Bombay High Court Quashes SCN Demanding GST on Ocean Freight for goods Transportation Outside India   The bombay high court has quashed the show cause notice (SCN) demanding GST on ocean freight on transportation of goods from outside India. On the Supreme Court decision in the case of Mohit Minerals and observed that the verdict…

Penalty proceedings cannot be initiated after the resolution plan is approved: Delhi HC     M Tech Developers Pvt. Ltd. Versus National Faceless Assessment Centre Case No.: W.P.(C) 15567/2022 Facts: The petitioner/assessee has challenged the notices issued under Section 144B of the Income Tax Act, 1961, pertaining to Assessment Year 2021–22, as well as the…

GST Rate & HSN Code for Plastic and Plastic Products   Rates (%) Products Description HSN Codes NIL Plastic bangles 3926 12% Plastic beads 3926 12% Feeding bottles 3926 18% All goods i.e. polymers; Polyacetals, other polyethers, epoxide resins, polycarbonates, alkyd resins, poly allyl esters, other polyesters; poly-amides; Amino-resins, phenolic resins and polyurethanes; silicones; Petroleum…

Cash sales during demonetisation already reported as sales, cannot be taxed twice as unexplained credit: ITAT Delhi   Harisons Diamonds Pvt Ltd Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 1426/DEL/2021 Facts: An addition was made on account of cash sales amounting to Rs. 3,25,52,833/- made during the period 01.10.2016 to 08.11.2016 held to…

Weekends & Holidays are to be reduced while taking into account the time given for compliance: Bombay High Court   Here is an important judgement by Bombay High Court wherein it has been held that weekends can not be counted for the purpose of the period for which notice is given. The case details is as…