New Form DRC-03A Introduced in GST Portal to Adjust Demand Amounts Wrongly Paid through DRC-3: GSTN Advisory 544

form drc-03a

Only payments made through Form DRC-03 under the “Voluntary” or “Others” categories are eligible for adjustment using Form DRC-03A. The GST Portal has introduced Form DRC-03A to help taxpayers adjust demand amounts that were mistakenly paid through DRC-03 instead of …

Read more

Please share

Monetary Limits for Reduction or Waiver of Interest under Section 220(2) of the Income Tax Act: CBDT Circular 15/2024

waiver of interest

Under Section 220(2A), certain income tax authorities have the power for reduction or waiver of interest, upon satisfaction of certain condition. Reduction or Waiver of Interest: The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 15/2024 on …

Read more

Please share

5% GST Rate Applicable for Fly Ash Bricks with Less Than 90% Fly Ash Content: Gujarat HC Ruling

fly ash bricks

The issue had been clarified in CBIC Circular No. 179/11/2022-GST, dated August 3, 2022. This circular clarified that the 90% fly ash content requirement applies only to aggregates, not to Fly Ash Bricks or Blocks. On September 25, the Gujarat …

Read more

Please share

CBDT Circular 14/2024: Condonation of Delay for Filing Returns Claiming Deduction under Section 80P for AY 2023-24

condonation

Circular 14/2024 addressing the condonation of delays in filing income tax returns by cooperative societies claiming deductions under Section 80P of the Income Tax Act for the Financial Year 2022-23. The Central Board of Direct Taxes (CBDT) has issued Circular …

Read more

Please share

CBDT Notification 5/2024 Specifying Forms for Rollback of ADA & Claiming Deductions for Qualified Agricultural Extension Projects

form

CBDT Specified Forms Prescribed in Appendix II of IT Rules 1962, to be Furnished Electronically under Sub-rule (1) & (2) of Income Tax Rules 1962. The Central Board of Direct Taxes (CBDT) has issued Notification No. 5/2024, which mandates the …

Read more

Please share

Delhi High Court Quashes GST Show Cause Notices for Metal One Corporation, Sony India, and Others Over Seconded Employees

court

Delhi High Court Ruling in case of Metal One Corporation India Pvt. Ltd. & Sony India Private Limited vs. UOI, W.P.(C) 14945/2023, decided on 22-10-2024] The Delhi High Court has recently scrutinized the legitimacy of Goods and Services Tax (GST) …

Read more

Please share

GSTN Advisory 540: Restriction in Filing GST Returns Beyond Three Years

filing

This update specifically affects filings of GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9. In accordance with the Finance Act, 2023, dated March 31, 2023, new restrictions on GST return filing have been implemented from October 1, 2023, …

Read more

Please share

Delhi High Court Mandates Proper Reasoning in Rejection of Condonation Application u/s. 119(2)(b) of Income Tax

court

The court emphasized that Section 119(2)(b) is a beneficial provision, intended to allow for exceptions and refunds in cases of genuine hardship. Decisions made under this provision must include proper justification, aligning with both procedural fairness and the legislative intent …

Read more

Please share

New GST Rule for Airlines to Share Passenger Data Twice: 1st within 24 Hours of Departure & Again at Wheels-off Time

airlines

Previously, airlines had the flexibility to submit this information either 24 hours before departure or at wheels-off time. The Central Board of Indirect Taxes and Customs (CBIC) has recently updated regulations for passenger data submission by airlines, enforcing stricter compliance …

Read more

Please share

GST Panel Proposes Increase in Affordable Housing Price Limit to ₹56 Lakh Nationwide

affordable housing

A government panel on Goods and Services Tax (GST) for the real estate sector is preparing an interim report that may significantly influence affordable housing across India. The Group of Ministers (GoM) is recommending an increase in the affordable housing …

Read more

Please share

GST Pre-Deposit Can Be Paid from the Electronic Credit Ledger for Appeals, Rules Patna High Court

pre-deposit

The high court instructed the Appellate Authority to review the appeal on its merits, considering the pre-deposit made from the Electronic Credit Ledger as adequate. Pre-Deposit for GST Appeals using ECL: The Patna High Court recently issued a significant ruling …

Read more

Please share

Delhi High Court: Authorities must provide clear references to the provisions of the law that have been violated

high court

Delhi High Court Ruling in case of Amir Malik vs. Commissioner of GST [W.P.(C) 13706/2024] In a significant ruling, the Delhi High Court cancelled a show cause notice (SCN) and the subsequent order for the cancellation of GST registration in …

Read more

Please share

Notification 116/2024: Redefining Arm’s Length Price Under Section 92C of Income Tax Act

arm's length price

New Definition of Arm’s Length Price of an International or Specified Domestic transaction as per the second proviso under sub-section (2) of Section 92C of Income-tax Act 1961 The Central Board of Direct Taxes (CBDT) has issued Notification No. 116/2024, …

Read more

Please share

Additional FAQs on Invoice Management System (IMS) : GSTN Advisory 536 Dated 17.10.24

ims

The first GSTR-2B report reflecting the actions performed within IMS will be available for the October 2024 return period on 14th November 2024. The Invoice Management System (IMS) is now accessible to taxpayers, offering a streamlined way to reconcile their …

Read more

Please share

CBDT issues New Guidelines for compounding offences under the Income- tax Act, 1961

new guideline

As per the New Guidelines, the time restriction of 36 months for filing compounding applications from the date of complaint filing has been removed. The Central Board of Direct Taxes (CBDT) has released New Guidelines for Compounding of Offences under …

Read more

Please share