- 20 Aug 2024 06:30 PM
- New
Supreme Court Revives GST on Mining Royalties
Source: https://taxguru.in/goods-and-service-tax/supreme-court-revives-gst-mining-royalties.html
Summary: Supreme Court in Mineral Area Development Authority of India overturned its previous ruling in India Cements, which had ruled that royalty is a tax and therefore GST could not be imposed on it. This decision revived the levy of GST on mining royalties, with an 18% GST on reverse charge basis for the service recipient and 5% GST on output supplies. No refunds are available for inverted rate supplies. The Court applied this decision retroactively from April 1, 2005, allowing recovery in 12 yearly installments and waiving interest and penalties. Taxpayers can seek similar relief and apply for waivers of interest and penalties by paying the tax by March 31, 2025. Immediate action is recommended.
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- 20 Aug 2024 06:25 PM
- New
Government steps up fight against fake GST registrations
India's tax authorities are on a warpath against businesses that exist only on paper. The Central Board of Indirect Taxes & Customs (CBIC) has announced a nationwide special drive targeting fake GST registrations. Set to run from 16 August to 15 October, this initiative seeks to safeguard government revenues and ensure the integrity of the tax system.
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- 17 Aug 2024 06:13 PM
- New
Superintendent Sentenced in Bribery Case; GST Officers Under Probe
The Special Judge for CBI Cases in Ahmedabad has sentenced Hashmukh Chhaganbhai Rathod, the former Superintendent of Service Tax, Range, Nadiad, to five years of rigorous imprisonment and a fine of Rs. 30,000. Rathod was convicted for soliciting a bribe of Rs. 2,000 to grant a Registration Certificate (Service Tax Code) to a complainant’s firm. The bribe was solicited on April 24, 2014, and Rathod was caught red-handed on April 25, 2014, following a CBI sting operation. The investigation led to his arrest and subsequent sentencing. Additionally, the CBI has registered a case against two officers from the GST Commissionerate in Hyderabad, including a Superintendent and an Inspector. The officers are accused of demanding Rs. 5 lakh as bribe from a complainant, threatening to impose GST and seizing the complainant’s iron scrap shop. They allegedly demanded an additional Rs. 3 lakh to release the seized premises. Searches conducted by the CBI in Hyderabad resulted in the recovery of incriminating documents, and the investigation is ongoing.
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- 16 Aug 2024 05:58 PM
DGGI sends over 1,000 tax notices to businesses before 5 August cut off date
The notices were issued across industries and states as the extended statutory period for issuing notices for short payment of taxes or fraudulent use of tax credits, wilful misstatement or suppression of facts was coming to an end on 5 August
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- 15 Aug 2024 04:28 PM
Seven economic moments to remember since 1947
India’s economy has come a long way since Independence. This has been possible due to some path-breaking economic decisions taken along the way. As India celebrates its 78th Independence Day, Mint looks at some of those decisions that fuelled the country’s economic growth and made its economy the fifth largest in the world.
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- 15 Aug 2024 04:34 PM
Capital gains, GST, TDS: Understanding tax implications in joint development agreements
Landowners looking to develop their property often turn to joint development agreements (JDAs) as a means to share construction burdens with a builder. In this arrangement, the landowner provides the land in exchange for completed flats and potential additional compensation. While the concept is simple, the tax implications can be intricate.
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- 14 Aug 2024 06:01 PM
GST on insurance premium: Council could meet next month to debate
GST on insurance premium: Council could meet in September to debate. Details here
Union Minister of Road, Transport and Highways Nitin Gadkari had urged Finance Minister to remove the 18 per cent GST on life and medical insurance premiums
- 13 Aug 2024 06:50 PM
Govt to launch all-India drive to weed out fake GST registrations from 16 August
The two-month-long drive will detect suspicious or fake GST registrations and do a thorough verification to weed out entities engaging in fake invoicing
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- 13 Aug 2024 06:41 PM
GST Council likely to meet in early September, discuss dispute resolution, rate rejig
The GST Council aims to minimize tax disputes by issuing clarifications and addressing industry-specific issues, particularly in sectors like software exports and airlines
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- 13 Aug 2024 06:44 PM
DGGI to scrutinize Infosys tax liabilities year by year, to take up FY19 next
This follows ₹32,400 crore tax dues claimed by the DGGI for the five years ended FY22.
The dispute hinges on whether reimbursements by Infosys' Indian headquarters to its overseas units constitute taxable service import.