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The Madras High Court in a ruling established a 150% penalty levied u/s 16(2)(d) of the Tamil Nadu General Sales Tax Act, 1959 (TNGST Act) for sales/purchases suppression despite removing speculative additions. The petitioner, Ruckmani Electricals, is a registered dealer under the Tamil Nadu General Sales Tax Act, 1959 (TNGST Act). On 13.12.2000, an inspection […]
To rationalize GST rates the ministerial-level committee has been made that furnishes a relief before the consumers. It is anticipated that the GST rates on distinct medicines, insurance, and tractors shall be reduced to 5% in the next month. At present there is a 12% or 28% GST on tractors as per their classification. The […]
The Central Goods and Services Tax (CGST) Act has introduced a new section 128A, to decrease the tax loads and proposes relief for the assessees towards tax obligations made between July 1, 2017, and March 31, 2020. This amendment permits people with tax obligations to settle their debts without facing extra interest or penalties, as […]
The Patna High Court, the demand order u/s 73(10) of the GST ( Goods and Services Tax ) Act should be issued within 3 years from the filing date of the annual return and not the extended due date. The bench of Chief Justice K. Vinod Chandran and Partha Sarthy carried that the extension given […]
The Madhya Pradesh High Court carried that Goods and Services Tax (GST) authorities cannot invoke penal provisions of the Indian Penal Code (IPC) when the alleged offence comes within the GST Act [Deepak Singhal v. Union of India and Others]. A Bench of Justices SA Dharmadhikari and DV Ramana quashed criminal proceedings initiated against a […]
The Madras High Court held that the Goods and Services Tax ( GST ) Department must verify the correctness of tax returns before prompting action u/s 73 of the Tamil Nadu Goods and Services Tax ( TNGST ) Act, 2017. Therefore, the court set aside the demand order. A writ petition has been filed by […]
If due to any unavoidable situation the factory gets closed then it is not obligated to pay the excise duty, the Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) cited. The Bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has marked that “the closure of the factory was not on […]
U/s 69A of Income Tax Act,1961 the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) deleted a Rs. 14 lakh addition made by the Assessing Officer (AO). The addition was based on wrong information concerning a property transaction, where the AO incorrectly recorded the purchase price as Rs. 45 lakhs instead of the […]
The blog discusses the way the new GST registration regulations affect startups, emphasizing the benefits along with the hardships. Goods and Services Tax (GST) execution was an influential event in the economic history of India. Specifically for startups the GST has facilitated the business operation by conducting a complex network of indirect taxes into a […]
