CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 30 Mar 2024 04:43:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 Madras High Court Strikes Down Excessive GST Demand on Trade Payables https://www.nyca.in/madras-high-court-strikes-down-excessive-gst-demand-on-trade-payables/ https://www.nyca.in/madras-high-court-strikes-down-excessive-gst-demand-on-trade-payables/#respond Sat, 30 Mar 2024 04:41:27 +0000 https://www.nyca.in/?p=8101 The Madras High Court invalidated the order demanding payment concerning all trade payables, asserting that it exceeded the boundaries outlined in the original show cause notice.

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Introduction:

The Madras High Court invalidated the order demanding payment concerning all trade payables, asserting that it exceeded the boundaries outlined in the original show cause notice. This ruling is significant in the realm of audit cases and is poised to have widespread benefits.

Facts of the case:

  • The petitioner contested an order dated 31.12.2023, arguing its overreach beyond the purview of a preceding show cause notice by subjecting all trade payables to GST.
  • Following an audit report on 26.09.2023, the petitioner received a notice on 30.09.2023 proposing a tax of Rs. 43,66,708.14. However, the final order imposed a tax exceeding Rs. 90 crores, markedly surpassing the initial estimate.
  • Despite compliance with statutory Input Tax Credit (ITC) requirements, the petitioner faced penalties.
  • The crux of the matter lies in the imposition of GST on the entirety of the petitioner's trade payables, a move perceived by the petitioner as beyond the notice's scope and contrary to legal provisions.

Petitioner’s Argument:

The petitioner contends that the order unjustly expanded the taxable amount well beyond the initial estimation, unfairly taxing trade payables as a taxable supply despite adhering to ITC regulations.

Held:

The Madras High Court deemed the imposition of GST on trade payables, as reflected in financial statements, prima facie unsustainable.

The court nullified the order, instructing the petitioner to remit 10% of the disputed amount, excluding trade payables, and mandated a fresh review with adequate opportunity for the petitioner to present their case.

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]]> https://www.nyca.in/madras-high-court-strikes-down-excessive-gst-demand-on-trade-payables/feed/ 0 CBIC Declares March 29-31, 2024 as Working Days for All Customs Field Formations https://www.nyca.in/cbic-declares-march-29-31-2024-as-working-days-for-all-customs-field-formations/ https://www.nyca.in/cbic-declares-march-29-31-2024-as-working-days-for-all-customs-field-formations/#respond Fri, 29 Mar 2024 07:06:36 +0000 https://www.nyca.in/?p=8067 The Central Board of Indirect Taxes and Customs (CBIC) has announced that March 29th, 30th, and 31st, 2024 will be considered as working days for all Customs field formations.

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The Central Board of Indirect Taxes and Customs (CBIC) has announced that March 29th, 30th, and 31st, 2024 will be considered as working days for all Customs field formations. This decision is communicated through a letter dated March 28, 2024, with reference number F.No.401/118/2016-Cus.III (Pt.).

All Customs field offices are required to remain operational during these days, and officers and staff are expected to report for duty as usual. It is requested that this information be disseminated among all personnel for compliance.

The directive has been issued with the approval of the relevant authority. 

The full letter can be accessed at: https://www.nyca.in/wp-content/uploads/2024/03/Letter_Customs_Working_Day_280324.pdf

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