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]
SEBI: SEBI has issued guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Qualified RTAs (QRTAs). [Circulars No. SEBI/HO/IMD/IMD-TPD-1/P/CIR/2023/173 dated 20th Oct 2023]
SEBI: Further amendments notified to the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. [Notification No. SEBI/LAD-NRO/GN/2023/160 dated 20th Oct 2023]
SEBI: In view of amendments to Regulations 61A of LODR (Listing Obligations and Disclosure Requirements) Regulations 2015, it is clarified that in case of any unclaimed amounts transferred to IEPF (Investor Education Protection Fund) shall not bear any interest. Accordingly similar amendments notified in SEBI (Investor Protection & Education Fund) Regulations, 2014. [Notification No. SEBI/LAD-NRO/GN/2023/157, …
SEBI: Further amends to the Securities and Exchange Board of India (Employees’ Service) Regulations, 2001 stating changes w. r. t. age limits and educational qualifications of SEBI officers. [Notification No. SEBI/LAD-NRO/GN/2023/156 dated 20th Oct 2023]
Company Law: MCA takes away RD’s power to levy additional costs to order confirming the shifting of Registered Office from one state to another state, as per Companies (Incorporation) Third Amendment Rules, 2023 notified. [Notification No. G.S.R. 790(E) dated 20th Oct 2023]
Income Tax: CBDT Grants Condonation of delay for AY 2021-22 for Form 10-IC Filing Until 31.01.2024. [Circular No. 19/2023-Income Tax dated 23rd Oct 2023]
DGFT: Import of ‘Human Embryos’ and ‘Human Gametes’ under ITCHS 0511 99 99 is ‘Prohibited’ in accordance with the ART (Regulation) Act, 2021, and The Surrogacy (Regulation) Act, 2021. [Notification No.39/2023 dated 23rd Oct 2023]
Others : Copper Products (Quality Control) Order, 2023 [Order No.S.O.4595 (E ) dated 17th Oct 2023]
Others : Drums and Tins (Quality Control) Order, 2023 [Order No.S.O.4596 (E ) dated 17th Oct 2023]
FEMA : Foreign Exchange Management (Debt Instruments) (Second Amendment) Regulations, 2023 issued. [Notification No. FEMA.396(2)/2023-RB. Dated 16th Oct 2023]
Income Tax: CBDT extends due date of Filing Audit report- Section 10AA(8), this is an extension of the due date for filing the accountant’s report. The extended due date for Assessment Year 2023-24 has been moved from the specified date under section 44AB to 31st December 2023. [Circular No.18/2023 dated 20th Oct 2023]
Income Tax: New CBDT Rule 16D notified & Form No. 56F for Section 10AA Deduction identified. [Notification No.91/2023 dated 19th Oct 2023]
Policy circular issued for implementation of Import Management Systems for IT Hardware. [Policy Circular No.06/2023-24 dated 19th Oct 2023]
webinar on “Impact of Decisions of the 57th GST Council Meeting” on 14th October 2026 at 4:00 PM to 6:00 PM
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