Carajput.com Blog - Daily Corporate and Tax Updates

PVC raincoats to attract 18 % GST – West Bengal AAR Ruling

PVC raincoats 𝘁𝗼 𝗔𝘁𝘁𝗿𝗮𝗰𝘁 𝟭𝟴 percentage 𝗚𝗦𝗧 – West Bengal 𝗔𝗔𝗥 𝗥𝘂𝗹𝗶𝗻𝗴 This West Bengal Authority for Advance Ruling highlights the importance of correctly classifying products under Goods and Services Tax. It reinforces that plastic-based products like PVC raincoats fall under Harmonised System of Nomenclature (HSN) 3926, attracting 18% goods and services tax instead of …

Direct Tax

Differences in surcharge rates between New & Old Tax Regime

Differences in surcharge rates between New Tax Regime & Old Tax Regime The new regime provides significant tax savings for high-income taxpayers, especially those earning above INR 5 crore or with capital gains/dividend income. Taxpayers should still evaluate whether the lower surcharge outweighs the loss of deductions before opting for the new regime. Key Differences …

Income Tax

Donated Excess 500k to political party under Investigation

Taxpayers who have donated more than Rs. 5,00,000/- to political parties under strict Income Tax surveillance This scrutiny by the Income Tax authorities highlights potential misuse of Section 80GGC, which allows individuals to claim a 100% deduction on donations made to political parties. The investigation seems to revolve around round-tripping—where individuals issued large donations via …

Income Tax

30kCr taxpayer Revise ITR & Disclosed Foreign Assets, Income

30k Cr taxpayers Revised their ITR & Disclosed Foreign Assets, Income In November 2024, the CBDT initiated a Compliance-Cum-Awareness Campaign for AY 2024-25. This campaign aimed to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in their ITR. Compliance with these schedules is mandatory under the Black Money (Undisclosed …

Gst Compliance

When a Delivery Challan Must Be Issued Under GST Regulations

When a Delivery Challan Must Be Issued Under GST Regulations in India This blog guide outlines key scenarios where a delivery challan is required under GST, along with mandatory documentation and compliance requirements. Structured Scenarios Requiring a Delivery Challan to be Issued by Taxpayer: Transportation of Goods for Job Work Every consignment for job work …

DTAA

FTC Not denied merely on procedural lapses if conditions met

ITAT Chandigarh Order Assessee Regarding FTC not be denied merely on procedural lapses if substantive conditions are met. Income Tax Appellate Tribunal Chandigarh in the case of Ashish Sood vs. DCIT (order dated 23.04.2024) ruled in favor of the assessee regarding the foreign tax credit claim. foreign tax credit should not be denied merely on …

GST Registration

GSTN Biometric Authentication available for GST Registration

GSTN Introduces Biometric Authentication Facility in Home State for GST Registration The Goods and Services Tax Network has introduced a new facility allowing promoters and directors of a company to complete their biometric authentication for GST registration in their home state instead of the state where the company is being registered. Previous Process for Goods …

GST (Goods and Services Tax)

GST collections rose by 9.1% to Rs. 1.84 lakh Cr in Feb 2025

GST collections rose by 9.1 percentage points to about INR 1.84 lakh crore in Feb 2025 Basic Key Insights from February 2025 GST Collections The 9.1% YoY rise in gross GST collections to ₹1.84 trillion in February 2025 reflects sustained domestic consumption and a potential economic revival. However, the collections are lower than ₹1.96 trillion …

CFO

Why We Should Never Withdraw Cash with a Credit Card?

Why we should Never Withdraw Cash with a Credit Card Withdrawing cash using a credit card is one of the costliest financial mistakes you can make! why you should avoid it at all costs: Why You Should Never Withdraw Cash with a Credit Card. Key Points on Credit Card Cash Withdrawals High Cash Withdrawal Charges …