Summary: The week from 30th September to 6th October 2024 saw significant regulatory updates across various sectors. In Income Tax, procedures for declarations under the Direct Tax Vivad Se Vishwas Scheme were notified, along with provisions for data sharing with the Odisha government and condonation of delayed returns. Judicial decisions included the Delhi High Court ruling that fees on credit cards issued by foreign branches are non-taxable in India and a Supreme Court judgment clarifying time extensions for reassessments under TOLA. In GST, the Principal Bench of GSTAT was empowered to hear anti-profiteering cases, and a systemic improvement for officer mapping on the GSTN portal was introduced. Customs saw updates on HS Codes alignment, tariff values, and countervailing duties. Additionally, digitization of Customs Bonded Warehouse procedures was implemented. DGFT extended the RoDTEP scheme for exports and imposed a minimum import price on synthetic fabrics, alongside streamlining Halal certification and interest equalization schemes. SEBI introduced measures to strengthen the equity derivatives framework, updated the stress testing framework, and extended relaxation from compliance with certain LODR provisions. These changes aim to enhance regulatory efficiency and promote compliance in tax, trade, and financial markets.
A. Income Tax
Procedure for making declaration and furnishing undertaking under Direct Tax Vivad Se Vishwas Scheme: The notification prescribe the procedure for filing declarations and undertakings in Form-1 under Rule 4 of The Direct Tax Vivad Se Vishwas Rules, 2024. The Form-1 must be submitted electronically via the official e-Filing portal of the Income Tax Department. It can be filed using a digital signature or an Electronic Verification Code (EVC). Submission of Form-1 through the e-Filing portal will be considered as compliance with the designated authority requirements under the Scheme. (Income Tax Notification 04/2024 (System) Dated 30/09/2024)
Principal Secretary to Government & Chairman, Odisha Computer Application Centre (OCAC), specified under section 138(1)(a)(ii): The notification specifies Principal Secretary to Government & Chairman OCAC, Govt of Odisha, under section 138(1)(a)(ii) of Income Tax Act, for the purposes of identifying genuine beneficiaries for social welfare schemes of Government of Odisha. It will allow the OCAC to access and use information from the Income Tax department for verifying the eligibility of individuals for these schemes. (Income Tax Notification 106/2024 Dated 01/10/2024)
Condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set off thereof: The circular relates to dealing with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set off thereof and contains comprehensive guidelines empowering different authorities to accept or reject such claims based on monetary limits. The Central Processing Centre (CPC), Bengaluru, is authorized to process applications for condonation of delay in verifying returns. Further, no claim shall be entertained if filed beyond five years from the end of the assessment year, applicable to applications from October 1, 2024, onwards. (Income Tax Circular 11/2024 Dated 01/10/2024)
HC, Credit card fees for cards issued by foreign branches not taxable in India: Case of Director of Income tax vs ANZ Grindlays Bank, Delhi HC Judgement Dated 19th September 2024. The Court held that fee in respect of credit card being issued by foreign branches would not be taxable in India since amount payable by those card holders would clearly be debt incurred outside India. (Delhi HC Judgement Dated 19/09/2024)
SC, Judgment on Income Tax Reassessment cases: Case of Union of India vs Rajeev Bansal, SC Judgement Dated 3rd October 2024. The Court ruled that after 1 April 2021, the Income Tax Act must be read in conjunction with its substituted provisions. Taxation and Other Laws Act, 2020 (TOLA) continues to apply if actions under the Income Tax Act’s substituted provisions are due for completion between 20 March 2020 and 31 March 2021. TOLA have extended the time for granting sanction under Section 151 in specific scenarios. If the three-year time limit from the end of an assessment year falls between 20th March 2020 and 31st March 2021, authorities under section 151(i) have until 30 June 2021 to grant approval.
