A. Amendment
1. DGFT Trade Notice 15/2024-25 dt 29.08.2024
Vide this trade notice the Directorate is proposing revised wastage norms for Gold/ Platinum /Silver jewellery based on the industry visits in different units/ location.
2. DGFT-Public Notice No. 19/2024-25 dated 29.08.2024
DGFT issued Public Notice no. 19/2024-25 dated 29.08.2024 to make amendments in Appendix-4J of the Handbook of Procedures, 2023.
3. DGFT-Public Notice No. 20/2024-25 dated 29.08.2024
DGFT issued Public notice no. 20/2024-25 dated 29.08.2024 to further abeyance of Public notice no. 05/2024 dated 27.05.2024 until 15.09.2024.
B. Tax in Media
4. No GST on fines, penalties, late fees collected by RBI, says Maha AAR
RBI India will not have to pay GST on fines, penalty collected from its regulated institutions, Maharashtra’s Authority for Advance Rulings (MAAR) has said.
5. GST OTP mandate: Flipkart sellers cry foul
Scores of Flipkart sellers are in a muddle over a new mandate asking them to verify their goods and service tax identification number (GSTIN) through an OTP (one time password) verification process.
6. Vodafone Idea asked to pay Rs 15.19 cr GST along with Rs 1.51 cr penalty
GST office in Patna has ordered debt-ridden Vodafone Idea to pay Rs 15.19 crore, along with a penalty of Rs 1.51 crore, for allegedly availing of input tax credit it was not eligible for in FY20 and FY21, a regulatory filing said on Wednesday.
7. India to adopt EU-Style VAT Grouping for GST Overhaul?
India is considering a significant change to the GST framework by potentially excluding related-party transactions from the GST net aiming to simplify tax compliance and reduce the administrative burden on businesses.
8. How To File Belated ITR For FY24? Know Deadline, Penalty and Other Details
A belated ITR is a tax return filed after the original due date or any extended deadline. This can happen due to various reasons, such as oversight, unforeseen circumstances, or financial difficulties. While filing a belated return can lead to penalties and interest, understanding the process and consequences is crucial for ensuring compliance with tax laws.
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