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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 provides recognition to “Greater Noida Industrial Development Authority (PAN: AAALG0129L)” for tax exemption u/s 10(46A)(b) of the Act. |
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CBDT has specified "Ten-Year Zero-Coupon Bond of The National Bank for Agriculture and Rural Development (NABARD)" as a zero-coupon bond u/s 2(48) of the Income-tax Act, 1961. |
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CBDT has authorized DGIT (Systems), New Delhi to share taxpayer information with the Government of Maharashtra for identifying beneficiaries under the "Mukhyamantri Mazi Ladki Bahin Yojana". |
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CBDT has allowed processing of electronically filed valid ITRs for AY 2023-24 u/s 139, even if the time limit for issuing intimation u/s 143(1) has lapsed, with a new deadline of 30.11.2025. This is not applicable to returns under scrutiny or delay caused by assessee. |
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| Goods And Services Tax |
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Delhi GST Hearings Now Fully Virtual
The Delhi GST Department has shifted all hearings to 100% video conferencing mode, eliminating physical hearings except in rare, approved cases. Taxpayers will receive hearing details (VC link, date, officer contact) via email/SMS, and must ensure VC setup, stable internet, and advance submission of ID and authorization documents.
Formal attire and professional conduct are mandatory. Hearing records will be shared digitally, and all VC proceedings are legally valid under GST and IT laws. |
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Sikkim High Court Allows ITC Refund on Business Closure
In a significant ruling dated June 10, 2025, the Hon’ble Sikkim High Court held that refund of unutilized ITC is permissible even upon closure of business. In the case of SICPA India Pvt. Ltd. v. Union of India, the Court clarified that there is no express bar under Section 49(6) or Section 54(3) of the CGST Act preventing such refund. It emphasized that tax cannot be retained without legal authority and directed the department to refund ₹4.37 crore of accumulated ITC. This landmark decision provides relief to taxpayers who shut down operations after fulfilling all reversal obligations. |
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Resolution of Refund Filing Issue for QRMP Taxpayers
A system validation was introduced in May 2025 to restrict refund filing unless all due returns (GSTR-1 & GSTR-3B) are filed. QRMP taxpayers faced issues where IFF data for M1 and M2 wasn't recognized, blocking refund applications. This technical issue is now resolved. Refunds can be filed for invoices already reported in GSTR-3B. Taxpayers must ensure all relevant returns are filed before applying. |
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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 |
