- 20 Aug 2024 06:14 PM
- New
Top news on August 19: Sensex ends flat, PM Modi to visit Ukraine, BJP demands Mamata Banerjee’s resignation & more
Top news on August 19: Sensex ends flat, Nifty 50 closes 0.2% higher led by metal, PSU Bank, energy stocks. PM Narendra Modi to visit Ukraine on August 23, says MEA. BJP demands resignation of West Bengal CM over Kolkata doctor's rape-murder.
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- 20 Aug 2024 06:09 PM
- New
Finance Ministry should identify high-risk taxpayers in the GST composition scheme: CAG
After analyzing data from 8.66 lakh composition taxpayers under central jurisdiction during the 2019-20 to 2021-22 fiscal years, the CAG found that many GST taxpayers are at significant risk of exceeding the turnover threshold for the composition levy scheme (CLS).
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- 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 06:34 PM
GST Council Newsletter July 2024
Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-july-2024.html
The GST Council Secretariat, New Delhi, marks the completion of 7 years of GST on July 1, 2024, reflecting ongoing efforts to simplify taxation and enhance compliance. Significant amendments were introduced in the Union Budget 2024, including a uniform time limit for issuing demand notices under Section 74A of the CGST Act, applicable from FY 2023-24. Further relief includes the waiver of interest and penalties for demands under Section 73, provided full tax payment is made by March 31, 2025. Recent circulars address various issues: Circular No. 223/18/2024 reassigns responsibilities to Central Tax Superintendents following changes in GST back-office operations; Circular No. 224/18/2024 provides guidelines for recovering outstanding dues where GST Appellate Tribunals are yet to be operational; and Notification No. 12/2024-CT introduces a new form for taxpayers to adjust mistakenly paid amounts. Finally, Circular No. 225/19/2024 clarifies taxability and valuation issues related to corporate guarantees between related persons. These developments aim to enhance clarity and streamline compliance under the evolving GST regime.
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- 17 Aug 2024 06:13 PM
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 06:41 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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