Latest Updates on Income Tax, GST, Customs, Corporate Laws & more
Highlights 
Customs:
Notification extends Countervailing Duty on 'Saccharin in all forms' from China PR until 28th Feb 2025.May 29, 2024
DGFT:
Gold/Platinum/Silver exports: Public Notice No. 05/2024 dated 27.05.2024 kept in abeyance till 31.07.2024May 29, 2024
GST:
Demand u/s 73 of CGST Act due to lack of notice receipt set aside. Petitioner granted opportunity to respond.May 29, 2024
GST:
Detained goods may be released u/s 129(1)(a) of CGST Act, 2017. Petitioner can appeal against penalty.May 29, 2024
Articles
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PENALTY FOR CONCEALED INCOME
May 29, 2024
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Paper Cups would fall under HSN 4823 40 00 and attract GST at the rate of 18 percent
May 29, 2024
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Duties of an Auditor in a Company
May 28, 2024
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INSOLVENCY AND BANKRUPTCY INTERNSHIP
May 28, 2024
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Service tax leviable on services rendered by the Advocate and Senior Advocate under Reverse Charge
May 28, 2024
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The onus is on the Assessee to prove the movement of goods and services
May 28, 2024
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Assessee cannot be adjudicated by the CGST, assigned to SGST authority or vice-versa
May 27, 2024
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COLLECTOR (STAMPS), A QUASI JUDICIAL AUTHORITY, HAS NO POWER TO REVIEW/RECALL ITS ORDER
May 27, 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
CVD
- Seeks to amend Notification No. 2/2019-Customs (CVD) dated 30th August, 2019 in order to extend the levy of Countervailing Duty on 'Saccharin in all its forms' imported from China PR upto and inclusive of the 28th February, 2025.May 28, 2024
SEBI
- Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024May 27, 2024
IT
- Higher Rate of Tax Collection at Source (TCS) for non-furnishing of ITR: Central Government notifies the Reserve Bank of India u/s 206CCA(3)(ii) - RBI excluded from scope of "Specified person"May 27, 2024
IT
- Higher Rate of TDS for non-furnishing of ITR - Central Government notifies the Reserve Bank of India u/s 206AB(3)(ii) - RBI excluded from scope of "Specified person"May 27, 2024
IT
- Cost Inflation Index (CII) for the Financial Year 2024-25 notified as 363 - Amends the Notification No. 44/2017May 24, 2024
IT
- Exemption from specified income U/s 10(46) – ‘Tamil Nadu Water Supply and Drainage Board, Chennai, notifiedMay 22, 2024
Cus (NT)
- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and SilverMay 21, 2024
FTP
- Amendment in Para 2.31 of the Foreign Trade Policy, 2023 and ITC HS 2022 Schedule 1 Import PolicyMay 20, 2024
SEBI
- Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2024.May 17, 2024
SEBI
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2024.May 17, 2024
Cus (NT)
- Rate of exchange of one unit of foreign currency equivalent to Indian rupees–Supersession Notification No. 34/2024-Customs(N.T.), dated 2nd May, 2024May 16, 2024
ADD
- Seeks to impose Anti-dumping duty on import of 'Pentaerythritol' from China PR, Saudi Arabia and Taiwan for 5 years, pursuant to final findings issued by DGTRMay 16, 2024
Cus (NT)
- Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and SilverMay 15, 2024
CE
- Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.May 15, 2024
SEBI
- Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007May 10, 2024
Circulars/ Public Notices
DGFT
- Abeyance of Public Notice No. 05/2024 dated 27.05.2024May 28, 2024
DGFT
- Abeyance of Public Notice No. 05/2024 dated 27.05.2024May 28, 2024
SEBI
- Standard Operating Procedure for handling of Stock Exchange outage and extension of trading hours thereof in Commodity Derivatives segmentMay 27, 2024
SEBI
- Eligibility criteria for launching Options with Commodity Futures as underlying by Stock Exchanges having commodity derivative segments.May 27, 2024
SEBI
- Self Regulatory Organizations for Social Impact Assessors in the context of Social Stock Exchange (“SSE”)May 27, 2024
SEBI
