Daily Updates

Customs: Govt imposes Anti-dumping Duty on Chinese Wheel Loaders. [Notification No. 17/2023-Customs (ADD) | Dated: 27th December, 2023]

Income Tax: CBDT notifies Ravenna Investments Holding B.V as pension fund U/s. 10(23FE) . [Notification No. 106/2023- Income tax | Dated: 27th December, 2023]

CESTAT Chennai held that Claimants are entitled to receive interest on refund since the date of claim for refund & not the date of compliance with query raised by Revenue. (M/s National Synthetics Vs Commissioner of Customs)

RBI: Effective December 26, 2023, AD Category-I banks are instructed to discontinue submitting returns through XBRL and shift to the newly introduced CIMS, RBI’s advanced data warehouse. [RBI/2023-24/93 A.P. (DIR Series) Circular No.11 Dated: December 22, 2023]

The GST officers rejected the GST registration of the assessee stating that both lessor and lessee had been running business in same premises, which was not acceptable. The Assessee challenged such rejection before the High Court of Tamil Nadu. The Hon’ble High Court gave directions to Revenue to visit the premises and the Revenue on …

Judicial Corner : The GST officers rejected the GST registration of the assessee stating that both lessor and lessee had been running business in same premises, which was not acceptable. The Assessee challenged such rejection before the High Court of Tamil Nadu. The Hon’ble High Court gave directions to Revenue to visit the premises and the Revenue on such verification contended that two persons had been carrying on their business in same premises with two separate GST numbers and there was no demarcation of properties referred by assessee. In this scenario the High Court directed to grant the GST registration to Assessee and directed assessee to demarcate property within one week of issue of GST number. (26.12.2023) Read More »

Customs: Govt extends the existing concessional import duties on Masur Dal up to and inclusive of the 31st March, 2025. [Notification No. 65/2023-Customs | Dated : 21st December, 2023]

Customs: CBIC imposes  anti-dumping duty on imports of Industrial Laser Machinery originating in or exported from China PR. [Notification No. 15/2023-Customs (ADD) | Dated: 22nd December, 2023]

Customs: CBIC enable gold imports by valid TRQ holders under India UAE CEPA. [Notification No. 66/2023-Customs | Dated: 22nd December, 2023]

GST: High Court of Andra Pradesh in case of SRK Enterprises v. Assistant Commissioner (ST) set aside the unsigned order uploaded on portal and directed department to pass fresh order treating the unsigned order as invalid.

SEBI SEBI has issued circular for actions required by corporates for Continuity for Clearing Corporations through Software as a Service (SaaS) Model. It provides clear roadmap for CCs and Exchanges to implement this innovative solution, further safeguarding investor interests and promoting a robust regulatory environment. [Circular No. SEBI/HO/MRD/TPD/P/CI R/2023/192 Dated: December 20, 2023]

GST: CBIC extended due date for Nov 2023 GSTR3B for the district of Chennai, Tiruvallur, Chengalpattu and Keenchepuram in Tamil Nadu till 27th Dec 2023. [Notification 55/2023 – CT dated 20th Dec 2023]

GST High Court of Andra Pradesh in case of SRK Enterprises v. Assistant Commissioner (ST) set aside the unsigned order uploaded on portal and directed department to pass fresh order treating the unsigned order as invalid.

Central Excise: CBIC reduces SAED on Petroleum Crude to Rs. 1300 per tonne & raises on ATF exports to Rs. 1 per litre. [Notification 41/2023 -CE dated 18th Dec 2023]

Central Excise: CBIC reduce Central Excise on Diesel export from 19th Dec 2023 to Rs. 0.50 per litre. [Notification 42/2023 -CE dated 18th Dec 2023]

Income Tax: Charitable or Religious trust or Institution can now invest or deposit by way of acquiring units of POWERGRID Infrastructure Investment under Rule 17C of Income Tax Rules, 1962. [Notification 103/2023-income tax dated 18th Dec 2023]

Central Excise: CBIC launched SAMAY (Systematic Adherence and Management of timelines for Yielding results in litigation) portal. This online portal, presented during a recent meeting with Chief Commissioners, aims to streamline the monitoring of Special Leave Petitions (SLP) and Civil Appeal (CA) proposals, ensuring a systematic adherence to legal timelines. [Instruction No.275/15/2021-CX.8A dated 13th Dec …

Central Excise: CBIC launched SAMAY (Systematic Adherence and Management of timelines for Yielding results in litigation) portal.(19.12.2023) Read More »

GST: Section 74(1) can be invoked only in cases where there is a fraud or wilful mis- statement or suppression of facts to evade tax on the part of the said taxpayer. Section 74(1) cannot be invoked merely on account of non-payment of GST, without specific element of fraud or wilful mis-statement or suppression of …

Judicial Corner : Section 74(1) can be invoked only in cases where there is a fraud or wilful mis- statement or suppression of facts to evade tax on the part of the said taxpayer. Section 74(1) cannot be invoked merely on account of non-payment of GST, without specific element of fraud or wilful mis-statement or suppression of facts to evade.(18.12.2023) Read More »

When Buyer was unable to claim ITC for such invoices where it did not appear in its GSTR-2B but appeared inadvertently in GSTR-2B of third party vendor, assessee’s request to amend/rectify Form GSTR-1 could not be rejected as errors of assessee were inadvertent and bonafide and there was not an iota of an illegal gain …

Judicial Corner :When Buyer was unable to claim ITC for such invoices where it did not appear in its GSTR-2B but appeared inadvertently in GSTR-2B of third party vendor, assessee’s request to amend/rectify Form GSTR-1 could not be rejected as errors of assessee were inadvertent and bonafide and there was not an iota of an illegal gain being derived by assessee. (18.12.2023) Read More »

GST :  Section 74(1) can be invoked only in cases where there is a fraud or wilful mis- statement or suppression of facts to evade tax on the part of the said taxpayer. Section 74(1) cannot be invoked merely on account of non-payment of GST, without specific element of fraud or wilful mis-statement or suppression …

GST : Section 74(1) can be invoked only in cases where there is a fraud or wilful mis- statement or suppression of facts to evade tax on the part of the said taxpayer. Section 74(1) cannot be invoked merely on account of non-payment of GST, without specific element of fraud or wilful mis-statement or suppression of facts to evade. (18.12.2023) Read More »

Customs: BIS registration required for import goods, specifically those notified under the “Electronic and Information Technology Goods (Requirement of Compulsory Registration) Order, 2012. [Instructions No. 28/2023- Customs dated 12th Dec 2023]