Daily Updates

GST : Matter to be remanded back since assessee couldn’t participate in proceedings on account of being unaware of SCN:- Where assessee filed writ petition assailing order of Adjudicating Authority confirming tax proposal on ground that it did not have a reasonable opportunity to contest tax demand on merits, since assessee could not participate in …

Judicial Corner : GST : Matter to be remanded back since assessee couldn’t participate in proceedings on account of being unaware of SCN. (29.07.2024) Read More »

SEBI: SEBI has announced the implementation date for the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022. The new regulations will come into force on November 1, 2024. [Notification No. SEBI/LAD-NRO/GN/2024/195 Dated: 25th July, 2024]

RBI: RBI has introduced a revised Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs), replacing the previous Supervisory Action Framework (SAF). Effective from April 1, 2025, this new framework will apply to UCBs in Tier 2, Tier 3, and Tier 4 categories, focusing on Capital, Asset Quality, and Profitability indicators such as …

RBI:RBI has introduced a revised Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs), replacing the previous Supervisory Action Framework (SAF). Effective from April 1, 2025 (29.07.2024) Read More »

GST  Matter to be remanded back since assessee couldn’t participate in proceedings on account of being unaware of SCN:- Where assessee filed writ petition assailing order of Adjudicating Authority confirming tax proposal on ground that it did not have a reasonable opportunity to contest tax demand on merits, since assessee could not participate in proceedings …

Judicial Corner: Where assessee filed writ petition assailing order of Adjudicating Authority confirming tax proposal on ground that it did not have a reasonable opportunity to contest tax demand on merits, since assessee could not participate in proceedings on account of being unaware of same, impugned order was to be set aside and matter was to be remanded (29.07.2024) Read More »

GST:  HC condoned delay in filing appeal as accountant handling GST compliances was hospitalized. Appeal rejected on limitation grounds despite evidence of reasonable cause for delay directed to be considered on merits without regard to limitation issue. IN THE HIGH COURT OF JUDICATURE AT MADRAS CHANDRASEKARAN ANAND Versus DEPUTY COMMISSIONER (ST)

Service Tax:  No service tax on corporate guarantee provided by parent company to various banks/financial institutions. Service tax not leviable under category of Banking and Other Financial Services under reverse charge mechanism on assessee on guarantee fee paid to its parent company for providing guarantee to lenders (foreign banks) as assessee and its parent company …

Judicial Corner: No service tax on corporate guarantee provided by parent company to various banks/financial institutions (25.07.2024) Read More »

DGFT: DGFT has introduced an online facility to verify the authenticity of electronically-issued documents such as Licences and Certificates using a Unique Document Identification Number (UDIN). The UDIN, located at the top-right of the document, can be checked on the DGFT website by navigating to the verification section. [Trade Notice No. 09/2024-25-DGFT on 23rd July 2024]

GST: HC condoned delay in filing appeal before AA as it failed to exercise jurisdiction vested in it: Appellate authority’s failure to consider condonation application in time-barred GST appeal warrants judicial intervention to restore appeal for hearing on merits. [IN THE HIGH COURT AT CALCUTTA GOUR MOHAN BERA Versus STATE OF WEST BENGAL]

GST Goods can’t be detained for non-generation of e-invoice if there was no intention to avoid tax payment: HC Assessee’s goods in transit were detained because an E-tax invoice was not generated as per Rule 48 of CGST Rules. All other required documents, as per Rule 138A of CGST Rules, were present with the goods. …

Judicial Corner: Goods can’t be detained for non-generation of e-invoice if there was no intention to avoid tax payment (23.07.2024) Read More »

Income Tax: CBDT issued notification, designating AIMCo India Infrastructure Limited (PAN: AAZCA0927A) as a specified pension fund eligible for tax exemption under clause (23FE) of section 10 of the Income-tax Act, 1961. [Notification No. 93/2024 on 19th July 2024]

