News
Extension of time limits provided by TOLA applies to limitation period provided for reopening of assessment and for grant of sanction
23 October 2024
The provisions relating to reopening of assessments, as they stood prior to the Finance Act, 2021, were contained in Sections 147 to 151 of the Act (‘Old Law’). Under the Old Law, if the AO had reasons to believe that an income chargeable to tax has escaped assessment, then the AO could reopen the assessment by issuing a notice u/s. 148 of the Act. Such notice could have been issued within 4 / 6 years from end of relevant assessment year.
GST – ITC is available on construction of ‘plant’ for letting out
10 October 2024
The Supreme Court has held that if the building in which the premises are situated qualifies for a ‘plant’, Input Tax Credit (ITC) can be allowed on goods and services used in setting up the immovable property, which is a plant.
Compressors used in car air-conditioners are classifiable under TI 8414 80 11 – SC decision in Westinghouse distinguished
03 October 2024
The CESTAT Bench at Chennai has held that air compressors for use in car air-conditioners are classifiable under Tariff Item 8414 80 11 of the Customs Tariff Act, 1975 wherein Heading 8414 covers ‘Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters’. The assessee was represented by Lakshmikumaran & Sridharan Attorneys here.
GST Council’s recommendation is mandatory if Central/State Act stipulates an act to be done on such recommendations
26 September 2024
The Gauhati High Court has held that the recommendations to be made by the GST Council, if required as per the provisions of the Central Act or the State Act, has to be construed to be a sine qua non for exercise of power by the Union or the State Government.
Free electricity to States is prima facie not ‘consideration’ – HP HC grants interim relief on GST demand, observing that service tax demand dropped
25 September 2024
The Himachal Pradesh High Court has granted interim relief to the assessee in a case where the Revenue department had alleged that the supply of free electricity/power @12% to the States was nothing but ‘consideration’ towards licensing services rendered by the State governments.
Competition law in India – Deal Value Threshold and other changes notified
12 September 2024
By way of five separate notifications dated 9 September 2024, the Ministry of Corporate Affairs (‘MCA’) has notified the following provisions, rules and regulations under the Competition Act, 2002 (‘Act’).
54th Meeting of GST Council – Highlights of important recommendations
10 September 2024
The GST Council has yesterday (9th of September) in its 54th Meeting recommended a number of changes in rates of GST for various goods and services, while also recommending various measures for facilitation of trade and for streamlining compliances in GST. A few important measures and changes are highlighted below. It may be noted that these changes will come into force only after a suitable notification(s) and circular(s) are issued by the CBIC for the purpose.
Direct Tax Vivad Se Vishwas Scheme, 2024
31 July 2024
Taking note of the huge pendency of appeals before various appellate authorities and courts and considering the success of the Vivad se Vishwas Scheme, 2020 (VSV 2020), with a view to expeditiously dispose appeals and reduce litigation, the Government has proposed a new Vivad Se Vishwas Scheme, 2024 (VSV 2024).
Union Budget 2024 – Changes proposed or made in customs law including tariff changes
24 July 2024
India’s Finance Minister yesterday (23rd of July) presented Union Budget 2024 with many changes across sectors.
Union Budget 2024 – New demand provisions being introduced in GST regime
23 July 2024
In line with the recommendations of the 53rd GST Council Meeting held recently, the Central Government has, in the Union Budget 2024 presented today (23 July 2024), proposed a new Section 74A in the Central Goods and Services Tax Act, 2017 for the purpose of ‘Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason’.