An exposé claims a major retail chain exploited a GST rate cut (28% to 18%) by adjusting discounts to keep the final price fixed, systematically diverting consumer savings into corporate profit.
The GST Council has recommended removing the contentious ‘intermediary’ service provision, aiming to restore zero-rating for genuine service exports and resolve years of tax disputes.
Key regulatory updates: GST rates restructured, Compensation Cess removed, ITR due date extended, interest waived on 87A rebate demands, and new RBI/SEBI guidelines.
SCIPL Vs DCIT: ITAT Delhi deletes huge additions, ruling that WhatsApp Excel sheets are dumb documents. Suspicion isnt evidence; corroboration is mandatory in search assessments. Deletions on alleged foreign fund diversion & bogus expenses upheld.
Summary of Section 44AB, 44AD, and 44ADA tax audit provisions, detailing turnover thresholds (₹1 Cr to ₹10 Cr), presumptive income rates (6%/8%/50%), and the impact of digital transactions (95% rule).
GST 2.0 rate cuts trigger Anti-Profiteering rules (Sec 171). Summary covers obligation to pass on tax/ITC benefit, MRP display norms, NAPA principles, and compliance steps.
Allahabad High Court’s ruling on GST investigation: Assessee not entitled to Section 70 statement copies until SCN; court denies blanket order against coercive action.
The Supreme Court of India upheld the levy of service tax on the Airports Authority of India’s cargo handling services, dismissing the argument that export cargo was exempt.
Delhi ITAT confirms that a private trust with identifiable beneficiaries is eligible for the capital gains exemption under Section 54F, similar to an individual.
The Allahabad High Court ruled that a single E-Way Bill is valid for multiple invoices, stating minor technical errors should not result in penalties for tax evasion.
