A. Amendment
Notification no. 29/2024 – Central Tax dated 27.11.2024
CBIC issued Notification no. 29/2024 – Central Tax dated 27.11.2024 to hereby extends the due date for furnishing the return in FORM GSTR-3B for the month of October, 2024 till the thirtieth day of November, 2024, for the registered persons whose principal place of business is in the State of Manipur.
Notification no. 119/2024 dated 19.11.2024- Income tax
CBDT issued notification no. 119/2024 dated 19.11.2024 to hereby notify for the purpose of Section 10(46) of the Income-tax Act, 1961 (43 of 1961) ‘District Legal Service Authority’ constituted by Government of Haryana for every District in the State of Haryana in exercise of powers conferred by sub-section (1) of section 9 of the Legal Services Authorities Act, 1987 (Central Act No. 39 of 1987), as a ‘class of body’ in respect of the following specified income arising to that body.
Notification no. 120/2024 dated 19.11.2024- Income tax
CBDT issued notification no. 120/2024 dated 19.11.2024 to hereby notify for the purpose of Section 10(46) of the Income-tax Act, 1961 ‘National Aviation Security Fee Trust a trust established by the Central Government, in respect of the following specified income arising to that trust.
Notification no. 121/2024 dated 25.11.2024- Income tax
CBDT issued notification no. 121/2024 dated 25.11.2024. The Central Government hereby approves SKAN Research Trust (PAN: ABBTS4312B), Bengaluru under the category of ‘Research Association’ for ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with Rules 5C and 5D of the Income-tax Rules, 1962.
Advisory for Reporting TDS Deducted by scrap Dealers in October 2024
As per Notification No. 25/2024-Central Tax, effective from 10.10.2024, any registered person receiving supplies of metal scrap classified under Chapters 72 to 81 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), from another registered person, is required to deduct TDS under Section 51 of the CGST Act, 2017.
GSTN: Authorised e-Invoice Verification Apps
GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download. The said document would serve as a reference to ensure that taxpayers have the most up-to-date information regarding approved B2B e-Invoice verification apps.
PAN 2.0: A Digital Leap in Taxpayer Services
The Permanent Account Number (PAN) has long been a cornerstone of India’s financial and administrative systems, connecting individuals and businesses to vital economic activities while promoting financial transparency and compliance. As a key enabler of the digital economy, PAN has transformed into a gateway for essential services, making it indispensable in daily life. To enhance user-friendliness and align with technological advancements, the Cabinet has recently approved PAN 2.0, a step forward in redefining how PAN serves India’s evolving digital and financial landscape.
CBDT’s PAN 2.0 Project to streamline and modernise process of issuing and managing PAN and TAN, making it simpler, more user-friendly and efficient
CBDT’s PAN 2.0 Project to streamline and modernise process of issuing and managing PAN and TAN, making it simpler, more user-friendly and efficient
B. Article
Summary of the Honourable Madras High Court’s important recent Order i.r.o Section 16(4) read with newly inserted 16(5)/16(6)
by R.SRIVATSAN, IRS, NACIN, CHENNAI
GST UPDATEZ ON 27-11-2024: The Honorable High Court of Madras in its judgement under W.P.No.25081 of 2023 in the case of Sri Ganapathi Pandi Industries vs The Assistant Commissioner (State Tax) (FAC), Chennai North Division, has allowed a batch of writ petitions relating to delayed availability of ITC under GST, based on the recently inserted provisions of 16(5) of the CGST Act 2017.
Order liable to be set aside when credit reflected in GSTR-2A not taken into consideration
By CA Bimal Jain
The Hon’ble Madras High Court in the case of M/s. Oasys Cybernetics Private Limited disposed the writ petition by setting aside the order in case where the credit as reflected in GSTR-2A was not taken into consideration at the time of passing of order.
Amount paid as differential dealer margin is taxable @ 18%
by CA Bimal Jain
The AAR, Kerala in the case of M/s. P Achuthan Nair & Company where amount paid as differential dealer margin is in nature of a consideration received for agreeing an obligation to refrain from an act. Therefore, it squarely falls under clause (e) of SI No. 5 of Schedule and hence taxable to GST. Further, differential dealer margin is taxable under Heading No. 9997 at 18%.
C. Tax in Media
Akzo Nobel India gets demand of over Rs 46 crore from state tax authorities
Paints and coatings maker Akzo Nobel India on Wednesday said it has received show cause notices from tax authorities of Karnataka and Uttar Pradesh, demanding a total sum of over Rs 46 crore over disallowance of input tax credit and tax dues. The company received a show cause notice from the Karnataka GST Department on November 26, 2024, mentioning disallowance of ITC (input tax credit) and tax due for the period from April 2020 to March 2021, aggregating to Rs 44.5 crore, comprising tax of Rs 24 crore; interest of Rs 15.75 crore and penalty of Rs. 4.8 crore, Akzo Nobel India said in a regulatory filing.
GST on insurance premia fetched ₹52,000 cr in 5 years
As GST Council prepares to take a call on restructuring rate on various insurance products, government told the Lok Sabha on Monday that GST on insurance premia fetched over ₹52,000 crore in last 5 years. Centre also said GST collection from unexempted educational services was around ₹12,000 crore.
Government earned Rs 4,792 crore GST on education services in FY24; check which services are exempt
Educational services such as services provided by schools are exempted from GST. Pankaj Chaudhary, minister of state in the Ministry of Finance said in Lok Sabha on November 25, 2024, that the government collected Rs 4792.40 crores as Goods and Services Tax (GST) on education services which are not exempt under GST in FY 2023-24. The government collects 18% GST on commercial educational services such as coaching and training.
Dabur gets revised ₹320.6-crore GST demand; penalty dropped
Indian FMCG major Dabur India Ltd on Tuesday (November 26) said it has received an order from the Additional Commissioner, CGST Commissionerate, Chandigarh, confirming a demand of ₹320.6 crore along with applicable interest.
GST Bill passed by voice vote in Bihar assembly
The Bihar Goods and Services Tax (Second Amendment) Bill, 2024, was passed by voice vote in the state assembly on Tuesday. It will now be presented in the Bihar legislative council.
PAN 2.0: New PAN card to have a QR code, will your current PAN card become inoperative?
The government has announced the PAN 2.0 project. At the time of the announcement, Union Minister Ashwini Vaishnaw said that the upgrade of PAN includes adding a QR code. This will be rolled out free of cost to all taxpayers. However, the question arises now whether the existing PAN becomes inoperative if it does not have a QR code.
Finance Ministry Clarifies GST Exemption On Health And Life Insurance Policies
While certain government-backed health and life insurance schemes are exempt from GST, there is currently no proposal to extend the exemption to all health and life insurance policies, the Minister of State for Finance, Pankaj Chaudhary, said in response to a question raised in the Parliament’s winter session on Monday.
Exempt coop products services from GST: TN
The Tamil Nadu got on Monday urged the BJP-led Union govt to exempt cooperative products and services from GST.
Indian Overseas Bank Gets Rs 1,238-Crore Income Tax Refund
Indian Overseas Bank has received an order of tax refund of Rs 1,238 crore from the Income Tax Department, according to an exchange filing on Tuesday.
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