Latest update 30.07.2024
A. Amendment
| Sr. no. | Category | Subject | In brief | In detail / Reference |
| 1 | DGFT | DGFT-Public Notice No. 16/2024-25 dated 29.07.2024 | DGFT issued Public Notice no. 16/2024-25 on 29.07.2024 to keep further abeyance of Public Notice no. 05/2024 dated 27.05.2024 until 31.08.2024 | click here to read more |
| 2 | DGFT | DGFT Notif. 21/2024-25 dt 29.07.2024 | DGFT issued Notification no. 21/2024-25 on 29.07.2024 regarding Export of Non-Basmati White Rice under ITC(HS) code 10063090 to Namibia through National Cooperative Exports Limited (NCEL) | click here to read more |
B. GST Notes
| Sr. no. | Category | In brief | Authored by | In detail / Reference |
| 1 | GST | Lawgics – Judgment No. 161 Petitioner should seek remedy through the appropriate statutory process after the competent authority makes a decision and passes an order. | Adv. Nidhi Aggarwal | click here to read more |
| 2 | GST | Lawgics – Judgment No. 162 Revisionary order passed for recovery of erroneous grant of refund was set as Supreme Court’s extension of limitation periods due to COVID-19 and GST Council’s recommendations applied to the petitioner’s refund claim. | Adv. Nidhi Aggarwal | click here to read more |
C. Tax in Media
| Sr. no. | Category | In brief | In detail / Reference |
| 1 | GST | Fake input tax credit (ITC) claims detection by central GST officers increased 51 per cent to Rs 36,374 crore in 2023-24, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary shared details of the fake input tax Credit (ITC) cases booked by Central Tax formations during the 2022-23 and 2023-24 fiscals in a written reply to the Lok Sabha. | click here to read more |
| 2 | GST | CBIC Chairman stated that tariff rationalisation is undertaken with an objective to promote domestic manufacturing and boost exports and that the roadmap to bring petroleum products under the ambit of the Goods and Services Tax (GST) regime could start with crude oil as it would help integrate the entire petroleum product supply chain. | click here to read more |
| 3 | GST | Despite a request from the state’s public universities for exemption in levying Goods and Services Tax (GST) on the affiliation fees paid by colleges, the state’s tax authorities have refused to provide them with any respite. | click here to read more |
| 4 | Income tax | A massive jump in speculation in the futures and options (F&O) market and betting through gaming apps is throwing up a problem of a different kind. | click here to read more |
| 5 | Income tax | The Union Budget 2024 has introduced an important change in the taxation of rental income from residential property. To curb tax evasion, Finance Minister Nirmala Sitharaman has mandated that such income can only be declared under the ‘Income from House Property’ (IHP) head and not under the ‘Profits and Gains from Business or Profession’ (PGBP) category. | click here to read more |
| 6 | Income tax | The Union finance ministry on Sunday said a tax certificate was mandatory for Indians involved in serious financial irregularities or having substantial tax dues. | click here to read more |
| 7 | Income tax | All your queries on how to save income tax could probably have a solution as Karnataka man shares popular “hack”. Kerala content creator Shrinidhi Hande’s satirical video about the same, has gone viral online. | click here to read more |
| 8 | Income tax | The I-T Department has asked income tax return filers to not make bogus claims for expenses, under-report their earnings or exaggerate deductions as this is a punishable offence and causes a delay in issuance of refunds. | click here to read more |
| 9 | Income tax | Colgate-Palmolive (India) Ltd has received a tax demand notice of Rs 248.74 crore from the Income Tax Authority in a transfer pricing-related issue. | click here to read more |
| 10 | Income tax | The Union Budget has been a subject of intense scrutiny this year, with particular focus on the government’s approach to stimulating consumption. While there was no explicit, large-scale consumption boost, the Finance Minister argued that the tax reforms introduced in the budget indirectly serve this purpose. | click here to read more |
| 11 | Customs | The Central Board of Indirect Taxes and Customs (CBIC) has said the power to attach bank accounts in customs violation cases should be exercised after careful examination of facts and not in a mechanical manner. In an instruction to field formations, the CBIC said in cases where bank accounts have been attached, the investigation and adjudication should be completed at the earliest. | click here to read more |
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