Latest update 26.09.2024

A. Amendment

Order no.01-2024-Customs dt 25.09.24

CBIC issued CAVR Order no. 01/2024 -Customs dated 25.09.2024 to provide for extension of validity of CAVR Order no. 01/2023 -Customs under the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 in respect of Linear Alkyl Benzene (LAB).

DGFT – Policy Circular No. 07/2024-25 dated 24.09.2024

DGFT issued Policy Circular No. 07/2024-25 dated 24.09.2024 to provide Procedure for implementation of DGFT Notification no. 23/2023 dated 03.08.2023; 26/2023 dated 04.08.2023; 38/2023 dated 19.10.2023; and Policy circular no. 06/2023-24 dated 19.10.2023 beyond 30.09.2024.

B. Article

Omission of Personal Hearing date in the SCN violates the Principle of Natural Justice

by CA Bimal Jain

The Hon’ble Orissa High Court in the case of Alfa Cityinfra (P.) Ltd. held that any defect in the Show Cause Notice would cause violation of principles of natural justice. Hence, the demand was to be set aside and time was to be extended for Assessee to file reply and thereafter in event personal hearing was sought, it would be given.

HC grants opportunity for reply to SCN as Assessee being small businessman was not aware of the proceedings initiated

by CA Bimal Jain

The Hon’ble Madras High Court in the case of Tvl. Tripathi Packaging granted the Assessee a fresh opportunity to file reply to the Show Cause Notice in case where the Assessee could not provide proper explanation to discrepancy raised as the Assessee was not aware of the proceedings initiated subject to the condition that the Assessee deposits 10% of the disputed tax amount confirmed in the assessment order.

Bank Accounts can be defreezed, which were reattached after Lapse

by CA Bimal Jain

The Hon’ble Supreme Court in the case of RHC Global Exports Pvt. Ltd. & Ors. allowed the application and directed ‘lifting’ and ‘defreezing’ of bank account attachment. Although, attachment had lapsed, there has been a renewal of attachment. Hence, directed to unfreeze the bank account that was previously frozen (blocked from access) and had been re-attached or frozen again after the original freeze had expired.

C. Tax in Media

Beverage Industry seeks GST cuts on bottled water, juices, and sodas ahead of key meeting

In yet another push for GST rationalisation from the industry, the Indian Beverage Association (IBA) has approached North Block, urging a re-examination of high tax rates.

Most GST notices due to data mismatches, CBIC to deploy tech to address pain points

A majority of show-cause notices issued to taxpayers under the GST regime last year pertained to ‘data discrepancies’ in tax return filings, and efforts are underway to use technology to resolve such mismatches and mitigate the resultant disputes as well as ‘pain points for taxpayers,’ a top indirect tax official said on Tuesday.

All GST apex tribunals by November-end

The government is likely to operationalise all the benches of the GST Appellate Tribunal (GSTAT) by November-end, as it aims to alleviate the significant backlog of pending GST-related disputes at the appellate level, a senior official said.

GoM meeting in Goa: No consensus on GST proposals for real estate sector

A Group of Ministers (GoM) meeting held in Goa on Tuesday could not reach consensus on most proposals regarding the goods and services tax (GST) for the real estate sector, sources said.

Claimed 87A tax rebate for STCG in your ITR? You may get tax demand notice

Tax rebate under section 87A of the Income-tax Act, 1961 is a benefit that reduces the total income tax liability of an eligible taxpayer. The eligibility criteria are that the taxpayer’s income should be below a set threshold and not having certain types of income.

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