Latest Updates on Income Tax, GST, Customs, Corporate Laws & more
Highlights 
Articles
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GST COLLECTION – NET COLLECTION DESERVE PUBLICATION/ REPORTING INSTEAD OF GROSS COLLECTION – there may be huge liability of ITC for various reasons.
April 23, 2024
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Demand should not be raised when negative taxable and invoice value arise due to erroneous reporting of Credit Notes
April 23, 2024
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Various Types Of Trusts and Their Importance
April 23, 2024
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IGST is not payable under RCM for services in Free-on-Board and Cost Insurance Freight Contract
April 23, 2024
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MEETING OF CREDITORS - INSOLVENCY RESOLUTION PROCESS - PERSONAL GUARANTOR TO CORPORATE DEBTOR
April 22, 2024
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Goods seized cannot be released by invoking writ jurisdiction if no application filed for release of goods under GST
April 22, 2024
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Various Types of Charges on Property
April 22, 2024
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Assessment Order quashed when Assessee incorrectly reported turnover in GSTR-1 but correctly in GSTR-3B
April 22, 2024
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Guidelines for AOs for initiating proceedings u/s 147 of I.T. Act, 1961 in e-Verification cases
April 20, 2024
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Navigating the Business Landscape: The Imperative of Effective Cost Management for SMEs
April 20, 2024
Short Notes
IBC:
Maximizing Value in Insolvency: NCLAT Upholds CoC's Right to Negotiate Post-Challenge MechanismIBC:
Supreme Court Clarifies Limitation Period for Appeals before NCLAT under IBC in the Digital Age: E-filing and Limitation PeriodsIncome Tax:
Navigating the Bounds of Tax Law: Supreme Court's Verdict on Section 153-C AssessmentsIncome Tax:
The Delhi High Court's Guiding Light on Post-Search Tax Assessments: Application of Section 153C, powers of tax authorities and the rights of assessees.Income Tax:
Navigating Legal and Procedural Hurdles: A Charitable Institution's Quest for Tax Exemption and Registration u/s 12A and 80GIncome Tax:
Supreme Court Clarifies Jurisdictional Objections in Tax Assessments: A Landmark OrderIncome Tax:
Invalid Notices and the Importance of Proper Jurisdiction: Lessons from a High-Profile Tax CaseIncome Tax:
Upholding Precedent: Supreme Court's Stance on Taxation of Cross-Border Software Payments (Royalty)Income Tax:
The Cross-Border Software Purchase Conundrum: Supreme Court's Clarification on TDS for Non-Resident Software Transactions as RoyaltyGST:
Ensuring Justice in GST Registration Cancellations: A Landmark High Court RulingIBC:
Limitation Period in Insolvency Appeals: A Step Towards Legal Clarity for determination of relevant date and Condonation of delay in filing an appeal.Customs:
Navigating Trade Restrictions: India's Stance on North Korea Exports and ImportsIBC:
Deadline Adherence in Insolvency Claims: The Supreme Court on Enforcing Arbitration Awards Amidst InsolvencyIBC:
Resolution Plan Approvals: The Supreme Court's Clarification on NCLT and NCLAT's Jurisdiction in Insolvency Resolution.Income Tax:
Navigating Tax Exemptions u/s 80P: The Supreme Court's Verdict on Cooperative Societies vs. BanksCustoms:
Supreme Court Verdict on Pre-Import Condition and IGST Exemptions: A Legal AnalysisIndian Laws:
Understanding Beneficial Ownership: A Landmark Admiralty Case in IndiaCustoms:
Beneficial Ownership, Beyond Baggage in Customs Law: Seizure of foreign currencySEZ:
Expanding Trade Horizons: The 2023 Amendment to SEZ Rules for Gem and Jewellery UnitsGST:
The Significance of Signature: A Landmark Decision on GST Assessment OrdersIncome Tax:
Principles of Natural Justice in Tax Litigation: Unraveling the Significance of Cross-Examination Rights in Tax CasesIncome Tax:
