Daily Updates

Central Excise The amendment to Notification No. 18/2022-Central Excise, originally dated 19th July 2022, has reduced the Special Additional Excise Duty (SAED) on the production of petroleum crude. According to the recent Notification No. 25/2024-Central Excise, effective from 18th September 2024, the SAED on petroleum crude has been lowered from ₹1,850 per tonne to ₹Nil …

Central Excise: The amendment to Notification No. 18/2022-Central Excise, originally dated 19th July 2022, has reduced the Special Additional Excise Duty (SAED) on the production of petroleum crude.(18.09.2024) Read More »

Customs Implementation of automation in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 in respect of EOUs– reg. has been postponed till 24.09.2024 and will be implemented from 25.09.2024 onwards. Circular No. 16/2024 – Customs dated 17.09.2024  

GST: Cancellation of GST with retrospective effect without affording opportunity of personal hearing to be set aside: HC GST registration cancelled retrospectively without hearing on that aspect set aside; matter remanded for reconsideration after allowing assessee opportunity to be heard. [IN THE HIGH COURT OF DELHI, Shobha Rani Versus Commissioner of Delhi Goods and Services …

Judicial Corner: GST: Cancellation of GST with retrospective effect without affording opportunity of personal hearing to be set aside: HC GST registration cancelled retrospectively without hearing on that aspect set aside; matter remanded for reconsideration after allowing assessee opportunity to be heard. (17.09.2024) Read More »

GST:  HC set aside orders denying ITC availed by assessee belatedly since Parliament has proposed to amend Sec. 16(4): Where assessment orders denying ITC availed by assessees belatedly beyond statutory period prescribed under section 16(4) were challenged, since Parliament itself had come to rescue of assessees by proposing to amend section 16(4) to allow them …

Judicial Corner: GST:  HC set aside orders denying ITC availed by assessee belatedly since Parliament has proposed to amend Sec. 16(4): Where assessment orders denying ITC availed by assessees belatedly beyond statutory period prescribed under section 16(4) were challenged, since Parliament itself had come to rescue of assessees by proposing to amend section 16(4) to allow them to take ITC in any return under filed for Assessment Year – 2017 to 2021, impugned orders were to be set aside and cases were to be remitted back to Assessing Officer to pass fresh order.(16.09.2024) Read More »

GST:  HC remanded matter back to AO as assesse failed to notice SCN posted on GST portal: Where assesse missed notices on GST portal, assessment order quashed and remanded for fresh consideration, allowing assesse opportunity to respond, subject to partial tax deposit.  [IN THE HIGH COURT OF JUDICATURE AT MADRAS, J.Tvl. SST & Co./Sethu Susila …

Judicial Corner: HC remanded matter back to AO as assesse failed to notice SCN posted on GST portal: Where assesse missed notices on GST portal, assessment order quashed and remanded for fresh consideration, allowing assesse opportunity to respond, subject to partial tax deposit. (14.09.2024) Read More »

GST Demand raised in subsequent order isn’t sustainable if demand had been already raised for a particular period under previous order: HC:- Where period for which subsequent assessment order was passed, was already assessed in previous assessment order passed by respondent-department on basis of intelligence report, therefore, subsequent assessment order was quashed and matter was …

Judicial Corner: GST : Demand raised in subsequent order isn’t sustainable if demand had been already raised for a particular period under previous order. (13.09.2024) Read More »

Judicial Corner: GST Madras HC set aside order imposing 100% penalty as tax was paid before issuance of order:- Where assessee paid tax dues after inadvertently availing ineligible input tax credit, 100% penalty order under Section 74 set aside, remanded for reconsideration with opportunity for assessee to be heard. (In the high court of judicature …

Judicial Corner : GST: Madras HC set aside order imposing 100% penalty as tax was paid before issuance of order. (12.09.2024) Read More »

Judicial Corner: GST  Assessee to be provided with copy of SIB report on basis of which demand was raised: Where report of survey conducted by SIB at premises of petitioner was not provided to petitioner while demand was raised on basis of said survey report, same would severely prejudice case of petitioner; proceedings were in …

Judicial Corner: GST : Assessee to be provided with copy of SIB report on basis of which demand was raised. (11.09.2024) Read More »

Judicial Corner : Customs  Investigating agency can’t be permitted to continuously peep into private life of accused enlarged on bail: Bail conditions imposable “in interest of justice” cannot be fanciful, arbitrary or freakish; Courts must show restraint while imposing bail conditions; Investigating agency cannot be permitted to continuously peep into private life of accused enlarged …

