16 Dec, 2024
Complex GST Slabs Fuel Illicit Trade Growth India’s ambitious Goods and Services Tax (GST) regime aims to simplify taxation. However, the introduction of complex GST slabs may be unintentionally fostering illicit markets, particularly in sectors like tobacco and textiles. This article explores how these multiple slabs encourage illegal trade, impacting the economy and legitimate businesses. […]
Read More16 Dec, 2024
Section 107 and Limitation: GST Appeals Can Get Second Chance Procedural Delays and GST Appeals: An Important Case Section 107 limitation has been a challenge for many GST taxpayers. The recent case of Anand Kumar Hirawat highlights how procedural delays can be addressed fairly under the GST framework. The Background of the Case Anand Kumar […]
Read More16 Dec, 2024
Hearing Opportunity a Must Before Blocking ITC In a recent case, “Hearing opportunity a must before blocking ITC” has emerged as a critical principle of justice. The case sheds light on the need for procedural fairness when tax authorities invoke Rule 86A of the Central Goods and Services Tax (CGST) Rules to block Input Tax […]
Read More16 Dec, 2024
Denying ITC for Late Returns Penalizes Taxpayers Twice The recent court decision addressing denying ITC for late returns highlights how procedural delays shouldn’t lead to double penalties for taxpayers. The case, involving multiple writ petitions, challenged the disallowance of Input Tax Credit (ITC) due to delayed GST return filings for FY 2018-19. Let’s break down […]
Read More16 Dec, 2024
GoM Requests Extension for GST Compensation Cess Report The Group of Ministers (GoM) on GST compensation cess has announced plans to request a 6-month extension for finalising their report. Initially set for December 31, the extension reflects the complexity of discussions surrounding the cess’s future. Minister of State for Finance and GoM Chairman, Pankaj Chaudhary, […]
Read More14 Dec, 2024
Financial inclusion in India has seen a significant transformation, thanks to government initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). These schemes aim to provide essential financial services to the underbanked and unbanked populations. Let’s explore their impact, challenges, and potential for the future. 💼 PMJDY: […]
Read More14 Dec, 2024
Key Tax Benefits for Cooperative Societies Announced by Amit Shah The recent announcements in the Rajya Sabha by Amit Shah have provided significant tax benefits and relief measures for cooperative societies. These changes are designed to support rural communities, particularly those engaged in farming, dairy, and manufacturing activities. Here’s a detailed breakdown of these key […]
Read More14 Dec, 2024
Income Tax Slabs FY 2024-25: New & Old Regime Compared The Indian income tax system offers two regimes: the new regime with simplified rates and the old regime with deductions. Choosing the right one can maximise your savings. Let’s explore the income tax slabs for FY 2024-25 under both regimes, the key changes, and their […]
Read More14 Dec, 2024
Mastering Tax Litigation Reading: Microscopic vs. Eagle-Eye In the world of tax litigation reading, success often depends on how you approach legal documents. Some dive into granular details, while others scan for critical insights. Let’s explore these two reading styles—microscopic and eagle-eye—and how each can lead to courtroom victories. 🔍 Microscopic Reading: Precision and Detail […]
Read More13 Dec, 2024
Promoting Transparency Through e-Verification The e-Verification Scheme 2021 was launched by the Income Tax Department on 13th December 2021 to enhance transparency in India’s tax system. This initiative identifies mismatches between filed Income Tax Returns (ITRs) and financial transactions in the Annual Information Statement (AIS). By addressing discrepancies, taxpayers can file Updated Returns under Section […]
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