Daily Updates

Company Law: Individual desires to update his personal mobile number or the e-mail address, as the case may be, he shall update the same by submitting e-form DIR-3 KYC only on or before 30th September of the financial year provided that if an individual intends to update his personal mobile number or the email address …

Company Law: Individual desires to update his personal mobile number or the e-mail address, as the case may be, he shall update the same by submitting e-form DIR-3 KYC only on or before 30th September of the financial year provided that if an individual intends to update his personal mobile number or the email address again at any time during the financial year in addition to the updation allowed, he shall update the same by submitting e‑form DIR‑3 KYC on payment of fees of five hundred rupees (17.07.2024) Read More »

DGFT: DGFT reduces the composition fee from 3% to 1% of the shortfall in FOB value in Indian Rupee, applicable when the export obligation is fulfilled in quantity but falls short in value, and the minimum value addition prescribed is not achieved.  [Public Notice: No. 14/2024-25- DGFT dated July 16, 2024]

Customs: Government has revised the tariff values for edible oils, metals, and areca nuts effective from July 16, 2024  [Notification No. 49/2024-Customs (N.T.) dated July 15, 2024]

Excise Duty: CBIC increases the Special Additional Excise Duty (Windfall Tax) on the production of petroleum crude from Rs. 6000 per tonne to Rs. 7000 per tonne, effective July 16, 2024. [Notification No. 18/2024-Central Excise | Dated: 15th July, 2024.]

Customs:  Safeguard duty can’t be demanded on imported goods before date of publication of notification in official gazette. Safeguard duty could not be demanded where bill of entry and entry inward were filed much before date of publication in official gazette of notification that had imposed safeguard duty; date of effect of notification shall be …

Judicial Corner: Safeguard duty can’t be demanded on imported goods before date of publication of notification in official gazette.(17.07.2024) Read More »

SEBI: SEBI has granted BSE Limited recognition as both the Research Analyst Administration and Supervisory Body (RAASB) and the Investment Adviser Administration and Supervisory Body (IAASB). This recognition, effective from July 25, 2024. [Circular No. SEBI/HO/MIRSD/MIRSD-POD-1/P/CIR/2024/101 Dated: 12th July, 2024.]

RBI: RBI has undertaken an internal review to streamline and simplify the existing banking guidelines by withdrawing obsolete circulars. This move, effective from the close of business on July 12, 2024. [RBI/2024-25/51 DoS.CO.PPG/SEC.4/11.01.005/2024-25 Dated: 12th July, 2024.]

Customs: CBIC notifies that uniform rate of 5% IGST will apply to imports of ‘Parts, components, testing equipment, tools and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities subject to specified conditions.  [Notification No. 28/2024-Customs | Dated: 12th July, 2024]

Customs: CBIC provides exemption from Compensation Cess leviable on all goods imported by a unit or a developer in the Special Economic Zone for authorized operations, from the whole of goods and service tax compensation cess leviable thereon under sub-section (9) of section 3, of Customs Tariff Act, 1975. [Notification No. 27/2024-Customs | Dated: 12th …

Customs: CBIC provides exemption from Compensation Cess leviable on all goods imported by a unit or a developer in the Special Economic Zone for authorized operations, from the whole of goods and service tax compensation cess leviable thereon under sub-section (9) of section 3, of Customs Tariff Act, 1975.(16.07.2024) Read More »

GST: CBIC exempt Compensation Cess on supply of aerated beverages and energy drinks to authorized customers by Unit Run Canteens under Ministry of Defense. [Notification No. 01/2024-Compensation Cess (Rate) | Dated: 12th July, 2024 ]

GST:  Non-filling of Part-B of e-way bill without proof of tax evasion intent does not warrant penalty. Non-filling of Part-B of e-way bill, without proof of tax evasion intent, does not warrant penalty under Section 129(3) of GST Act. IN THE HIGH COURT OF JUDICATURE AT ALLAHABAD [RS INDUSTRIAL SOLUTIONS Versus ADDITIONAL COMMISSIONER GRADE 2]

Customs: Customs authorities can’t deny FTA benefits without conducting verification of certificate of origin. Alkalised Cocoa Powder import from Malaysia was eligible for benefit of Notification No. 46/2011-Cus dated 1-6-2011 and Notification No. 53/2011-Cus dated 1-7-2011, which could not be denied on allegation of not fulfilling 35% value addition condition where department had neither discarded …

Judicial Corner : Customs: Customs authorities can’t deny FTA benefits without conducting verification of certificate of origin. (15.07.2024) Read More »

Central Excise:  Steel & cement used for laying foundation for erection of capital goods was eligible for Cenvat Credit: Assessee entitled to CENVAT credit of duty paid on MS angles, MS channels, MS beams, MS joists, MS  plates etc.  used in fabrication of various machineries, support structures, platforms for machineries and equipment etc. used in …

Judicial Corner: Steel & cement used for laying foundation for erection of capital goods was eligible for Cenvat Credit (12.07.2024) Read More »

GST: Department issued notification regarding enactment of various changes in GST rules which were prosed in 53rd GST Council meeting. [Notification 12/2024- CT dated 10th July 2024]

DGFT: DGFT extends the Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for two months beyond 30th June 2024. [Trade Notice No. 08/2024-2025 Dated: 10th July 2024]

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)]