Daily Updates

GST: HC can entertain writ petition against order passed by Joint Commissioner of CGST dismissing appeal as time barred: Where appeal filed by assessee beyond time limit prescribed under section 107(4) was dismissed as time barred, writ petition filed by assessee against same was to allowed as powers under article 226 are founded on justice, …

Judicial Corner: GST: Where appeal filed by assessee beyond time limit prescribed under section 107(4) was dismissed as time barred, writ petition filed by assessee against same was to allowed as powers under article 226 are founded on justice, equity and good conscience and are exercised for public goods; Impugned order was to be set aside as provisions of section 107 could not be frustrated on mere technicalities and appeal was to be restored.(30.09.2024) Read More »

DGFT  The export policy of Non-Basmati White rice (Semi-milled or wholly milled rice, whether or not polished or glazed: Other) under HS code 1006 30 90 is amended from ‘prohibited’ to ‘free’ subject to Minimum Export Price of USD 490/tonne with immediate effect and until further orders. Notification No. 31/2024-25 dated 28.09.2024

GSTN issued advisory on issuance of Notices/Orders without digital signatures of the issuing authorities The GSTN has issued an advisory regarding the validity of documents issued by the tax officers on the common portal viz. SCN/Orders without the Digital signatures on the pdf document downloaded from the common portal. In this context, it is to …

GST: GSTN issued advisory on issuance of Notices/Orders without digital signatures of the issuing authorities(30.09.2024) Read More »

GST Restoration of GST Returns data on Portal The GSTN has issued an update to inform that the return data for July, 2017 and August, 2017 was archived on 01st August and on 01st September respectively. However, in view of the requests received from the trade due to the difficulties faced, data has been restored …

GST: Restoration of GST Returns data on Portal(30.09.2024) Read More »

Income Tax  Considering the difficulties faced by taxpayers and other stakeholders in electronically filing various audit reports for Assessment Year 2024-25 under the Income Tax Act, the CBDT has extended the due date from 30-09-2024 to 07-10-2024. Circular No. 10/2024 dated 29.09.2024

GST:  HC slams tax officials for passing unreasoned orders just to raise demand prior to expiry of limitation period: Where show cause notice called as to why demand not be raised on account of inadmissible input tax credit, assessee responded stating it had not availed ITC in respect of said supplies, enclosed tabular statement setting …

Judicial Corner: GST: Where show cause notice called as to why demand not be raised on account of inadmissible input tax credit, assessee responded stating it had not availed ITC in respect of said supplies, enclosed tabular statement setting out parties from whom availed inputs, response rejected by simply stating that reply was not satisfactory, order not informed by reason, entire purpose of order to bypass statutory period of limitation, impugned order passed under section 73 was to be stayed. (27.09.2024) Read More »

CUSTOMS:  No confiscation of goods if importer proved by documentary evidence that goods were legally procured: Penalty is imposable but to be reduced when no case is made out against importer in case of plastic scrap and he has come forward to redeem plastic granules on payment of redemption fine and payment of relevant Customs …

Judicial Corner: Penalty is imposable but to be reduced when no case is made out against importer in case of plastic scrap and he has come forward to redeem plastic granules on payment of redemption fine and payment of relevant Customs duty. (26.09.2024) Read More »

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 »