The Bombay High Court has put a stay on a Rs.2,500 crore GST demand issued against Coca-Cola. The case involves claims that the company undervalued its goods over a span of seven assessment years. The court’s decision provides temporary relief to Coca-Cola as the matter undergoes further examination. Authorities had alleged significant tax shortfalls due to the undervaluation.
NEW DELHI: The Supreme Court of India recently ruled that mobile chargers, when sold as part of a composite package with mobile phones, cannot be taxed separately under the Uttar Pradesh Value Added Tax Act, 2008 (UP VAT Act). A Bench of Justices BV Nagarathna and Satish Chandra Sharma refused to interfere with the Allahabad High Court’s earlier decision, which had ruled in favor of tax assessees.
Delta Corp shares rose after the Supreme Court agreed to hear the online gaming industry’s appeals on January 10 about GST-related issues. The industry is challenging notices from the Directorate General of GST Intelligence (DGGI), which have resulted in a huge tax demand of Rs. 1.12 lakh crore from 71 gaming companies. This news has given hope for a solution to the ongoing tax problems. The decision could have a big effect on the online gaming industry.
Today, On 3rd October, the Supreme Court upheld the tax department’s position, confirming that updated Income Tax Act provisions from April 1, 2021, must be applied. This ruling affects approximately 90,000 reassessment notices issued during the pandemic, resolving conflicts between old and new laws and setting precedents for future tax disputes and limitations.