehicles for women’s safety
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 of motor vehicles to provide transportation facility to ensure safety and security of women employees as per Tamil Nadu Shops and Establishments Act, 1947.
ITC benefit allowed on commercial property
The Hon’ble High Court of Madhya Pradesh in the case of M/s Chirtantan Enterprises LLP v. Commissioner CGST and Central Excise [Writ Petition No. 29788 of 2024 dated October 15, 2024] dismissed the writ petition relying on the landmark case of Chief Commissioner of Central Goods and Services & Ors. v. M/s. Safari Retreats Private Limited & Ors. [Civil Appeal No. 2948 of 2023 dated October 03, 2024] wherein the Apex Court upheld the validity of Section 17(5)(c) and 17(5)(d) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”), rejecting the constitutional challenge. It clarified that “plant or machinery” in Section 17(5)(d) cannot be interpreted the same way as in the explanation to Section 17(5)(c) of the CGST Act.
Packing material supplied for selling live honey bee is a part of composite supply
The Hon’ble Madras High Court in the case of Tvl. Vibis Natural Bee Farms disposed of the writ petition where the Assessee was engaged in sale of live honey bees and sale of packing material for selling live honey bees was to be treated as part of composite supply with exempted product. Thus, the order passed against the Assessee treating value of packing material as a value of supply demanding tax was to be set aside and matter was to be remanded to pass fresh orders.
Provisional attachment order of bank account under Section 83 effective only for one year
The Hon’ble Telangana High Court in the case of Aarush Enterprises set aside the order of provisional attachment of bank account under Section 83(1) of the Central Goods and Services Tax Act (“the CGST Act”), taking into consideration sub-section (2) of Section 83 of the CGST Act, which clearly states that the provisional attachment passed under the aforesaid provision would be valid for a period of one year only.
GST DAILY – 277
Deduction of nominal amount from employees’ salary for canteen facility would not be considered as ‘supply’: AAR
GST DAILY – 278
No requirement to furnish CA certificate if refund of unutilized ITC is covered under Sec. 54(8)(b)
GST DAILY – 279
Writ petition to be dismissed as misconceived with liberty to assessee to challenge order before Appellate Authority: HC
GST DAILY – 280
Statutory right of appeal can’t be defeated by reason of technical glitches
Webinar: GSTR-9 Table wise discussion by CA CS Arun Chhajer.
C. Tax in Media
No GST on premiums? Life and health insurance tax breaks in the works
The Goods and Services Tax (GST) Council is considering exempting premiums paid for life and health insurance from GST.
Held in GST evasion case, journalist Mahesh Langa now booked for ‘possession of confidential documents’
GST reduction on health insurance, life insurance: Will GST on insurance be reduced to zero for all?
A group of ministers (GoM) tasked by the Goods and Services Tax (GST) Council to oversee rate rationalisation, is considering lowering the GST on premiums paid for life and health insurance policies. This potential reduction could offer a good financial relief to individuals and families having insurance coverage. “Every GoM member wants to give relief to people. The special focus will be on senior citizens. We will submit a report to the council. A final decision will be taken by the council,” says Samrat Chaudhary, deputy chief minister of Bihar, and convenor of GoMs.
Have a query about the new GST amnesty scheme for waiver of interest and penalty? CBIC releases FAQ and clarifications
The Ministry of Finance has issued additional explanations and answers to common queries (FAQ) regarding the recently implemented section 128A concerning the GST Amnesty Scheme. This provision is designed to waive all outstanding interest and penalties for certain financial years, on the condition that the qualifying taxpayer settles their outstanding GST tax liability.
KSEB issues circular on GST exemption on services
Many services offered by the Kerala State Electricity Board (KSEB) that are “incidental or ancillary” related to electricity distribution and transmission will now be exempt from Goods and Services Tax (GST), according to a KSEB circular.
Brainbees Solutions receives GST demand notice for excess ITC claim and tax shortfall for FY 2020-21
Brainbees Solutions Limited has received a notice [Form GST DRC 01 (Part A)] for intimation of liability under section 73(5) of CGST/SGST, Act 2017 for the return period 2020-21 primarily pertaining to a discrepancy between Input Tax credit (ITC) availed as per GSTR-3B and the ITC reflected in GSTR-2A from Assistant Commissioner of Commercial Taxes, Local GST Office-038, Bangalore. Department of Commercial Taxes, Karnataka, according to an exchange filing.
Crorepati income tax return filers soar 5 times in 10 years; check who has to file ITR
The number of individuals reporting taxable income over Rs 1 crore in their tax returns skyrocketed from 44,078 in the assessment year (AY) 2013-14 (financial year 2012-13) to just under 2.3 lakh in AY2023-24 (FY2022-23), indicating potentially higher incomes and improved compliance. During this time, the number of tax returns filed by individuals more than doubled from 3.3 crore to over 7.5 crore, according to the latest data from the tax department.
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