— The Court emphasized that Section 3(1) of TOLA overrides Section 149 of the Income Tax Act only to extend the time limit for issuing reassessment notices under Section 148. The implications are that reassessment notices for AYs 2013-14 and 2014-15 are valid as amended 2021 provisions are to be read together with time extension law TOLA; time extension does not apply to AY 2015-16. (SC Judgement Dated 03/10/2024)
B. GST
CBIC notifies Principal Bench of GSTAT to hear cases of anti-profiteering: The notification empowers Principal Bench of the GST Appellate Tribunal (GSTAT) to hear cases of anti- profiteering. It enables the Tribunal to investigate whether input tax credits availed by registered persons or tax rate reductions have led to corresponding price reductions in goods and services supplied. The powers are conferred under Section 171(2) of the GST Act, read with Section 109(1) and the second proviso to Section 109(5) of CGST Act. (CGST Notification 18/2024 Dated 30/09/2024)
GST Authority ceases accepting Anti-profiteering investigation requests: The notification provides that the Authority under Section 171 of the GST Act, 2017, will no longer accept requests for Anti-Profiteering examination of whether input tax credits availed or tax rate reductions have led to price reductions in goods or services. This change is effective from April 1, 2025. It aims to conclude the existing mechanism for examining price adjustments linked to tax benefits. (CGST Notification 19/2024 Dated 30/09/2024)
Systemic improvement with respect to mapping / de-mapping of the officers on the GSTN portal: The Directorate General of Vigilance (DGoV) has recommended that officers be immediately de- mapped upon completing their duties, and this process should be monitored by senior officers such as Joint Commissioners or Additional Commissioners. A compliance report is to be submitted to the jurisdictional Commissioner within a specific time frame. This directive follows a case where an officer, not de-mapped promptly after being relieved from their position, sanctioned a fraudulent refund. (CGST Instructions 04/2024 Dated 04/10/2024)
Advisory, GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly: GSTN has informed the launch of the new GSTN e-Services app, which replaces the old e-Invoice QR Code Verifier App. The app offers the features such as Verification of e-invoices, GSTIN search, Return filing history, Multiple input methods. The app would soon be available on the Google Play Store and App Store. No login is required to use the app. (GSTN Advisory Dated 01/10/2024)
Advisory on Proper Entry of RR No./Parcel Way Bill (PWB) Numbers in EWB system Post EWB-PMS Integration: It provide guidance to taxpayers on accurately entering Railway Receipt (RR) numbers or Parcel Way Bill (PWB) numbers in the E-Way Bill (EWB) system after its integration with the Indian Railways’ Parcel Management System (PMS). This integration allows for seamless data transfer between systems, improving traceability and compliance. Accurate entries are essential to avoid validation errors, ensuring proper tracking of goods and avoiding delays. (GSTN Advisory Dated 04/10/2024)
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Kerala, Nagaland and Telangana: CGST rule was amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application. The said functionality has been developed by GSTN. The new functionality mandates that after submitting Form GST REG-01, applicants will receive an email with either a link for OTP-based Aadhaar Authentication or a link to book an appointment at a GST Suvidha Kendra (GSK). It has been rolled out in Kerala, Nagaland and Telangana on 5th October 2024. (GSTN Advisory Dated 05/10/2024)
SC, Eligibility of ITC if a building could qualify as a “plant” if its construction is essential to the business: Case of CC CGST vs Safari Retreats Private Limited, SC Judgement Dated 3rd October 2024. Section 17(5) of the CGST Act restricts the availment of ITC on goods and services used for the construction of immovable properties, with a key exception for “plant and machinery.” SC decision revolves around a critical interpretative element, the functionality test. The functionality test is a principle that examines how integral a property is to the business’s operations. If the property plays an essential role in generating taxable supplies (e.g., a shopping mall constructed for renting), then it may be classified as a “plant.” This test helps determine whether a property is functionally necessary for the business, thus qualifying for ITC under Section 17(5). The Supreme Court’s ruling has sent the case back to High Court for reconsideration based on the functionality test. (SC Judgement Dated 03/10/2024)
