A. Amendment
Notification no. 27/2024 – Central Tax dated 25.11.2024
CBIC issued Notification no. 27/2024 – Central Tax dated 25.11.2024 to hereby makes the following amendments in the notification no. 02/2017-Central Tax, dated the 19th June, 2017 which provides for jurisdiction of Central Tax Officers.
Notification No. 83/2024-Customs (N.T.) dated 21.11.2024
Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 82/2024-Customs (N.T.) dated 20.11.2024 to make further amendment in the notification no. 12/97-Customs (N.T.) dated 02.04.1997.
B. Article
How to avail benefit of newly inserted section 16(5) / 16(6) of CGST Act, 2017 on the Portal
by R.SRIVATSAN, IRS, NACIN, CHENNAI
GST UPDATEZ ON 25-11-2024 : On the recommendation of the GST Council, section 16(5) & 16(6) has been inserted with retrospective effect from 01/07/2017 whereby the time limit for claiming ITC vide GSTR 3B for the periods FY 2017-2018
ITC is available on inward supply of motor vehicles used for demonstration purpose
by CA Bimal Jain
The Kerala AAR, in the case of Sai Service (P.) Ltd., held that where demo cars are crucial for sales promotion, since, prospective customers prefer to test drive cars before they make a decision, therefore, demo cars are put to use for furtherance of business as envisaged under Section 16 of the CGST Act. Hence, the Assessee is entitled to avail ITC on inward supply of motor vehicles which are used for demonstration purpose.
State GST Department not empowered to initiate proceedings when Central GST Department has already initiated the proceedings on same subject matter
by CA Bimal Jain
The Hon’ble Calcutta High Court in the case of Baazar Style Retail Ltd. set aside the order and notice issued by the State GST Department when proceedings have already been initiated by the Central GST Department by relying upon the provision of Section 6(2)(b) of the WBGST Act.
GST DAILY – 291
by CA Pradeep Modi
Interest can be levied only from due date of payment of tax till deposit of such tax in electronic cash ledger: HC
GST DAILY – 292
Audit can be conducted even after cancellation of registration if tax liability subsists: HC
GST DAILY – 293
18% GST is applicable on the amount recovered from suppliers for not performing contracts within the stipulated period: AAR
GST DAILY – 294
HC directed to hear electronically filed appeal within prescribed time despite later submission of physical copies
GST DAILY – 295
Time limit for furnishing return for month of September to be treated as 30th November in each financial year w.e.f 1-7-2017: HC
GST DAILY – 296
HC quashes attachment of bank accounts as no material was produced to show that it was necessary to do so
GST DAILY – 297
HC permitted assessee to resubmit corrected Form-GSTR-1 as there will be no loss to revenue
GST DAILY – 298
Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports.
GST DAILY – 299
The GSTN issued Advisory dated 16.07.2024, regarding Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals.
GST DAILY – 300
HC quashed cancellation order as no requirement under GST that employees must be present at business premises all the time
C. Tax in Media
GST at 18% for United Spirits’ right to use its trademarks; ₹31.5 Crore demand upheld
Joint Commissioner of Commercial Taxes (Appeal-1) has upheld the demand for Goods and Service Tax at the rate of 18% on income received by United Spirits Limited for granting the right to use its trademarks, as opposed to the 12% rate that was previously applied by the United Spirits.
Yes Bank faces ₹63 Crore GST demand for FY 2017-19
According to an exchange filing, Yes Bank received two Orders related to FY 2017-18 and FY 2018-19 from the Goods and Services Tax Department, Maharashtra on 22.11.2024.
This change in GST annual return if not checked properly can result in input tax credit mismatch
GST annual return has to be mandatorily filed for FY 2023-24 by every GST registered taxpayer with a few exceptions by on or before December 31, 2024. However, before you file the annual return make sure to file all the monthly returns first or quarterly returns if you are registered under the QRMP scheme. This is because the GST annual return is mostly auto populated using data from all the monthly or quarterly returns (as applicable).
Income tax department advises taxpayers to carefully review their foreign income, assets in ITR
The Central Board of Direct Taxes (CBDT) has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns (ITRs).
Choose correct ITR to report foreign assets, 200k return filed: CBDT
As many as two lakh Income Tax Returns (ITRs) containing details of foreign assets and income have been filed during the current assessment year till now, according to the tax department which urged Indian residents for tax purposes to ensure they file the right form and revise their returns if they submitted the wrong form.
GST Litigation Course by CA Arup Dasgupta on 26, 27 & 28th November, 2024
🥳 We are happy to conduct – GST Litigation Course basis your feedback as detailed below –
📚 Content of the course
- How to read the SCN
- Preparation for adjudication
- Analysis of Order in Original for filing the appeal.
- Key points to remember while Drafting the appeal
- Action points after receiving the Order in appeal
- Practical case study based discussions
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