Deadline Extension for Processing E-Filed Tax Returns: Refund Claims on Income Tax ReturnsDGFT:
Deadline Extended for Pharmaceutical Track and Trace System ImplementationCorporate Law:
MCA Announces Establishment of Central Processing Centre at IMT ManesarCustoms:
Export Obligation Compliance: Detailed SOPs for EPCG and Advance Authorization HoldersNotifications
FTP
- Streamlining of Halal Certification Process for Meat and Meat ProductsApril 23, 2024
IT
- Amendment in Notification No. 60/2022 dated the 10th June, 2022 read with corrigendum Notification Number 78/2022 dated the 4th July, 2022April 22, 2024
Cus (NT)
- Rate of exchange of one unit of foreign currency equivalent to Indian rupees–Supersession Notification No.27/2024-Customs(N.T.), dated 4th April, 2024April 18, 2024
FEMA
- Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024.April 16, 2024
Cus (NT)
- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and SilverApril 15, 2024
CE
- Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude.April 15, 2024
FTP
- Export of Onions (under HS Code 07031019) to Sri Lanka and UAE.April 15, 2024
FTP
- Imposition of Port restrictions on supply of Prohibited/Restricted essential commodities to the Republic of Maldives during 2024-25.April 15, 2024
CGST
- Seeks to amend Notification No. 83/2020 – Central Tax, dated the 10th November, 2020 - Extension of time limit for furnishing the details of outward supplies in FORM GSTR-1 for specified personsApril 12, 2024
CGST
- Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024 - Special procedure by a registered person engaged in manufacturing of the certain goodsApril 10, 2024
IT
- Central Government approves ‘Amul Research and Development Association, Anand, Gujarat' under the category of ‘Research Association’ for research in ‘Scientific Research’ for the purposes of clause (ii) of sub-section (1) of section 35April 9, 2024
Cus (NT)
- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and SilverApril 9, 2024
CGST
- Waiver of the interest levied on late filling of GST return for the specified (four) registered person.April 8, 2024
Cus
- Seeks to amend Notification No. 64/2023-Customs, dated the 7th December, 2023 in order to allow duty free imports of yellow peas with bill of lading issued on or before 30.06.2024April 5, 2024
FTP
- Amendment in Import Policy Condition for Melon Seeds under ITC (HS) Code 1207 70 90 of Chapter-12 of ITC (HS), 2022, Schedule-I (Import Policy)April 5, 2024
Circulars/ Public Notices
Customs
- Extension period for 3 months to Ortho-phosphoric Acid which is used for manufacturing of Fertilizers from applicability of BIS standard IS 798:2020 implemented through QCO dated 13.05.2022April 22, 2024
DGFT
- Discontinuation of Safeguard measures on import of Isopropyl alcohol (IPA), under Chapter 29 of ITC (HS) 2022, Schedule-I (Import Policy).April 18, 2024
SEBI
- Circular on Standardization of the Private Placement Memorandum (PPM) Audit ReportApril 18, 2024
Insolvency and Bankruptcy
- Partial modification to the circular no. IBBI/LIQ/61/2023 dated 28th September 2023 titled ‘Clarification w.r.t. Liquidators’ fee under clause (b) of sub-regulation (2) of Regulation 4 of IBBI (Liquidation Process) Regulations, 2016’.April 18, 2024
FEMA
- Hedging of Gold Price Risk in Overseas MarketsApril 15, 2024
DGFT
- Clarification on discharge of export obligation of Advance Authorisation (AA) bearing Customs Notification No. 18/2015-Customs as amended and Customs Notification No. 21/2015-Customs as amended both dated 01.04.2015 by making physical exports or by making domestic suppliesApril 12, 2024
Customs
- Inclusion of gender specific infrastructure facilities to be provided by the Custodian CCSP-CFS/AFS/ICD under the HCCAR, 2009-regApril 10, 2024
DGFT
- Implementation of Melon Seeds Import Monitoring System (MS-IMS)April 9, 2024
DGFT
- Modification of SION E-124 for export of refined Sunflower Oil (Edible Grade)April 9, 2024
SEBI
- Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUAApril 5, 2024
Customs
