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Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
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| Direct Tax |
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CBDT has extended ITR filing deadline for AY 2025-26 from 31st July 2025 to 15th September 2025. |
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CBDT issued a corrigendum to include Sikkim in the list of North-Eastern States under Schedule 80-IE of Form ITR-3, making it eligible for tax deductions u/s 80-IE. |
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CBDT issued a corrigendum to include Sikkim in the list of North-Eastern States under Schedule 80-IE of Form ITR-5, making it eligible for tax deductions u/s 80-IE. |
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| Goods And Services Tax |
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Phase-3 HSN Reporting Now Live on GST portal
Effective from May 2025 return period, the GST Portal has implemented Phase-3 of HSN Code validations in Table 12 of GSTR-1/1A. Separate HSN reporting for B2B & B2C is now available and mandatory. Manual HSN entry NOT allowed and HSN must be selected from dropdown only. B2B values will be validated against B2B HSN & B2C values against B2C. Mismatches will trigger warnings but will not block filing. |
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SC Upholds Pre-Hearing Mandate Before Blocking ITC
In the case of State of Karnataka &Anr. vs. K-9 Enterprises (SLP (Civil)
Diary No. 11543/2025), the Supreme Court dismissed the appeal on 16.05.2025, thereby upholding the Karnataka High Court’s ruling. The case involved the blocking of K-9’s ITC under Rule 86A without giving them a hearing. The officer relied solely on a field report claiming some suppliers were non-existent, without verifying facts or issuing notice. The High Court held this violated natural justice, and that "borrowed satisfaction" isn't valid. The Supreme Court agreed, reinforcing that ITC can’t be blocked without due process, written reasons and fair hearing. |
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Calcutta HC: GST Refund Must Go to Bank Account for Closed Businesses
In the case Edelweiss Rural & Corporate Services Ltd. &Anr. vs. Dy. Commissioner of Revenue, WBGST (WPA 3033 of 2025), the Calcutta High Court ruled that GST refunds for non-operational businesses with cancelled registration must be credited to the bank account, not the credit ledger due to the nature of such ledger being futile. Despite the RFD-06 order directing refund to the bank, it was wrongly credited to the ledger. The Court found this contradictory and ordered correction within six weeks. |
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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 |
