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The Rig Owners and Agents Welfare Association in Madurai expressed their concerns regarding the absence of clear government instructions exempt GST on rig/borewell work which is used for agricultural activities. According to the association members, farmers were burdened with paying 18% GST due to the lack of clarity. Note: Madurai District Rig Owners and Agents […]
The Union Finance Ministry, GST Council of India, and Central Board of Indirect Taxes and Customs (CBIC) failed to submit their response in the case pertaining to the request for permission to submit an amended return under the GST system, within the prescribed 30-day period before the dual bench of the Supreme Court on Monday. […]
In October 2023, India recorded gross GST collections of Rs 1.72 lakh crore, marking a 13.4% rise from the previous year. Over the six years since its inception, the New GST system has notably enhanced tax buoyancy, streamlined logistics, improved tax administration, and fostered increased formalization, among other benefits. Consistent growth in tax collections is […]
The Madras High Court has approved the Foreign Tax Credit (FTC) claim based on the submission of Form-67 after the Income Tax Return (ITR) filing but before receiving an intimation, deeming it as compliant. Justice Krishnan Ramasamy’s bench noted that initially, the returns were filed sans the FTC, but it was submitted before the final […]
The Tamil Nadu Electricity Board has been granted relief by the Chennai bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT). The bench considering the limitation has quashed the service tax demand on the Goods Transport Agent (GTA) services. The Tamil Nadu Electricity Board, the appellant in this case, is involved in the […]
Divi’s Laboratories Limited, a pharmaceutical company based in Hyderabad, stated on November 16th that it had been issued a demand notice from the Goods and Service Tax (GST) department amounting to ₹164 crore. It also demands interest and penalty charges. According to the company, the notice was released by the office of the commissioner of […]
The Madras HC recently passed an order and instructed the Goods and Service Tax (GST) Department to grant the assessee a GST registration number for starting its business. The petitioner, M/s. Bio Med Ingredients Pvt. Ltd. earlier applied for GST registration but it was rejected by the 1st respondent (the department) which had no appropriate […]
India is reportedly considering a substantial increase in the threshold for arrests and criminal prosecutions regarding Goods and Services Tax (GST) evasion, aiming to raise it from ₹2 crore to ₹3 crore, according to sources. This proposed change is part of an initiative to stop the specific aspects of GST evasion, encouraging businesses to stop […]
The revision order has been set aside by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) as an accidental mistake because of the typographical error in computing the total income. PCIT asked for the issue in the revisionary proceedings related to the understatement of the short-term capital gain (STCG). For the taxpayer concern, Bijni […]