Team Bizsol

GST : Essential functionalities for Good Transport Agencies (GTA) have been made available on the GSTN portal for easy compliance which includes following :- Online Declaration for Existing GTA Taxpayers (Annexure V and VI) Online Declaration for Newly Registered GTA Taxpayers (Annexure V) Deemed Option to exercise forward payment of tax liability option(Annexure VI) Uploading …

GST: Essential functionalities for Good Transport Agencies (GTA) have been made available on the GSTN portal for easy compliance (01.01.2024) Read More »

The deadline for declaring the opening balance for ITC reversal in the Electronic Credit and Re-claimed Statement has been extended. Taxpayers now have until 31st January 2024 to declare the opening balance. The facility to amend the declared opening balance for ITC reversal will be available until 29th February 2024. [Press Release No. 619 dated …

GST : The deadline for declaring the opening balance for ITC reversal in the Electronic Credit and Re-claimed Statement has been extended. Taxpayers now have until 31st January 2024 to declare the opening balance. The facility to amend the declared opening balance for ITC reversal will be available until 29th February 2024. (30.12.2023) Read More »

CBDT issues guidelines on TDS under section 194-O pertaining to E-Commerce Operator w.r.t treatment of fees and charges, GST and state levies, Purchase return and adjustments and discounts under Income-tax Act, 1961. [Circular No. 20 of 2023-Income Tax dated 28th Dec 2023]

GST : The Time limit for issuance of notice in GST for non-fraud cases is extended for FY 2018-19 to 30.04.2024 and for FY 2019-20 to 31.08.2024. [Notification No. 56/2023-Central Tax dated 28th Dec 2023]

Customs: India Imposes 5-Year Anti-Dumping Duty on Gypsum Tiles from China PR & Oman. [Notification No. 16/2023-Customs (ADD) | Dated: 26th December, 2023]

Customs: Govt imposes Anti-dumping Duty on Chinese Wheel Loaders. [Notification No. 17/2023-Customs (ADD) | Dated: 27th December, 2023]

Income Tax: CBDT notifies Ravenna Investments Holding B.V as pension fund U/s. 10(23FE) . [Notification No. 106/2023- Income tax | Dated: 27th December, 2023]

CESTAT Chennai held that Claimants are entitled to receive interest on refund since the date of claim for refund & not the date of compliance with query raised by Revenue. (M/s National Synthetics Vs Commissioner of Customs)

RBI: Effective December 26, 2023, AD Category-I banks are instructed to discontinue submitting returns through XBRL and shift to the newly introduced CIMS, RBI’s advanced data warehouse. [RBI/2023-24/93 A.P. (DIR Series) Circular No.11 Dated: December 22, 2023]

The GST officers rejected the GST registration of the assessee stating that both lessor and lessee had been running business in same premises, which was not acceptable. The Assessee challenged such rejection before the High Court of Tamil Nadu. The Hon’ble High Court gave directions to Revenue to visit the premises and the Revenue on …

Judicial Corner : The GST officers rejected the GST registration of the assessee stating that both lessor and lessee had been running business in same premises, which was not acceptable. The Assessee challenged such rejection before the High Court of Tamil Nadu. The Hon’ble High Court gave directions to Revenue to visit the premises and the Revenue on such verification contended that two persons had been carrying on their business in same premises with two separate GST numbers and there was no demarcation of properties referred by assessee. In this scenario the High Court directed to grant the GST registration to Assessee and directed assessee to demarcate property within one week of issue of GST number. (26.12.2023) Read More »

Customs: Govt extends the existing concessional import duties on Masur Dal up to and inclusive of the 31st March, 2025. [Notification No. 65/2023-Customs | Dated : 21st December, 2023]

Customs: CBIC imposes  anti-dumping duty on imports of Industrial Laser Machinery originating in or exported from China PR. [Notification No. 15/2023-Customs (ADD) | Dated: 22nd December, 2023]

Customs: CBIC enable gold imports by valid TRQ holders under India UAE CEPA. [Notification No. 66/2023-Customs | Dated: 22nd December, 2023]

GST: High Court of Andra Pradesh in case of SRK Enterprises v. Assistant Commissioner (ST) set aside the unsigned order uploaded on portal and directed department to pass fresh order treating the unsigned order as invalid.

SEBI SEBI has issued circular for actions required by corporates for Continuity for Clearing Corporations through Software as a Service (SaaS) Model. It provides clear roadmap for CCs and Exchanges to implement this innovative solution, further safeguarding investor interests and promoting a robust regulatory environment. [Circular No. SEBI/HO/MRD/TPD/P/CI R/2023/192 Dated: December 20, 2023]

GST: CBIC extended due date for Nov 2023 GSTR3B for the district of Chennai, Tiruvallur, Chengalpattu and Keenchepuram in Tamil Nadu till 27th Dec 2023. [Notification 55/2023 – CT dated 20th Dec 2023]

GST High Court of Andra Pradesh in case of SRK Enterprises v. Assistant Commissioner (ST) set aside the unsigned order uploaded on portal and directed department to pass fresh order treating the unsigned order as invalid.