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In the case of M/s. Aastha Enterprises Vs. State of Bihar [CWJ 10395 of 2023 dated 18th August 2023] Hon’ble Patna High Court held that Input Tax Credit (ITC) is a benefit or concession granted to the assessee under the statutory scheme, rather than a right conferred upon them. In the case of M/s. Aastha […]
The Orissa High Court in a recent judgement ruled that a pre-deposit under GST appeal could be incurred via Electronic Cash Ledger (ECL). The Petitioner, Kiran Motors urged to set aside the order dated 31.03.2023 passed by the Addl. Commissioner of Central Tax (CT) & Goods and Service Tax(GST) is that the appellate authority denied […]
The new guidelines would have been furnished by the Central Board of Direct Taxes (CBDT) on how the tax exempted maturity amount via the life insurance policy shall get computed in the fiscal year when the premium filed would be more than the particular level. Under the new rules, the maturity amount via the life […]
The Punjab Bench of the Authority for Advance Ruling (AAR), in the case of Punjab State Transmission Corporation Ltd. has ruled that shifting of Electricity Transmission Lines is subject to GST. The assessee is operating the business of Transmission of electricity which is not under the law, vide GST Notification No. 12/2017 released on 28th […]
The Registered Taxable Person (RTP) who is providing Chit Fund Services has been assessed an 18% interest rate by the Karnataka Commercial Tax Officer (CTO) on the net tax bill as a result of the delayed filing of GSTR-3B for the whole 2017–18 fiscal year, with the exception of only August 2017 and March 2018. […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
Real businesses are suffering despite the taxmen busting the networks of bogus entities and fake ITC claims that proceeds with hundreds of crores of rupees. Between the filings of the buyer and seller, the GST data mismatch restricts the buyers to claim the input tax credit. ITC stands for Input Tax Credit, a credit for […]
In this post, we have discussed some of the key elements examined in the online Deloitte Survey 2023. The Goods and Services Tax (GST), introduced in July 2017 as India’s most substantial tax reform post-independence, has completed six years since its implementation. This reform has brought about noteworthy changes in businesses, enhanced supply chains, and […]
A report released on Thursday tagged a genuine exporter as ‘risky‘ and informed that it will affect India’s exports and the inter-ministerial board including representatives from commerce and finance ministries is needed to determine its detailed outlook before stigmatising them in such a category. Merely based on certain risk factors of customs, GST, income tax, […]
