Latest update 24.12.2024
A. Amendment
GSTN Advisory for Entry of Receipt Numbers Pertaining to Leased Wagons in the E-Way Bill System
GSTN advisory is issued to provide specific instructions for entering Receipt Numbers related to Leased Wagons in the E-Way Bill (EWB) system.
DGFT Trade Notice 24/2024-25 dt 20.12.2024
Directorate General of Foreign Trade (DGFT) issued Trade Notice 24/2024-25 dated 20.12.2024 extending the launch date for the revamped eCoO 2.0 system to 17th January 2025.
CUSTOMS: ADDENDUM TO PUBLIC NOTICE NO. 78/2017
Office of Commissioner of Customs NS-II, Jawaharlal Nehru Custom House, Nhava Sheva Dist- Raigad, Maharashtra issued an Addendum to Public Notice no. 78/2017 dated 21.06.20217.
The Hon’ble Bombay High Court in the case of General Motors India Private Limited disposed the writ and held that the proviso to Section 98(2) the CGST Act states that the authority shall not admit the application where the question raised in the application is already pending or decided in any proceedings in the case of an applicant under any of the provisions of the SGST. Hence, interim application was disposed of.
The Hon’ble Allahabad High Court in the case of M/s. AV Pharma allowed the writ petition and quashed the order issued by the Department for FY 2017-2018 stating that the orders have been issued beyond the prescribed time limit thereby holding that as the time limit for passing of order under Section 73 of the CGST Act for the Impugned Period i.e. February 05, 2023 has expired prior to the date of notification coming into effect i.e. March 31, 2023, thus, the Notification extending the time limit for passing of Impugned Order under Section 79 would not be applicable.
Recommendations of the 55th Meeting of the GST Council
The 55th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, on 21.12.2024.
Used cars get costlier with 18% GST
The GST Council, led by Finance Minister Nirmala Sitharaman, has approved a significant increase in the tax rate for the sale of used cars, including electric vehicles (EVs). The GST, previously set at 12%, will now rise to 18%, a move aimed at bringing uniformity to the taxation of second-hand vehicles.
States say no to GST on jet fuel
States turned down any move to levy Goods and Services Tax on Aviation Turbine Fuel, a persistent demand from the aviation sector, at the GST Council meeting.
How to tax popcorn? FM’s formula sparks outrage against GST system
India’s move to tax popcorn differently based on its sugar or spice content has drawn criticism from the opposition and sparked social media outrage, with two former government economic advisers questioning the tax system introduced in 2017.
‘A national tragedy…’: Former CEA Arvind Subramanian slams GST moves amid popcorn tax fury
Minutes after the 55th meeting of the Goods and Services Tax (GST) Council concluded in Jaisalmer on Saturday, former Chief Economic Adviser Arvind Subramanian raised sharp concerns over the trajectory of the GST framework.
Revenue Secy Ajay Seth explains GST Council’s cautious stance on key tax issues
Economic Affairs and Revenue Secretary Ajay Seth on Sunday, December 22, explained the GST Council’s cautious approach to key issues discussed during its recent meeting.
Cigarette pack, gutaka pouch to soon have new mark to check GST evasion
A cigarette pack or gutaka pouch may soon be marked with a unique identifier in order to check GST evasion. The GST Council has approved a proposal empowering the government to implement the Track and Trace Mechanism for specified evasion-prone commodities, such as tobacco or tobacco-based products.
Rice millers hail GST reduction on fortified rice kernels to 5%
The rice millers of Haryana have expressed relief and gratitude after the GST Council reduced the tax rate on fortified rice kernels (FRK) from 18 per cent to 5 per cent. The decision, taken during the 55th GST Council meeting chaired by Union Finance Minister Nirmala Sitharaman, has resolved a significant issue for the millers.
GST ‘track, trace’ method may cover cigarettes, pan masala
Cigarettes could be among the first products to be brought under the “track and trace mechanism” that was cleared by the GST Council on Saturday, with pan masala also being a likely candidate for inclusion.
India’s Goods and Services Tax (GST) system has come under sharp criticism, with former Infosys CFO Mohandas Pai taking aim at its ambiguities. “This is silly and complex. It will lead to tax terrorism,” Pai wrote on X, adding that it is making citizens “hostages to rent-seeking officials” and creating endless disputes.
CREDAI expresses concern over proposed 18% GST on Floor Space Index premiums GST in Media
The Confederation of Real Estate Developers’ Associations of India (CREDAI) has expressed deep concerns over the government’s proposal to impose an 18% Goods and Services Tax (GST) on Floor Space Index (FSI) and additional FSI premiums. This move, slated for discussion at the upcoming GST Council meeting, is feared to significantly impact affordable housing and drive up property costs.
Relief to Infosys on GST demand likely to take longer amid law panel mulling over options
The issue surrounding a Goods and Services Tax (GST) demand notice for approximately Rs 32,000 crore against information technology (IT) major Infosys is likely to take longer amid the GST law committee still deliberating its options before any decision can be brought up before the GST Council for its approval.
GST Council defers decision on tax rates for health, life insurance premiums – What we know so far
The GST Council on December 21 again deferred a decision to exempt and cut taxes on health and life insurance premiums. The reason for this is that the ministers’ panel needs more time to reach a consensus on the matter.
GST exemption to insurance products may disrupt input tax credit chain
The 55th GST Council meeting, held on December 21 in Jaisalmer, Rajasthan, saw several key decisions being made. One significant update was the imposition of an 18% GST on the profit margin for sales of second-hand small cars, including electric vehicles, applicable only to registered dealers. Previously, this tax rate was 12%.
GST Council Meeting: 5% Tax On New EVs, Food Delivery Tax Decision Deferred
The 55th Goods and Services Tax (GST) Council meeting, chaired by Finance Minister Nirmala Sitharaman, introduced significant tax relief measures aimed at fostering economic growth and supporting critical sectors. The council exempted payment aggregators from GST on transactions below Rs 2,000, a move likely to benefit small businesses and promote digital payments across the country.
2 State tax officials gets HC notice for ‘illegal’ arrest of businessman
Bombay High Court (HC) has issued contempt notices to two state tax officials who allegedly unlawfully arrested a businessman in a Rs. 9.5 cr GST fraud case. The state tax authorities arrested the businessman on Dec 20 despite issuing him summons a day earlier, asking him to be present on Dec 30 to record his statement.
FM announces simplifed GST registration for smaller firms, exemption for skilled training partners
In a series of announcements following the 55th GST Council meeting, Finance Minister Nirmala Sitharaman shared key decisions aimed at simplifying the GST process for small businesses and skill training providers.
Sometimes you need to fight against the government authorities for your rights rather than keeping your head down and accepting whatever is being imposed. The best example for this analogy should be the recent section 87A tax rebate fiasco, where many taxpayers who filed ITR after July 5, 2024, were denied, despite them being eligible for it. All over the country, taxpayers approached courts in hope of justice and the Bombay High Court delivered.
A Jodhpur bench of Income Tax Appellate Tribunal (ITAT) recently ordered that the gains on cryptocurrencies sold before 2022 will be treated as capital gains and not as income from other sources.
The Income Tax Appellate Tribunal (ITAT), Jodhpur, recently clarified the taxation of cryptocurrencies by ruling that profits from crypto sales should be considered as capital gains, rather than income. This decision came as a result of a case involving a former Infosys employee who successfully challenged the Income Tax Department’s classification of Bitcoin as income.
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