- Archival of GST Returns data on GST portal- GSTN announcement. Section 39 (11) of the CGST Act, 2017 , implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, provides that the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return. Further, as per GST portal data policy, data for view of taxpayer to be retained for seven years only. Therefore, the same data policy is being implemented on the GST portal. Thus, return data will not be available to view beyond 7 years for taxpayers. Accordingly, on 01st August 2024 return filed for July 2017 has been archived and on 01st September 2024, data for August 2017 has been archived. Further, this data archival is going to be a monthly activity hence on 01st October, 2024 data of September 2017 shall be taken down from the GST portal and so on so forth. It is advised to download their relevant data from the GST portal for any future reference, if required. [ Download/read advisory using this link ].
- Union Budget 2024-25 provided for an enhanced monetary limit for filing appeals related to Direct Taxes, Excise and Service Tax in various judicial fora. The limit for filing appeals for the specified legacy Central Excise & Service Tax cases was increased: For CESTAT (Customs Excise and Service Tax Appellate Tribunal), the limit was increased to ?60 lakh from ?50 lakh For the High Court, the limit was increased to ?2 crore from ?1 crore. For the Supreme Court, the limit was increased to ?5 crore from ?2 crore. As a result of these revised limits, it is estimated that around 1,050 cases pertaining to specified legacy Central Excise & Service Tax cases are estimated to be withdrawn from various judicial forums: Supreme Court: 250 appeals High Courts: 550 appeals CESTAT: 250 appeals. [ Finance Ministry Press Release ]
- Kolkata High Court in ( Phuljhora Agro Plantation (P.) Ltd v. Union of India* W.P.A. NO. 1740 OF 2024, AUGUST 16, 2024 ) Where show cause notice was issued under section 73, which did not mention details of personal hearing and impugned order was passed thereafter, since SCN denying personal hearing opportunity was bad in law, consequential impugned order also became bad in law, thus impugned order and SCN were to be set aside.
- The government is likely to operationalise all the benches of the GST Appellate Tribunal (GSTAT) by November-end, as it aims to alleviate the significant backlog of pending GST-related disputes at the appellate level, a senior official said. [ Finance Express report ].
- In a nationwide crackdown on fake companies, tax officials have unearthed 10,700 fraudulent GST registrations involving tax evasion amounting to Rs 10,179 crore. Initiated to curb tax fraud, this drive targeted firms that have been set up to exploit the Goods and Services Tax (GST) system, causing substantial losses to the exchequer. [ India TV Report ].
- A Group of Ministers (GoM) meeting held in Goa on Tuesday could not reach consensus on most proposals regarding the goods and services tax (GST) for the real estate sector, sources said. The GoM, chaired by Goa Chief Minister Pramod Sawant, deferred the proposal to exempt GST on long-term leases granted to the tourism sector, favouring states that declare tourism as an infrastructure sector to facilitate exemptions, the sources added. (Business Standard news).
Special leave Petition of the assessee dismissed by Supreme Court which was filed against order of High Court that action under Section 153C cannot encompass multiple assessment years without direct bearing and incriminating material must pertain to a particular Assessment Year for valid action. [ Dev Technofab Ltd.v. Deputy Commissioner of Income-tax S.L.P. (CIVIL) DIARY NO(S). 19255 OF 2024? SEPTEMBER ?6, 2024?].
RESCHEDULEMENT OF CHARTERED ACCOUNTANTS EXAMINATION, NOVEMBER 2024- ICAI Group-I: 3rd, 5th & 7th November 2024 Group-II: 9th, 11th & 13th November 2024..
MCA notifies Companies (Accounts) Amendment Rules, 2024. In the Companies (Accounts) Rules, 2014, in rule 12, in sub-rule (1B), after the third proviso, the following proviso shall be inserted, namely: — “Provided also that for the financial year 2023-2024, Form CSR-2 shall be filed separately on or before 31st December, 2024 after filing Form No. AOC-4 or Form No. AOC-4-NBFC (Ind AS), as specified in these rules or Form No. AOC-4 XBRL as specified in the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 as the case may be.” [ Here is notification ]
