Latest update 28.03.2024

Fake credit claims worth Rs 19,690 crore in FY24 till January; Haryana, Delhi lead

Wrongful availment of input tax credit (ITC) or fake ITC claims has emerged as a major cause of concern for Goods and Services Tax (GST) authorities amid continuing action against frauds, evasion and registration of bogus entities under the indirect tax regime. Read more

Changes in ITR form V and Acknowledgement for A.Y 2024 25

CBDT issued a Notification no. 37/2024 dt 27.03.2024 to further amend the Income-tax Rules, 1962. Read more

New ITR-V, ITR acknowledgement forms notified

The Central Board of Direct Taxes (CBDT) has issued a notification making changes in the ITR-V and acknowledgement forms. Read more

LIC gets GST demand notice of Rs 178 crore

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 178 crore on it for short payment of Goods and Services Tax (GST) for two financial years. Read more

Not sure how to file your taxes? Here’s how you can do it with New AI Tool

Amidst this complexity, a beacon of hope has emerged in the form of TaxbotGPT—an innovative solution that is transforming the landscape of tax assistance. Read more

Lawgics – Judgment No. 97

Petitioner has challenged the issuance of summons dated 27.09.2023 & 14.02.2024 under Section 70 of CGST Act, 2017 passed by Superintendent/ Appraiser/Senior Intelligence Officer DGGI. Read more

Working days on 29, 30 & 31.03.2024 – Customs, CBIC

CBIC issued a Letter dated 28.03.2024 informing that all field formations of Customs under CBIC shall remain open on 29.03.2024, 30.03.2024 & 31.03.2024. Read more

Amendment in Appendix 4B of Handbook of Procedure, 2023-reg.

DGFT issued a Public Notice No. 54/2023 dated 28.03.2024 whereby the DGFT makes the following amendments in Part A and B under Appendix 4B of Handbook of Procedure, 2023. Read more

Notification challenged as there was no force majeure in existence to exercise power under Section 168A

The Hon’ble Gauhati High Court in the case of M/s. Indus Towers Ltd., held that as per interim orders passed by the various High Court in respect to Notification No. 09/2023-CT dated March 31, 2023, the Assessee shall file the reply to the Notice, however, till the returnable date, no final order in respect of the Impugned Notice shall be passed. Hence, this Court passed the same order in the present case as well. Read more

ITC is permissible when the consideration is settled via Book Adjustment

The West Bengal, AAR in the case of Paragon Polymer Products (P.) Ltd., held that claiming credit of input tax by the assessee cannot be denied under the second proviso to sub-section (2) of section 16 of the CGST Act when payment is settled through book adjustments because the law has not put any restriction on such adjustments. Read more

Adjournment granted for Show Cause Notice proceedings cannot be clubbed together with adjournment granted for other proceedings under GST

The Hon’ble Calcutta High Court in the case of Pioneer Co-Operative Car Parking Servicing and Constructions Society Ltd. disposed of the writ petition thereby, holding that, adjournment granted for Show Cause Notice proceedings under Section 73 of the CGST Act cannot be clubbed together with adjournment granted for other proceedings under GST. Read more

Commission received from foreign buyers for services and procurement of goods do not fall under the definition of ‘intermediary services’

The Hon’ble Supreme Court in the case of Commissioner of Goods and Services Tax and Central Excise dismissed the Commissioner of Goods and Services Tax and Central Excise (“the Appellant”) appeal. Read more

GST DAILY – 193

If appeal was not filed with in time limit but delay were genuine and reasonable can limitations period would apply? Read more

GST DAILY – 194

Refund application couldn’t be rejected on ground of limitation if filing of application wasn’t in dispute. Read more

GST DAILY – 195

Appeal filed by assessee through physical mode due to non-availability of portal should be accepted and heard Read more