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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 specified "Ten-Year Zero-Coupon Bond of REC Ltd" as a zero-coupon bond under section 2(48) of the Income-tax Act, 1961. |
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CBDT has issued a corrigendum for notification issued on 06.05.2025 to rectify errors in Form ITR-6, by correcting the reference from "(4ca–biva)" to "(4a–biva)" under Schedule CG and adding Sikkim in the list of North-Eastern States, making it eligible for tax deduction u/s 80-IE. |
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CBDT has authorized 'Secretary to the Government of Maharashtra, Women and Child Development' u/s 138(1)(a)(ii) of the Act to access taxpayer’s information for identifying eligible beneficiaries under the Mukhyamantri Mazi Ladki Bahin Yojana. |
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| Goods And Services Tax |
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Important GST Update: 3-Year Filing Deadline Now Enforced
Effective from July 2025, GST returns older than three years from their due date can no longer be filed, as per GSTN's advisory dated June 7, 2025. This applies to returns under Sections 37, 39, 44, and 52. Taxpayers should urgently file any pending returns nearing the 3-year limit to avoid non-compliance. |
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Mandatory Auto-Populated Liability in GSTR-3B from July 2025 – No Manual Edits Allowed
As per the latest GST advisory dated June 6, 2025, starting from the July 2025 tax period (returns due in August), auto-populated tax liabilities in GSTR-3B will be non-editable. To correct any discrepancies in outward supplies reported through GSTR-1/IFF, taxpayers must use GSTR-1A before filing GSTR-3B. This move aims to enhance accuracy and minimize manual errors in tax filings. |
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Allahabad High Court Upholds ₹273.5 Crore GST Penalty on Patanjali Despite Withdrawal of Fraud Proceedings
The Allahabad High Court upheld a ₹273.5 crore GST penalty against Patanjali Ayurved Ltd under Section 122 of the CGST Act, despite the earlier withdrawal of tax demand under Section 74. The Court clarified that Section 122, which deals with procedural violations like fake invoicing and wrongful ITC claims, is civil in nature and independent of Section 74, which targets tax fraud. Withdrawal of a Section 74 demand doesn’t amount to exoneration, and penalties under Section 122 can still apply—even without a tax recovery or criminal prosecution. This ruling reinforces that procedural compliance remains critical, regardless of the outcome of fraud-related proceedings. |
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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 |
