Latest update 30.09.2024

A. Amendment

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Odisha

Restoration of GST Returns data on Portal

GST data has been restored back on the portal. We recommend you to download and save the data if needed, as the archival policy shall be implemented again after giving advance information.

DGFT-Public Notice No. 25/2024-25 dated 27.09.2024

DGFT issued Public Notice no. 25/2024-25 dated 27.09.2024 on allocation of quantity 5841 MT of sugar by EU for export from India under TRQ for the year 2024-25 (October 2024 to September 2025)

DGFT Notif. 31/2024-25 dt 28.09.2024

DGFT issued Notification no. 31/2024-25 dated 28.09.2024 to make amendment in Export Policy of Non-Basmati White rice under HSN code 1006 30 90.

Notification no. 105/2024 dated 27.09.2024- Income tax

CBDT issued Notification no. 105/2024 dated 27.09.2024- Income tax as a Corrigendum to Notification no. 104/2024 dated 20.09.2024- Income tax pertaining to Direct Tax Vivad Se Vishwas Rules, 2024.

Circular No. 10/2024 dated 29.09.2024

CBDT issued Circular no. 10/2024 dated 29.09.2024 providing extension of timelines for filing of various reports of audit for the Assessment Year 2024-25.

B. Article

Delayed claim of ITC in first four year of GST is now validated

by Ganeshan Kalyani

Section 118 of Finance (No.2) Act, 2024 is made effective from 27.09.2024 vide Notification no. 17/2024 dated 27.09.2024. In effect the sub-section (5) of section 16 which was inserted vide section 118 is effective now.  The said sub-section (5) is reproduced from Finance (No.2) Act, 2024 as below…

Whether the State tax officer has the jurisdiction to transfer the case to DGGI?

by CA Ritesh Arora

The Honorable Court noted that earlier this court had directed the respondents to conduct the proceedings at one place alone. Since the proceedings have already been initiated by the State Authorities, there is no occasion to uphold the action of the DGGI or the action of the state authorities to transfer proceedings to DGGI, Meerut pending before it. 

C. Tax in Media

How GST 2.0 can transform the MSME sector

Micro, Small and Medium Enterprises (MSMEs) are essential for India’s economic growth, creation of employment and supporting large industries with cost-effective solutions. Over the years, the Goods and Services Tax (GST) has played a significant role and benefitted MSMEs by unifying the tax structure, easing logistical movement and in creating a transparent business environment.

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