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The Madras High Court, in its recent decision, observed that a business setback and an accountant’s failure to file GST (Goods and Services Tax) returns constitute a genuine cause. Hence, the GST Network must allow the taxpayer to file the returns. In a petition filed by Tvl. Premium Tyres Private Limited, the applicant whose GST […]
The Ministry of Finance, in a bid to ease the process of tax compliance, has launched distinct initiatives that have the motive to facilitate both the income tax and Goods and Services Tax (GST) procedures, for targeting small taxpayers. Such measures simplify the tax filing, lessen operational complexities, and promote compliance among small businesses and […]
Ernst & Young mentioned that the Union Budget 2025-26 must give priority to furnishing tax relief before the common taxpayers via raising the basic exemption limit in the updated tax regime and lessening the compliance load on small and medium enterprises. It was recommended by the global consulting firm that the basic exemption threshold in […]
A Penalty Order claimed by the Revenue has been dismissed by the High Court of Andhra Pradesh at Amaravati noting that Form GST MOV 07 issued u/s 129(3) of the Central Goods and Services Tax Act, 2017 ( CGST Act ) specifies the provision of seven days time to issue a reply towards a Show-Cause […]
An audit report computing the liability for tax dues is not a notice or an order of determination as reflected u/s 106(1) of the Finance Act, 2013, Delhi High Court ruled. Section 106 cited the person who might make tax dues declaration. It was mentioned under sub-section (1) that any individual may declare his tax […]
The measure to improve the Input tax credit ecosystem via an Invoice management system (IMS) may add another layer of compliance to the GST taxpayers, tax experts mentioned. As per the GST portal, the updated system has the objective of easing the assessees in matching their records/invoices vis-a-vis issued via their suppliers for claiming the […]
A complete review of the Income Tax Act has been initiated by the government, inviting public input on major areas for reform. It was notified by the Central Board of Direct Taxes (CBDT) that it has made an internal committee to concentrate on easing the language, decreasing the litigation and compliance loads, and deleting outdated […]
The Goods and Services Tax (GST) Council, the federal indirect tax agency, has been urged to address the challenges faced by small enterprises and combat GST fraud. Amit Mitra, the principal chief advisor to West Bengal Chief Minister Mamata Banerjee, has written a letter to Union Finance Minister and GST Council Chairperson Nirmala Sitharaman, expressing […]
The Punjab and Haryana High Court has cancelled the assessment order and consequent notice of demand and penalty proceedings due to non-compliance with the process glorified in clauses (vii) and (viii) of Section 144-B(6) of the Income Tax Act. The assessment of the orders and demand notices would have passed for the breach of the […]
