Daily Updates

Income Tax: CBDT has granted tax exemptions to the Karmayogi Bharat (PAN: AAJCK2949L), a section 8 company with 100% equity owned by the President of India under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 7/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the District Legal Service Authority Union Territory Chandigarh (PAN: AAAGD1545A) under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 6/2024- Income Tax]

GST: The filing deadline for GSTR-9 and GSTR-9C for the financial year 2022-23 is extended until January 10, 2024, for registered persons in the districts of Chennai, Tiruvallur, Chengalpattu, Kancheepuram, Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi, and Virudhunagar in Tamil Nadu. [Notification No. 02/2024 – Central Tax dated January 5, 2024]

GST: CBIC extends the due date for filing GSTR-3B for November 2023 until January 10, 2024. This extension is applicable to registered entities operating in the districts of Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi, and Virudhunagar in Tamil Nadu. [Notification No. 01/2024 – Central Tax dated January 5, 2024]

GST: The CGST Rate for Tariff item 2711 19 10 i.e. LPG (for non-automotive purposes) has been notified at 2.5%. Thus Effective GST Rate on the said item would be 5% (2.5% CGST + 2.5% SGST). The Notification shall be effective from 04.01.2024.   [01/2024-Central Tax (Rate) dated 03/01/2024]

DGFT: The quantity of 8606 Metric Tonnes Raw Value (MTRV) raw cane sugar to be exported to USA under Tariff Rate Quota (TRQ) scheme from 01.10.2023 to 30.09.2024 has been notified. [Public Notice No. 36/2023-DGFT Dated: 03/01/2024]

DGFT: The Import Policy of Screws under ITC (HS) Codes 73181110, 73181190, 73181200, 73181300, 73181400, 73181500 and 73181900 is revised from “Free” to “Prohibited”. However, import shall be “Free” if CIF value is Rs. 129/- or above per Kg. [Notification No. 55/2023- DGFT dated 03/01/2024]

Income tax: CBDT has granted tax exemptions to the Madhya Pradesh Professional Examination Board, Bhopal, under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 3/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the Karnataka State Rural Livelihood Promotion Society under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 2/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the Bellary Urban Development Authority under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 1/2024- Income Tax]

GST The High Court of Sikkim recently ordered that Additional information furnished by taxpayer after passing of recovery order shall be considered by departmental officer and further examined for passing order afresh. (Lupin Ltd. v. Union of India)

DGFT: Import policy of Used IT Assets (laptops, desktops, monitors, Printers) from SEZ to DTA has been amended to provide some relaxation subject to some import conditions

GST: The Central Government, on the recommendations of the GST Council, officially establishes the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi.

Excise: CBIC reduces Special Additional Excise Duty on export of Diesel to Rs. Nil per litre from earlier rate of Rs. 0.50 per litre with effect from 2nd day of January 2024

Excise: CBIC has increased the Special Additional Excise Duty (SAED) on production of Petroleum Crude to Rs. 2300 from earlier Rs. 1300 per tonne and reduces the Special Additional Excise Duty on export of ATF to Rs. Nil per litre from earlier Rs. 1 per litre with effect from 02nd day of January 2024.

GST : Essential functionalities for Good Transport Agencies (GTA) have been made available on the GSTN portal for easy compliance which includes following :- Online Declaration for Existing GTA Taxpayers (Annexure V and VI) Online Declaration for Newly Registered GTA Taxpayers (Annexure V) Deemed Option to exercise forward payment of tax liability option(Annexure VI) Uploading …

GST: Essential functionalities for Good Transport Agencies (GTA) have been made available on the GSTN portal for easy compliance (01.01.2024) Read More »

The deadline for declaring the opening balance for ITC reversal in the Electronic Credit and Re-claimed Statement has been extended. Taxpayers now have until 31st January 2024 to declare the opening balance. The facility to amend the declared opening balance for ITC reversal will be available until 29th February 2024. [Press Release No. 619 dated …

GST : The deadline for declaring the opening balance for ITC reversal in the Electronic Credit and Re-claimed Statement has been extended. Taxpayers now have until 31st January 2024 to declare the opening balance. The facility to amend the declared opening balance for ITC reversal will be available until 29th February 2024. (30.12.2023) Read More »

CBDT issues guidelines on TDS under section 194-O pertaining to E-Commerce Operator w.r.t treatment of fees and charges, GST and state levies, Purchase return and adjustments and discounts under Income-tax Act, 1961. [Circular No. 20 of 2023-Income Tax dated 28th Dec 2023]

GST : The Time limit for issuance of notice in GST for non-fraud cases is extended for FY 2018-19 to 30.04.2024 and for FY 2019-20 to 31.08.2024. [Notification No. 56/2023-Central Tax dated 28th Dec 2023]

Customs: India Imposes 5-Year Anti-Dumping Duty on Gypsum Tiles from China PR & Oman. [Notification No. 16/2023-Customs (ADD) | Dated: 26th December, 2023]