Customs: CBIC imposed countervailing duty on new/unused pneumatic radial tyres (including tubeless tyres) with a nominal rim diameter above 16″, used in buses and trucks, originating from China at 17.57% of the CIF value and applies to imports under tariff items 40112010 and 40118000, with specific conditions for the latter which is effective for 5 …

Customs: CBIC imposed countervailing duty on new/unused pneumatic radial tyres (including tubeless tyres) with a nominal rim diameter above 16″, used in buses and trucks, originating from China at 17.57% of the CIF value and applies to imports under tariff items 40112010 and 40118000, with specific conditions for the latter which is effective for 5 years.(22.07.2024) Read More »

Customs: CBIC extends the RoDTEP (Remission of Duties and Taxes on Export Products) support to exports by units in Special Economic Zones (SEZ). A proviso has been inserted stipulating that for goods manufactured or exported by SEZ units, the shipping bill or bill of export must be presented on or after 1st July 2024.  [Notification …

Customs: CBIC extends the RoDTEP (Remission of Duties and Taxes on Export Products) support to exports by units in Special Economic Zones (SEZ). A proviso has been inserted stipulating that for goods manufactured or exported by SEZ units, the shipping bill or bill of export must be presented on or after 1st July 2024. (22.07.2024) Read More »

Company Law: Government has issued the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Amendment Rules, 2024, these amendments modify various IEPF forms and update procedures for fund transfers and claims. Key changes include replacing forms IEPF-3 with IEPF-4 and IEPF-7 with IEPF-1, revising the online transfer process for amounts due to …

Company Law: Government has issued the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Amendment Rules, 2024, these amendments modify various IEPF forms and update procedures for fund transfers and claims.(20.07.2024) Read More »

GST:  HC remanded matter as tax demand was raised due to inadvertent error committed by assessee while filing GSTR-3B. Where assessee claimed GST return mismatch was due to inadvertent error, matter remanded for reconsideration, allowing assessee opportunity to contest after replying to show cause notice. IN THE HIGH COURT OF JUDICATURE AT MADRAS [ARUPADAI INFRASTRUCTURE …

Judicial Corner: HC remanded matter as tax demand was raised due to inadvertent error committed by assessee while filing GSTR-3B.(20.07.2024) Read More »

Customs  HC justified rejection of application of exporter for conversion of shipping bill from duty drawback to advance authorization.  Where exporter was in business for quite some time and not novice, their plea that by inadvertent mistake they obtained duty drawback benefits by filing Duty Drawback shipping bills instead of Advance Authorisation Scheme, rejected; Customs …

Judicial Corner: HC justified rejection of application of exporter for conversion of shipping bill from duty drawback to advance authorization.(19.07.2024) Read More »

GST: GSTN has announced the integration of services from the NIC e-invoice-1 and e-invoice-2 portals, set to launch on the sandbox portals on July 18, 2024, and on production portals on August 1, 2024. These portals, accessible via https://einvoice1.gst.gov.in and https://einvoice2.gst.gov.in, will operate in parallel, providing seamless interoperability. [Press Release No. 504 Dated: 16th July, 2024]

GST: Government has clarified GST rates on solar cookers, fire water sprinklers, parts of poultry-keeping machinery, pre-packaged agricultural produce, and supplies to or by government agencies. [Circular No. 229/23 /2024-GST Dated: 15th July, 2024]

GST: Government has addresses issues of exemptions for services provided by Indian Railways, transactions between Special Purpose Vehicles (SPVs) and the Ministry of Railways, statutory collections by RERA, incentives for digital payments, reinsurance services, and certain accommodation services.  [Circular No. 228/23 /2024-GST Dated: 15th July, 2024]

Income Tax: Government has specified various sources of income for the Uttaranchal Board of Technical Education, Roorkee for exemption under clause (46) of section 10 of the Income-tax Act, 1961.  [Notification No. 53/2024-Income Tax [S.O. 2766(E)] dated July 15, 2024]

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 »