HC, GST not leviable on supply of free electricity: Case of NHPC Ltd vs Principal Commissioner, Himachal Pradesh HC Judgement Dated 20th September 2024. The petitioner is engaged in the activity of power generation. It had entered into agreements with various State (including HP) Governments, for establishing and running power generation projects in the State. As compensation towards causing distress to the environment and people involved due to the setting up of the power projects, the petitioner provides 12% of the power generated, free of cost to the State Governments and 1% free power to the Local Area Development Fund. In view of the use of word ‘royalty’, the issue has arisen as to whether supply of free power as compensation to the respective states can be subjected to Service Tax or GST. High Court held that GST is not leviable on supply of free electricity by treating same as ‘consideration’ towards licensing services rendered by the State Government. (Himachal Pradesh HC Judgement Dated 20/09/2024)
AAR, E-Commerce Operator Status for Yatri Sathi App and GST liability: Case of Natural language Technology Research, AAR West Bengal Ruling Dated 10th September 2024. The applicant, a non-profit organization affiliated with the Government of West Bengal, created “Yatri Sathi Mobile App,” app as part of a broader initiative to develop language technologies. The app facilitates ride-hailing services by serving as a platform for customers to connect with drivers, yet the applicant claims it does not engage in the actual provision of transportation services. The ruling sought is whether the applicant falls under the definition of an e-commerce operator and if it is responsible for collecting GST on services rendered by drivers.
— The AAR noted that the App operates through a dual-system approach, comprising both driver-side and customer-side applications. Drivers pay a subscription fee for access, and the applicant does not intervene in fare-setting or payment collection. This arrangement, according to the applicant, positions it merely as a facilitator rather than a direct supplier of services. It concluded that the applicant does not supply goods or services but rather enables the connection between drivers and customers. It ruled that the applicant very much fits into the definition of E-commerce Operator as defined in sec 2(45) of the GST Act and qualifies to be an Electronic Commerce Operator. The supply by the service provider (driver) to his customers (passengers) through Yatri Sathi App does not amount to supply by the Applicant. The applicant does not satisfy the conditions of Section 9(5) of the GST Act for discharging the tax liability by an electronic commerce operator and hence, is not the person liable for discharge of tax liability. Consequently, the drivers, acting as independent contractors, are responsible for GST on the transportation services. (AAR West Bengal Ruling dated 10/09/2024)
AAR, GST on Baby Carrier with Hip Seat: Case of Butt Baby Enterprise Private Limited, AAR West Bengal Dated 10th September 2024. The applicant, a manufacturer of baby carriers, sought clarification on whether their product falls under HSN code 6307, which pertains to “Other made-up articles.” The applicant is currently charging 18% GST, classifying it under HSN code 8715, which relates to vehicles. They have discovered that other suppliers have categorized similar products under HSN code 6307, which attracts a lower GST rate of either 5% or 12%, depending on the sale price. AAR concluded that supply of baby carrier with hip seat as manufactured by the applicant shall be covered under HSN 630790 and would attract tax @ 5% when sale value does not exceed Rs. 1,000/- per piece and @12% when sale value exceeds Rs. 1,000/- per piece. (AAR West Bengal Ruling dated 10/09/2024)
AAR, GST on Catering & Premise Rental Services in Clubs: Case of Tollygunge Club Limited, AAR West Bengal Dated 10th September 2024. Tollygunge Club Limited sought clarity on whether the supply of food and beverage services along with renting club premises constitutes outdoor catering services. AAR concluded that composite supply of catering services within the club premises along with renting of premises falls under – outdoor catering service together with renting of premises. GST is payable against whole consideration of the composite supply @ 5% without ITC, subject to the condition that the Room Tariff of the club does not exceed Rs. 7,500/- per unit per day. However, when the tariff is declared above Rs. 7,500/- per unit per day, the applicant shall be liable to pay tax @ 18%. (AAR West Bengal Ruling dated 10/09/2024)