Judicial Corner : Customs :  Investigating agency can’t be permitted to continuously peep into private life of accused enlarged on bail (10.09.2024) Read More »

Judicial Corner: GST HC remanded matter as reasonable opportunity wasn’t provided to contest tax demand on merits:- Where assesse /petitioner claimed inability to respond to show cause notice due to old age and illness, impugned order was set aside and matter was remanded back to revenue authorities, directing them to provide opportunity to assesse /petitioner …

Judicial Corner: GST HC remanded matter as reasonable opportunity wasn’t provided to contest tax demand on merits (09.09.2024) Read More »

Judicial Corner : GST Writ petition not maintainable against cancellation of GST registration if alternative remedy is available: Where writ petition was filed by assessee challenging cancellation of its registration under GST on ground that assessee was not supplied with reports of certain dealers who allegedly passed on ITC to assessee without supply of goods, …

Judicial Corner : GST : Writ petition not maintainable against cancellation of GST registration if alternative remedy is available (07.09.2024) Read More »

SEBI has allowed securities funded by cash collateral to be considered as maintenance margin for Margin Trading Facility (MTF) to promote ease of doing business. This move helps to ease the burden of providing additional collateral towards the maintenance margin for the margin trading facility. This change came after SEBI received requests from market participants …

SEBI: SEBI has allowed securities funded by cash collateral to be considered as maintenance margin for Margin Trading Facility (MTF) to promote ease of doing business. This move helps to ease the burden of providing additional collateral towards the maintenance margin for the margin trading facility.(13.09.2024) Read More »

SEBI Based on consultations with MIIs and recommendations of the Technical Advisory Committee, SEBI has notified modifications in guidelines for the Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs). In addition to the Disaster Recovery Site (DRS), all Stock Exchanges, Clearing Corporations, and Depositories must also have a Near Site …

SEBI: Based on consultations with MIIs and recommendations of the Technical Advisory Committee, SEBI has notified modifications in guidelines for the Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs).(13.09.2024) Read More »

The CBIC seeks to continue the imposition of countervailing duty on Atrazine Technical imported from China PR for an additional five years, based on the Sunset Review Final Findings issued by the Directorate General of Trade Remedies (DGTR). Notification No. 05/2024 – Customs (CVD) dated 11.09.2024

Customs  The CBIC seeks on imposition of countervailing duty on imports of Welded Stainless-Steel Pipes and Tubes originating in or exported from China PR and Vietnam Notification No. 04/2024 – Customs (CVD) dated 10.09.2024

The CBIC has issued a circular clarifying that if an exporter who initially imported inputs without paying IGST and compensation cess under the benefit of the said exemption notifications, later pays IGST and compensation cess along with interest, and gets the Bill of Entry reassessed through Customs authorities, then the refund of IGST paid on …

GST: The CBIC has issued a circular clarifying that if an exporter who initially imported inputs without paying IGST and compensation cess under the benefit of the said exemption notifications, later pays IGST and compensation cess along with interest, and gets the Bill of Entry reassessed through Customs authorities, then the refund of IGST paid on exports will not be considered in contravention of sub-rule (10) of Rule 96 of the CGST Rules.(12.09.2024) Read More »

The CBIC has issued a circular clarifying that data hosting services provided by Indian service providers to cloud computing service providers located outside India do not qualify as intermediary services. Therefore, the place of supply for such services cannot be determined under Section 13(8)(b) of the IGST Act. Circular No. 232/26/2024-GST dated 10.09.2024

The CBIC has issued a circular clarifying that input tax credit on demo vehicles is not blocked under clause (a) of Section 17(5) of the CGST Act. Furthermore, the capitalization of such vehicles in the books of account of authorized dealers does not affect the availability of input tax credit, subject to the other provisions …

GST: The CBIC has issued a circular clarifying that input tax credit on demo vehicles is not blocked under clause (a) of Section 17(5) of the CGST Act.(12.09.2024) Read More »

GST  The CBIC has issued a circular clarifying that an advertising company engaged in the primary supply of advertising services, including the resale of media space, to a foreign client on a principal-to-principal basis does not qualify as an “intermediary” under Section 2(13) of the IGST Act. Additionally, in such cases, the recipient of the …

GST:  The CBIC has issued a circular clarifying that an advertising company engaged in the primary supply of advertising services, including the resale of media space, to a foreign client on a principal-to-principal basis does not qualify as an “intermediary” under Section 2(13) of the IGST Act.(12.09.2024) Read More »

Customs : Implementation of automation in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022 in respect of EOUs– reg. has been postponed till 16.09.2024 and will be implemented from 17.09.2024 onwards. Circular No. 13/2024 – Customs dated 04.09.2024