Daily Updates

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 »

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 »