Latest Updates on Income Tax, GST & Corporate Law: 8 February 2025 Income Tax Update-1: The Union Cabinet on Friday approved a new Income Tax Bill aimed at simplifying the tax system without introducing new taxes. The Union Cabinet on …
Latest Updates on Income Tax, GST & Corporate Law: 7 February 2025 Income Tax Update-1: Cabinet may approve new Income Tax Bill on Friday i.e. 7th Feb The Union Cabinet may approve the new Income Tax Bill on Friday, paving …
Earlier, a division bench of the Orissa High Court had mandated that assessees must deposit 10% of the disputed tax amount to file an appeal. Additionally, to obtain a stay on the order, taxpayers were required to deposit 20% of …
Recent Updates on Income Tax, GST & Corporate Law: 28 January 2025 Income Tax Update 1: SBI Research Suggests for Flat 15% Tax on FD Interest & Delinking it from Highest Income Slab SBI Research says tax on fixed deposits …
Latest Updates on Income-Tax, GST & Corporate-Law: January 26, 2025 Income-Tax Update-1: The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), in the case of Bosch Automotive Electronics, held that the failure to prove benefit alone cannot be accepted …
The Gujarat High Court’s landmark judgment on GST on leasehold land transfers offers a pivotal resolution to industries grappling with unjust tax burdens. Industry stakeholders are now awaiting definitive clarity from the Supreme Court and CBIC on this matter. In …
CBIC Clarification on GST Treatment of Vouchers The GST treatment of vouchers has raised several questions, leading to confusion and disputes in the trade and industry. Circular No. 243/37/2024-GST dated 31 December 2024 seeks to clarify these issues and provide …
Reiterating the principle that “the law favours the diligent and not the indolent,” the Court held that the petitioner’s failure to act within the prescribed timelines precluded any claim for relief. The Patna High Court has dismissed a writ petition …
Key Changes From January 1 That Will Affect Your Finances And Planning As 2024 comes to a close, significant updates and new regulations are set to impact finances, travel, and technology in 2025. From changes in GST compliance to updates …
The Supreme Court in case of Safari Retreats Interpreted the term “Plant or Machinery” to include buildings constructed for specific business needs as “Plant”. The GST Council has proposed a significant amendment to the Central Goods and Services Tax (CGST) …
Introduction of Track and Trace Mechanism under GST In a decisive effort to curb tax evasion, the GST Council has greenlit the introduction of a ‘Track and Trace Mechanism’ for specific evasion-prone commodities. This system will utilize a unique identification …
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 …
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 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 …
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, …
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. …
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, …