Bizsol Update for the month July 2024 From the Desk of Chairman Article on ‘The Living Will-The Document that Speaks for you when you Silent’, by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd. Article on ‘Analysis of Interest under GST’ by CA Abhishek Malpani, Sr. Advisor, Bizsolindia Services Pvt. Ltd. Article on ‘Concept …
On 5th February 24 when Narendra Modi sought formal permission from the Chairman of the Rajya Sabha for speaking a little longer, the gesture on his part seemed a mere formality. The speech that he made that day was something significant and indeed longer than usual. That day he launched a blistering attack on the …
A Will and A Living Will: A Living Will is a contradiction in terms. A Will, as commonly known, is a compendium of your wishes when you are alive that are expected to get activated on your death. A Living Will on the other hand, is a collection of your instructions and wishes on mostly …
Introduction: The Government of India has specified the due dates to pay Goods and Services Tax. The due date to pay GST is different for different types of taxpayers. If one fails to pay GST within the due date, one must pay the interest along with the GST dues for the delay period. Relevant …
In the world of GST regulations, compounding of offences provides a unique mechanism for defaulters to escape major legal consequences. This article delves into the concept of compounding offences under the GST Act, 2017, elucidating the process, eligibility conditions, compounding charges, and various aspects of classification. Relevant Legal Provisions under GST: Chapter XIX of the …
In India every company incorporated under the Indian Companies Act, 2013 and erstwhile Act of 1956, which is limited by shares, is required to issue certain types of securities to its stakeholders, viz. equity shares, preference shares, debentures etc., depending upon various factors. These securities are issued by the Company either in physical or dematerialized …
SEBI: SEBI has granted BSE Limited recognition as both the Research Analyst Administration and Supervisory Body (RAASB) and the Investment Adviser Administration and Supervisory Body (IAASB). This recognition, effective from July 25, 2024. [Circular No. SEBI/HO/MIRSD/MIRSD-POD-1/P/CIR/2024/101 Dated: 12th July, 2024.]
RBI: RBI has undertaken an internal review to streamline and simplify the existing banking guidelines by withdrawing obsolete circulars. This move, effective from the close of business on July 12, 2024. [RBI/2024-25/51 DoS.CO.PPG/SEC.4/11.01.005/2024-25 Dated: 12th July, 2024.]
Customs: CBIC notifies that uniform rate of 5% IGST will apply to imports of ‘Parts, components, testing equipment, tools and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities subject to specified conditions. [Notification No. 28/2024-Customs | Dated: 12th July, 2024]
Customs: CBIC provides exemption from Compensation Cess leviable on all goods imported by a unit or a developer in the Special Economic Zone for authorized operations, from the whole of goods and service tax compensation cess leviable thereon under sub-section (9) of section 3, of Customs Tariff Act, 1975. [Notification No. 27/2024-Customs | Dated: 12th …
GST: CBIC exempt Compensation Cess on supply of aerated beverages and energy drinks to authorized customers by Unit Run Canteens under Ministry of Defense. [Notification No. 01/2024-Compensation Cess (Rate) | Dated: 12th July, 2024 ]
GST: Non-filling of Part-B of e-way bill without proof of tax evasion intent does not warrant penalty. Non-filling of Part-B of e-way bill, without proof of tax evasion intent, does not warrant penalty under Section 129(3) of GST Act. IN THE HIGH COURT OF JUDICATURE AT ALLAHABAD [RS INDUSTRIAL SOLUTIONS Versus ADDITIONAL COMMISSIONER GRADE 2]
Summary of Notification 12/2024 – Central Tax Dated 10th July 2024 Click Here to see the Summary
Customs: Customs authorities can’t deny FTA benefits without conducting verification of certificate of origin. Alkalised Cocoa Powder import from Malaysia was eligible for benefit of Notification No. 46/2011-Cus dated 1-6-2011 and Notification No. 53/2011-Cus dated 1-7-2011, which could not be denied on allegation of not fulfilling 35% value addition condition where department had neither discarded …
Central Excise: Steel & cement used for laying foundation for erection of capital goods was eligible for Cenvat Credit: Assessee entitled to CENVAT credit of duty paid on MS angles, MS channels, MS beams, MS joists, MS plates etc. used in fabrication of various machineries, support structures, platforms for machineries and equipment etc. used in …
GST: Department issued notification regarding enactment of various changes in GST rules which were prosed in 53rd GST Council meeting. [Notification 12/2024- CT dated 10th July 2024]
DGFT: DGFT extends the Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for two months beyond 30th June 2024. [Trade Notice No. 08/2024-2025 Dated: 10th July 2024]
Income Tax: The Central Government, acting under sub-section (1) of section 138 of the Income-tax Act, 1961, formally specified the Agriculture Production Commissioner (APC) & Secretary to Government, Agriculture & Co-operation Department, Government of Telangana. [Notification 2661 (E ) dated 9th July 2024]
GST: Refund claim can’t be rejected on limitation grounds without proving that order-in-original was communicated to assessee: Order denying refund of EDD set aside on Department’s failure to prove timely communication of finalisation of bills of entry and as order was passed in violation of natural justice and without evidence. CESTAT, SOUTH ZONAL BENCH, CHENNAI …
GST: The GSTN has enhanced the permissible size 100 KB to 500KB for document uploads pertaining to Principal Place of Business and Additional Places of Business effective July 9th, 2024. [Press Release No. 502 dated: 09th July, 2024]
