Daily Updates

GST  High Court set-aside order as it was passed without considering explanation of assessee:- Where assessee claimed lack of proper communication of notices and sought opportunity to explain discrepancies, assessment order set aside conditionally, directing revenue to provide reasonable opportunity and pass fresh order after hearing. (In the high court of judicature at madras in …

Judicial Corner: GST  High Court set-aside order as it was passed without considering explanation of assessee:- Where assessee claimed lack of proper communication of notices and sought opportunity to explain discrepancies, assessment order set aside conditionally, directing revenue to provide reasonable opportunity and pass fresh order after hearing.(31.07.2024) Read More »

GST :  GSTN has introduced a new biometric-based Aadhaar authentication and document verification process for GST registration applicants in Uttarakhand, effective from July 28th, 2024. [Press Release No. 507 Dated 28th, July 2024]

GST:  High Court declined to entertain writ petition filed by assessee who didn’t take any step for revocation of cancelled registration:- Where registration of assessee had been cancelled and electronic credit ledger of assessee had been blocked, since assessee had not taken any step for revocation of cancellation of its registration, High Court was not …

Judicial Corner: GST : High Court declined to entertain writ petition filed by assessee who didn’t take any step for revocation of cancelled registration. (30.07.2024) Read More »

RBI :  RBI issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs). Previously set at 20% of owned funds, the new regulation will link this ceiling to the Tier I capital of UCBs as of March 31 of the preceding financial year. This change, effective January 1, …

RBI : RBI issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs). Previously set at 20% of owned funds, the new regulation will link this ceiling to the Tier I capital of UCBs as of March 31 of the preceding financial year. This change, effective January 1, 2025. (26.07.2024) Read More »

RBI :  RBI announced an extension for Urban Co-operative Banks (UCBs) to meet their small value loan targets. Initially set for March 31, 2024, the new deadlines are March 31, 2025, and March 31, 2026. [Notification No. RBI/2024-25/53 DOR.CRE.REC.28/07.10.002/2024-25 dated 25th July 2024]

DGFT has announced the launch of Steel Import Monitoring System (SIMS) 2.0, effective from July 25, 2024, at 2:00 PM. This updated system, accessible at https://sims.steel.gov.in, will replace the current SIMS 1.0, which will be discontinued immediately. [Trade Notice No. 10/2024-25-DGFT dated 25th July 2024]

Income Tax: Government under Section 10(46) of the Income-tax Act, 1961 has granted tax exemption for payment to the Himachal Pradesh State Load Despatch Centre, Shimla (PAN-AAAAH7757E).[ Notification No. 95/2024-Income Tax, dated 24th July 2024]

Income Tax :  Government under Section 10(46) of the Income-tax Act, 1961 has granted tax exemption for payment to the Punjab Skill Development Mission Society, Chandigarh (PAN: AAAAE8085G). Notification No. 94/2024- Income Tax | Dated: 24th July, 2024]

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 »