A. Amendment
Notification no. 10/2024 – Central Tax dated 29.05.2024
CBIC issued Notification no. 10/2024-Central Tax dated 29.05.2024 to make further amendment in the notification no. 02/2017-Central Tax dated 19.06.2017 regarding territorial jurisdiction of Principal Commissioners/Commissioners of Central Tax in Alwar, Jaipur, Jodhpur, and Udaipur. Read more
Instruction No.15/2024-Customs dated 29.05.2024
CBIC issued Instruction no. 15/2024 -Customs dated 29.05.2024 regarding disbursal of drawback amounts into the exporters’ accounts through PFMS Read more
FAQs on EWB by Chhattisgarh GST dept
Chhattisgarh GST Dept. issued FAQ on EWB in pursuance of recent amendment in the notification on EWB threshold limit. Read more
B. Article
Income characterization in Taxation: Recipient vs. Prayer Perspective
Recently, the Hon’ble Bombay High Court held that transit rent paid by a developer to a flat owner or tenant is not in the nature of rent but is akin to a hardship allowance, rehabilitation allowance or displacement allowance. Read more
Acknowledging the order-in-original issued by non-competent authority does not make it good in law
The Hon’ble Delhi High Court in Rahul Packaging held that the appellate authority cannot proceed in the matter wherein the order in original was passed by the non-competent authority. Read more
Department should seek document/clarification if required from assessee before passing order
The Hon’ble Delhi High Court in Spinclabs (P.) Ltd. held that the adjudicating authority could have asked the assessee to furnish any further details which were required, rather, merely holding that replies furnished are unsatisfactory and not supported with proper calculations/ reconciliation, ex-facie shows that the adjudicating authority has not applied his mind, remitted the matter back to the adjudicating authority for re-adjudication. Read more
C. Tax in Media
Salvaging the spirit of GST
Soon after the new government takes over in June, we will have completed seven years of the introduction of GST in the country. It is quite likely to feature further reform in this new tax system. Read more
Govt to integrate data repositories to curb GST evasion, fraud
CBIC is mulling to merge its existing database of DG (Systems) with that of GSTN in order to expand its coverage of taxpayer activities, and curb tax evasion, a senior official told FE. Read more
1k crore GST racket busted
Two men have been arrested for engineering a massive fraud involving fake rubber stamps and fraudulent GST input tax credit. The total value of these illicit transactions is estimated to be around Rs. 1,000 crore. Read more
GST Council’s fitment committee likely to consider dropping 12% slab
The fitment committee under the GST Council has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab. Read more
Link PAN with Aadhaar by May 31 to avoid higher TDS
The Income Tax Department has issued a reminder for taxpayers to link their Permanent Account Number (PAN) with Aadhaar by May 31, 2024. Read more
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