Team Bizsol

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 …

Judicial Corner: Refund claim can’t be rejected on limitation grounds without proving that order-in-original was communicated to assessee(11.07.2024) Read More »

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]

HC set-aside order alleging failure to reverse ITC as assessee was willing to explain discrepancy: Input Tax Credit availed net of credit notes requires opportunity for assessee to explain discrepancy, subject to partial payment of disputed tax demand. HIGH COURT OF JUDICATURE AT MADRAS [RAJ REKHA Versus DEPUTY STATE TAX OFFICER-II(FAC)]

Refund to be denied if importer failed to produce evidence other than CA certificate to prove no unjust enrichment:  Onus on claimant of refund to produce sufficient and tangible evidence, including CA’s certificate, but merely CA’s certificate to effect that incidence of duty element, in respect of which refund claimed, cannot be basis for conclusive …

Judicial Corner : Refund to be denied if importer failed to produce evidence other than CA certificate to prove no unjust enrichment (09.07.2024) Read More »

SEBI: SEBI issued circulars to all registered Credit Rating Agencies (CRAs), introducing measures to ease business operations for CRAs by specifying timelines and disclosure requirements. [Circular No. SEBI/HO/DDHS/DDHS-PoD-3/P/CIR/2024/97 on July 4, 2024]

DGFT: Existing notification No. 52/2023 is amended to that the export of Rice (Basmati and Non-Basmati) to EU member states and other European countries, namely the United Kingdom, Iceland, Liechtenstein, Norway, and Switzerland, will only require a Certificate of Inspection from the Export Inspection Council/Export Inspection Agency (EIC/EIAs). [Notification No. 19/2024-25-DGFT Dated the 5th July, …

DGFT: Existing notification No. 52/2023 is amended to that the export of Rice (Basmati and Non-Basmati) to EU member states and other European countries, namely the United Kingdom, Iceland, Liechtenstein, Norway, and Switzerland, will only require a Certificate of Inspection from the Export Inspection Council/Export Inspection Agency (EIC/EIAs).(08.07.2024) Read More »

No ST on amount paid by client on account of re-imbursement of expenses only:   Amount paid by client for PPE transactions are on account of re-imbursement of expenses only, hence, entire confirmed demand is not sustainable on merits.   CESTAT, EASTERN BENCH, KOLKATA [DIREXIONS MARKETING SOLUTIONS Versus COMMISSIONER OF SERVICE TAX]

GST: Discount mentioned in agreement can be corrected through subsequent communication: Order passed by Adjudicating Authority and upheld by Commissioner (Appeals) disallowing discount of 25% to assessee was set aside upon submission of amended agreement stating that 25% discount was applicable retrospectively from date of earlier agreement. CESTAT, SOUTH ZONAL BENCH, CHENNAI [VANDEWIELE SAVIO INDIA …

Judicial Corner: Discount mentioned in agreement can be corrected through subsequent communication (06.07.2024) Read More »

COMPANY LAW: The government has announced the migration of e-Forms MGT-6 and BEN-2 from MCA21 Version 2 to Version 3, effective from July 4, 2024, to July 14, 2024. During this period, these forms will be unavailable in Version 2, and stakeholders will have until July 15, 2024, to file these forms in the new …

Company Law: The government has announced the migration of e-Forms MGT-6 and BEN-2 from MCA21 Version 2 to Version 3, effective from July 4, 2024, to July 14, 2024. During this period, these forms will be unavailable in Version 2, and stakeholders will have until July 15, 2024, to file these forms in the new system without incurring additional fees if their due dates fall within the migration period.(05.07.2024) Read More »

RBI: RBI has taken a significant step towards enhancing the ease of doing business by removing the limits on the amount of remittance that can be made through the online submission of Form A2. [RBI/2024-25/46 A.P. (DIR Series) Circular No. 12 dated: 03rd July, 2024]    

RBI: RBI issued a new directive under the A.P. (DIR Series) Circular No. 13, bringing significant changes to the regulations governing the release of foreign exchange for miscellaneous remittances. RBI has mandated that ADs must now obtain Form A2 in either physical or digital form for all cross-border remittances, regardless of the transaction value.  [RBI/2024-25/47 …

RBI: RBI issued a new directive under the A.P. (DIR Series) Circular No. 13, bringing significant changes to the regulations governing the release of foreign exchange for miscellaneous remittances. RBI has mandated that ADs must now obtain Form A2 in either physical or digital form for all cross-border remittances, regardless of the transaction value. (05.07.2024) Read More »

EXCISE DUTY: CBIC has addressed the revised monetary limits for the adjudication of show cause notices in Central Excise for commodities classified under Chapter 24 of Schedule IV of the Central Excise Act, 1944. Superintendent: Not exceeding Rupees 20 lakh Deputy or Assistant Commissioner: Above Rupees 20 lakh but not exceeding Rupees 2 crore Additional or Joint …

Excise Duty: CBIC has addressed the revised monetary limits for the adjudication of show cause notices in Central Excise for commodities classified under Chapter 24 of Schedule IV of the Central Excise Act, 1944 (05.07.2024) Read More »

GST: GSTN has enhanced address-related fields in GST registration functionalities, including New Registration, Amendment Application, and Geocoding Business Addresses, based on user feedback and ticket analysis   [Press Release No. 501 dated: 04th July, 2024]

GST: HC dismissed petition against denial of ITC since details of invoices were not reflected in GSTR-2A during time of audit: Where assessee was unable to produce clear copy of tax invoices on basis of which ITC was availed by assessee, writ petition of assessee against order denying ITC was to be dismissed as assessee …

Judicial Corner : HC dismissed petition against denial of ITC since details of invoices were not reflected in GSTR-2A during time of audit ( 05.07.2024) Read More »

HC remanded matter back to appellate authority to hear appeal on merits as illness of proprietor was reason for delay: Where in case of assessee’s appeal against order passed under section 73(9) of CGST Act was dismissed by Appellate Authority on ground of delay, since assessee had sufficiently explained delay in filing appeal, Appellate Authority …

Judicial Corner : GST : HC remanded matter back to appellate authority to hear appeal on merits as illness of proprietor was reason for delay. (04.07.2024) Read More »

SEBI :  SEBI has introduced significant modifications to the denomination of issuance and trading of non-convertible securities and non-convertible redeemable preference shares. [Circular (SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/94) dated 03.07.2024]

SEBI: SEBI introduces an exception to the existing limit on investment in certain assets. Previously, the regulations stipulated that investments should not exceed 25% of the net assets. The new amendment now allows equity-oriented exchange-traded funds (ETFs) and index funds to exceed this 25% limit, subject to conditions specified by the Board. [Notification No. SEBI/LAD-NRO/GN/2024/188 …

SEBI : SEBI introduces an exception to the existing limit on investment in certain assets. (04.07.2024) Read More »

SEBI: SEBI has mandated the use of email as the default mode of communication for Consolidated Accounts Statement (CAS) by Depositories, Mutual Fund Registrar and Transfer Agents (MF-RTAs), and Depository Participants (DPs). [Circulars No. SEBI/HO/MRD-PoD2/CIR/P/2024/93 dated 1st July, 2024]