Daily Updates

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: 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. (08.08.2024) Read More »

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 …

Judicial Corner : Customs : Seized gold can’t be disposed of without issuing SCN to person from whom it was seized. (07.08.2024) Read More »

GST  CCI directed to deposit profiteered amount as assessee had not passed benefit of reduction in GST rate:- Where GST rate of services by way of admission to exhibition of cinematography films supplied by respondent-assessee was reduced from 28 per cent to 18 per cent and respondent-assessee had not passed benefit of reduction in GST …

Judicial Corner: GST  CCI directed to deposit profiteered amount as assessee had not passed benefit of reduction in GST rate:- Where GST rate of services by way of admission to exhibition of cinematography films supplied by respondent-assessee was reduced from 28 per cent to 18 per cent and respondent-assessee had not passed benefit of reduction in GST rate to recipients by way of commensurate reduction in price in terms of section 171, therefore, commission directed respondent-assessee to deposit profiteered amount. (06.08.2024) Read More »

GST  High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature:- GST registration cancellation order lacking reasons and time-barred appeal quashed; matter remanded for fresh show cause notice with detailed reasons and opportunity for response. (In the high court of Gujarat at Ahmedabad in Sajid Faridmohammed Rollwala Vs …

Judicial Corner : High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature:- GST registration cancellation order lacking reasons and time-barred appeal quashed; matter remanded for fresh show cause notice with detailed reasons and opportunity for response (05.08.2024) Read More »

Judicial Corner : GST : High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature:- GST registration cancellation order lacking reasons and time-barred appeal quashed; matter remanded for fresh show cause notice with detailed reasons and opportunity for response. (In the high court of Gujarat at Ahmedabad in …

Judicial Corner : High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature. (05.08.2024) Read More »

GST: TCS Rate Changes for E-commerce Operator (GSTR 8) – Important aspects regarding the TCS rates effective from 10.07.2024 are mentioned below:   Period from 1st July to 9th July 2024: During this period, the old TCS rate of 1% will continue to apply. Taxpayers are required to collect & report TCS at this rate for all transactions …

GST: TCS Rate Changes for E-commerce Operator (GSTR 8) (03.08.2024) Read More »

GST: Form GSTR-1A has been made available to the taxpayer’s form July 2024 tax period. GSTR-1A is an optional facility to add, amend or rectify any particulars of a supply reported/missed in the current Tax period’s GSTR-1 before filing of GSTR-3B return of the same tax period. Timeline – GSTR-1A shall be open for the …

GST: Form GSTR-1A has been made available to the taxpayer’s form July 2024 tax period (03.08.2024) Read More »

GST High Court set aside order detaining goods for non-generation of e-invoice as mistake committed by assessee was bona-fide:- Where assessee’s goods in transit were detained as E-tax Invoice was not generated as per Rule 48 of CGST Rules, tax invoice, GR’s, E waybills, were with goods, no discrepancy with regard to quality and quantity …

Judicial Corner: High Court set aside order detaining goods for non-generation of e-invoice as mistake committed by assessee was bona-fide:- Where assessee’s goods in transit were detained as E-tax Invoice was not generated as per Rule 48 of CGST Rules, tax invoice, GR’s, E waybills, were with goods, no discrepancy with regard to quality and quantity of goods as mentioned in Tax Invoice, error committed by assessee a human error, limit of annual turnover for issuing e-way bill reduced w.e.f. 1-8-2022 to Rs. 10 crores, mistake committed by assessee was bona-fide, impugned order was to be set aside. (03.08.2024) Read More »

GST  High Court stayed proceedings initiated to levy GST on transaction of assignment of Long-Term leasehold right:- Where petitioner received notice calling upon petitioner to show cause why GST on transaction of assignment of long-term leasehold right be not levied, case was directed to be heard with pending Special Civil court, further proceedings pursuant to …

Judicial Corner: High Court stayed proceedings initiated to levy GST on transaction of assignment of Long-Term leasehold right:- Where petitioner received notice calling upon petitioner to show cause why GST on transaction of assignment of long-term leasehold right be not levied, case was directed to be heard with pending Special Civil court, further proceedings pursuant to impugned show-cause were notice not to be continued (02.08.2024) Read More »

