A. Amendment
Notification No.27/2024-Customs (ADD) dated 18.12.2024
CBIC issued Notification no. 27/2024-Customs (ADD) dated 18.12.2024 Seeking to impose ADD on Telescopic Channel Drawer Slider from China PR for 5 years, pursuant to final findings of DGTR.
B. Tax in Media
Beedi workers demand reduction of GST from 28% to 5%
The Karnataka Karavali Beedi Workers’ Union (KKBWU) and Beedi Mazdoor Sangh (BMS) on Tuesday urged the Union government to reduce Goods and Services Tax (GST) on beedi from 28% to 5%, to sustain beedi production that continues to be source of livelihood for many women in Coastal Karnataka.
SC judgment nullified; GST Council fixes Safari Retreats ‘error’ retrospectively
The government has ‘nullified’ the Supreme Court order in the Safari Retreats case that allowed commercial real estate companies to claim input tax credit (ITC) on construction costs for their rental buildings.
Amid outrage, govt says caramel popcorn to stay at 5% GST in theatres
Amid outrage in the social media over 18 per cent Goods and Services Tax (GST) on caramelised popcorn, government sources on Tuesday clarified that popcorn served in theatres will continue to be charged at 5 per cent.
Revamped Income Tax Act likely to take over a year to get implemented
India is not yet prepared for the overhaul of its Income-Tax (I-T) Act, as announced by Finance Minister Nirmala Sitharaman during the Union Budget in July 2024. According to sources, the new I-T Act bill, unlikely to be presented in the upcoming Budget Session, will take more than a year to come into effect.
11 distilleries cooked books, caused Rs.13,000 crore tax shortfall: CAG
A compliance audit of I-T collections from 11 distilleries and breweries in UP, Maharashtra, Karnataka, and Delhi has uncovered significant under-reporting of sales, with the Comptroller and Auditor General estimating the tax implications of this “short accounting” at approximately Rs.12,800 crore over a 10-year period.
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