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The Bombay High Court ruled that the authority must pay ₹71.31 lakh as interest on the refund of illegally collected IGST (Integrated Goods and Services Tax) under the Reverse Charge Mechanism (RCM) on ocean freight. Justices M.S. Sonak and Advait M. Sethna considered that the applicant had submitted IGST, which the respondents used up to […]
The Chhattisgarh High Court has made a significant ruling concerning Bharat Aluminium Company Limited (BALCO) regarding Input Tax Credit (ITC) on Compensation Cess related to imported coal. The court dismissed BALCO’s appeal, stating that the ITC for Compensation Cess is not permissible for electricity generated and supplied to an employee township. The judgment emphasises that […]
The Bombay High Court recently determined that under Rule 86A of the Central Goods and Services Tax (CGST) Rules, 2017, Input Tax Credit (ITC) cannot be restricted if the taxpayer’s electronic credit ledger shows a nil balance on the date the blocking order is issued. This ruling emphasises the conditions under which ITC can be […]
The Raipur ITAT has refused an appeal associated with a tax penalty under Section 271(1)(b) of the Income Tax Act. This judgment arrived after the appellant, who appealed, decided to fix their tax issues via the Direct Tax Vivad Se Vishwas Scheme, 2024. Rakesh Kumar, resident of Bhilai, has submitted the appeal against the order […]
Taxpayers can now make GST payments using the Unified Payments Interface (UPI) and debit/credit cards introduced under the Goods and Services Tax Network (GSTN). This decision is expected to ease tax compliance by offering faster, more flexible, and user-friendly payment options. In 24 States and Union Territories, including Delhi, Maharashtra, Karnataka, Gujarat, Tamil Nadu, Kerala, […]
The Supreme Court of India has rejected a request from the Union of India regarding the refund of unused taxes related to a system where higher tax rates apply to goods that are typically bought rather than sold. The Court pointed out that this matter had already been resolved in a past decision. Furthermore, the […]
The Chandigarh Chartered Accountants Taxation Association (CCATAX) has reached out to the Central Board of Direct Taxes (CBDT) to request an extension on the deadline for filing income tax returns and completing tax audits for the financial year 2025-26. Data mismatches between AIS and Form 26AS, server crashes, session timeouts, etc, are the problems that […]
The Indian Medical Association (IMA) has requested the central government to remove the GST on a wide range of essential and lifesaving medicines. This contains drugs for treating high blood pressure, diabetes, cancer, and heart conditions. The government needs to consider reducing GST on medical equipment, as they are the backbone of healthcare delivery, IMA, […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed Schindler India Private Limited, a leading elevator and escalator manufacturer, to exclude ₹1,09,72,163 written off as bad and doubtful debts from its book profits while computing Minimum Alternate Tax (MAT) under Section 115JB of the Income Tax Act, 1961. Before the ITAT, Schindler […]