Customs Tribunal should decide matter on merits rather than dismissing appeal on ground that writ was pending before HC:- Where a person had filed appeal to CESTAT against adjudication order and made mandatory pre-deposit as a condition precedent for hearing such appeal, it should have been disposed of on merits instead of dismissing it in …

Judicial Corner: Tribunal should decide matter on merits rather than dismissing appeal on ground that writ was pending before HC:- Where a person had filed appeal to CESTAT against adjudication order and made mandatory pre-deposit as a condition precedent for hearing such appeal, it should have been disposed of on merits instead of dismissing it in limine on ground that Writ Petition against such adjudication order was pending before High Court.(01.08.2024) Read More »

DGFT: DGFT has announced an extension to permissible wastages and Standard Input Output Norms (SIONs) for gold, platinum, and silver content in export items. [Public Notice No. 16/2024-25-DGFT Dated: 30th July, 2024]

Customs: Government has introduced new regulations to amend the timeline for modifying import documents under Section 149 of the Customs Act, 1962, similar to the existing provisions for exports tiitled the Bill of Entry (Post Import Amendment) Regulations, 2024. These regulations specify that applications for amendments must be submitted within one year from the date …

Customs: Government has introduced new regulations to amend the timeline for modifying import documents under Section 149 of the Customs Act, 1962, similar to the existing provisions for exports tiitled the Bill of Entry (Post Import Amendment) Regulations, 2024 (31.07.2024) Read More »

GST  High Court set-aside order as it was passed without considering explanation of assessee:- Where assessee claimed lack of proper communication of notices and sought opportunity to explain discrepancies, assessment order set aside conditionally, directing revenue to provide reasonable opportunity and pass fresh order after hearing. (In the high court of judicature at madras in …

Judicial Corner: GST  High Court set-aside order as it was passed without considering explanation of assessee:- Where assessee claimed lack of proper communication of notices and sought opportunity to explain discrepancies, assessment order set aside conditionally, directing revenue to provide reasonable opportunity and pass fresh order after hearing.(31.07.2024) Read More »

GST :  GSTN has introduced a new biometric-based Aadhaar authentication and document verification process for GST registration applicants in Uttarakhand, effective from July 28th, 2024. [Press Release No. 507 Dated 28th, July 2024]

GST:  High Court declined to entertain writ petition filed by assessee who didn’t take any step for revocation of cancelled registration:- Where registration of assessee had been cancelled and electronic credit ledger of assessee had been blocked, since assessee had not taken any step for revocation of cancellation of its registration, High Court was not …

Judicial Corner: GST : High Court declined to entertain writ petition filed by assessee who didn’t take any step for revocation of cancelled registration. (30.07.2024) Read More »

RBI :  RBI issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs). Previously set at 20% of owned funds, the new regulation will link this ceiling to the Tier I capital of UCBs as of March 31 of the preceding financial year. This change, effective January 1, …

RBI : RBI issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs). Previously set at 20% of owned funds, the new regulation will link this ceiling to the Tier I capital of UCBs as of March 31 of the preceding financial year. This change, effective January 1, 2025. (26.07.2024) Read More »

RBI :  RBI announced an extension for Urban Co-operative Banks (UCBs) to meet their small value loan targets. Initially set for March 31, 2024, the new deadlines are March 31, 2025, and March 31, 2026. [Notification No. RBI/2024-25/53 DOR.CRE.REC.28/07.10.002/2024-25 dated 25th July 2024]

DGFT has announced the launch of Steel Import Monitoring System (SIMS) 2.0, effective from July 25, 2024, at 2:00 PM. This updated system, accessible at https://sims.steel.gov.in, will replace the current SIMS 1.0, which will be discontinued immediately. [Trade Notice No. 10/2024-25-DGFT dated 25th July 2024]

Income Tax: Government under Section 10(46) of the Income-tax Act, 1961 has granted tax exemption for payment to the Himachal Pradesh State Load Despatch Centre, Shimla (PAN-AAAAH7757E).[ Notification No. 95/2024-Income Tax, dated 24th July 2024]

Income Tax :  Government under Section 10(46) of the Income-tax Act, 1961 has granted tax exemption for payment to the Punjab Skill Development Mission Society, Chandigarh (PAN: AAAAE8085G). Notification No. 94/2024- Income Tax | Dated: 24th July, 2024]