|
|
|
|
|
Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
|
| Direct Tax |
|
|
|
|
Protocol amending India-Oman DTAA has entered into force on 28th May 2025. The protocol is effective FY 2026–27. Key changes include the reduced withholding rate of tax from 15% to 10%on royalties and FTS, revised residency rules, information exchange and others. |
|
|
|
|
|
|
CBDT extends the deadline for processing delayed ITRs submitted u/s 119(2)(b) till 31st Mar 2024, due to technical issues. Intimations u/s 143(1) must now be issued by 31st Mar 2026, enabling refunds except where assessments have been completed or PAN Aadhaar linkage remains pending. |
|
|
|
|
|
|
CBDT provides recognition to “Food Safety and Standards Authority of India (PAN: AAAGF0023K)” for tax exemption u/s 10(46A)(b) of the Act. |
|
|
|
|
| Goods And Services Tax |
|
|
|
|
ITC Can’t Be Denied Solely Due to Retrospective GST Cancellation
In the case of M/s Himalaya Communication Pvt. Ltd. vs Union of India & Others, the Himachal Pradesh High Court held that Input Tax Credit (ITC) cannot be denied merely because the supplier’s GST registration was cancelled retrospectively. The petitioner, M/s Himalaya Communication Pvt. Ltd., had paid full tax, held valid invoices, and the supplier had filed GSTR-3B returns. However, authorities rejected ITC without verifying the genuineness of the transaction. The Court observed that such denial, based only on retrospective cancellation, was unjustified, remanding the matter for fresh adjudication after due examination of records. |
|
|
|
|
|
|
Telangana Clarifies Tax on Leasing for Exhibitions & Sales Events
Telangana GST department clarifies that leasing hotel/convention spaces for exhibitions, trade fairs, or sales events is taxable as commercial leasing (SAC 997212) at 18% GST, not as accommodation or banquet services. Organisers not registered in Telangana must register as CTPs, pay advance tax, and file GSTR-1, 3B & 10. Incorrect exemption claims under Notification 12/2017 will attract penalties. Officers directed to ensure proper invoicing, classification, and compliance. |
|
|
|
|
|
|
Empowering GST Practice – ICAI’s June 2025 Publications
ICAI Indirect Taxes Committee has released two insightful publications in June 2025 to support GST professionals: the “Practical Guide to GST Disputes”, offering hands-on guidance for handling litigation, audits, and assessments; and the updated “Handbook on Invoicing under GST”, covering invoicing provisions, recent amendments, practical FAQs, and compliance essentials. Both serve as timely resources for enhancing clarity and confidence in GST practice. |
|
|
|
|
|
|
| |
We trust you will find this Journal informative as well as useful.
For any queries, you can write to us at info@akgvg.com.
Disclaimer: This insight is meant for informational purposes only and should not be considered as advice or opinion.
Best Regards!
Knowledge Updates Team
AKGVG & Associates (Chartered Accountants)
DELHI | GURGAON | MUMBAI | AHMEDABAD | BANGALORE | CHENNAI | CHANDIGARH | HYDERABAD
Website: https://www.akgvg.com |
