Latest update 14.06.2024
A. Amendment
DGFT – Policy Circular No. 05/2024-25 dated 13.06.2024
DGFT issued Policy Circular No. 05/2024-25 dated 13.06.2024 giving clarification regarding subsequent re-import of unsold jewellery, exported under Para 4.79 & 4.92 of the Handbook of procedure, 2023. Read more
Notification no. 51/2024 dated 12.06.2024- Income tax
CBDT issued Notification No. 51/2024 dated 12.06.2024 to provide exemption u/s 10(46) of the Income-tax Act, 1961 to the ‘Kerala Co-operative Deposit Guarantee Fund Board’ is respect of the specified income arising to that Board. Read more
B. Article
Doctrine of Bias and Writ Remedies
The Hon’ble High Court concurred and held that the appeal, though filed by the Assistant Commissioner, was based on a review undertaken by the Commissioner who is the husband of the Commissioner (Appeals). Hence, there is a reasonable apprehension of bias in the petitioner’s mind. Read more
C. Tax in Media
53rd meeting of the GST Council
The 53rd meeting of the GST Council will be held on 22.06.2024 Read more
GST Council to meet on June 22; key issues and agenda here
A day after taking charge as Union Finance Minister, Nirmala Sitharaman is all set to chair the much-awaited 53rd GST Council meeting, scheduled for June 22, in New Delhi. Read more
International Road Federation Urges GST Reduction on Helmets for Two-Wheeler Riders From 18% To 0%
The International Road Federation (IRF), a Geneva-based global road safety organisation, has called upon GST Council and the Ministry of Finance to reduce the GST rate on helmets from 18 per cent to zero per cent. Read more
Personal QR codes used to evade GST
In a recent crackdown, the state Goods and Services Tax (GST) department uncovered substantial tax evasion across various eateries and ice cream parlours in Gujarat. Read more
Mandatory Biometric Verification at GST Service Centers keeps bogus applicants away
To promote transparency in the GST registration process and prevent bogus registrations, 12 GST Service Centers were launched across Gujarat in November 2023. As a result of this initiative, bogus applicants have been deterred from filing an application with fake credentials. Read more
Informed GST decisions crucial for sustainable growth of domestic online gaming industry, says SOGI
SOGI’s President, Amrit Kiran Singh, highlighted the adverse effects of the high taxation, leading to domestic players exiting the market and giving an advantage to foreign companies. Read more
Hoteliers ask new government to relook at GST structure
With the third edition of the Narendra Modi government in place at the Centre, the Hotel And Restaurant Association (Western India) has urged the government to revisit the existing GST structure for F&B served in restaurants within hotels which is presently linked to room charges exceeding Rs.7500. Read more
GST rate rationalisation gets tricky for NDA 3.0
Under GST essential and semi-essential goods, which constitute 70-80 percent of India’s consumption, attract a GST rate of five percent or 12 percent. However, luxury items are taxed at 28 percent, contributing significantly to government revenue. If rates are rationalised, government’s revenue may take a hit, but more than that lower income group will be impacted. Read more
Jobs, growth, Budget, Bills and GST: For FM Nirmala Sitharaman and her officials, it’s busy days ahead
The top priority for the finance minister is to finalise the Union Budget 2024-25 and then to delve into a number of issues in GST. Read more
Budget 2024: Finance minister likely to present full budget on July 1, say sources
The finance minister Nirmala Sitharaman may present the full budget for FY25 on July 1, 2024, according to the Zee Business sources. Read more
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