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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
