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The Supreme Court in recent times has issued a writ petition notice contesting the validity of the constitution of sections 149 and 150 of the Finance Act, 2023 that seek to substitute Sections 109 and 110 of the Central Goods and Services Tax Act, 2017 (CGST Act). Such provisions pertained to the appointments and the […]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has invalidated the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, which was based on estimated quantum addition derived from information obtained from the Sales Tax Department. The case involved Jaisingh H. Solanki, an individual and proprietor of M/s. Blue Star International, […]
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled that the Income Tax Department does not have the authority to scrutinize Sales Tax Returns accepted by the commercial tax department. Therefore, the panel removed the addition added by the assessing officer concerning stock valuation. Aruljothi Exports Private Limited, a corporate resident involved in […]
It seems that after the implementation of goods and services tax in India, the commercial and sales tax department are in vain to utilise their powers and enforce regulations. This is due to the incomplete and no officials conveying of duties and responsibilities to the department in accordance with the GST.
It was mentioned by the Kerala High Court that the provision of section 74 of the CGST Act can be invoked if the taxpayer fails to report actual sales to evade tax. The Bench of Justice Gopinath P. observed that “It is for the assessee to get his claim adjudicated by the statutory authorities under […]
According to officials, a gang of merchants who would set up fictitious companies to provide a legal cover for their unlawful trade in timber and related products and escape Goods and Services Tax (GST) amounting to crores of rupees have been caught by Uttarakhand tax authorities using digital tracking and electronic surveillance. According to them, […]
The registration of the GST officer will need to get canceled of those assessees whose sales return or GSTR-1 form reveals “significant differences or anomalies” from the return furnished through the suppliers a move to target at curbing the tax theft and securing the revenues. The CBIC has issued a Standard Operating Procedure (SOP) towards […]
According to a report, auto sales which were witnessing a steep fall will only be benefited with a minimal discount of 1-2 per cent discount only as against to proposed massive reduction in corporate tax which brings down the levy on companies to 10-12 percentage points. In contrast to this, if the government offered a […]
There is a good news for the construction equipment industry as the sector is all set to grow higher in this year due to slashed GST rates on them. It is expected that the industry may sell over one million units globally this year, as mentioned by the significant player in the industry, JCB.
