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Most of India’s employed individuals selected the traditional tax structure when filing their returns in the 2023-24 fiscal year, favouring long-term investments over the immediate cash benefits provided by the new system. According to a Policybazaar.com survey, 63% favoured the old tax regime, while 37% opted for the new one. Individual taxpayers can opt for […]
The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. Typically, construction services are subject to an 18% GST rate, yet exceptions exist. Affordable housing projects incur a minimal 1% GST rate, while […]
The officers are only permitted to force the assessee to pay the tax if they do not comply with the requisite process, notwithstanding that the same might be apparent that these taxes are left and liable to get paid, Delhi High Court ruled. Justice Vibhu Bakhru and Justice Amit Mahajan highlighted that the statement of […]
The Supreme Court in a major relief to the Flipkart Internet, has provided a stay on the rejection of the plea by the Patna High Court as non-maintainable for payment of Pre-Deposit for Goods and Services Tax (GST) appeal from Electronic Credit Ledger (ECRL) instead of Electronic Cash Ledger (ECL). The Supreme Court stayed the […]
As per the Patna High Court under Article 226 of the Constitution of India, the extraordinary jurisdiction could not be invoked if the taxpayers’ losses file a legal plea to the Central Goods and Service Tax Act (CGST). The assessment order and the rejected appeal filed were been questioned by the M/s Punit Kumar Choubey […]
The Central Board of Direct Taxes (CBDT) has issued an order, as per notification F.No.225/132/2023/ITA-II dated December 01, 2023, concerning the validity of electronically filed income tax returns with refund demand as mentioned in Section 143(1) of the Income Tax Act, 1961, past the specified timeline in cases not subject to scrutiny. The CBDT has […]
The Honorable Delhi High Court, in the matter of Bansal International v. Commissioner of DGST and Anr., granted the writ petition and ruled that interest at a rate of 6% will be payable for the duration beginning from the day immediately following the expiration of sixty days from the initial application until the submission of […]
The Delhi High Court, in the case of SANTOSH KUMAR GUPTA PROP. MAHAN POLYMERS (The Petitioner) Vs. UNION OF INDIA THROUGH SECRETARY (The Respondent), ordered the refund of GST paid involuntarily and under coercion. The person filing this petition operates a PVC resin trading business called M/s Mahan Polymers as a sole proprietorship. Registered under […]
The collection of Goods and Services Tax (GST) has been exhibiting an upward trajectory yearly since its implementation on July 1, 2017, and the average total monthly collection in the current financial year so far is Rs 1.66 lakh crore, as stated by Finance Minister Nirmala Sitharaman on Monday. In a written response to a […]
