Tax
Indirect Tax Cases Weekly Round-Up: 16 To 22 June 2024
Bombay High CourtNon-Communication Of SCN To Call Book Is Fatal; Bombay High Court Quashes SCNs Against ICICI Home FinanceCitation: 2024 LiveLaw (Bom) 305Case Title: ICICI Home Finance Company Ltd. Versus UOIThe Bombay High Court, while quashing the show cause notices against ICICI Home Finance Company Ltd., held that non-communication of show cause notices transferred to the call book...
Direct Tax Cases Weekly Round-Up: 16 To 22 June 2024
Bombay High CourtBombay High Court Upholds ITAT's Order Directing Vodafone India To Deposit Rs.230 Crores For Staying Income Tax DemandCitation: 2024 LiveLaw (Bom) 303Case Title: Vodafone India Services Pvt. Ltd. Versus Assistant Commissioner of Income Tax Circle 8(3)(2)The Bombay High Court has upheld the order passed by the Income Tax Appellate Tribunal (ITAT) directing Vodafone India...
ITAT Cases Weekly Round-Up: 16 To 22 June 2024
Income Tax Addition On Unaccounted Sales And Purchases Can't Be Solely Based On Loose Slips: ITAT BangaloreCase Title: ITO Versus M/s. Ramachandra Setty & Sons SRS BuildingThe Banglore Bench of Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition of Rs. 1.36 crore on alleged unaccounted sales and purchases that were solely based on loose slips.Submission Of Form-67 Is...
GST Council Rolls Out Bio-Metric Based Aadhaar Authentication On All-India Basis
The Union Finance Minister, Nirmala Sitharaman in the 53rd GST Council Meeting proposed to roll out biometric based aadhaar authentication on an all-India basis.The GST Council recommended to roll-out the biometric-based Aadhaar authentication of registration applicants on pan-India basis in a phased manner. This will strengthen the registration process in GST and will help in...
GST Council Rolls Out GSTR-1A To Facilitate The Taxpayers To Amend Details In FORM GSTR-1
The Union Finance Minister, Nirmala Sitharaman in the 53rd GST Council Meeting proposed to roll out GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1.The Council recommended providing a new optional facility by way of FORM GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1 for a tax period and/ or to declare additional details, if any, before filing...
Interest Will Not Be Charged On Amount Available In Electronic Cash Ledger Till Due Date: 53rd GST Council Meeting
The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the 53rd GST Council.The council has recommended the amendment of Rule 88B of CGST Rules, 2017 in respect of interest under Section 50 of CGST Act on delayed filing of returns, in cases where the...
53rd GST Council Meeting: Know Recommendations Relating To GST Rates On Goods & Services
The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today.The GST Council made the following recommendations relating to changes in GST tax rates:Uniform IGST Applicable On Components Related To AircraftsA uniform rate of 5% IGST will apply to imports of 'Parts, components, testing equipment, tools...
Regularisation Of Non-Levy Or Short Levy Of GST: 53rd GST Council Meeting
The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. The council proposed the insertion of Section 11A in CGST Act for granting power not to recover duties not levied or short-levitated as a result of general practice under GST Acts.The GST Council recommended inserting a new Section 11A in CGST Act...
Reduction In Amount Of Pre-Deposit Required To Be Paid For Filing Of GST Appeals: 53rd GST Council Meet
The 53rd GST Council Meeting headed by the Union Finance Minister Nirmala Sitharaman has proposed an amendment in Section 107 and Section 112 of CGST Act for reducing the amount of pre-deposit required to be paid for filing of appeals under GST.The GST Council recommended reducing the amount of pre-deposit for filing of appeals under GST to ease cash flow and working capital blockage for...
53rd GST Council Meeting Mandates Notification Setting 3-Months Period For Filing GST Appeals Before GSTAT
The newly appointed Union Finance Minister, Nirmala Sitharaman, headed this meeting. It is the GST Council's first meeting after the 2024 Lok Sabha elections.The GST Council recommended amending Section 112 of the CGST Act, 2017 to allow the three-month period for filing appeals before the Appellate Tribunal to start from a date to be notified by the Government in respect of...
FM Proposes Minimum Threshold Monetary Limit For GSTAT, High Courts And Supreme Court: 53rd GST Council Meet
The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the 53rd GST Council.The Union Finance Minister, Niramala Sitharam, has proposed the Minimum Threshold Monetary Limit for Goods and Service Tax Appellate Tribunal (GSTAT), High Courts, and...
Demand Notices, Interest, And Penalty Will Be Waived Off If Tax Is Paid By March 31, 2025: 53rd GST Council Meet
The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the 53rd GST Council.The council has proposed the insertion of Section 128A in CGST Act, to provide for conditional waiver of interest or penalty or both, relating to demands raised under Section...