Landmark Relief: SC Upholds ITC Benefit Despite Supplier’s Tax Default The Supreme Court of India dismissed the Revenue Department’s Special Leave Petition (SLP), effectively upholding the principle that a purchasing dealer cannot be denied Input Tax Credit (ITC) merely because the selling dealer failed to deposit the collected tax to the government exchequer. Key Points… Read More »
India’s Net Direct Tax Collection Rises 6% to ₹11.89 Trillion The article reports that India’s net direct tax collection saw a healthy increase, rising by 6% to reach ₹11.89 trillion (₹11.89 lakh crore). This growth was primarily driven by higher corporate tax gains. Key Collection Highlights Total Collection: Net direct tax collections stood at ₹11.89… Read More »
Supreme Court Issues Notice to Adani Enterprises in ₹50 Crore Duty Fraud Case The Supreme Court of India has issued a notice to Adani Enterprises Ltd. (AEL) in response to a plea filed by the Customs Department, which alleged that the company caused a loss of ₹50 crore in customs duty through the duty-free import… Read More »
Retail Inflation Expected to Drop Below 2% in September Due to GST Cuts The article reports that retail inflation is likely to drop significantly, falling below 2% in September, primarily due to the recent Goods and Services Tax (GST) rate cuts and the easing of vegetable prices. Key Factors Driving the Inflation Dip Impact of… Read More »
Retail Sector Outlook (Q2 FY26): Early Festive Season and GST Cuts Drive Steady Growth The article provides a positive preview of the retail sector’s performance for the second quarter of the fiscal year 2026 (Q2 FY26), forecasting steady growth for certain segments, primarily enabled by two factors: the early onset of the festive season and… Read More »
Corruption Scandal: Uttarakhand GST Busts Tax Evasion Racket Involving High-Ranking Official The Uttarakhand Goods and Services Tax (GST) Headquarters exposed a major tax evasion racket that led to the involvement of a high-ranking official within the department itself. Key Details of the Incident Official Implicated: The corruption scandal involves an official at the Joint Commissioner… Read More »
Non-Resident Taxpayer Wins at ITAT: Demand Reduced from ₹2.28 Crore to ₹63,000 The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, provided major relief to a non-resident taxpayer by substantially reducing the tax demand from ₹2.28 crore to a mere ₹63,000. The ruling was based on rectifying fundamental errors in the application of the India-Japan Double… Read More »
Government Mulls Policy to Limit Tenure and Pay for Consultants The article reports that the government is considering a new policy framework aimed at limiting the tenure and capping the remuneration (pay) for consultants hired across various government ministries and departments. Key Proposed Limits Maximum Tenure: The central proposal is to cap the engagement period… Read More »
Major Victory: ITAT Rules in Favor of Maruti Suzuki in Large Old Tax Dispute Maruti Suzuki India Limited (MSIL) has secured a significant victory as the Income Tax Appellate Tribunal (ITAT) delivered a favorable ruling for the company in a long-standing tax dispute involving substantial additions made by the Income Tax Department for three past… Read More »
CBIC Orders Vigilance Probe into Chennai Customs Bribery Allegations The Central Board of Indirect Taxes and Customs (CBIC) has initiated a vigilance inquiry into serious bribery claims made against officials of the Chennai Customs department by an importer, Wintrack Inc. Key Allegations and Action Taken Importer’s Claim: The importer, Wintrack Inc., alleged that Chennai Customs… Read More »