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CBIC issued Circular no. 244/01/2025-GST dated 28.01.2025 to regularize payment of GST on co-insurance premium apportioned by the lead insurer to the co-insurer and on ceding/ re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer.
The Institute of Chartered Accountants of India (ICAI) issued 13th edition on Background Material on GST in January 2025 into Volume I & II
The ban on ‘penal interest’ on borrowers is posing a tax dilemma for banks. Banks fear that the Reserve Bank of India’s (RBI) directive to levy penalty only in the form of ‘penal charges’ as against the hitherto practice of imposing ‘penal interest’ would attract the goods and services tax (GST) on such levies.
GSTN is enhancing services on the GST portal on 29th Jan’25 12:00 AM onwards. GST Portal services will not be available until 29th Jan’25 06:30 AM.
Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application. The above-said functionality has been developed by GSTN. It has been rolled out in Tamil Nadu and Himachal Pradesh on 28th January 2025.
DGFT issued Public Notice No. 43/2024-25 dated 27.01.2025 to make an Amendments to Para 2.91 & 2.93 of HBP, inline with the implementation of the eCertificate of Origin System.
GSTN is enhancing services on the GST portal on 28th Jan’25 12:00 AM onwards. GST Portal services will not be available until 28th Jan’25 07:00 AM. The inconvenience caused is regretted.
GSTN issued advisory on hard locking of auto-populated liability in GSTR-3B
It is hereby informed that a new option for generating E-Way Bills (EWB) for gold has been introduced in the EWB system, effective from January 20, 2025. This feature has been made available to facilitate taxpayers in Kerala State to generate EWB for goods classified under Chapter 71, excluding Imitation Jewellery, for intrastate movement, in compliance with the notification issued by the Government of Kerala.
