GST: TCS Rate Changes for E-commerce Operator (GSTR 8) – Important aspects regarding the TCS rates effective from 10.07.2024 are mentioned below: Period from 1st July to 9th July 2024: During this period, the old TCS rate of 1% will continue to apply. Taxpayers are required to collect & report TCS at this rate for all transactions …
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GST: Form GSTR-1A has been made available to the taxpayer’s form July 2024 tax period. GSTR-1A is an optional facility to add, amend or rectify any particulars of a supply reported/missed in the current Tax period’s GSTR-1 before filing of GSTR-3B return of the same tax period. Timeline – GSTR-1A shall be open for the …
GST High Court set aside order detaining goods for non-generation of e-invoice as mistake committed by assessee was bona-fide:- Where assessee’s goods in transit were detained as E-tax Invoice was not generated as per Rule 48 of CGST Rules, tax invoice, GR’s, E waybills, were with goods, no discrepancy with regard to quality and quantity …
GST High Court stayed proceedings initiated to levy GST on transaction of assignment of Long-Term leasehold right:- Where petitioner received notice calling upon petitioner to show cause why GST on transaction of assignment of long-term leasehold right be not levied, case was directed to be heard with pending Special Civil court, further proceedings pursuant to …
Customs Tribunal should decide matter on merits rather than dismissing appeal on ground that writ was pending before HC:- Where a person had filed appeal to CESTAT against adjudication order and made mandatory pre-deposit as a condition precedent for hearing such appeal, it should have been disposed of on merits instead of dismissing it in …
DGFT: DGFT has announced an extension to permissible wastages and Standard Input Output Norms (SIONs) for gold, platinum, and silver content in export items. [Public Notice No. 16/2024-25-DGFT Dated: 30th July, 2024]
Customs: Government has introduced new regulations to amend the timeline for modifying import documents under Section 149 of the Customs Act, 1962, similar to the existing provisions for exports tiitled the Bill of Entry (Post Import Amendment) Regulations, 2024. These regulations specify that applications for amendments must be submitted within one year from the date …
GST High Court set-aside order as it was passed without considering explanation of assessee:- Where assessee claimed lack of proper communication of notices and sought opportunity to explain discrepancies, assessment order set aside conditionally, directing revenue to provide reasonable opportunity and pass fresh order after hearing. (In the high court of judicature at madras in …
GST : GSTN has introduced a new biometric-based Aadhaar authentication and document verification process for GST registration applicants in Uttarakhand, effective from July 28th, 2024. [Press Release No. 507 Dated 28th, July 2024]
GST: High Court declined to entertain writ petition filed by assessee who didn’t take any step for revocation of cancelled registration:- Where registration of assessee had been cancelled and electronic credit ledger of assessee had been blocked, since assessee had not taken any step for revocation of cancellation of its registration, High Court was not …
RBI : RBI issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs). Previously set at 20% of owned funds, the new regulation will link this ceiling to the Tier I capital of UCBs as of March 31 of the preceding financial year. This change, effective January 1, …
RBI : RBI announced an extension for Urban Co-operative Banks (UCBs) to meet their small value loan targets. Initially set for March 31, 2024, the new deadlines are March 31, 2025, and March 31, 2026. [Notification No. RBI/2024-25/53 DOR.CRE.REC.28/07.10.002/2024-25 dated 25th July 2024]
DGFT has announced the launch of Steel Import Monitoring System (SIMS) 2.0, effective from July 25, 2024, at 2:00 PM. This updated system, accessible at https://sims.steel.gov.in, will replace the current SIMS 1.0, which will be discontinued immediately. [Trade Notice No. 10/2024-25-DGFT dated 25th July 2024]
Income Tax: Government under Section 10(46) of the Income-tax Act, 1961 has granted tax exemption for payment to the Himachal Pradesh State Load Despatch Centre, Shimla (PAN-AAAAH7757E).[ Notification No. 95/2024-Income Tax, dated 24th July 2024]
Income Tax : Government under Section 10(46) of the Income-tax Act, 1961 has granted tax exemption for payment to the Punjab Skill Development Mission Society, Chandigarh (PAN: AAAAE8085G). Notification No. 94/2024- Income Tax | Dated: 24th July, 2024]
GST : Matter to be remanded back since assessee couldn’t participate in proceedings on account of being unaware of SCN:- Where assessee filed writ petition assailing order of Adjudicating Authority confirming tax proposal on ground that it did not have a reasonable opportunity to contest tax demand on merits, since assessee could not participate in …
SEBI: SEBI has announced the implementation date for the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022. The new regulations will come into force on November 1, 2024. [Notification No. SEBI/LAD-NRO/GN/2024/195 Dated: 25th July, 2024]
RBI: RBI has introduced a revised Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs), replacing the previous Supervisory Action Framework (SAF). Effective from April 1, 2025, this new framework will apply to UCBs in Tier 2, Tier 3, and Tier 4 categories, focusing on Capital, Asset Quality, and Profitability indicators such as …
GST Matter to be remanded back since assessee couldn’t participate in proceedings on account of being unaware of SCN:- Where assessee filed writ petition assailing order of Adjudicating Authority confirming tax proposal on ground that it did not have a reasonable opportunity to contest tax demand on merits, since assessee could not participate in proceedings …
GST: HC condoned delay in filing appeal as accountant handling GST compliances was hospitalized. Appeal rejected on limitation grounds despite evidence of reasonable cause for delay directed to be considered on merits without regard to limitation issue. IN THE HIGH COURT OF JUDICATURE AT MADRAS CHANDRASEKARAN ANAND Versus DEPUTY COMMISSIONER (ST)
