Daily Updates

EXCISE AND SERVICE TAX: No ST on reimbursable expenses merely allocated by book entries for internal project allocation purposes: HC ST : Reimbursable expenses, merely allocated by book entries for internal project allocation purposes and not received or recovered from any person, cannot be considered as taxable for service tax purposes. ST : In order …

Judicial Corner: ST : Reimbursable expenses, merely allocated by book entries for internal project allocation purposes and not received or recovered from any person, cannot be considered as taxable for service tax purposes. (25.09.2024) Read More »

SEBI SEBI has issued an updated master circular on ‘Surveillance of Securities Market’. This master circular consolidates all the circulars pertaining to the surveillance of the securities market at one place. This Master Circular is categorised subject-wise under various headings, viz., trading rules and shareholding in dematerialized mode, and monitoring of unauthenticated news circulated by …

SEBI: SEBI has issued an updated master circular on ‘Surveillance of Securities Market’.(25.09.2024) Read More »

Archival of GST Returns data on GST portal: GSTN Update The GSTN has issued an update to inform that as per GST portal data policy, data for view of taxpayer to be retained for seven years only. Therefore, the same data policy is being implemented on the GST portal. Thus, the return data will not …

GST: Archival of GST Returns data on GST portal: GSTN Update(25.09.2024) Read More »

GST Advisory Frequently Asked Questions on IMS With the Introduction of Invoice Management System (IMS), the taxpayer’s interaction with invoices and business processes will change. Now, the GSTN has issued an update on frequently asked questions (FAQs) on IMS to get a better understanding of the new functionality.  

GST:  Matter to be remanded since SCN was uploaded on GST portal under ‘View Additional Notices & Orders’ tab: HC Where show cause notice was uploaded on GST portal in category of ‘View Additional Notices & Orders’ and same was not easily accessible by assessee, impugned order passed under section 73 was to be set …

Judicial Corner: GST:  Matter to be remanded since SCN was uploaded on GST portal under ‘View Additional Notices & Orders’ tab: HC Where show cause notice was uploaded on GST portal in category of ‘View Additional Notices & Orders’ and same was not easily accessible by assessee, impugned order passed under section 73 was to be set aside and matter was to be remanded.(24.09.2024) Read More »

EXCISE AND SERVICE TAX: HC dismissed writ as question of unjust enrichment is a matter of fact and evidence: Whether assessee’s refund claim was hit by limitation and unjust enrichment being a question of fact and not law, cannot be examined by writ court.   [IN THE HIGH COURT OF KERALA AT ERNAKULAMT.R. Vijayakumar  Versus …

Judicial Corner: EXCISE AND SERVICE TAX: HC dismissed writ as question of unjust enrichment is a matter of fact and evidence: Whether assessee’s refund claim was hit by limitation and unjust enrichment being a question of fact and not law, cannot be examined by writ court.(23.09.2024) Read More »

EXCISE AND SERVICE TAX:  HC remanded matter as CESTAT passed order without giving proper reasons: Excise : Decision of judicial authority should give proper reasons for arriving at a particular conclusion. Excise : Apart from mere assertion, there is no mention in impugned order of any decision of Appellate Tribunal, which has taken a contrary …

Judicial Corner: EXCISE AND SERVICE TAX:  HC remanded matter as CESTAT passed order without giving proper reasons: Excise : Decision of judicial authority should give proper reasons for arriving at a particular conclusion. Excise : Apart from mere assertion, there is no mention in impugned order of any decision of Appellate Tribunal, which has taken a contrary view prior to decision in IndusInd Bank; Impugned order set aside and matter remanded to Tribunal for denovo consideration.(21.09.2024) Read More »

DGFT With a view to enhance ease of doing business and reduce the compliance burden, annual filing of EPCG return has been removed. Now the exporter who has taken EPCG need to file return annually after completion first block period ( first 3 years after taking EPCG) instead of annual return after taking EPCG. Public …

DGFT: With a view to enhance ease of doing business and reduce the compliance burden, annual filing of EPCG return has been removed. Now the exporter who has taken EPCG need to file return annually after completion first block period instead of annual return after taking EPCG.(21.09.2024) Read More »

Re-opening of Reporting ITC Reversal Opening Balance The GSTN has issued an update to inform that the Taxpayers are being provided with one final opportunity to report their cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for “Electronic Credit Reversal and Re-claimed Statement”, if any, …

GST: Re-opening of Reporting ITC Reversal Opening Balance(21.09.2024) Read More »

GST Advisory Draft Manual on Invoice Management System The GSTN has unveiled a groundbreaking new facility, the Invoice Management System (IMS), revolutionizing the way recipient taxpayers interact with invoices. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). Now, …

GST: Draft Manual on Invoice Management System(21.09.2024) Read More »

GST:  HC justified provisional attachment of bank a/c as assessee claimed ITC on fake invoices: Provisional attachment of bank account under Section 83 of CGST Act upheld where evidence showed fraudulent input tax credit claims from fake suppliers, to protect revenue interests.  [IN THE HIGH COURT OF DELHIJV, Creatives Pvt. Ltd. Versus Principal Additional Director …

