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GST Rate Debate: Extruded vs. Non-Extruded Snacks
Government Clarification Sparks Debate in Food Industry Recent government clarification has sparked a debate within the food industry, particularly regarding the classification of snacks into extruded and non-extruded categories. According to industry sources consulted by FE, this distinction has significant implications for the Goods and
Enhancing Tax Compliance: Income Tax Department’s Actions
Proactive Measures to Enhance Tax Compliance The Income Tax Department is taking proactive steps to enhance tax compliance among taxpayers by addressing potential discrepancies between reported Income Tax Returns (ITRs) and the Department’s records of specific financial transactions for the
ICAI’s Tri-Annual Exams: More Opportunities for Aspirants
ICAI’s New Exam Schedule: Tri-Annual Exams The Institute of Chartered Accountants of India (ICAI), the world’s largest accounting body, has made a significant change to its exam schedule. Instead of the previous bi-annual exams in May and November, ICAI will now hold exams three times
Boosting Tax Compliance: Income Tax Department’s E-Campaign
Introduction In an effort to promote fair and accurate tax compliance, the Income Tax Department has launched a pioneering e-campaign targeting individuals and entities whose tax payments for the Financial Year 2023-24 do not align with their financial transactions during the same period. Campaign Overview
Mumbai Busts Massive GST Invoice Scam: Rs 25.73 Crore Fraud Exposed
Scam Uncovered in Mumbai: Fictitious Firms in GST Fraud In a startling revelation, authorities in Mumbai have unearthed a sophisticated scam revolving around counterfeit Goods and Services Tax (GST) invoices. This elaborate scheme aimed to falsely claim an astronomical Rs 25.73 crore in GST input
India-EFTA TEPA: A New Era in Global Trade Relations
India-EFTA TEPA: A Landmark in Global Trade India has taken a momentous stride in its global trade relations with the signing of a groundbreaking Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) on March 10, 2024. This landmark agreement signifies
CESTAT Ruling: Clarifying Service Tax Imposition Criteria
CESTAT Ruling on Service Tax Imposition The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) recently ruled that the imposition of service tax requires the identification of the specific service provided and consideration received. Conditions for Service Tax Imposition The bench, comprising
“Taxation Challenges Amidst Government Transitions”
Navigating Taxation Amidst Governmental Transitions The gaming sector finds itself in a state of anticipation as it awaits a review of the 28% goods and services tax (GST) imposed last October. However, the path to this review is riddled with complexities, especially considering the ongoing
Tax Fairness: M/S Sanjay Sales Agency v. State of U.P.
Comment The court’s decision to set aside the penalty order and direct a fresh assessment aligns with principles of fairness and adherence to legal requirements. It underscores the importance of establishing intent to evade tax before imposing penalties under Section 129 of the GST Act.
CA Shafaly GirdharwalMar 10, 2024Enhancing Time Constraints: M/S Garg Enterprises vs. CGST Appellate Authority
Comment The Court supported the petitioner’s argument, affirming that the Act establishes a distinct limitation period, thereby exempting the relevance of Section 5 of the Limitation Act. Pleading The petitioner, through their counsel, argued that the appeal should not have been dismissed solely on the
CA Shafaly GirdharwalMar 10, 2024Fair Hearing: M/S Gaurav Enterprises vs. State of U.P.
Comment The court allows the present writ petition, setting aside the order dated 25.11.2022, and remits the matter to the Assistant Commissioner, State Tax, Sector-6, Aligarh, to issue a fresh notice with a specified date for the hearing. This decision aligns with the judgment in
CA Shafaly GirdharwalMar 10, 2024Taxpayer’s Appeal Denied: Department v. Taxpayer”
Comment The Taxpayer wanted to file an appeal after the time mentioned in CGST Act. They argued that the limitation act is relevant here. The court denied their plea and said that the CGST Act is a complete code in itself. Pleading To grant permission
CA Shafaly GirdharwalMar 10, 2024