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GST Credit Note - Returned Goods - Applicable Rate - Original Invoice Rate - Revised One - taxscan

GST Credit Note on Returned Goods: Applicable Rate is Original Invoice Rate, not the Revised One

Manu Sharma

Taxpayers often face confusion over the rate of GST applicable when goods sold at one tax rate are returned after a subsequent reduction. The...

AAR rejects Rice Exporter’s Application on Packaged Rice citing Ongoing GST Audits [Read Order]

Old vs New Tax Regime: Which One to Choose While Filing ITR

Taxation of AOP: ITAT Allows Normal Tax Rates for Charitable Trust, Sets Aside CIT(A)’s Order [Read...

Income Tax Bill 2025: Proposed Changes in Salary, Pension, and Gratuity Deductions [Read Bill]

Determinate Beneficiaries to be Taxed as “Individual”, Not as “Association Of Persons” at Marginal Rate: ITAT [Read Order]

In a recent ruling, the Income Tax Appellate Tribunal ( ITAT ) "SMC" Bench in Mumbai, ruled that determinate beneficiaries should be taxed as “Individual” and not as “Association Of Persons” at a...

54th GST Council Meeting: Changes/Clarifications in GST Rates of Goods

The Union Finance Minister Nirmala Sitharaman chaired the 54th meeting of the GST Council today (9th September 2024) at Sushma Swaraj Bhawan in New Delhi. The Union Minister of State for Finance...

No Refund of Unutilized ITC for Non-Edible Neem Oil and Neem Cake: AAR [Read Order]

The Uttar Pradesh Authority for Advance Ruling ( AAR ) has ruled that there will be no refund of unutilized Input Tax Credit ( ITC ) for non-edible neem oil and neem cake due to the disparity in tax...

AAR - Authority for Advance Ruling - ITC - Input Tax Credit - Tax on Neem Oil - TAXSCAN

Interim Budget 2024: Outstanding Direct Tax Demands withdrawn up to ₹ 25,000 pertaining to Period up to FY 2009-10

In the Interim Budget 2024, the Central Government withdrew Outstanding direct tax demands up to ₹ 25,000 pertaining to period up to FY 2009-10. “I propose to withdraw such outstanding direct tax...

interim Budget 2024 - Budget 2024 - Outstanding Direct Tax - Direct Tax - taxscan

Government Slashes Windfall Tax on Crude Petroleum by to 1,300 per Tonne [Read Order]

The Central Government has dropped the windfall tax on crude petroleum by Rs, 1.,300 per tonne to Rs. 5000 per tonne. The reduction in the windfall tax from Rs 6,300 to Rs 5,000 per tonne represents...

Windfall Tax - Crude Petroleum - Central Government - windfall tax on crude petroleum - TAXSCAN

Toyota Pushes for 21% Tax Cut on Hybrid Vehicles, Emphasising Environmental Benefits

Toyota Motor is actively involved in lobbying the government, calling for a significant tax reduction on hybrid vehicles, according to a Reuters report. The company is pushing for a substantial 21...

Toyota Pushes -Tax Cut - Hybrid Vehicles-Emphasising- Environmental Benefits-TAXSCAN

Karnataka Elections and Tamil Nadu Ministerial Council Shuffles Impact GST Council, Decision on Online Gaming may face Delays

The recent Assembly election in Karnataka and the Ministerial council shuffle in Tamil Nadu have necessitated the reconstitution of at least three Ministerial panels responsible for recommending...