SEBI: SEBI issued circulars to all registered Credit Rating Agencies (CRAs), introducing measures to ease business operations for CRAs by specifying timelines and disclosure requirements. [Circular No. SEBI/HO/DDHS/DDHS-PoD-3/P/CIR/2024/97 on July 4, 2024]
DGFT: Existing notification No. 52/2023 is amended to that the export of Rice (Basmati and Non-Basmati) to EU member states and other European countries, namely the United Kingdom, Iceland, Liechtenstein, Norway, and Switzerland, will only require a Certificate of Inspection from the Export Inspection Council/Export Inspection Agency (EIC/EIAs). [Notification No. 19/2024-25-DGFT Dated the 5th July, …
No ST on amount paid by client on account of re-imbursement of expenses only: Amount paid by client for PPE transactions are on account of re-imbursement of expenses only, hence, entire confirmed demand is not sustainable on merits. CESTAT, EASTERN BENCH, KOLKATA [DIREXIONS MARKETING SOLUTIONS Versus COMMISSIONER OF SERVICE TAX]
GST: Discount mentioned in agreement can be corrected through subsequent communication: Order passed by Adjudicating Authority and upheld by Commissioner (Appeals) disallowing discount of 25% to assessee was set aside upon submission of amended agreement stating that 25% discount was applicable retrospectively from date of earlier agreement. CESTAT, SOUTH ZONAL BENCH, CHENNAI [VANDEWIELE SAVIO INDIA …
COMPANY LAW: The government has announced the migration of e-Forms MGT-6 and BEN-2 from MCA21 Version 2 to Version 3, effective from July 4, 2024, to July 14, 2024. During this period, these forms will be unavailable in Version 2, and stakeholders will have until July 15, 2024, to file these forms in the new …
RBI: RBI has taken a significant step towards enhancing the ease of doing business by removing the limits on the amount of remittance that can be made through the online submission of Form A2. [RBI/2024-25/46 A.P. (DIR Series) Circular No. 12 dated: 03rd July, 2024]
RBI: RBI issued a new directive under the A.P. (DIR Series) Circular No. 13, bringing significant changes to the regulations governing the release of foreign exchange for miscellaneous remittances. RBI has mandated that ADs must now obtain Form A2 in either physical or digital form for all cross-border remittances, regardless of the transaction value. [RBI/2024-25/47 …
EXCISE DUTY: CBIC has addressed the revised monetary limits for the adjudication of show cause notices in Central Excise for commodities classified under Chapter 24 of Schedule IV of the Central Excise Act, 1944. Superintendent: Not exceeding Rupees 20 lakh Deputy or Assistant Commissioner: Above Rupees 20 lakh but not exceeding Rupees 2 crore Additional or Joint …
GST: GSTN has enhanced address-related fields in GST registration functionalities, including New Registration, Amendment Application, and Geocoding Business Addresses, based on user feedback and ticket analysis [Press Release No. 501 dated: 04th July, 2024]
GST: HC dismissed petition against denial of ITC since details of invoices were not reflected in GSTR-2A during time of audit: Where assessee was unable to produce clear copy of tax invoices on basis of which ITC was availed by assessee, writ petition of assessee against order denying ITC was to be dismissed as assessee …
HC remanded matter back to appellate authority to hear appeal on merits as illness of proprietor was reason for delay: Where in case of assessee’s appeal against order passed under section 73(9) of CGST Act was dismissed by Appellate Authority on ground of delay, since assessee had sufficiently explained delay in filing appeal, Appellate Authority …
SEBI : SEBI has introduced significant modifications to the denomination of issuance and trading of non-convertible securities and non-convertible redeemable preference shares. [Circular (SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/94) dated 03.07.2024]
SEBI: SEBI introduces an exception to the existing limit on investment in certain assets. Previously, the regulations stipulated that investments should not exceed 25% of the net assets. The new amendment now allows equity-oriented exchange-traded funds (ETFs) and index funds to exceed this 25% limit, subject to conditions specified by the Board. [Notification No. SEBI/LAD-NRO/GN/2024/188 …
SEBI: SEBI has mandated the use of email as the default mode of communication for Consolidated Accounts Statement (CAS) by Depositories, Mutual Fund Registrar and Transfer Agents (MF-RTAs), and Depository Participants (DPs). [Circulars No. SEBI/HO/MRD-PoD2/CIR/P/2024/93 dated 1st July, 2024]
Excise Duty: CBIC has increased the Special Additional Excise Duty (Windfall Tax) on the production of petroleum crude from Rs. 3250 per tonne to Rs. 6000 per tonne, effective July 02, 2024. [Notification No. 17/2024-Central Excise | Dated: 1st July, 2024.]
GST: HC set-aside order as SCN was uploaded on portal under ‘Additional Notices’ and wasn’t communicated to assessee: Where show cause notice proposing a demand against assessee was uploaded on portal in category of ‘Additional Notices’ and was not communicated to assessee through any other mode of communication , impugned order disposing of show cause …
Customs: Refund of Special Additional Customs Duty can’t be denied merely on technical violations: Refund of Special Additional Customs Duty (SAD) upheld where it was filed fulfilling condition of Notification No.102 of 2007 Cus. dated 14-9-2007 and CBEC Circular No 16/2008-Cus dated 13-10-2008, that certificate of independent chartered accountant was sufficient to establish SAD’s burden …
Customs: The Ministry of Finance introduced amendments to the Sea Cargo Manifest and Transhipment Regulations, 2018 to modify specific provisions regarding timelines and financial thresholds applicable to sea cargo manifests and transshipment operations. [Notification No. 47/2024-Customs (N.T.) dated 30th June 2024]
GST: HC set aside order since no further opportunity was given to assessee to provide additional information/documents: Where assessee had submitted detailed reply to show cause notice alleging excess claim of ITC etc., however, same was not considered by proper officer and a demand and penalty was created against assessee vide impugned order, same could …
GST: Appellate authority should consider and dispose of appeal on merits if appeal was presented within condonable period: HC An appeal was presented to the Appellate Authority on 29-02-2024, after the limitation period had expired on 30-01-2024. The Appellate Authority rejected the appeal due to it being presented beyond the limitation period of three months. …
