Tax
49th GST Council Meeting: Know The Measures For Facilitation Of Trade
The 49th meeting of the GST Council was held on 18th February 2023 at Vigyan Bhawan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Nirmala Sitharaman.The measures for the facilitation of trade were:Extension of time limit for application for revocation of cancellation of registration and one-time amnesty for past casesThe Council has...
49th GST Council Meet: Approves Report Of GoM On Capacity Based Taxation & Special Composition Scheme In Certain Sectors
The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman approved the report of GoM on capacity-based taxation and special composition scheme in certain sectors on GST.The Council accepted the GoM's recommendations to stop the leaks and increase revenue collection from goods like pan masala, gutkha, and...
49th GST Council Meeting: Centre To Clear Entire Pending Balance GST Compensation For June 2022
The 49th meeting of the GST Council was held on 18th February 2023 at Vigyan Bhawan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.The government of India has decided to clear the entire pending balance GST compensation of Rs. 16982 crores for June 2022.Due to the lack of funds in the GST compensation fund, the center made...
No Incriminating Material Found During Search: Madhya Pradesh High Court Dismisses Department’s Appeal
The Madhya Pradesh High Court's Indore Bench dismissed the department's appeal, ruling that no incriminating documents were discovered during the search.The division bench of Justices Sushrut Arvind Dharmadhikari and Prakash Chandra Gupta observed that the order in appeal did not suffer any illegality that would give rise to a proposed substantial question of law.The department raised the...
CBDT Notifies Authority To Share Info Of Income-Tax Assessees For Proper Implementation Of Welfare Schemes In Tamil Nadu
The Central Board Of Direct Taxes (CBDT) has notified the Authority for sharing of information regarding income-tax assessees for Centrally sponsored schemes and welfare schemes for Tamil Nadu.The Secretary (Information Technology & Digital Service Department), Directorate of e-Governance, Government of Tamil Nadu has been notified by the Board empowered under Section 138 of the Income...
Tax Cases Weekly Round-Up: 12 February To 18 February 2023
Delhi High Court Delhi High Court Stays Reassessment Order Based On Internal Audit Objection Case Title: Kum Kum Kohli Versus ACIT The Delhi High Court has stayed the reassessment order based on an internal audit objection. The division bench of Justice Rajiv Shadher and Justice Tara Vitasta Ganju has observed that the expression "any audit objection" was introduced only by...
GSTIN Introduces Negative Values in Table 4 of GSTR-3B
The Goods and Service Tax Network (GSTN) has introduced negative values in Table 4 of GSTR-3B.The government has notified a few changes in Table 4 of Form GSTR-3B to enable taxpayers to report correct information regarding ITC availed, ITC reversals, and ineligible ITC. According to the changes, the net ITC is to be reported in Table 4(A), and the ITC reversal, if any, is to be reported in...
GST Act Can’t Be Interpreted To Deny Right To Carry Trade And Commerce By Citizens: Bombay High Court
The Aurangabad Bench of the Bombay High Court has held that the provisions of the GST enactment cannot be interpreted so as to deny the right to carry on trade and commerce to any citizen or subject."The constitutional guarantee is unconditional and unequivocal and must be enforced regardless of shortcomings in the scheme of GST enactment. The right to carry on trade or profession cannot...
IBC Has Overriding Effect On All The Acts Including Income Tax Act: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the Insolvency and Bankruptcy Code (IBC) has an overriding effect on all acts, including the Income Tax Act, as per Section 178(6) of the Income Tax Act, effective from November 1, 2016.The bench of Yogesh Kumar U.S. (Judicial Member) and Pradip Kumar Khedia (Accountant Member) has observed that no proceedings can...
Notification Under S. 5 of FTDR Act Can’t Be Applied Retrospectively To Refuse Advance Authorization To Importer: Delhi High Court
The Delhi High Court has ruled that a notification issued under Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (FTDR Act), which empowers the Central Government to formulate and announce the foreign trade policy, cannot be applied retrospectively by the Central Government. The bench of Justice Prathiba M. Singh held that once a notification issued under Section 5...
Mosquito Repellent 'Good Knight' Is An Insecticide, 4% VAT Applicable: Orissa High Court
The Orissa High Court has held that the mosquito repellent "Good Knight" sold by Godrej Sara Lee Ltd. is an insecticide.The division bench of Chief Justice S. Muralidhar and Justice M.S. Raman has upheld the order of the tribunal and noted that the mosquito repellant is an insecticide within the meaning of that expression in Entry 30 of Part II of Schedule B and, therefore, a 4% tax...
No Excise Duty Payable On Empty Barrels Used Only For Packing Material: CESTAT
The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that no excise duty is payable on empty barrels used only for packing material.The two-member bench of Justice Dilip Gupta (President) and P.V. Subba Rao (Technical Member) has observed that the empty barrels are only packing materials in which the inputs are received, and these barrels are not...