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The Patna High Court has quashed the tax orders against a contractor, holding that the show cause notice (SCN) issued under Section 74 of the GST Act, 2017, was invalid since he had already filed his GST returns and paid the taxes. Parvinder Singh, the applicant, has asked to quash the assessment order dated 15.01.2021, […]
The government introduced GST reforms to rectify the affordability, improve mobility, promote healthier lifestyles and strengthen key industries. The financial burden on households has been lowered from reducing the GST rates on gyms and fitness centres, two-wheelers and small cars, while moving forward with its long-term objective of encouraging healthy living, affordable transportation and better […]
The Karnataka High Court refused to pass an ex parte order staying the guideline issued on September 9 via the Union of India mandating the declaration of revised retail sale price (MRP), on unsold stock manufactured/packed/imported, which would come into force from September 22, in addition to the existing retail sale price (MRP). On the […]
Registered taxpayers can claim Input Tax Credit (ITC) for the financial years 2017-18 to 2020-21, provided their GSTR-3B returns were filed on or before 30 November 2021, as cited by the Madras High Court. The GST assessment order passed for FY 2018-19 has been quashed by Justice Krishnan Ramasamy, citing that the refusal of the […]
The Retail Distribution Chemists Alliance (RDCA) in Delhi, with the introduction of GST 2.0 scheduled for September 22, 2025, has raised concerns for the financial burden the transition will place on pharmaceutical distributors and retailers. RDCA president Sandeep Nangia has requested urgent support from pharmaceutical partners to ensure a smooth transition and uninterrupted medicine supply. […]
For both individuals and enterprises, filing Income tax returns is a yearly obligation. Even after having the digitalisation of the process, taxpayers are facing issues that can delay the submissions or cause intricacy. This trend will remain the same due to technical malfunctions on government portals and manual data entry errors. ITR Filing Issues On […]
When the taxpayer has proved the actual movement of goods and it stayed unrebutted via authority, then the proceedings u/s 74 of the Goods and Services Tax Act, 2017 are not justified, Allahabad High Court cited. U/s 74 of the GST Act, the proceedings could be initiated if the taxpayer has not paid or short […]
The penalty under section 270A of the Income Tax Act, 1961, cannot be levied when the underlying addition is based on the estimation of income, the Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled. The income of the taxpayer Ram Lakhan for A.Y. 2017-18 has been estimated by the Assessing Officer […]
Buyers no longer need to reverse their input tax credit (ITC) when a supplier issues a post-sale financial or commercial credit note. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that even if payments are made at a discount, the buyer can retain the ITC. This provides significant relief for businesses and […]
