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This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
Dealers cannot be forced to carry forward Input Tax Credit (ITC) from the current system to the Goods and Services Tax (GST) Regime if they opt to claim a refund instead, according to a recent ruling by a single bench of the Madras High Court. On behalf of the revenue, Amirta Dinakaran said that the […]
Many people may not know that there is a constitutional office of the ‘Directorate General of the Goods and Services Tax Intelligence’. The Gujarat High court has in a recent decree held that DGGI officers are completely empowered to issue the summons to the taxpayers as per the Central Goods and Services Tax Act, 2017 […]
During the lockdown, some issues related to Special Economic Zones (SEZs), Export Oriented Units (EOUs), and some general policy have been put forward by stockholders and now on May 15, 2020, the Director-General of Export Promotion (DGEP) clarified all of them in a circular released by the Ministry of Commerce. The circular clarified several issues […]
Finally, Business Process Outsourcing industry is out of the dilemma that was created by the Government of India (GOI) months ago by issuing the circular that imposed 18 percent GST on Information Technology (IT) as well as Information Technology Enabled Services (ITES) companies which cater broker & intermediary services to foreign clients. GOI has now […]
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that a wrong address cited in invoices cannot be a reason to deny CENVAT credit. It was noted by the bench of Rachna Gupta (Judicial Member) that the invoices with the wrong addresses issued via the input service providers comprise all the […]
If the proper e-way bill is presented for the issuance of a seizure order, any differences are solved, directing the unwarranted arrest of the goods, Allahabad HC ruled. Once the E-way bill is produced before the seizure order can be passed, it shall not be stated that the applicant has made any violation of the […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
The council is not estopped from availing a measure against the bogus claim of the ITC only because the firms with which the transactions were alleged to have proceeded were enrolled during alleged transactions, Allahabad HC ruled. Justice Subhash Vidyarthi noted that fraud vitiates the most solemn proceedings and ruled that the I.T.C. benefit had […]
