Daily Updates

Income Tax The Central Government has specified that no collection of tax shall be made under section 206C(1F) of the Income Tax Act, 1961 on any payment received from the Reserve Bank of India. This notification shall come into force from 16.10.2024. [Notification No. 115/2024/F. No. 370142/21/2024-TPL dated 16.10.2024]

Customs  The Central Board of Indirect Taxes (CBIC) has issued a notification to amend the tariff values of palm oil, soya bean oil, brass scrap, gold, silver, and areca nuts. [Notification No. 66/2024-CUSTOMS (N.T.) dated 15.10.2024]  

The Central Board of Direct Taxes (CBDT) has notified new Form 12BAA, which is to be submitted to the employer deducting tax on salary income. This new form incorporates the amendments brought by the Finance (No. 2) Act, 2024, permitting the credit of all taxes deducted or collected in the employee’s name. [No. 112/2024/F. No. …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified new Form 12BAA, which is to be submitted to the employer deducting tax on salary income.(16.10.2024) Read More »

The Central Board of Direct Taxes (CBDT) has notified the seventh amendment to Form 10A and Form 10AB. The amendment is effective from 01-10-2024 and applies retrospectively. The amendment is made to provide clarity on the information to be furnished in the application for registration under section 12A, 10(23C), and 80G. [Notification No. 111/2024/ F.No.370142/20/2024-TPL …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified the seventh amendment to Form 10A and Form 10AB.(16.10.2024) Read More »

Income Tax  The Central Board of Direct Taxes (CBDT) has issued a Guidance Note in the form of Frequently Asked Questions (FAQs) to facilitate the various queries raised by the stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024. [Circular No. 12 of 2024 dated 15.10.2024]

The CBIC has issued circular to clarify doubts and ensure uniformity in the implementation of Section 128A of the CGST Act, 2017. The circular also provides guidelines relating to filing of application, payment of tax etc. for waiver of interest or penalty or both under Section 128A. [CIRCULAR NO. 238/31/2024-GST dated 15.10.2024]  

The CBIC has issued circular to clarify the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act, 2017. It also explains the procedure of filing an application for rectification of an order issued under section 73 or section 74 of the CGST Act. [CIRCULAR NO. 237/31/2024-GST dated …

GST: The CBIC has issued circular to clarify the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act, 2017.(16.10.2024) Read More »

Invoice Management System (IMS) is made available to taxpayers. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). Taxpayers can make use of this system to take action on the invoices reflecting on IMS from 14th Oct 2024. The …

GST: Invoice Management System (IMS) is made available to taxpayers.(16.10.2024) Read More »

GST GSTIN has issued Important advisory for GSTR-9/9C -Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal. Further, a …

GST: GSTIN has issued Important advisory for GSTR-9/9C -Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal.(16.10.2024) Read More »

DGFT Directorate General of Foreign Trade (DGFT) has issued a policy Circular which states that if Acetic Anhydride is manufactured by a unit within an SEZ and procured by an Advance Authorization holder against a Certificate of Supplies, the NOC requirement does not apply. This clarification is intended to address concerns related to paragraph 4.08(ii) …

DGFT: Directorate General of Foreign Trade (DGFT) has issued a policy Circular which states that if Acetic Anhydride is manufactured by a unit within an SEZ and procured by an Advance Authorization holder against a Certificate of Supplies, the NOC requirement does not apply.(15.10.2024) Read More »

DGFT Directorate General of Foreign Trade (DGFT) has issued a notification to amend the import policy for parts of gas-fueled pocket lighters under HS code 96139000. Previously classified as “free”, these items are now “restricted”, meaning importers must obtain prior approval. The change is effective immediately and is in line with the Foreign Trade Policy …

DGFT: Directorate General of Foreign Trade (DGFT) has issued a notification to amend the import policy for parts of gas-fueled pocket lighters under HS code 96139000.(15.10.2024) Read More »

Customs  Central Board of Indirect Taxes and Customs (CBIC) has issued notification to  revise key provisions related to insurance costs under the Handling of Cargo in Customs Areas Regulations (HCCAR), 2009. The circular primarily focuses on:   Reduction in Average Dwell Time: The average dwell time for cargo clearance has been reduced from 10 days …