AAR, Interest Charges by HDFC Bank Considered Inward Supply for Threshold Calculation: Case of Mangalam Developers, AAR West Bengal Dated 10th September 2024. The applicant, engaged in constructing affordable residential flats, is obligated to procure a minimum of 80% of their inputs and input services from registered suppliers to benefit from the lower GST rate of 1% on the sale of these flats. It sought clarity on whether interest charges by HDFC Bank Ltd should be considered as inward supply from registered suppliers when calculating the required threshold. AAR concluded that services by way of extending loans by HDFC Bank to the applicant against consideration payable in the form of interest is an inward supply of exempted services of the applicant received from a registered person and therefore would be a part for computing the threshold limit of 80%. (AAR West Bengal Ruling dated 10/09/2024)
AAR, GST applicable on second-hand gold jewellery: Case of Kundan Kumar Prasad, AAR West Bengal Dated 10th September 2024. The applicant, who transforms old jewellery into new products, sought clarity on several aspects of GST applicability regarding his operations. AAR concluded that the applicant can avail the valuation method as prescribed in sub-rule (5) of rule 32 of CGST Rules, only in cases where the old gold ornaments/jewellery are purchased and subsequently supplied after minor processing that does not change the nature of the ornaments so purchased. In cases where the applicant, after making purchases of old / second-hand jewelleries/ ornaments, carries out the process of melting it to manufacture a new/different ornament, the applicant cannot adopt the valuation method as prescribed in rule 32(5). The applicant shall not be liable to pay tax under reverse charge mechanism on the transaction of purchases of old / second hand gold jewellery / ornaments or diamond jewellery / ornaments from individuals who are not dealers / registered under GST.
— Where the applicant purchases old / second hand gold jewellery or diamond jewellery from individuals and subsequently makes supply of it to a different person after minor processing that does not change the nature of the ornaments, such shall be treated as supply of goods. Where the applicant purchases old / second hand gold jewellery or diamond jewellery from individuals and subsequently makes supply of it to a different person converting it into a new item, such shall be treated as supply of goods. Where the applicant purchases old / second hand gold jewellery or diamond jewellery from individuals and subsequently makes supply of it to the same person after minor processing or converting it into a new item, such shall be treated as supply of services. (AAR West Bengal Ruling dated 10/09/2024)
C. Central Excise
No Notification/ Circular during the week.
D. Custom Duty
Amendment of Customs Notifications to Align HS Codes: CBIC has amended various Customs notifications in order to align the HS Codes of the said notifications with the Finance Act, 2024, w.e.f. 01.10.2024. Notable changes include updates to HS Codes for products like ink cartridges, aviation turbine fuel, blended products. (Custom Notification 45/2024 (T) Dated 30/09/2024)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 1st October 2024. (Custom Notification 64/2024 (NT) Dated 30/09/2024)
Extension of Countervailing Duty on Continuous Cast Copper Wire Rod exported from Indonesia, Malaysia, Thailand and Vietnam: Countervailing Duty imposed vide notification 01/2020 dated 8th January 2020, on Continuous Cast Copper Wire Rod originating in or exported from Indonesia, Malaysia, Thailand and Vietnam , and imported into India has been extended till 7th January 2025. (Custom Notification 06/2024 (CVD) Dated 04/10/2024)
Digitization of Customs Bonded Warehouse procedures: CBIC introduced Warehouse Module on ICEGATE to digitize the procedures related to Customs Bonded Warehouses. The module allows for online applications for Warehouse Licenses, the transfer of warehoused goods, and the uploading of monthly returns. Users can submit licensing applications online, which are processed by Customs officials, with provisions for raising queries and responding digitally. The module supports various scenarios for transferring warehoused goods, including changes in ownership and location, ensuring detailed tracking and reporting. (Custom Circular 19/2024 Dated 30/09/2024)
E. Directorate General of Foreign Trade (DGFT)
