Daily Updates

RBI: The Reserve Bank of India (RBI) extended the Modified Interest Subvention Scheme (MISS) for short-term agricultural loans through Kisan Credit Cards (KCC) for the financial year 2024-25. Loan Limit: The scheme provides interest subvention on loans up to ₹3 lakh for crop and allied activities, such as animal husbandry, dairy, fisheries, and beekeeping. Interest …

RBI: The Reserve Bank of India (RBI) extended the Modified Interest Subvention Scheme (MISS) for short-term agricultural loans through Kisan Credit Cards (KCC) for the financial year 2024-25.(13.08.2024) Read More »

GST  High Court directs assessee to approach appellate authority as alternative remedy was available under GST law:- Where assessee sought to rectify GST returns after assessment order, directed to file appeal with condonation application, allowing manual submission if online filing is restricted due to limitation period.  (In the high court of Calcutta in Narendra Kumar …

Judicial Corner: GST  High Court directs assessee to approach appellate authority as alternative remedy was available under GST law:- Where assessee sought to rectify GST returns after assessment order, directed to file appeal with condonation application, allowing manual submission if online filing is restricted due to limitation period. (13.08.2024) Read More »

RBI The Reserve Bank of India (RBI) has updated guidelines on the Prudential Treatment of Bad and Doubtful Debt Reserve (BDDR) for co-operative banks. Here are the Highlights – Uniform Treatment: Standardizing the accounting and regulatory treatment of BDDR in line with Accounting Standard (AS) 5. Expense Recognition: Provisions for Non-Performing Assets (NPAs) must now …

RBI: The Reserve Bank of India (RBI) has updated guidelines on the Prudential Treatment of Bad and Doubtful Debt Reserve (BDDR) for co-operative banks.(12.08.2024) Read More »

DGFT: DGFT focuses on the harmonization of Chapters 40 to 98 of Schedule-II (Export Policy) to ITC (HS) codes. This harmonization aims to streamline the export control and facilitation process by aligning the export policy with the 8-digit ITC (HS) codes, providing greater clarity and ease of reference for stakeholders. This is part of an …

DGFT:DGFT focuses on the harmonization of Chapters 40 to 98 of Schedule-II (Export Policy) to ITC (HS) codes.(12.08.2024) Read More »

DGFT: Inclusion of Kandla and Vishakhapatnam Sea ports for Export of Essential Commodities to Maldives during FY 2024-25. The Kandla and Vishakhapatnam Customs Sea ports have been added to the list of ports allowed for Export of Essential Commodities, which are under the Prohibited/Restricted category. [Notification no. 22/2024-25 dated 01st August 2024]

GST: Bonafide purchasing dealers should not be denied ITC for non-compliance of selling dealers: Petitioners argue it is unreasonable to hold purchasing dealers responsible for selling dealers’ failure to deposit collected tax. Delhi High Court precedent (On Quest Merchandising India Pvt. Ltd.) supports the petitioners, ruling that bona fide purchasing dealers should not be penalized …

Judicial Corner: GST: Bonafide purchasing dealers should not be denied ITC for non-compliance of selling dealers: Petitioners argue it is unreasonable to hold purchasing dealers responsible for selling dealers’ failure to deposit collected tax. Delhi High Court precedent (On Quest Merchandising India Pvt. Ltd.) supports the petitioners, ruling that bona fide purchasing dealers should not be penalized for selling dealers’ tax non-compliance.(12.08.2024) Read More »

Customs  Parts for use solely with transmission shafts used in motor vehicles are classifiable under CTH 8483: CESTAT:- Universal Joint Cross, parts, body, cup, needly roller and SNAP ring, for use solely with transmission shafts used in motor vehicles, are more specifically classifiable under Tariff Item 8483 60 90 and not under Heading 8708; it …

Judicial Corner: Customs  Parts for use solely with transmission shafts used in motor vehicles are classifiable under CTH 8483: CESTAT:- Universal Joint Cross, parts, body, cup, needly roller and SNAP ring, for use solely with transmission shafts used in motor vehicles, are more specifically classifiable under Tariff Item 8483 60 90 and not under Heading 8708; it is more so in view of specific exclusion of articles of Heading 8483 in Section Note 2(e) of Section XVII, under which Chapter 87 falls.(09.08.2024) Read More »

GST: ISD Mechanism for mandatory distribution by Input Service Distributor shall be effective from 01-04-2025 for distribution of ITC. The taxpayer has been granted additional time to obtain ISD registration and establish an internal compliance system. [Notification no. 16/2024 dated 06th August 2024]

GST High Court remanded matter as no opportunity of hearing was granted to assessee before passing order of mismatch:- Where assessee was not given opportunity to explain discrepancies between GSTR-1 and GSTR-3B returns, High Court remanded matter for fresh consideration with opportunity to submit documents. (In the high court of judicature at madras in Hajabandenawas …

Judicial Corner: GST High Court remanded matter as no opportunity of hearing was granted to assessee before passing order of mismatch:- Where assessee was not given opportunity to explain discrepancies between GSTR-1 and GSTR-3B returns, High Court remanded matter for fresh consideration with opportunity to submit documents. (08.08.2024) Read More »

Judicial Corner : Customs Seized gold can’t be disposed of without issuing SCN to person from whom it was seized:- Without issuing show-cause notice or adjudication proceedings, Authorities could not proceed to dispose of seized gold that was not perishable, merely on basis of petitioner’s statement recorded under S. 110 of Customs Act, 1962 (In …

Judicial Corner : Customs : Seized gold can’t be disposed of without issuing SCN to person from whom it was seized. (07.08.2024) Read More »

