Bizsol Update for the month December 2023 From the Desk of Chairman Article on ‘The Solo Progeny Policy and the Miracle Economy’ by CS. Venkat R. Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. Changes in GST, FTP, Central Excise, Customs, Income Tax, Service Tax, MVAT, Company law, FEMA/ RBI , SEZ. Important due dates for the statutory …
Income Tax: CBDT has granted tax exemptions to the Godavari River Management Board, Hyderabad under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 102/2023- Income-Tax Dated: 5th December, 2023]
GST: High Court of Madras instructed the authorities to reevaluate matter where assessee had raised concerns about improper communication of notices. The assessment Order was to be set aside and furthermore authorities was urged to resolve issue regarding placement of information in Dashboard menus for “View Additional Notices and Orders” and “View Notices and Orders.
Income Tax: CBDT relaxes the time-frame to allows the processing of returns with refund claims subject to prior administrative approval of Pr.CCIT/CCIT concerned. The intimation of such processing can be sent to the assessee concerned by 31.01.2024. [Order under section 119 of the Income-tax Act, 1961 dated 1st Dec 2023]
DGFT: All AA/EPCG authorization holders falling under the purview of the Amnesty scheme are urged to take advantage of this opportunity, as the deadline for filing applications will not be extended beyond 31.12.2023. [Trade Notice No. 35/2023-24-DGFT | Dated: 05th December, 2023]
Service Tax CESTAT Mumbai held that since the impugned order has travelled beyond SCN and has been passed on a new ground, same is not sustainable.
The Lessons and Legacies of the Chinese ‘One Child Policy’ Macro-economic policies state and substantiate the cardinal economic principle that population growth fuels economic growth. The reality of both India and China, however, was that explosive population growth resulted in unmanageable consequences in the late seventies. China had an autocratic ruling dispensation and India was …
The favourite pastime post any cricket match for an average Indian is to dive deep into an in-depth analysis of the already concluded matches in the tournament. This year also after the recently concluded Cricket World Cup the self-styled cricket experts got sufficient vicarious opportunities to give vent to their bitter feelings of disappointments. The …
GST: Department in implementing Biometric Aadhar Authentication as pilot project in Andhra Pradesh. (Press Release 616)
GST: GSTN portal is starting 2 Factor authentication for login process. This is going to be implemented in phased manner starting from Punjab, Chandigarh, Uttarakhand, Rajasthan & Delhi. (Press Release)
Central Excise & Service Tax CESTAT Mumbai held that Demand merely on the basis of difference between Service Tax Returns and Balance Sheet is not sustainable.
Central Excise & Service Tax Supreme Court of India held that Penalty can’t be imposed on assessee if issue of nexus of valuation was a controversial issue during relevant period.
GST High Court of Telangana held that where assessee’s ITC account was blocked by revenue without following statutory requirements under CGST Act, 2017 and rules framed therein, Impugned notice of blocking the ITC was clear in contravention to provisions of CGST and TSGST Acts and was therefore to be set aside.
INSOLVENCY AND BANKRUPTCY CODE NCLAT- New Delhi in a recent judgment directed the liquidator to proceed with liquidation proceedings even where during liquidation, respondent failed to submit a final settlement proposal of its dues in respect of statutory creditor (GST Department) after multiple time extensions and filed an appeal before CESTAT in terms of its …
Customs: Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver is revised. [Notification No. 86/2023-Customs 28 November 2023]
Customs: Anti-dumping duty is imposed on imports of ‘Natural Mica-based Pearl Industrial Pigments excluding cosmetic grade’ from China. [Notification No. 13/2023-Customs (ADD) 22 November 2023]
GST: Advisory issued for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before 31 March 2023 [GSTN Advisory dated 28 November 2023]
GST: High Court of Rajasthan has held Simultaneous SCN on same subject matter by State and Central authorities is contrary to Section 6(2)(b) of the Act, 2017. The High Court directed the Respondents not to pass final orders till next hearing.
Judicial Corner : GST High Court of Madras held SCN was illegal and contrary to law where assessee through show cause notice was denied transfer of TDS from pre-GST era to post-GST era and the assessee was made entitled to transition TDS
Judicial Corner : GST High Court of Madras has held that where company was in process of liquidation and Official Liquidator was appointed, revenue should have approached Official Liquidator to recover sales tax dues, if Official Liquidator would determine that company has no sufficient funds to settle sales tax dues, then revenue may proceed against …