- Timelines for disclosures by Social Enterprises on Social Stock Exchange (“SSE”) for FY 2023-24.May 27, 2024
FEMA
- Instructions on Money Changing ActivitiesMay 27, 2024
DGFT
- Amendment in 4.59 of Handbook of Procedures, 2023 and modification in Standard Input Output Norms (SION) M- 1 to M-7 for export of jewelleryMay 27, 2024
SEBI
- Enhancement of Dynamic Price Bands for scrips in the Derivatives segmentMay 24, 2024
SEBI
- Norms for sharing of real time price data to third partiesMay 24, 2024
SEBI
- Modification in Staggered Delivery Period in Commodity Futures ContractsMay 24, 2024
SEBI
- Audiovisual (AV) presentation of disclosures made in Public Issue Offer DocumentsMay 24, 2024
Customs
- Mid-year Special Drive (MSD) to be conducted at Mumbai Customs Zone-II-Reg.May 24, 2024
Customs
- Launch of functionalities/features on Customs Brokers Licensing Management System (CBLMS).May 22, 2024
Customs
- Disposal of Unmanned Aircraft Systems (UAS)/Unmanned Aerial Vehicles Systems (UAV)/Remotely Piloted Aircraft Systems(RPAS)/ DronesMay 22, 2024
News
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Advisory on launch of E-Way Bill 2 Portal
May 28, 2024
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Department of Commerce holds Chintan Shivir on FTA Strategy and SOP for Trade Negotiations
May 28, 2024
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Auction for Sale (issue/re-issue) of (i) ‘New GS 2029’, (ii) ‘New GOI SGrB 2034’ and (iii) ‘7.34% GS 2064’
May 28, 2024
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WIPO Treaty, a big win for India and Global South
May 27, 2024
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Incubation Centre inaugurated at DPIIT’s National Council for Cement and Building Materials
May 21, 2024
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ULIP Workshop Brings States Together to Enhance India’s Logistics
May 20, 2024
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DPIIT organizes ONDC Startup Mahotsav in New Delhi; platform for startups to leverage Open Network for Digital Commerce
May 17, 2024
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IICA organises roundtable consultation on R&D expenditure by top 1,000 listed companies in India
May 17, 2024
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Exchange Rate Notification No. 36/2024- Customs (N.T.)
May 16, 2024
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Information from manufacturers of Pan Masal and Tobacco taxpayers
May 16, 2024
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3rd Session of India-Zimbabwe Joint Trade Committee held in New Delhi
May 15, 2024
Forum - Popular issues
Payment to cine or tv artists. liability under rcm (32)
Adjudication process (26)
Sec 16(4) reversal of itc when 3b is filed belatedly (22)
Registration-another state (19)
Penalty under section 73(1) of cgst act, 2017 (16)
Issue regarding discharge of gross tax liability while filing gst returns (15)
Gst on post supply discount (15)
Penalty under section 122(1)(ii) of the gst act (14)
Itc of fy 2017-18 blocked (14)
Gst on hostel / pg (13)
Section 16 (2) (c) (13)
Inquiry by the appellate authority (13)
Goods sent for exhibition and get consumed during display (13)
Addition of unaccounted supplies in the returns (13)
Forum - Recent Replied Issues
Registration (7)
Gst on rent received from building which is constructed from loan advanced ... ... (2)
Whether gst is payable on resale of flat by a buyer before its completion? ... (3)
Para medico service provided to gcvernment hospital under health care servi ... ... (6)
Difference in itc as per gstr 2a downloaded and auto populated in gst portal ... (5)
Input tax credit eligible on ocean frieght paid to shipping agency ... (4)
Time of supply in case of rcm (4)
Gst refund amendment of section 54(8)(a) impact ... (7)
Composition dealer - drc - 01 (3)
Notice u/s 73 converted to 74 (3)
Repair and maintenance input in case of immovable property given on rent ... (6)
Whether registration required in another state ... (7)
Service tax on cold storage f y 16.17 and 17.18 ... (3)
Suo-moto cancellation and filed gstr-10 (2)
Gst on transfer of partnership share in llp ... (4)
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