- Exemption for import of High End and High Value used Medical Equipment other than critical care medical equipment Hazardous and Other under Wastes (Management and Transboundary Movement) Second Amendment Rules, 2022 dated 23rd December, 2022.April 5, 2024
DGFT
- Directives regarding submission of digitized ANFs, Appendices etc.April 2, 2024
Customs
- Invitation of applications for empanelment of Chartered Engineers for examination / valuation of Second / Old & Used machinery / goods etc. in the jurisdiction of Kandla Customs Regarding.April 1, 2024
Customs
- Authorised Officers under Section 25 read with Section 47 (5) of Food Safety Standards (FSS) Act, 2006 and Regulation 13 (1) of FSS (Import) Regulation, 2017April 1, 2024
GST
- Guidelines for CGST field formations in maintaining ease of doing business while engaging in investigation with regular taxpayersMarch 30, 2024
News
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Competition Commission of India (CCI) invites proposal for launching Market Study on Artificial Intelligence and Competition in India
April 22, 2024
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Auction for Sale (re-issue) of (i) ‘7.10% GS 2034’ and (ii) ‘7.46% GS 2073’
April 22, 2024
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Minutes of the Monetary Policy Committee Meeting, April 3 to 5, 2024 [Under Section 45ZL of the Reserve Bank of India Act, 1934]
April 22, 2024
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Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%
April 22, 2024
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CCI approves acquisition of stake in PAMP Technologies (India) Private Limited and MMTC PAMP India Private Limited by PAMP Ventures SA
April 17, 2024
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Regulation of Payment Aggregators (PAs) – Draft Directions
April 17, 2024
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CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24
April 17, 2024
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Auction for Sale (issue/ re-issue) of (i) ‘7.37% GS 2028’ and (ii) ‘New GS 2064’
April 15, 2024
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Index Numbers of Wholesale Price in India for the Month of March, 2024 (Base Year: 2011-12)
April 15, 2024
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Extension of Due date of GSTR-1 for the period March 24
April 15, 2024
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Extension of GSTR-1 due date to 12th April 2024
April 12, 2024
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Sixteenth Finance Commission (XVIFC) invites applications for Young Professionals (YPs)/Consultants on contract basis
April 12, 2024
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7th round of the India-Peru Trade Agreement Negotiations concludes in New Delhi
April 12, 2024
Forum - Popular issues
Registration-another state (19)
Payment to cine or tv artists. liability under rcm (17)
Issue regarding discharge of gross tax liability while filing gst returns (15)
Goods sent for exhibition and get consumed during display (13)
Section 16 (2) (c) (13)
Gst on drc (13)
Gst on hostel / pg (13)
Reversal of igst itc and payment through drc 03 (13)
Penalty under section 122(1)(ii) of the gst act (12)
Notification no. 3/2023 - compensation cess (rate) dt. 26.07.2023-is it retrospective? (11)
Query regarding section 16(4) of cgst act (11)
Section 73(11) (10)
Rcm liability on royalty charged / paid to mines owner (9)
Adhoc demand of gst on indirect expenses in gst scrutiny (9)
Forum - Recent Replied Issues
Bill to a overseas company supply of goods locally ... (3)
Credit note (3)
Man power supply to poultry farm - taxable or exempt ... (6)
Gst rule 96(10) (5)
Input tax credit (4)
Section 16(4) (2)
Transport of goods by road (1)
Gst liability on loyalty earned against purchase of fuel ... (5)
Transfer or proprietary business (2)
Gst on free supply to employees (7)
Igst demand by state tax officers (3)
Eligibility of input tax credit (2)
Jiva Seva is Shiva Seva:
Service to humanity is Service to God
May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.
- Swami Vivekananda, CW, 5:137