Customs:  Central Board of Indirect Taxes and Customs (CBIC) has issued notification to  revise key provisions related to insurance costs under the Handling of Cargo in Customs Areas Regulations (HCCAR), 2009.(14.10.2024) Read More »

The CBIC has issued circular to clarify GST rates & classification of certain services based on the recommendations of the 54th GST Council meeting. Here’s a short summary:   Affiliation Services: Universities’ affiliation services to colleges are taxable at 18% GST. Affiliation services to government schools are exempt from 10th October 2024. Flying Training: DGCA-approved …

GST: The CBIC has issued circular to clarify GST rates & classification of certain services based on the recommendations of the 54th GST Council meeting. Here’s a short summary:(14.10.2024) Read More »

The CBIC has issued circular to clarify that applicability of GST on the service of affiliation provided by universities to colleges; GST on the service of affiliation provided by Central and State educational boards or Councils, or other similar bodies, to schools; GST on DGCA approved flying training courses conducted by Flying Training Organizations etc. …

GST: The CBIC has issued circular to clarify that applicability of GST on the service of affiliation provided by universities to colleges; GST on the service of affiliation provided by Central and State educational boards or Councils, or other similar bodies, to schools; GST on DGCA approved flying training courses conducted by Flying Training Organizations etc.(14.10.2024) Read More »

GST The GST Council in its 54th Meeting held on 9th September 2024 has recommended issuance of clarification to clarify the intent behind the regularization done in the past meetings. Therefore, the CBIC has issued Circular in exercise of power under Section 168 of CGST Act 2017 to clarify scope of “as is” or “ …

GST: he GST Council in its 54th Meeting held on 9th September 2024 has recommended issuance of clarification to clarify the intent behind the regularization done in the past meetings.(14.10.2024) Read More »

Income Tax The Central Board of Direct Taxes (CBDT) has notified ‘District Legal Service Authority’, Real Estate Regulatory Authority’, ‘Gujarat Water Supply and Sewerage Board’, ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961 [Notification No. …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified ‘District Legal Service Authority’, Real Estate Regulatory Authority’, ‘Gujarat Water Supply and Sewerage Board’, ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961(14.10.2024) Read More »

The CBIC has issued notification to provide that any registered person receiving supplies of metal scrap shall deduct TDS of 2% on B2B transaction. This notification shall be applicable from 10th October 2024. [No. 25/2024-Central Tax dated 09.10.2024]  

GST  The CBIC has issued notification to provide that exemption granted to persons who are only engaged in making supplies of taxable goods or services or both, the total tax on which is liable to be paid on reverse charge basis, shall not be available to metal scrap dealers and they have to obtain GST …

GST:  The CBIC has issued notification to provide that exemption granted to persons who are only engaged in making supplies of taxable goods or services or both, the total tax on which is liable to be paid on reverse charge basis, shall not be available to metal scrap dealers and they have to obtain GST registration on crossing threshold limit.(10.10.2024) Read More »

RBI  The RBI has issued a circular that extends the Interest Equalization Scheme (IES) for pre- and post-shipment rupee export credit until December 31, 2024. A key modification is MSME manufacturer exporters can only receive benefits up to a maximum of ₹50 lakhs for the financial year 2024-25. Those who have already availed of ₹50 …

RBI:  The RBI has issued a circular that extends the Interest Equalization Scheme (IES) for pre- and post-shipment rupee export credit until December 31, 2024.(09.10.2024) Read More »

The CBIC has notified March 31, 2025, as last date to pay taxes under Section 128A for waiver of interest and penalties, due under a notice, statement, or order mentioned in clauses (a), (b), or (c) of Section 128A. If a notice was initially issued under Section 74 but later found unsustainable under that section, …

GST: The CBIC has notified March 31, 2025, as last date to pay taxes under Section 128A for waiver of interest and penalties, due under a notice, statement, or order mentioned in clauses (a), (b), or (c) of Section 128A. If a notice was initially issued under Section 74 but later found unsustainable under that section, benefit under Section 128A is available if payment is made within 6 months of order date for redetermining tax under Section 73.(09.10.2024) Read More »