GST & Tax News Roundup

Madras HC Upholds GST ITC Blockage Under Rule 86A

The Madras High Court has ruled that a GST ITC blockage under Rule 86A can be upheld in cases where there are alleged fake transactions. Verification of vehicle movements, CCTV footage, E-Way Bills, and inward records have shown inconsistencies, casting doubt on the legitimacy of the transactions. This ruling highlights the importance of thorough verification in GST cases.

GST Improved Transparency, But Simpler Rules Needed

A recent study by CMDR has found that GST has improved transparency in India's tax system. However, the study also recommends that simpler rules be introduced to make it easier for businesses to comply with GST regulations.

CMA Final Chapter Wise Weightage Update

The CMA final chapter wise weightage has been updated to include topics such as TDS & TCS under GST, E-way Bill, GST Refunds, and more. This update is essential for students preparing for the CMA exam.

Missouri Amendment 5: Advertisement Blitz Underway

The advertisement blitz for Missouri Amendment 5 is underway, which aims to tax goods and services in the state. Republican Rep. John Martin from mid-Missouri has expressed concerns about the proposal.

Lovett-Linked Trust Sells 130K Dream Finders Shares

An entity associated with W. Radford Lovett II has sold 130,000 shares of Dream Finders Homes. This move has raised questions about insider trading activity.

Boosting US Exports: A Surefire Way

A recent publication by the National Taxpayers Union has outlined a surefire way to boost US exports. The proposal includes reducing regulatory barriers and increasing funding for export promotion programs.

Canada's Groceries and Essentials Benefit Update

Starting in July, Canadians receiving a quarterly GST/HST benefit cheque will start getting the Canada Groceries and Essentials Benefit. This program aims to support low-income families.

Ontario Temporary Enhanced New Housing Rebate Update

The Ontario government has announced a temporary enhanced new housing rebate for certain situations. This rebate aims to support homebuyers in Ontario.

India Call Ends Above Repo on Demand for GST Outflows

The one-day interbank call money rate in India has ended above the Reserve Bank of India's repo rate of 5.25%. This development is attributed to demand for GST outflows amid tight liquidity.

Unreasoned GST Orders Violative of Natural Justice Liable to be Quashed

A recent article by A2Z Taxcorp has highlighted that unreasoned GST orders are violative of natural justice and liable to be quashed. This emphasizes the importance of reasoned decisions in GST cases.