Extension of RoDTEP scheme for exports made from DTA Units and AA/EOU/SEZ Units: The notification allows extension of scheme for exports from Domestic Tariff Area (DTA) Units until September 30, 2025, and from Advance Authorization holders, Export Oriented Units (EOUs), and Special Economic Zone (SEZ) Units until December 31, 2024. The revised RoDTEP rates, based on the RoDTEP Committee’s recommendations, will be notified for implementation starting October 10, 2024. For exports between October 1 and October 9, 2024, the existing rates from the previous notification will remain applicable. (DGFT Notification 32/2024 Dated 30/09/2024)
Imposition of Minimum Import Price on Synthetic Knitted Fabrics: The notification extends the Minimum Import Price (MIP) on synthetic knitted fabrics until December 31, 2024. The MIP has been set at a CIF value of USD 3.50 per kilogram for imports to be classified as “free.” If the CIF value is below this threshold, the imports will be prohibited. The affected fabric categories include unbleached, bleached, dyed, printed, and other synthetic fibre variants. (DGFT Notification 33/2024 Dated 01/10/2024)
Streamlining of Halal Certification Process for Meat and Meat Products: The new conditions, mandate that such products can only be exported to specified countries if they are produced, processed, or packaged in facilities certified under the India Conformity Assessment Scheme (I-CAS) of the Quality Council of India (QCI). Exporters must provide a valid Halal certificate, issued by a certification body accredited by the National Accreditation Board for Certification Bodies (NABCB), to buyers in the importing countries. Additionally, exporters must comply with the Halal certification regulations of the importing countries where applicable. (DGFT Notification 34/2024 Dated 01/10/2024)
Extension of Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit: DGFT has extended the Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for an additional three months, now valid until December 31, 2024. It provides that the total fiscal benefit for each Micro, Small, and Medium Enterprises (MSMEs) will be capped at ₹50 lakh for the fiscal year 2024-25. (DGFT Trade Notice 18/2024 Dated 30/09/2024)
Clarification on RCMC Requirements for Post-Export Remission Based Schemes: Foreign Trade Policy (FTP) Para 2.57 stipulates the necessity of obtaining a Registration-Cum-Membership Certificate (RCMC) for availing benefits under export promotion schemes notified under the FTP 2023. It has been clarified that for the schemes such as RoSCTL and RoDTEP, which are remission-based schemes, the requirement of an RCMC does not apply. (DGFT Trade Notice 19/2024 Dated 04/10/2024)
F. Securities and Exchange Board of India (SEBI)
Measures to Strengthen Equity Index Derivatives Framework for Increased Investor Protection and Market Stability: The measures include the upfront collection of option premiums from buyers, the removal of calendar spread treatment on expiry days, and the introduction of intraday monitoring for position limits. Moreover, SEBI has set a minimum contract size for index derivatives at ₹15 lakhs, effective November 20, 2024, and plans to rationalize weekly index derivatives products to curb excessive trading. it also introduces increased tail risk coverage on options expiry days to manage heightened speculative risks. (SEBI Circular Dated 01/10/2024)
Review of Stress Testing Framework for Equity Derivatives segment for determining the corpus of Core Settlement Guarantee Fund (Core SGF): The circular updates stress testing methodologies, which now include Stressed VaR, Filtered Historic Simulation, and a Factor Model to analyse potential price movements. It also provide guidelines for inter-segment fund transfers to address increased Minimum Required Corpus (MRC) requirements and mandates that Clearing Corporations (CCs) evaluate their contributions to the Core SGF regularly. (SEBI Circular Dated 01/10/2024)
Relaxation from compliance with certain provisions of the SEBI (LODR) Regulations: The relaxation from applicability of LODR regulation 36(1)(b) for Annual General Meetings (AGMs) and LODR regulation 44(4) for general meetings (in electronic mode) has been extended until 30th September 2025. This extension is in line with MCA General Circular No. 09/2024 dated 19th September 2024, which allows AGMs to be conducted without sending physical copies of financial statements and related documents to shareholders. (SEBI Circular Dated 03/10/2024)
