Latest update 16.10.2024

A. Amendment

Circular no. 237/31/2024-GST dated 15.10.2024

Central Board of Indirect Taxes and Customs (CBIC) issued Circular no. 237/31/2024-GST dated 15.10.2024 to Clarify the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act, 2017.

Circular no. 238/32/2024-GST dated 15.10.2024

Central Board of Indirect Taxes and Customs (CBIC) issued Circular no. 238/32/2024-GST dated 15.10.2024 to Clarify various doubts related to Section 128A of the CGST Act, 2017.

Notification No. 66/2024-Customs (N.T.) dated 15.10.2024

Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 66/2024-Customs (N.T.) dated 15.10.2024 for Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.

GSTN Advisory on GSTR-9/9C

Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal from today i.e.,15th October 2024 onwards.

Introduction of Drishti (Export Sale-Proceeds Monitoring System) Software

Central Board of Indirect Taxes and Customs (CBIC) issued Public Notice no. 84/2024 dated 07.10.2024 to introduce DRISHTI (Export Sale-Proceeds Monitoring Systems) Software.

Notification no. 107/2024 dated 11.10.2024- Income tax

Central Board of Direct Taxes (CBDT) issued Notification No. 107/2024/F. No. 300196/4/2024-ITA-I] VIKAS SINGH, Director ITA-I dated 11.10.2024.

Notification no. 108/2024 dated 11.10.2024- Income tax

The Central Government notifies ‘‘Gujarat Water Supply and Sewerage Board’, Gandhinagar (PAN: AAALG5041P), as a Board constituted by the Government of Gujarat for the purpose of exemption u/s 10(46) of the Income Tax 1961 for specified income arising to that Board namely:

Notification no. 109/2024 dated 11.10.2024- Income tax

The Central Government notifies ‘Real Estate Regulatory Authority, New Delhi (PAN AAALR1691Q)’ an Authority constituted under sub-section (1) of Section 20 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016) for the purpose of exemption u/s 10(46) of the Income Tax 1961 for specified income arising to that Board

Notification no. 110/2024 dated 11.10.2024- Income tax

The Central Government notifies ‘District Legal Service Authority’ as specified in the Schedule to this notification, constituted by Government of Haryana for every District in the State of Haryana in exercise of powers conferred by sub-section (1) of section 9 of the Legal Services Authorities Act, 1987 (Central Act No. 39 of 1987) as a ‘class of body’ for the purpose of exemption u/s 10(46) of the Income Tax 1961 for specified income arising to that Board namely:

Notification no. 111/2024 dated 15.10.2024- Income tax

Central Board of Direct Taxes (CBDT) issued Notification No. 110/2024 dated 15.10.2024 to make further amendment in the rules and these rules may be called the Income-tax Amendment (Seventh Amendment) Rules, 2024.

Circular No. 12/2024 dated 15.10.2024

Central Board of Direct Taxes (CBIC) issued Circular no.12/2024 dated 15.10.2024 providing Guidance Note 1/2024 on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024.

B. Notes

Lawgics – Judgment No. 182

Synopsis: Non-compliance with appellate orders could lead to administrative chaos and erode public confidence in the appeal system.

Lawgics – Judgment No. 183

Central Authorities do not have jurisdiction to issue summons, when State Authorities had already investigated the transactions by putting reliance on the prohibition against parallel proceedings u/s 6(2) of CGST Act.

Lawgics – Judgment No. 184

The SCN and GST cancellation order lacked proper reasoning and showed non-application of mind, therefore, were aside.

PPT-GST on Renting of Immovable property

Mr. B. Venkateswaran, IRS (Retired) Central GST & Central Excise, Coimbatore, presented the GST applicability on Renting/leasing of immovable property – commercial and residential.

C. Tax in Media

India’s SUV makers get a ₹10,000 crore tax notice

Carmakers have received tax notices for not paying compensation cess, which is levied on goods and services tax (GST), on utility vehicles. “CGST offices across various jurisdictions have sent these notices to the auto majors. In all, the industry is liable to pay about ₹10,000 crore,” a source told CNBC-TV18.

New ITR e-filing portal 3.0 to be launched soon

The e-filing ITR portal for income tax is about to undergo a revamp with ‘substantial’ changes that are more friendly for taxpayers. As per ET Wealth Online sources, an internal circular from the tax department, which is not publicly available, dated October 8, 2024 stated,, “The operations phase of the existing Integrated e-filing and Centralised Processing Centre (IEC) 2.0 is coming to an end and the process of bringing in a new Project, Project IEC 3.0 (that shall replace the existing Project IEC 2.0) has already been initiated.”

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