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The Central Board of Indirect Taxes and Customs (CBIC), through Instruction No. 04/2024-GST on October 4, 2024, has announced systemic revisions to ease the mapping and de-mapping of officers on the GSTN portal. This initiative aims to enhance the efficiency of GST administration, ensuring that officers are precisely mapped to their respective jurisdictions, thereby decreasing […]
The High Court of Himachal Pradesh rejected the Tax Recovery Officer’s decision to attach the Cash Credit Account, stating that the Cash Credit account or overdraft is capable of being attached under section 226(3) of the IT Act. The High Court clarified the relationship between a debtor and a creditor, stating that a bank does […]
Business owners in Ludhiana are expressing concern about how easily their confidential sales and purchase data is becoming available. Claims have surfaced that some staff members in the GST Department are disclosing this information to rival companies for financial gain. Badish Jindal, president of the Federation of Punjab Small Industries Association (FOPSIA) and All Industries […]
The Delhi High Court ruled that the amount of debt to be disallowed from the Electronic Credit Ledger (ECL) must not surpass the amount of the Input tax credit (ITC), which is regarded to have been taken by taxpayers wrongly. The High Court explained that Rule 86A of CGST Rules 2017 is an emergent measure […]
The Chandigarh bench of the Income Tax Appellate Tribunal ( ITAT ) asked the Assessing Officer ( AO ) to allow the Foreign Tax Credit ( FTC ) as Form 67 was filed on the extended due date along with the Income Tax Return (ITR). Towards the matter, the taxpayer Anita Sandhu, had furnished the […]
From Rs 1.73 lakh crore the Goods and services tax (GST) revenue growth rate has surged to 6.5% in September, even after the sluggish growth in collections from domestic transactions along with the imports. Over the past 40 months, it has been the most sluggish GST growth. It is also 1% lower than the GST […]
From the initial day of the subsequent financial year- Fiscal Year 2025-26 (FY26) – no new anti-profiteering case shall be registered. The anti-profiteering complaints will be heard by the Principal Bench of the GST Appellate Tribunal (GSTAT) instead of the Competition Commission of India (CCI). GST council suggested to the Central Board of Indirect Taxes […]
On October 1, 2024, the Central Board of Direct Taxes (CBDT) issued Circular No. 11/2024 establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under section 119(2)(b) of the Income-tax Act, 1961. The very circular replaces all the prior instructions and prompts a structured approach to […]
The Calcutta High Court in a case asked the Commissioner of Central Goods and Service Tax (CGST) to file an affidavit to determine the validity of the Circular issued by the Central Board of Indirect Taxes and Customs (CBIC). The applicant Central Arya Road Transport contested the order passed via the Tribunal cancelling the plea […]