Top 10 GST News of September
The Income Tax Appellate Tribunal, Bench “A”, Mumbai, has, recently while allowing an appeal filed by the Revenue, held that amortization of expenses under section 35 D can be allowed only on satisfying the conditions as prescribed for the same. The aforesaid observation was made by the tribunal when an appeal was preferred before it […]
The Income Tax Appellate Tribunal (ITAT)“B” Bench, Mumbai, has, recently, in an appeal filed before it by the assessee, held that service charges accrued but not received, cannot be treated as the assessee’s income. The aforesaid observation was made by the Tribunal when the assessee, a Government of India undertaking, popularly called as “NABARD”, preferred […]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai bench has directed the Central Board of Indirect Taxes and Customs (CBIC) to take appropriate measures to take care of issues relating to non-following of judicial decisions by the excise department. The appellant, Asmaco Industries Limited, is in the business of manufacturing of ‘tape’ of […]
In a major relief to Creative Travels Pvt Ltd, the Principal Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT), New Delhi held that the amount expended for tour operation activities conducted outside India is not taxable while deciding on two cross appeals between the assessee and revenue. In the impugned order passed by […]
The Central Board of Indirect Taxes and Customs (CBIC) has notified the increase of basic customs duty and AIDC on the import of platinum. As per a notification issued on Monday, the Board said that “Goods, other than the following: – (a) Platinum and Palladium for use in the manufacture of: – (i) all goods, […]
The Central Board of Indirect Taxes and Customs (CBIC) in a notification no. 46/2022-Customs dated 31st August, 2022, has extended existing concessional import duties on specified edible oils up to March 31, 2023. The move is aimed at increasing domestic supply and keeping prices under control. The concessional customs duty on edible oil import has been extended by […]
A two-judge bench of the Madras High Court has denied the benefit of exemption of urban land tax to Chennai Port Trust under the provisions of the Tamil Nadu Urban Land Tax Act of 1996. While considering an appeal filed by the State, Chief Justice Amreshwar Pratap Sahi and Justice Senthilkumar Ramamoorthy ruled that the […]
The Lieutenant Governor (LG) of Jammu and Kashmir, Manoj Sinha while Putting speculations to rest said that the Union Territory administration would not levy any property tax on the people in Jammu and Kashmir. Earlier this month, the Union home ministry had empowered the union territory’s administration to impose the property tax following an amendment […]
In a recent development, a division bench of the Supreme Court will be hearing the challenge against a rule issued by the Institute of Chartered Accountants of India (ICAI) barring members from accepting more than the “specified number of tax audit assignments”. Currently, the upper limit is set at 60 in a financial year. This...
GST was designed as a self-assessment tax with provisions for audit and assessment in fit cases. Today, GST audits and assessment are picking up pace. Especially, taxpayers with registrations across India are required to deal with State-wise audit parties (from the Central or State tax authorities), often simultaneously. Issues/audit observations are common across jurisdictions but, […]
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