Latest update 31.08.2024

A. Amendment

DGFT-Public Notice No. 21/2024-25 dated 30.08.2024

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DGFT issued Public notice 21/2024-25 dated 30.08.2024 toward delisting of an Agency Authorized to issue Certificate of Origin (Non-preferential) from Appendix 2E of FTP, 2023.

Notification No. 56/2024-Customs (N.T.) dated 30.08.2024

CBIC issued Notification no. 56/2024-Customs (N.T.) dated 30.08.2024 regarding Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver.

B. Tax in Media

GST Council may consider relief on life insurance premium

Plea to reduce GST for borewell service from 18% to 5% in Madurai

Madurai District Borewell Rig Owners and Agents’ Welfare Association, following several failed attempts to represent their issue to the Union Finance Ministry, has once again appealed to the authorities to take up the issue of reduction of GST for borewell services in the upcoming 54th GST council meeting.

LIC gets GST notice of Rs 605 crore for wrong availment and short reversal of ITC

LIC on Thursday got a GST notice of Rs 294 crore and a penalty of Rs 29.4 crore from the Deputy Commissioner of State Tax, Mumbai for wrong availment and short reversal of ITC & Interest on late payments, said the company in a stock exchange filing for FY20.

CBDT provides ITR-3 Validation Rules for AY 2024-25

CBDT rolls out Dispute Resolution Scheme (e-DRS), 2022, to minimise litigation

the Central Board of Direct Taxes (CBDT) had notified the e-Dispute Resolution Scheme, 2022 (e-DRS) with the aim to reduce litigation and provide relief to eligible taxpayers.  Section 245MA of the Act also provides for the constitution of Dispute Resolution Committees (DRC).


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