GST  CCI directed to deposit profiteered amount as assessee had not passed benefit of reduction in GST rate:- Where GST rate of services by way of admission to exhibition of cinematography films supplied by respondent-assessee was reduced from 28 per cent to 18 per cent and respondent-assessee had not passed benefit of reduction in GST …

Judicial Corner: GST  CCI directed to deposit profiteered amount as assessee had not passed benefit of reduction in GST rate:- Where GST rate of services by way of admission to exhibition of cinematography films supplied by respondent-assessee was reduced from 28 per cent to 18 per cent and respondent-assessee had not passed benefit of reduction in GST rate to recipients by way of commensurate reduction in price in terms of section 171, therefore, commission directed respondent-assessee to deposit profiteered amount. (06.08.2024) Read More »

GST  High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature:- GST registration cancellation order lacking reasons and time-barred appeal quashed; matter remanded for fresh show cause notice with detailed reasons and opportunity for response. (In the high court of Gujarat at Ahmedabad in Sajid Faridmohammed Rollwala Vs …

Judicial Corner : High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature:- GST registration cancellation order lacking reasons and time-barred appeal quashed; matter remanded for fresh show cause notice with detailed reasons and opportunity for response (05.08.2024) Read More »

Judicial Corner : GST : High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature:- GST registration cancellation order lacking reasons and time-barred appeal quashed; matter remanded for fresh show cause notice with detailed reasons and opportunity for response. (In the high court of Gujarat at Ahmedabad in …

Judicial Corner : High Court remanded matter as order passed by Commissioner (Appeals) cancelling GST registration was cryptic in nature. (05.08.2024) Read More »

GST: TCS Rate Changes for E-commerce Operator (GSTR 8) – Important aspects regarding the TCS rates effective from 10.07.2024 are mentioned below:   Period from 1st July to 9th July 2024: During this period, the old TCS rate of 1% will continue to apply. Taxpayers are required to collect & report TCS at this rate for all transactions …

GST: TCS Rate Changes for E-commerce Operator (GSTR 8) (03.08.2024) Read More »

GST: Form GSTR-1A has been made available to the taxpayer’s form July 2024 tax period. GSTR-1A is an optional facility to add, amend or rectify any particulars of a supply reported/missed in the current Tax period’s GSTR-1 before filing of GSTR-3B return of the same tax period. Timeline – GSTR-1A shall be open for the …

GST: Form GSTR-1A has been made available to the taxpayer’s form July 2024 tax period (03.08.2024) Read More »

GST High Court set aside order detaining goods for non-generation of e-invoice as mistake committed by assessee was bona-fide:- Where assessee’s goods in transit were detained as E-tax Invoice was not generated as per Rule 48 of CGST Rules, tax invoice, GR’s, E waybills, were with goods, no discrepancy with regard to quality and quantity …

Judicial Corner: High Court set aside order detaining goods for non-generation of e-invoice as mistake committed by assessee was bona-fide:- Where assessee’s goods in transit were detained as E-tax Invoice was not generated as per Rule 48 of CGST Rules, tax invoice, GR’s, E waybills, were with goods, no discrepancy with regard to quality and quantity of goods as mentioned in Tax Invoice, error committed by assessee a human error, limit of annual turnover for issuing e-way bill reduced w.e.f. 1-8-2022 to Rs. 10 crores, mistake committed by assessee was bona-fide, impugned order was to be set aside. (03.08.2024) Read More »

GST  High Court stayed proceedings initiated to levy GST on transaction of assignment of Long-Term leasehold right:- Where petitioner received notice calling upon petitioner to show cause why GST on transaction of assignment of long-term leasehold right be not levied, case was directed to be heard with pending Special Civil court, further proceedings pursuant to …

Judicial Corner: High Court stayed proceedings initiated to levy GST on transaction of assignment of Long-Term leasehold right:- Where petitioner received notice calling upon petitioner to show cause why GST on transaction of assignment of long-term leasehold right be not levied, case was directed to be heard with pending Special Civil court, further proceedings pursuant to impugned show-cause were notice not to be continued (02.08.2024) Read More »

Customs Tribunal should decide matter on merits rather than dismissing appeal on ground that writ was pending before HC:- Where a person had filed appeal to CESTAT against adjudication order and made mandatory pre-deposit as a condition precedent for hearing such appeal, it should have been disposed of on merits instead of dismissing it in …

Judicial Corner: Tribunal should decide matter on merits rather than dismissing appeal on ground that writ was pending before HC:- Where a person had filed appeal to CESTAT against adjudication order and made mandatory pre-deposit as a condition precedent for hearing such appeal, it should have been disposed of on merits instead of dismissing it in limine on ground that Writ Petition against such adjudication order was pending before High Court.(01.08.2024) Read More »

DGFT: DGFT has announced an extension to permissible wastages and Standard Input Output Norms (SIONs) for gold, platinum, and silver content in export items. [Public Notice No. 16/2024-25-DGFT Dated: 30th July, 2024]

Customs: Government has introduced new regulations to amend the timeline for modifying import documents under Section 149 of the Customs Act, 1962, similar to the existing provisions for exports tiitled the Bill of Entry (Post Import Amendment) Regulations, 2024. These regulations specify that applications for amendments must be submitted within one year from the date …

Customs: Government has introduced new regulations to amend the timeline for modifying import documents under Section 149 of the Customs Act, 1962, similar to the existing provisions for exports tiitled the Bill of Entry (Post Import Amendment) Regulations, 2024 (31.07.2024) Read More »