On careful consideration of the represenatations made by the trade and indsutry, the Income Tax India Department vide their tweet dated 26 September 2019 informed that the CBDT has decided to extend the due date for filing ITRs and Tax Audit Reports from 30 September 2019 to 31 October 2019 in respect of persons whose accounts are required to be audited. Notification in this regard to follow soon
Madras HC strikes down the provisions of CGST Act, 2017 which provides for the appointment of 1 Judicial Member and 2 Technical Members in the constitution of GST Appellate Tribunal as being unconstitutional. States that such constitution of the Tribunal is contrary to mandate of Article 50 of the Constitution of India and such a composition would seriously affect the independence of judiciary. Further recommends the Parliament to consider the inclusion of lawyers for being eligible to be appointed as Judicial Members to the Appellate Tribunal in view of the issues which are likely to arise for adjudication under the CGST Act and in order to maintain uniformity in various statutes
The Hon'ble Finance Minister, Smt. Nirmala Sitharaman held a press conference yesterday to propose a slew of measures under Direct Tax, which included much awaited reduction in the income tax rate to 22% for existing domestic companies and 15% for new companies investing in manufacturing sector.
With a view to revive the economy and provide further relaxation to the taxpayers, the GST Council in its 37th Meeting held in Goa on 20 September 2019 made some important decisions. The highlights of the Meeting are as follows:
GLS Comments:
During the Press Conference held in Goa on 20 September 2019, the Finance Minister announced various fiscal reliefs for Companies. Following are the highlights of the said conference:
P.P. Automative Private Limited vs. UOI and others [CWP-24600-2019]
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M/s. Banyan Projects India Pvt. Ltd. vs. Local GST Officer [Writ Petition No. 22374/2019 (T-Res)]
Gujarat HC in a landmark judgment rules that CENVAT credit earned under the erstwhile Central Excise Law is a constitutional right of the writ-applicants and it cannot be denied for merely failing to file a declaration in absence of Law in that respect. Such right cannot be taken away by virtue of merely framing Rules thereunder
In a landmark judgment, the Hon’ble Madras HC allows the Petitioner to avail the credit of Education Cess, Secondary / Higher Education Cess and KKC into GST regime vide declaration in TRAN-1. This judgment comes as a huge relief to taxpayers having substantial credit of the aforesaid cesses unutilised
Gujarat HC notes the Petitioners' plea that Section 47 of the CGST Act, 2017 talks about late fees for filing various returns under Section 37, 38, 39 or 45, whereas GSTR-3B cannot be considered as a return under section 39 and accordingly provides ad-interim relief to writ petitioners challanging late fees for filing Form GSTR-3B
While presenting the Union Budget for 2018-19, it was announced that Section 194N would be introduced into the Income Tax Act, 1961 in order to discourage cash transactions and move towards cash less economy. The said Section provides for levy of tax @ 2% on cash payments in excess of 1 crore Rupees in aggregate made during the year, by a banking company or cooperative bank or post office, to any person from one or more accounts maintained with it by the recipient. In this regard, CBDT has now issued a press release dated 30 August 2019 clarifying as below:
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