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INDIRECT TAXES.

1. Govt released data of Gross and Net GST revenue collections for the month of Oct, 2024. ( Here is data sheet )

2. Investigation Wing of Customs under CBIC issued guidelines for Customs field formations in maintaining ease of doing business while engaging in investigation into tax evasion cases in import or export. Instruction no. 27/2024. ( Here is copy )

3. Where after cancellation of registration, assessee had filed returns and paid tax amount along with interest, revenue was to be directed to renew GST registration of assessee within 10 days: Allahabad High Court in Sai Carriers v. State of U.P. WRIT TAX No. - 203 of 2024 AUGUST ?12, 2024.

4. GST frauds multiply: Officials grapple with widespread evasion, complex scams Over seven years after the rollout of GST in July 2017, authorities are still grappling with multiple such instances of GST frauds, involving broadly similar modus operandi. An auto rickshaw driver in Pune and a fake company registered in his name were at the heart of an elaborate Goods and Services Tax (GST) scam unearthed by the Directorate General of GST Intelligence (DGGI) authorities last week involving an amount of Rs 5,000-Rs 8,000 crore. The accused in the fraud are alleged to have registered as many as 246 fake GST firms to commit the multi-crore fraud. Using these fake firms, the accused would use stolen personal identities, and multiple bank accounts to undertake the fake GST transactions without any real supply of goods or payment of tax to the government.

5. After noting significant violations by airlines regarding unpaid goods and services tax (GST) collected on no-show or last-minute cancelled tickets, the government has reportedly mandated that airlines share daily passenger records with tax authorities. The GST authorities now require every aircraft operator to provide passenger or final flyer data daily, along with total bookings. This measure will enable tax authorities to reconcile the data with the GST paid by these operators.

DIRECT TAXES,

CBDT mandates electronic submission of Form 3CEDA and Form 3C-O The Central Board of Direct Taxes (CBDT) has specified that Form 3CEDA and Form 3C-O shall be furnished electronically w.e.f., 31-10-2024. Form 3CEDA is filed for making an application for a rollback of an Advance Pricing Agreement, and Form 3C-O is filed for making an application for approval under section 35CCC(1). ( Notification here )

INSOLVENCY MATTERS & IBBI ANNOUNCEMENTS.

1. IBBI issued Discussion paper on Mediation by the operational creditors (OCs) before approaching Adjudicating Authority (AA) for filing Section 9 application. Here is copy
2. Where resolution plan of corporate debtor was approved by CoC and NCLT, since claim of appellant-Income Tax Department, which was not filed within stipulated period and no objections raised earlier before RP or NCLT, could not be considered at belated stage: NCLAT in Commissioner of Income-tax (TDS-1) v. Sundaresh Bhat Company Appeal (AT) (Insolvency) No. 575 of 2023? OCTOBER ?15, 2024.