Q1 Tax Revenue Likely to Exceed budgeted Growth
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Q1 Tax Revenue Likely to Exceed budgeted Growth

The government expects its tax revenues in the first quarter to exceed budgeted growth but is likely to stick to the interim budget revenue estimates in the full budget. Officials said the full-year projection in the interim budget was realistic and arrived at after taking into account multiple factors including global headwinds. “With continuity in…

Top Court Admits Petition Against GST on Realty JVs
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Top Court Admits Petition Against GST on Realty JVs

The Supreme Court has admitted a petition challenging imposition of goods and services tax (GST) on the transfer of development rights within joint development agreements between realty developers and landowners. The court has issued notices to the Union government, GST Council and Central Board of Indirect Taxes and Customs (CBIC), seeking their replies to the…

New Functionality in AIS Rolled out for Taxpayers
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New Functionality in AIS Rolled out for Taxpayers

In a move towards making the tax filing system more transparent, the Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) that will allow taxpayers to share feed- back on every transaction displayed therein, confirm any transaction listed and provide response on the feedback on a real-time…

GST on Croporate Guarantees: SC to Offer Clarity, say Officials
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GST on Croporate Guarantees: SC to Offer Clarity, say Officials

A clarity on the contentious provision of levying GST on corporate guarantees between two related entities will emerge only after the Supreme Court gives its final word on the subject, and until then, holding companies are likely to keep getting demand notices, a section of GST officials told ET. Several companies caught in the crosshairs…

Authorized Car Dealers Can Claim ITC on Demo Cars: AAR
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Authorized Car Dealers Can Claim ITC on Demo Cars: AAR

Registered automobile dealers can claim input tax credit (ITC) on cars that are used for demonstration to potential customers, commonly known as demo cars, the West Bengal bench of the GST Authority for Advance Ruling (AAR) has ruled. Landmark Cars East Pvt. Ltd, an authorized agent of Mercedes Benz, had filed an application before the…

Central & state GST officials to conduct joint audits of firms

Central & state GST officials to conduct joint audits of firms

Central and State Goods and Services tax (GST) officials will jointly conduct audits of businesses under the indirect tax regime from this financial year, a relief for taxpayers and dual investigations. As per industry estimates, there are about 11,000 such cases of dual investigation by both the central and state authorities or under litigation. Several…

CBIC Issues SOP for Officials to Prevent Taxpayer Harassment
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CBIC Issues SOP for Officials to Prevent Taxpayer Harassment

The Central Board of Indirect Tax and Customs (CBIC) has approved a detailed standard operating procedure for officials of the Directorate General of GST Intelligence (DGGI) with specific instructions regarding their conduct during tax investigation, summons and searches to improve the ease of doing business and to prevent any incident of harassment to taxpayers. The…

HC Stays ₹80cr GST Demand on Hyundai Seconded Employees Pay
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HC Stays ₹80cr GST Demand on Hyundai Seconded Employees Pay

The Madras HC has stayed a GST demand of about ₹80 crore on salary paid by Hyundai Motors to seconded employees. The company had challenged the December 23, 2023 tax demand notice from the GST authorities, which had considered the entire salary amount paid to seconded employees as taxable. Secondment, a common practice among global…

 Wherehouse? Spice, Dry Fruit Importers Facing GST Heat
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 Wherehouse? Spice, Dry Fruit Importers Facing GST Heat

The Goods and Services Tax (GST) authorities have served notices to about 50 importers of spices, dry fruits, processed food and poultry over of storage of products at warehouses different from the actual place of supply, barring claim of input tax credit while seeking additional tax payment of an estimated ₹1,000crore, said people with knowledge…