GST: CBIC notified New Monetary Limits for Appeals before SC (Rs. 2Cr) , HC (Rs. 1Cr) & CESTAT (Rs. 50 lacs). [Instruction dated 2nd November 2023]
GST: CBIC prescribed the procedure for condonation of delay in filing of appeals against demand orders passed until 31st March 2023. [Notification No. 53/2023– CT dated 2nd November 2023]
Customs: CESTAT Chennai in case of COMMISSIONER OF CUSTOMS (AIR),CHENNAI – 600027 Vs M/s ECI TELECOM INDIA PVT LTD held that Rejecting refund claim simply on the ground of delay in filing claim before proper authority while admitting that assessee had filed claim before department on time, albeit at a wrong jurisdiction cannot be approved.
RBI/FEMA: RBI Guidelines issued for change in name of Co-operative Banks. [Notification No. RBI/2023-24/79 DoR.REG/LIC.No.55/07.01.000/2023-24 dated 30th Oct 2023]
RBI/FEMA: Clarification issued regarding Shifting of Branches/Offices/Extension Counters within the same city, town or village by District Central Co-operative Banks (DCCBs) and Guidelines on Closure of Branches and Extension Counters by DCCBs. [Notification No. RBI/2023-24/78 DoR.REG/LIC.No.54/1 9.51.052/2023-24 dated 30th Oct 2023]
Company Law: MCA imposes penalty of Rs.5.81 lakh for non-filing of Annual Returns by the company. [Order No. ROC-G/Adj.Pen/u/s. 137(1)/Sagar Green Gold/2396 dated 20th Oct 2023]
Company Law: MCA imposes penalty of Rs.4.85 lakh for non-appointment of Women Director. [Order No. ROC/MUM/Adj/2023/Section 149(1)/5003 To 5006/ RD-73 dated 30th Oct 2023]
Company Law: Amendments to the Companies (Prospectus and Allotment of Securities) Rules, to enhance transparency, efficiency, and accountability in the issuance and management of securities by both public and private companies. [Notification No. G.S.R. 802(E) dated 27th Oct 2023]
Company Law: Amendments to Companies (Management and Administration) Rules, 2014, accordingly every company shall designate a person who shall be responsible for furnishing, and extending co-operation for providing, information to the Registrar or any other authorized officer with respect to beneficial interest in shares of the company. [Notification No. G.S.R. 801(E) dated 27th Oct 2023]
DGFT: Time period extended for 6 months period for accreditation of Halal Certification Bodies and registration of export till 5th April 2024. [Notification No.41/2023 dated 27th Oct 2023]
DGFT: Export of onions is ‘Free’. Minimum Export Price (MEP) of US $ 800 F.O.B per Metric Ton (MT) is imposed till 31st December 2023. [Notification No.42/2023 dated 28th Oct 2023]
Customs: Now export duty on export of Onion HSN 0703 10 is exempted w. e. f. 29th Oct 2023, which was 40% as per Notification No. 48/2023-Customs, dated 19th Aug 2023, accordingly this notification rescinds. [Notification No.61/2023 & 62/2023- Customs dated 28th Oct 2023]
GST: Clarification issued on taxability & valuation of personal guarantee and corporate guarantee in GST. [Circular No.204/16/2023-GST dated 27th Oct 2023]
GST: Clarifications issued regarding determination of place of supply in various cases as: Supply of service of transportation of goods, including through mail and courier; supply of services in respect of advertising sector; and supply of the “co-location service [Circular No.203/15/2023-GST dated 27th Oct 2023]
GST: Clarifications issued relating to export of services–sub-clause(iv) of the Section 2 (6) of the IGST Act 2017: When the Indian exporters, undertaking export of services, are paid the export proceeds in INR from the Special Rupee Vostro Accounts of correspondent bank(s)of the partner trading country, opened by AD banks, the same shall be considered …
GST: GSTN issued Advisory related to changes in GSTR-5A: Table 5B has been introduced to report supplies made to Registered GSTINs (B2B supplies). This would be implemented shortly at GSTN and till such time, OIDARs are advised to file the return in the existing GSTR 5A itself. [Advisory dated 27th Oct 2023]
GST: The Delhi High Court in case of M/s Poonawala Fincorp Limited vs. Union of India & Ors. held that Show cause notice which did not disclose any reason for blocking petitioner’s ITC was to be set aside.
GST In the High Court of Allahabad in case of M/s MALIK TRADERS Vs STATE OF UP AND 2 OTHERS, the court dismissed the petition filed by the aggrieved Petitioner whose ITC was denied even after producing the Tax invoices, e-way bills, GR and payment through banking channel and it was held that these provided …
GST The Hon’ble Kerala High Court in Diya Agencies v. The State Tax Officer has held that, if the taxpayer is able to prove that tax amount is paid to the seller and the Input Tax Credit claim is bonafide so the Input Tax Credit cannot be denied merely on non-reflection of transaction in GSTR-2A The …
RBI/FEMA: Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 to advise all co-operative banks to present all unclaimed liabilities (where the amount due has been transferred to DEA (Depositor Education & Awareness) Fund) under “Contingent Liabilities – Others”. [Notification No. RBI/2023-24/71 DOR.ACC.47/21.04.018/2023-24 dated 25th Oct 2023]
