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Considering the conflicting views of the Delhi High Court and the Madhya Pradesh High Court, the Apex Court is set to regard the problem of whether the authorities can seize cash u/s 67 of the Central Goods and Services Tax Act, 2017. The development arrived as a bench of Justices PS Narasimha and Sandeep Mehta […]
A relief has been granted by the Delhi High Court before Satwant Singh Sanghera, a pilot formerly employed with the now-collapsed Kingfisher Airlines, against a tax demand of over Rs 11 lakh. It was claimed by Singh that he had duly furnished his ITR for the said assessment years and the company had deducted TDS […]
The Goods and Services Tax (GST) Council is acknowledging waiving the premiums filed for life and health insurance from GST. Towards the insurance sector, the GST on term life insurance premiums seems to be waived for all the individuals along with the plans that comprise family members. Senior citizens who pay the health insurance premium […]
The GST Portal secures a pre-filled GSTR-3B form, which automatically populates the tax obligation from the declared supplies in GSTR-1/GSTR-1A/IFF and the Input Tax Credit (ITC) from GSTR-2B. GSTN is improving the GST return filing process to assist taxpayers in filing their returns precisely and diminish manual errors. Also, the system generates a detailed PDF […]
Rajasthan bench of Authority of Advance Ruling mentioned that Softy ice cream mix in vanilla flavour is not a dairy product and shall draw an 18% GST. VRB Consumer Products Pvt Ltd approached the AAR regarding the taxability of vanilla mix in powder form, which will contain 61.2 per cent sugar, 34 per cent milk […]
The measure to improve the Input tax credit ecosystem via an Invoice management system (IMS) may add another layer of compliance to the GST taxpayers, tax experts mentioned. As per the GST portal, the updated system has the objective of easing the assesses in matching their records/invoices vis-a-vis issued via their suppliers for claiming the […]
The Delhi High Court quashed the show cause notice and the order of cancellation of GST registration after discovering that the SCN and the final order failed to furnish any clue concerning the provision of the statute which was alleged to have been breached or infringed. “The SCN is gloriously silent concerning the provisions of […]
The number of income taxpayers in India surpasses 10 crore, showing an influential expansion in the tax base as per the updated time series data from the Central Board of Direct Taxes (CBDT). It exhibits a 98% rise over the past 10 years with the number of taxpayers rising from 5.26 crore at the finish […]
For income tax, the online e-filing ITR portal will be processed with a revamp via substantial amendments effective for taxpayers. The tax department’s internal circular which is not publicized dated October 8, 2024, expressed, “The operations phase of the existing Integrated e-filing and Centralised Processing Centre (IEC) 2.0 is coming to an end and the […]