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Archive: 08 November 2024

Posts in 08 November 2024

Webinar on Best Courses to Boost Your Career in Finance (Beyond CA, CS & CMA)

November 27, 2024 1707 Views 2 comments Print

Join the free webinar on Dec 1, 2024, to explore top finance courses beyond CA, CS, and CMA. Learn from expert CA Bhupesh Anand. Register now!

Reporting of Foreign Exchange Transactions to Trade Repository

November 8, 2024 1731 Views 0 comment Print

RBI mandates expanded reporting of foreign exchange transactions, including spot and tom deals, to the Trade Repository starting February 2025.

Waiver Scheme for GST Taxpayers Under Section 128A

November 8, 2024 10488 Views 0 comment Print

GST waiver scheme offers relief for tax disputes, waiving interest and penalties if full tax is paid by March 31, 2025.

Clarification on Insurance Amount & Bond Value for CCSPs & validity of Bond for AEO-LO

November 8, 2024 327 Views 0 comment Print

CBIC revises insurance and bond value rules for CCSPs, reducing costs and aligning custodian bond validity with AEO-LO approval periods.

Relief to taxpayer where ITC has been disallowed u/s 16(4) of CGST Act, 2017

November 8, 2024 3384 Views 0 comment Print

CBIC Circular 237/31/2024 clarifies relief for taxpayers disallowed ITC under Section 16(4) of the CGST Act, 2017, providing rectification options.

SC laid down legal framework for withdrawal and settlement of claims in CIRP while adjudging Byju’s matters

November 8, 2024 330 Views 0 comment Print

Supreme Court while adjudicating matters emphasized the need to follow the legal framework laid down by statutory provisions for the withdrawal of petitions and settlement of claims in a Corporate Insolvency Resolution Process (CIRP).

Redemption fine and penalty reduced in case of import of green peas due to extension of restriction

November 8, 2024 285 Views 0 comment Print

CESTAT Kolkata taking a sympathetic view further reduced redemption fine and penalty on import of green peas due to extension of restriction. Redemption fine and penalty reduced to Rs. 25 Lakhs each.

Supplementary report valid even if investigating officer fails to seek permission for further investigation

November 8, 2024 312 Views 0 comment Print

Kerala High Court held that failure of investigating officer to seek permission before conducting further investigation cannot be the reason to held supplementary/additional final report invalid.

Rule 96(10) of CGST Rules is ultra vires of section 16 of IGST Act: Kerala HC

November 8, 2024 1593 Views 0 comment Print

Held that Rule 96(10) of the CGST Rules, as inserted by notification 53/2018-CT dated 09-10-2018 w.e.f. 23-10-2017 is declared ultra vires the provisions of Section 16 of the IGST Act and unenforceable on account of being manifestly arbitrary.

Government should prevent misuse of public funds for issuing advertisements for extraneous purpose

November 8, 2024 528 Views 0 comment Print

Bombay High Court directed the State of Maharashtra [including BMC, CIDCO, MIDC, MHADA, BEST and Municipal Corporation of Nagpur] to ensure that there is no abuse or misuse of public funds for issuing advertisements for extraneous purpose.

Appeal dismissed in absence of substantial question of law: Delhi HC

November 8, 2024 387 Views 0 comment Print

Additionally, the assessee had also entered into transaction for IT support services for a value of ₹1,61,29,274/- in respect of purchase of computer hardware components. AO made a reference to the TPO for determining/verifying the ALP.

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