- 20 Aug 2024 06:34 PM
- New
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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- 20 Aug 2024 06:02 PM
- New
Small businesses still outside the formal structure? There exist challenges.
Last month, we celebrated seven years of the rollout of the goods and services tax (GST). Its promise has been the elimination of the cascading impact of a tax on tax, inbuilt interlocking incentives which improve compliance, less tax leakage and the removal of friction in commerce across state boundaries.
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- 20 Aug 2024 06:07 PM
- New
‘Ketchup sachets have a quality check, but not India’s gaming sector’
Facing a 28% tax and state bans, India's online gaming sector struggles with funding and legality issues. The E-Gaming Federation calls for a whitelist and stronger regulatory framework to protect consumers and attract investments.
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- 20 Aug 2024 06:09 PM
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 06:14 PM
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 06:25 PM
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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- 20 Aug 2024 06:19 PM
Ask before issuing tax notice where law is prone to interpretations: CBIC to officials
New Delhi: After a flurry of tax notices that rattled businesses and clouded tax certainty, India's top authority on indirect taxes has stepped in.
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- 20 Aug 2024 06:30 PM
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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- 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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