Judicial Corner: GST:  HC justified provisional attachment of bank a/c as assessee claimed ITC on fake invoices: Provisional attachment of bank account under Section 83 of CGST Act upheld where evidence showed fraudulent input tax credit claims from fake suppliers, to protect revenue interests. (20.09.2024) Read More »

GST:  Bail to be granted to accused of creating fake firms after considering period of custody & completion of investigation: HC Where assessee was accused of creating fake companies and fraudulently availing fake Input Tax Credit under CGST Act, bail was granted considering period of custody, completion of investigation, nature of evidence, and likelihood of …

Judicial Corner: GST:  Bail to be granted to accused of creating fake firms after considering period of custody & completion of investigation: HC Where assessee was accused of creating fake companies and fraudulently availing fake Input Tax Credit under CGST Act, bail was granted considering period of custody, completion of investigation, nature of evidence, and likelihood of prolonged trial.(19.09.2024) Read More »

GST:  HC remanded matter since demand raised on ground of mismatch in GST returns without providing reasonable opportunity: Where mismatch in reported turnover arose due to error in reflecting credit notes, matter remanded for reconsideration after providing reasonable opportunity to assessee.  [IN THE HIGH COURT OF JUDICATURE AT MADRAS,Tvl. Sreeram Spheroids and Graphites Pvt. Ltd.VersusAssistant …

Judicial Corner: GST:  HC remanded matter since demand raised on ground of mismatch in GST returns without providing reasonable opportunity: Where mismatch in reported turnover arose due to error in reflecting credit notes, matter remanded for reconsideration after providing reasonable opportunity to assessee. (18.09.2024) Read More »

Central Excise The amendment to Notification No. 18/2022-Central Excise, originally dated 19th July 2022, has reduced the Special Additional Excise Duty (SAED) on the production of petroleum crude. According to the recent Notification No. 25/2024-Central Excise, effective from 18th September 2024, the SAED on petroleum crude has been lowered from ₹1,850 per tonne to ₹Nil …

Central Excise: The amendment to Notification No. 18/2022-Central Excise, originally dated 19th July 2022, has reduced the Special Additional Excise Duty (SAED) on the production of petroleum crude.(18.09.2024) Read More »

Customs Implementation of automation in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 in respect of EOUs– reg. has been postponed till 24.09.2024 and will be implemented from 25.09.2024 onwards. Circular No. 16/2024 – Customs dated 17.09.2024  

GST: Cancellation of GST with retrospective effect without affording opportunity of personal hearing to be set aside: HC GST registration cancelled retrospectively without hearing on that aspect set aside; matter remanded for reconsideration after allowing assessee opportunity to be heard. [IN THE HIGH COURT OF DELHI, Shobha Rani Versus Commissioner of Delhi Goods and Services …

Judicial Corner: GST: Cancellation of GST with retrospective effect without affording opportunity of personal hearing to be set aside: HC GST registration cancelled retrospectively without hearing on that aspect set aside; matter remanded for reconsideration after allowing assessee opportunity to be heard. (17.09.2024) Read More »

GST:  HC set aside orders denying ITC availed by assessee belatedly since Parliament has proposed to amend Sec. 16(4): Where assessment orders denying ITC availed by assessees belatedly beyond statutory period prescribed under section 16(4) were challenged, since Parliament itself had come to rescue of assessees by proposing to amend section 16(4) to allow them …

Judicial Corner: GST:  HC set aside orders denying ITC availed by assessee belatedly since Parliament has proposed to amend Sec. 16(4): Where assessment orders denying ITC availed by assessees belatedly beyond statutory period prescribed under section 16(4) were challenged, since Parliament itself had come to rescue of assessees by proposing to amend section 16(4) to allow them to take ITC in any return under filed for Assessment Year – 2017 to 2021, impugned orders were to be set aside and cases were to be remitted back to Assessing Officer to pass fresh order.(16.09.2024) Read More »

GST:  HC remanded matter back to AO as assesse failed to notice SCN posted on GST portal: Where assesse missed notices on GST portal, assessment order quashed and remanded for fresh consideration, allowing assesse opportunity to respond, subject to partial tax deposit.  [IN THE HIGH COURT OF JUDICATURE AT MADRAS, J.Tvl. SST & Co./Sethu Susila …

Judicial Corner: HC remanded matter back to AO as assesse failed to notice SCN posted on GST portal: Where assesse missed notices on GST portal, assessment order quashed and remanded for fresh consideration, allowing assesse opportunity to respond, subject to partial tax deposit. (14.09.2024) Read More »

GST Demand raised in subsequent order isn’t sustainable if demand had been already raised for a particular period under previous order: HC:- Where period for which subsequent assessment order was passed, was already assessed in previous assessment order passed by respondent-department on basis of intelligence report, therefore, subsequent assessment order was quashed and matter was …

Judicial Corner: GST : Demand raised in subsequent order isn’t sustainable if demand had been already raised for a particular period under previous order. (13.09.2024) Read More »

Judicial Corner: GST Madras HC set aside order imposing 100% penalty as tax was paid before issuance of order:- Where assessee paid tax dues after inadvertently availing ineligible input tax credit, 100% penalty order under Section 74 set aside, remanded for reconsideration with opportunity for assessee to be heard. (In the high court of judicature …

Judicial Corner : GST: Madras HC set aside order imposing 100% penalty as tax was paid before issuance of order. (12.09.2024) Read More »