Taxation Newsletter [Direct & Indirect Taxes] November 2023

Hon’ble ITAT in case of Narendra Kumar Gupta Vs DCIT (ITAT Delhi) (ITA No. 1186/Del./2023) Date of Order: 11/10/2023 held that it is settled law that books of account & vouchers are NOT required in 44AD return. Hence, adverse inference cannot be taken that cash books & vouchers have not been maintained. The same income cannot be taxed twice once in the hands of HUF and once again in the hands of the assessee. In these circumstances, we set aside the orders of the authorities below and decide the issue in favour of the assessee.

Commercial Taxes Department, Government of Rajasthan GST Circular R-1/2023 Date: 01-11-2023 [F.17(134-Pt.-III) ACCT/GST/2017/8787] All Appellate Authorities, State Tax, Rajasthan, Jaipur Subject: Filing of manual appeal applications before Appellate Authority under Rajasthan Goods and Services Tax Rules, 2017.

The Government of India has authorised the State Bank of India (SBI), in the XXIX Phase of sale, to issue and encash Electoral Bonds through its 29 Authorised Branches (as per list below) w.e.f. 06.11.2023 to 20.11.2023.

Subject: Clarification regarding GST rate on imitation zari thread or yarn based on the recommendation of the GST Council in its 52nd meeting held on 7th October, 2023 –reg. The GST Council in its 50th meeting had recommended reduction of GST rate to 5% on imitation zari thread or yarn known by any name in trade parlance, following which Sl. No. 218AA had been inserted in Schedule I of notification no. 1/2017- Central Tax (Rate) dated 28.6.2017.

The window for deposit and / or exchange the ₹2000 banknotes continues to be available at the 19 Issue Offices of RBI. Members of the public are requested to avail the facility of sending the ₹2000 banknotes through post offices of India Post. This will obviate the need for travel to RBI Offices for deposit / exchange of the ₹2000 banknotes. The ₹2000 banknotes continue to be legal tender.

GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore; records increase of 13% Y-o-Y Revenue from domestic transactions (including import of services) is also 13% higher Y-o-Y Average gross monthly GST collection in FY 2023-24 now stands at ₹1.66 lakh crore; 11% higher Y-o-Y

Record 7.85 crore ITRs filed for all assessment years up to 31st October, 2023 Over 7.65 crore ITRs filed for AY 2023-24 till 31st October, 2023; 11.7% higher Y-o-Y More than 7.51 crore ITRs verified and almost 96% of the verified ITRs stand processed till 31st October 2023 Over 1.44 crore statutory forms filed up to 31st October, 2023

Hon’ble Allahabad High Court in case of M/s Ram Kamal Healthcare Pvt. Ltd Vs Union of India (Allahabad High Court) Appeal Number : Writ Tax No. 1435 of 2018 dated 05-10-2023 held that there is exemption from levy of GST on premium and lease rent on land allotted to hospital against lease granted for more than 30 years by Yamuna Expressway Industrial Development Authority (‘YEIDA’).