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It was carried by the Delhi High Court that refunds, be it from the balance left in the electronic cash or the Electronic Credit Ledger, are considered at par and the Commissioner under the Central Goods and Services Tax Act may withhold both in the practice of its powers u/s 108. Section 108 provides the […]
It was carried by the Madras High Court that recovery actions against the directors of a company cannot be created if the status of the taxpayer does not exist. The Division Bench of Justices Anita Sumanth and G. Arul Murugan noted that “while in the case of amalgamation, it is only the apparent and outer […]
The Kerala bench of the GST Authority for Advance Ruling (AAR) cited that the concessionaire agreement between the AAI and Adani Thiruvananthapuram International Airport Ltd is not a ‘transfer of business’, but a supply of services and therefore is obligated to GST. The judgment of the Kerala AAR ruling is opposite to the rulings passed […]
A meeting on the comprehensive review of the Income Tax Act 1961 has been chaired by the Union Finance Minister Nirmala Sitharaman. Revenue Secretary Sanjay Malhotra, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal, and other senior CBDT officials also attended the meeting. A comprehensive review of the Income Tax Act 1961 in the […]
It was ruled by ITAT Jaipur that provisions of 68 or such are not been applied on the transaction sale recorded in the books of accounts as the sale transactions are part of the income which is credited in the statement of profit & loss account. Case Facts AO in the assessment proceedings noted that […]
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 […]
A new ‘GSTN e-Services’ app, has been introduced by the Goods and Services Tax Network (GSTN) and is on the Play Store, which has the purpose of facilitating tax compliance for traders, businesspersons, and merchants. The same app permits the users to track the history of transactions linked to their GST Identification Number (GSTIN). Through […]
It was carried by the Kerala High Court that the initiation of an inquiry or the summons issuance u/s 70 of the CGST Act could not be regarded to be the initiation of proceedings for the objective of section 6(2)(b) of the CGST Act. The Bench of Justice Gopinath P. noted that the term ‘initiation […]
A State Bank of India (SBI)-led committee to motivate the co-lending between commercial banks and non-banking financial companies (NBFCs) has suggested removing the 18% GST. As per the source, the SBI-led co-lending committee has furnished the report before the finance ministry where it suggested that no GST is to be levied on the co-lending related […]
