Highlights of Recommendations from the 55th GST Council Meeting The 55th GST Council meeting, chaired by Union Finance Minister Smt. Nirmala Sitharaman, took place in Jaisalmer, Rajasthan. Key attendees included Union Minister of State for Finance Shri Pankaj Chaudhary, Chief …
If the GST Council decides to amend the CGST Act, it could have far-reaching implications for businesses. The GST Council is gearing up for a crucial meeting on Saturday, December 21, 2024. Among the key items on the agenda is …
CBDT Circular 19/2024: Guidance Note 2/2024 on Direct Tax Vivad Se Vishwas Scheme 2024 Guidance Note 2/2024: The Direct Tax Vivad Se Vishwas Scheme, 2024 (commonly referred to as the DTVSV Scheme, 2024 or simply the Scheme) has been introduced …
Taxpayers are encouraged to activate MFA immediately to streamline their compliance. Ensure that your registered mobile number is updated with your GSTIN for uninterrupted access. The GST Network (GSTN) is excited to announce significant updates to the E-Way Bill and …
The primary objective of the review committee is to simplify and modernize the Income Tax Act, making it concise, user-friendly, and accessible for taxpayers. The Finance Ministry is reportedly unlikely to introduce the much-anticipated new Income Tax Bill during the …
The court referred to Clause (5) of Section 16 , inserted by the Finance (No. 2) Act, 2024, which allows ITC claims for late-filed GST returns effective from July 1, 2017. ITC allowed on Late GSTR-3B Filing: In a pivotal …
This CAG report underscores the critical need for stringent audits and immediate remedial action to curb revenue leakage. The Comptroller and Auditor General (CAG) of India has identified significant revenue losses amounting to ₹755.49 crore due to under-assessment, short levy, …
The crackdown highlights the need for taxpayers to exercise caution while claiming deductions for political donations. As investigations continue, the department’s findings could lead to stricter scrutiny of such claims in the future. Taxpayers who have donated to Registered Unrecognised …
The court directed R.B. Traders to submit their reply, objections, and any relevant documents to the respondents within two weeks from the date of receiving the court’s order. In a significant ruling, the Madras High Court has ordered a fresh …
Holding funds in a separate account temporarily before transferring them to the final destination does not qualify as “unexplained money” under Section 69A of the Income Tax Act 1961. Section 69A applicability on Fund Transfers between Accounts: In a significant …
The high court clarified that it is improper to dismiss an appeal for non-payment of fees without giving the appellant an opportunity to rectify any deficiencies. In a significant ruling, the Punjab and Haryana High Court has made a noteworthy …
Tobacco products and cigarettes could see a GST rate hike from 28% to 35%. The Indian government is considering a proposal to increase the Goods and Services Tax (GST) on certain products like cigarettes, tobacco, and luxury goods. If approved, …
Allahabad High Court Ruling in case of The Principal Commissioner of Income Tax, Aaykar Bhawan, Noida and Another v. M/s Sampark Management Consultancy LLP The Allahabad High Court recently ruled that no substantial question of law arises in a case where …
The bench concluded that the applicant suffered significant prejudice due to procedural lapses. Consequently, the impugned order was quashed. Quasi-Judicial Orders: The Allahabad High Court, in the case of Agmotex Fabrics Private Limited vs. State of Uttar Pradesh (W.T. No. …
Beginning with the October 2024 tax period, it is mandatory to file GSTR-7 by taxpayers in a sequential order. Mandatory Sequential Filing of GSTR-7 Returns: The Goods and Services Tax Network (GSTN) has issued an important update regarding the sequential …
The taxpayer can submit an application for rectification of order in DRC-7 within 3 months from the date of issuance of the order. Rectification of DRC-7 (Summary Order) under GST: A Comprehensive Guide Under Rule 142(5) of the GST Rules, …
When the appeal is filed by the assessee as against the original order of assessment, the limitation period shall be calculated from the date on which the rectification had been dismissed. The Madras High Court in case of “M/s.SPK and …
TDS on Cash Withdrawal: Section 194N The Income Tax Department has announced a significant update regarding TDS on cash withdrawals. Effective December 1, foreign representations such as diplomatic missions, United Nations agencies, international organizations, consulates, and honorary consuls approved by …
The Karnataka High Court has previously clarified in similar matters that consolidating multiple assessment years into a single SCN—whether under Section 73 or Section 74—violates GST provisions. In a significant ruling, the Orissa High Court has stayed a Show Cause …
Introduction to e-Invoicing E-Invoicing under GST refers to the electronic reporting of specific GST-related documents to designated Invoice Registration Portals (IRPs) to obtain an Invoice Reference Number (IRN). Contrary to common misconception, e-invoicing does not involve the generation of invoices …