Latest update 01.10.2024

A. Amendment

Notification no. 18/2024 – Central Tax dated 30.09.2024

Classification of laboratory chemicals.

Notification no. 19/2024 – Central Tax dated 30.09.2024

Hereby appoints the 1st day of April, 2025 as the date from which the Authority referred to in the said section shall not accept any request for examination as to whether input tax credits availed by
any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by that registered person.

Notification No. 45/2024-Customs dated 30.09.2024

Seeking amendment to the various Customs notifications in order to align the HS Codes of the said notifications with the Finance Act, 2024, w.e.f. 01.10.2024

Notification No. 64/2024-Customs (N.T.) dated 30.09.2024

Regading Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.

Circular No. 19/2024- Customs dated 30.09.2024

Digitization of Customs Bonded Warehouse procedures relating to obtaining Warehouse License, Bond to Bond Movement of warehoused goods, and uploading of Monthly Returns.

DGFT Trade Notice 18/2024-25 dt 30.09.2024

Extension of Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for three months beyond 30th September, 2024.

DGFT Notif. 32/2024-25 dt 30.09.2024

Extension of RoDTEP scheme for exports made from DTA Units and AA/EOU/SEZ Units.

B. Article

Relaxation for the availment of ITC for the FYs 2017-2021

by CA Bimal Jain

Due to various factors, including financial constraints, lack of knowledge on the part of taxpayers or their accountants/tax consultants, and the cancellation of GST registrations for multiple reasons, etc., registered persons could not file their statutory returns

C. Tax in Media

GST relief: No need to pay interest and penalty on GST tax demand; conditional waiver from November 1, 2024

The Ministry of Finance has notified various sections including 128A of the Goods and Services (GST) Act with effect from 01.11.2024.

Income tax simplification hopes rise as feedback process nears rollout; Budget 2025 may bring big news on direct tax laws

Expectations are rising that India might finally see the long-awaited simplification of its direct tax laws in the coming Budget.

Hyderabad income tax raids uncover kickbacks in loan sales practices

Income tax authorities recently conducted raids on a direct selling agent (DSA) in Hyderabad, who assists with loan acquisitions for Non-Banking Financial Companies (NBFCs) and private banks. The investigation has revealed possible kickbacks to bank and company executives, prompting calls for a broader examination of industry practices, ToI reported on September 30.

Deadline for income tax audit report extended: What is the last date now?

The deadline to submit the income tax audit report has been extended to October 7 from September 30. Income tax audit report is required to be submitted online on the e-filing ITR portal. Inability to do so can result in a penalty of ₹1.5 lakh or 0.5% of total sales, whichever is lower.

ICAI Stands Committed To Chartered Accountants’ Well-being; Forms A Group To Address Work-Life Balance & Stress Management

In the wake of recent incidents highlighting the tragic consequences of excessive work pressures faced by professionals, including Chartered Accountants, the Institute of Chartered Accountants of India (ICAI) reaffirms its commitment to addressing the urgent need for work-life balance and stress management within the profession. The increasing demands placed on professionals across industries have raised widespread concerns regarding the detrimental effects of high-pressure environments on personal health and professional efficiency.

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