Daily Updates

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]

Customs: For importing Milk & Milk products, veterinary health certificate is compulsory. [Instructions No. 29/2023- Customs dated 12th Dec 2023]

RBI: RBI has increased transaction limit for UPI recurring transactions value from Rs. 15,000 to Rs. 1,00,000/ per transactions. [RBI/2023-2024/88 CO.DPSS.POLC.No.S-882/02.14.003/2022-23 dated 12th Dec 2023]

Customs: CBIC imposed anti-dumping duty on Synthetic Grade Zeolite 4A imported from Thailand and Iran for 5 years. [Notification No. 14/2023-Customs (ADD) | Dated: 11th December, 2023]

RBI: Reserve Bank of India, is set to release the Sovereign Gold Bond Scheme 2023-24. Series II, available for subscription from December 18 to December 22, 2023, will be issued on December 28, 2023. Series IV, open for subscription from February 12 to February 16, 2024, will be issued on February 21, 2024. [Notification No. …

RBI: Reserve Bank of India, is set to release the Sovereign Gold Bond Scheme 2023-24. (12.12.2023) Read More »

DGFT: DGFT allow export of Non-Basmati rice export to Nepal for a humanitarian cause. [Notification No. 47/2023-DGFT | Dated: 7th December, 2023]

DGFT: DGFT allow export of Non-Basmati rice to Comoros, Madagascar, Equatorial Guinea, Egypt, and Kenya through the National Cooperative Exports Limited (NCEL). [Notification No. 48/2023-DGFT | Dated: 7th December, 2023]

DGFT: DGFT ban export of Onion till 31st March 2024. [Notification No. 49/2023-DGFT | Dated: 7th December, 2023]

DGFT:   DGFT amended Yellow Peas Import Policy to Free till 31st March 2024. [Notification No. 50/2023-DGFT | Dated: 8th December, 2023]

DGFT: DGFT extend bann on export of De-Oiled Rice Bran till March 31, 2024. [Notification No. 51/2023-DGFT | Dated: 8th December, 2023]

Customs: CBIC exempt imports of Yellow Peas [HS 0713 10 10] from applicable BCD and AIDC up to 31.03.2024. [Notification No. 64/2023-Customs | Dated: 7th December, 2023]  

CUSTOMS CESTAT Delhi held that confiscation of goods and penalty cannot be imposed on mere mentioning of wrong tariff or claiming benefit of an ineligible exemption notification.  

Income Tax: CBDT has granted tax exemptions to the Godavari River Management Board, Hyderabad under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 102/2023- Income-Tax Dated: 5th December, 2023]

GST: High Court of Madras instructed the authorities to reevaluate matter where assessee had raised concerns about improper communication of notices. The assessment Order was to be set aside and furthermore authorities was urged to resolve issue regarding placement of information in Dashboard menus for “View Additional Notices and Orders” and “View Notices and Orders.

Income Tax: CBDT relaxes the time-frame to allows the processing of returns with refund claims subject to prior administrative approval of Pr.CCIT/CCIT concerned. The intimation of such processing can be sent to the assessee concerned by 31.01.2024. [Order under section 119 of the Income-tax Act, 1961 dated 1st Dec 2023]

DGFT: All AA/EPCG authorization holders falling under the purview of the Amnesty scheme are urged to take advantage of this opportunity, as the deadline for filing applications will not be extended beyond 31.12.2023. [Trade Notice No. 35/2023-24-DGFT | Dated: 05th December, 2023]

Service Tax   CESTAT Mumbai held that since the impugned order has travelled beyond SCN and has been passed on a new ground, same is not sustainable.

GST: Department in implementing Biometric Aadhar Authentication as pilot project in Andhra Pradesh. (Press Release 616)