A. Amendment
DGFT issued Notification No. 33/2024-25 dated 01.10.2024 for imposition of Minimum Import Price on Synthetic Knitted Fabrics up to 31.12.2024
DGFT issued Notification no. 34/2024-25 dated 01.10.2024 for Streamlining of Halal Certification Process for Meat and Meat Products.
CBIC issued Circular no.11/2024 dated 01.10.2024 regarding Order authorizing income tax authorities to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income tax Act, 1961.
Gross and Net GST revenue collections for the month of Sep, 2024
GSTN published gross and net GST revenue collections for the month of September, 2024.
Advisory: GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly
B. Article
Karnataka HC granted ad-interim stay on adjudication proceedings on levying IGST on secondment of manpower
CA Bimal Jain
The Hon’ble Karnataka High Court in the case of M/s Alstom Transport India Ltd. passed an ad-interim stay order on the adjudication proceedings seeking the levy of IGST on the salaries paid directly to expatriates and held that that Circular No. 210 dated June 26, 2024 might have bearing on stand of Assessee insofar SCN is concerned. Therefore, without getting into merits of matter, the Assessee was to be relegated to stage of reply to SCN and authorities concerned could take note of applicability of Circular to facts on hand.
No Interest and Penalty if demanded tax amount is paid by 31st March 2025 for FYs 2017-20 Introduction
CA Bimal Jain
The Ministry of Finance has officially notified the enforcement of several sections of the CGST Act, including the newly introduced Section 128A in the CGST Act, w.e.f. November 1, 2024. Initially, Union Budget 2024 held on July 23, 2024, announced that Section 128A of the CGST Act offers relief to taxpayers for a complete waiver of interest and penalties on certain non-fraudulent GST demand notices issued under Section 73 of the CGST Act, w.r.t the financial years 2017-18 to 2019-20.
C. Tax in Media
Teachers’ body: We oppose 18% GST in exam
GST Anti-Profiteering Clause To Expire From April Next Year
The central government on Tuesday announced April 1, 2025, as the sunset date for the anti-profiteering clause in the Goods and Services Tax law.
TDS deposit rules for employers relaxed from Oct 1, 2024: Does this put employee’s TDS credit at risk?
I-T Act review: Govt to invite suggestions from industry next month
The government has proposed to invite suggestions on Income Tax Act, 1961, from the private sector and tax experts beginning October , as part of an excercise to simplify the direct tax law, sources said. In a meeting with industry chambers earlier this month, the government said that a functionality will be created in the Income tax portal wherein suggestions could be made on different sections of the I-T Act with a view to simplifying the language and reducing litigation.
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