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The Madras High Court in a significant verdict, carried the authority of the State Goods and Services Tax (GST) authorities to restrict the electronic credit ledger (ECL) of firms discovered incorrectly claiming GST input tax credit (ITC) until investigations are concluded. “This Court is of the considered view that the negative blocking is well within […]
The Allahabad High Court While deciding a case relating to Input Tax Credit carried that a quasi-judicial body should furnish a chance of hearing to a person before charging obligation on them. The Division Bench comprising Justice Shekhar B. Saraf and Justice Vipin Chandra Dixit carried that as per the doctrine of audi alteram partem […]
A majority of income tax filers wished to ease the ITRs for individuals in a simpler way to calculate the incentives and deductions and ease the TDS framework for one rate one section, as per the survey of Deloitte. Indeed Deloitte the policy survey of the income tax recommended to prevent the need to issue […]
The Allahabad High Court rendered the State Goods and Service Tax Authorities to not take action towards any assessment year in which the Central Goods and Service Tax Authorities have taken action earlier. The applicant has approached the HC under Article 226 of the Constitution of India against the measures taken via the State and […]
As per the Delhi High Court, an Assessing Officer (AO) cannot compute the other taxpayer’s income in a matter where no addition is made on account of the causes for which the reassessment under section 147 of the Income Tax Act 1961 was initiated. Section 147 provides the authority to the AO to calculate or […]
The state witnessed a 62.93% growth in net GST (goods and services tax) collection during November 2024 compared to the related period last year, Punjab Finance, planning, excise, and taxation minister Harpal Singh Cheema mentioned. Cheema in a statement cited that the total net GST collection up to November this fiscal year shows an increase […]
Under the Central Board of Indirect Taxes and Customs (CBIC) the Ministry of Finance issued Notification No. 27/2024-Central Tax dated November 25, 2024, notifying the list of Goods and service tax commissioner to pass an order to the Directorate General of Goods and Services Tax Intelligence issued notices. On December 1, 2024, the same notification […]
It was cited by the Kerala High Court that financial grants furnished before the taxpayer for encircling daily functional expenses are not entitled as payment (consideration) for any services that the taxpayer may be furnishing and are not accountable to tax. The Bench of Justice Gopinath P. observed that “The assessee has only received grants […]
The Invoice Management System (IMS), effective from October 1, 2024, has been introduced to simplify and standardize the process of claiming Input Tax Credit (ITC) in GSTR-3B returns. Previously, taxpayers would often claim ITC based solely on GSTR-2B without thorough reconciliation, which they used to file for the ITC in their 3B filings. With the […]
