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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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On 11th" July 2025, the Income Tax Department hasreleased the Excel and Java Utilities for ITR-2 and ITR-3. Earlier, the utilities for ITR-1 and ITR-4werealso made available.With this, all individuals can now prepare and file their ITRs for AY 2025–26 with due date as 15th" Sept 2025. |
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CBDT Notifies thatIREDA bonds issued on or after 9th" July 2025, shall be treated as ‘long-term specified assets’ u/s 54EC, making them eligible for capital gains tax exemption.
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CBDT provides recognition to "Rajasthan Housing Board (PAN: AAALR0046F)" for tax exemption u/s 10(46A)(b) of the Act.
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| Goods And Services Tax |
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I GST Relief Likely for Pharma Free Samples | CNBC-TV18
The GST Council is expected to soon discuss allowing pharma companies to claim Input Tax Credit (ITC) on free drug samples given to doctors and hospitals.Currently, ITC is largely disallowed on goods distributed without consideration, but the pharma industry argues these samples are essential for medical assessment - not consumer freebies. Free samples account for up to 2% of manufacturing costs, and without ITC, firms face higher tax burdens. The Council may issue a clarificatory circular or notification, possibly with safeguards like capping eligible sample value or restricting to prescription drugs.
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ITC Cannot Be Denied for Seller’s Default, Rules Allahabad HC
The Allahabad High Court in R.T. Infotech v. Additional Commissioner (Writ Tax No. 1330 of 2022, decided on 30 May 2025) held that input tax credit (ITC) cannot be denied to a genuine buyer merely because the supplier failed to deposit the tax with the government. R.T. Infotech had purchased mobile recharge coupons from Bharti Airtel Ltd., paid GST of ₹28.52 lakh through banking channels, and claimed ITC based on valid tax invoices. The tax authorities rejected the claim under Section 16(2)(c) of the CGST Act, citing non-payment by the seller. The Court observed that buyers cannot be penalised for a supplier’s default when they have fulfilled their obligations, including payment through proper banking channels. The Court emphasised that action should be taken against the defaulting seller, not the diligent purchaser. Consequently, it quashed the impugned orders and directed the authorities to reconsider the matter within two months by passing a speaking and reasoned order.
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GSTN Clarifies HSN Table-12 Filing for B2C-Only Taxpayers
GSTN has clarified that Table 12B in GSTR 1 (HSN summary for B2C) is not mandatory and can be left blank. However, taxpayers with only B2C sales may face errors if Table 12A (B2B HSN summary) is left empty - especially when Table 8 has entries.
Solution: Enter any HSN code and UQC in Table 12A, fill other fields with “0” to file successfully.
GSTN plans to upgrade the system soon to make B2C-only filing easier.
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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
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