Bizsol Update for the month August 2024 Article on ‘Impact of Budget w.r.t. GST’ by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt Ltd. Article on ‘Analysis of Tax Deducted at Source (TDS) under GST’ by CA Abhishek Malpani, Sr. Advisor, Bizsolindia Services Pvt. Ltd. Article on ‘GST Impact on Capital Goods ‘ by CA Abhishek …
On July 23rd, the Modi 3.0 Government presented their first Union Budget of their third consecutive term. The Union Budget was delivered by Mrs. Nirmala Sitharaman, the Finance Minister of India. This marked her seventh consecutive budget presentation, setting a record as the first Finance Minister to achieve this milestone. While her tenure as Finance …
Hon. Finance Minister announced the budget on 23rd July 2024 and considering the changes made in the budget w.r.t. GST as well as income tax, the intension of the govt has been well-noted and exhibited. However, whether the real benefit of those intensions to reduce the litigation or provide amnesty scheme will be really benefitted …
Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the models/methods to collect tax, under which a certain percentage of amount is deducted by a recipient at the time of making payment or crediting the payment to the supplier. In indirect tax, the concept of …
As per Section 18(6) of the Central Goods and Service Tax Act, 2017 In case of supply of capital goods or plant and machinery, on which input tax credit has been taken, the registered person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery …
CBIC on recommendation of 53rd GST Council meeting has issued Circular No. 212/6/2024 dated 26th June 2024. The first reaction of Accounts Executive in the Company is “Ohh Teri” “My responsibilities have grown, but my pay hasn’t.” 😊. On the other hand, CA / CMA professionals must be happy for new avenues of business. Besides …
GST HC set aside order as assessee couldn’t reply to SCN on account of being unaware of proceedings:- Where assessee could not reply to show cause notice on account of being unaware of proceedings, order confirming tax liability for mismatch between GSTR 3B returns and GSTR-1 statement was to be set aside and matter was …
RBI: The Reserve Bank of India (RBI) directing the credit information companies (CICs) and credit institutions (CIs) to keep the credit information collected/maintained by them updated fortnightly basis (i.e., as on 15th and last day of the respective month) or at such shorter intervals on a as mutually agreed by them. These instructions shall be …
Customs Expenses incurred on advertisement & promotion of imported goods not to be added to transaction value: CESTAT:- Importer’s agreement with foreign supplier to promote sales of imported products, with discretion to foreign supplier to cancel agreement if importer had not spent amount indicated in agreement, did not mean that there was enforceable right; hence, …
Income Tax The Central Board of Direct Taxes (CBDT) addresses the provisions of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) in the event of the death of the deductee or collectee before linking their PAN and Aadhaar. Relaxation of Provisions: The circular provides relief by stating that there will be no …
RBI: The Reserve Bank of India (RBI) extended the Modified Interest Subvention Scheme (MISS) for short-term agricultural loans through Kisan Credit Cards (KCC) for the financial year 2024-25. Loan Limit: The scheme provides interest subvention on loans up to ₹3 lakh for crop and allied activities, such as animal husbandry, dairy, fisheries, and beekeeping. Interest …
GST High Court directs assessee to approach appellate authority as alternative remedy was available under GST law:- Where assessee sought to rectify GST returns after assessment order, directed to file appeal with condonation application, allowing manual submission if online filing is restricted due to limitation period. (In the high court of Calcutta in Narendra Kumar …
RBI The Reserve Bank of India (RBI) has updated guidelines on the Prudential Treatment of Bad and Doubtful Debt Reserve (BDDR) for co-operative banks. Here are the Highlights – Uniform Treatment: Standardizing the accounting and regulatory treatment of BDDR in line with Accounting Standard (AS) 5. Expense Recognition: Provisions for Non-Performing Assets (NPAs) must now …
DGFT: DGFT focuses on the harmonization of Chapters 40 to 98 of Schedule-II (Export Policy) to ITC (HS) codes. This harmonization aims to streamline the export control and facilitation process by aligning the export policy with the 8-digit ITC (HS) codes, providing greater clarity and ease of reference for stakeholders. This is part of an …
DGFT: Inclusion of Kandla and Vishakhapatnam Sea ports for Export of Essential Commodities to Maldives during FY 2024-25. The Kandla and Vishakhapatnam Customs Sea ports have been added to the list of ports allowed for Export of Essential Commodities, which are under the Prohibited/Restricted category. [Notification no. 22/2024-25 dated 01st August 2024]
GST: Bonafide purchasing dealers should not be denied ITC for non-compliance of selling dealers: Petitioners argue it is unreasonable to hold purchasing dealers responsible for selling dealers’ failure to deposit collected tax. Delhi High Court precedent (On Quest Merchandising India Pvt. Ltd.) supports the petitioners, ruling that bona fide purchasing dealers should not be penalized …
Customs Parts for use solely with transmission shafts used in motor vehicles are classifiable under CTH 8483: CESTAT:- Universal Joint Cross, parts, body, cup, needly roller and SNAP ring, for use solely with transmission shafts used in motor vehicles, are more specifically classifiable under Tariff Item 8483 60 90 and not under Heading 8708; it …
GST: ISD Mechanism for mandatory distribution by Input Service Distributor shall be effective from 01-04-2025 for distribution of ITC. The taxpayer has been granted additional time to obtain ISD registration and establish an internal compliance system. [Notification no. 16/2024 dated 06th August 2024]
GST High Court remanded matter as no opportunity of hearing was granted to assessee before passing order of mismatch:- Where assessee was not given opportunity to explain discrepancies between GSTR-1 and GSTR-3B returns, High Court remanded matter for fresh consideration with opportunity to submit documents. (In the high court of judicature at madras in Hajabandenawas …
Judicial Corner : Customs Seized gold can’t be disposed of without issuing SCN to person from whom it was seized:- Without issuing show-cause notice or adjudication proceedings, Authorities could not proceed to dispose of seized gold that was not perishable, merely on basis of petitioner’s statement recorded under S. 110 of Customs Act, 1962 (In …
