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On the 23rd of January 2024, the Central Board of Direct Taxes issued Circular No. 01/2024, elucidating the modifications to the Income Tax Act, 1961, introduced by the Finance Act of 2023. The Finance Act, 2023, approved by Parliament, obtained the President’s assent on March 31, 2023, and is now enacted as Act No. 8 […]
The recent ruling from the Income Tax Appellate Tribunal (ITAT) in the matter between Amit Laroya and ACIT (ITAT Delhi) carries significant implications for the taxation of salary income earned by a Korean resident for services provided outside of India. The central issue revolves around the interpretation of Article 15(1) of the India-Korea Double Taxation […]
In the matter of Sant Ram v. Delhi State GST and Others [W.P No. 15846 of 2023 dated December 11, 2023], the esteemed Delhi High Court granted the writ petition, overturning the decision to cancel GST registration. The court emphasized the necessity for the Proper Officer to autonomously reach a conclusion as stipulated in sub-section […]
Corporate India is anxiously anticipating clear guidelines regarding a potential extension to the sunset period for accessing the discounted tax rate of 15 per cent applicable to companies establishing new manufacturing units. Numerous industry associations have formally requested the Finance Ministry to consider a three-year extension to the concessional tax framework, set to conclude on […]
The Delhi High Court has determined that engaging in the printing and binding of books qualifies as a manufacturing activity eligible for deduction under section 80IC of the Income Tax Act, 1961. The appellant/revenue is challenging the order dated 08.07.2019 issued by the Income Tax Appellate Tribunal. The appellant/revenue contends that the ITAT was unjustified […]
Starting March 1, 2024, the National Informatics Centre (NIC) has announced that certain GST payers must have e-invoice details to generate GST e-way bills. This requirement applies specifically to e-invoice-enabled taxpayers involved in B2B and export transactions. However, for other transactions like B2C, the e-way bill process remains unchanged, operating as usual. Currently, businesses with […]
The Madras High Court has directed the reinstatement of Goods and Service Tax (GST) registrations that were previously cancelled due to non-payment of tax. However, revival is contingent upon clearing any outstanding tax dues. M/S Smt Ready Mix Concrete, the petitioner in this case, contested the actions of the 1st respondent. They aimed to invalidate […]
In a recent decision, the Patna High Court declared that the pre-deposit for upholding an appeal following Section 107(6)(b) of the CGST/SGST Act can only be made using funds from the Electronic Cash Ledger, not the Electronic Credit Ledger. The division panel, consisting of Justices Madhuresh Prasad and Chakradhari Sharan Singh, concluded that the pre-deposit […]
Section 74(1) of the Central Goods and Services Tax Act, 2017 states that if the proper officer suspects non-payment, short payment, erroneous refund, or wrongful availing/utilization of input tax credit due to fraud, willful misstatement, or suppression of facts to evade tax, they must serve a notice to the person liable for the unpaid tax […]
