CBIC highlights drug seizures and GST fraud cases, including Rs. 193 crore ITC fraud and methamphetamine smuggling in October 2024 newsletter.
CBIC issues guidance on third-party invoicing under FTAs, addressing origin verification challenges for imported goods.
Explore 10 Indian companies with significant order books, indicating strong growth potential. Learn about their revenues and future prospects.
This was followed by summons issued u/s. 70 of the CGST Act leading to the recording of certain statements. Certain records were also produced before the Central Authority.
Bombay High Court held that department cannot deny the benefits of accrued Input Tax Credit (ITC) on the sole ground that GST ITC 02 was filed manually and not electronically. Thus, relevant show cause notice quashed.
The petitioner partnership is a dealer in gold and diamond jewellery in Mumbai and registered as such under the Maharashtra Value Added Tax Act and the Central Sales Tax Act.
The onus was on assessee to demonstrate the extent of such assets which could be explained as having been acquired through funds which had been disclosed to the Department.
Where assessee was able to demonstrate that the transaction was included in the GSTR-1 Return as a zero-rated sale, the goods detained under Section 129(3) should be released provisionally.
Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rural debts, making it clear that banks were entitled to claim both deductions, provided they pertained to different types of advances.