SEBI Board Meeting Decisions: Qualified Stock Brokers (QSBs) must provide an option for trading in the secondary market via a UPI block mechanism or a 3-in-1 trading facility from 1st February 2025. The scope of the optional T+0 settlement cycle will expand from 25 to the top 500 scrips. The regulatory framework for Investment Advisers (IAs) and Research Analysts (RAs) will be reviewed, easing eligibility and compliance requirements, which include reducing qualifications and net worth criteria. It will introduce summary proceedings for certain violations to expedite enforcement actions. The process for rights issues will be streamlined, enabling completion in 23 working days, and allowing issuers more flexibility in allotment and disclosure. (Press Release Board Meeting Dated 30/09/2024)
Draft Circular, Facilitation to Stock Brokers to access Negotiated Dealing System- Order Matching (NDS-OM) for trading in Government securities: The proposal is for providing stock brokers’ access to the Negotiated Dealing System-Order Matching (NDS-OM) for trading Government Securities (G-Secs). It is proposed as a Separate Business Unit (SBU) to maintain an arms-length basis between the stockbroking and SBU activities. It also details regulatory jurisdiction, risk management, investor grievance redressal, and other operational guidelines for stock brokers facilitating G-Secs transactions under NDS-OM. (SEBI Draft Circular Dated 04/10/2024)
G. Ministry of Corporate Affairs (MCA)
Amendment to Companies (Indian Accounting Standard) Rules: The notification allows insurers to use Indian Accounting Standard (Ind AS) 104 for preparing consolidated financial statements until Ind AS 117 is notified by the Insurance Regulatory and Development Authority (IRDA). The standard applies to insurance and reinsurance contracts but excludes aspects like financial assets and liabilities issued by insurers. Moreover, it provides unbundling of insurance and deposit components, embedded derivatives, and provides a liability adequacy test for insurers to assess the adequacy of their recognized insurance liabilities based on current estimates. (MCA Notification Dated 28/09/2024)
Amendment to IEPFA (Form of Annual Statement of Accounts) Rules: The key change is the substitution of the term “one member” with “the chief executive officer” in rule 5, sub-rule (2) of the original 2018 rules. (MCA Notification Dated 03/10/2024)
NFRA, Responsibilities of Principal Auditor and Other Auditors in Group Audits: The circular include the observations across various enforcement cases. (NFRA Circular Dated 03/10/2024)
H. Insolvency and Bankruptcy Board of India (IBBI)
No Notification/ Circular during the week.
I. Reserve Bank of India (RBI)
Gold loans, Irregular practices observed in grant of loans against pledge of gold ornaments and jewellery: The major deficiencies include shortcomings in use of third parties for sourcing and appraisal of loans; valuation of gold without the presence of the customer; inadequate due diligence and lack of end use monitoring of gold loans; lack of transparency during auction of gold ornaments and jewellery on default by the customer; weaknesses in monitoring of LTV; incorrect application of risk-weights, etc. All Supervised Entities are, advised to comprehensively review their policies, processes and practices and initiate appropriate remedial measures in a timebound manner. (RBI Notification 77/2024 Dated 30/09/2024)
Directions, Compounding of Contraventions under FEMA: The new guidelines are based on the recently notified Foreign Exchange (Compounding Proceedings) Rules, 2024. The circular allows for the compounding of certain contraventions specified in Section 13, except those under Section 3(a) of FEMA 1999, on an application made by the person committing such contravention. (RBI Notification 78/2024 Dated 01/10/2024)
Due diligence in relation to non-resident guarantees availed by persons resident in India: RBI has come across instances of guarantees (including Standby Letters of Credit [SBLCs] and / or performance guarantees) issued by persons resident outside India, favouring persons resident in India, which are not permitted under the extant FEMA regulations. AD Category-I banks may ensure that guarantee contracts advised by them to, or on behalf of, their resident constituents are in accordance with the FEMA regulations. (RBI Notification 79/2024 Dated 04/10/2024)
Draft circular on Forms of Business and Prudential Regulation for Investments: The proposals relates to amend the Master directions on Financial Services provided by Banks. Section 6(1) of the Banking Regulation Act provides the statutory framework to banks for undertaking various forms of business, in addition to the business of banking. These can be undertaken by the bank departmentally or through a separate group entity as per the regulations contained in the Master Direction. In order to ringfence the banks’ core business from other risk bearing non-core businesses as well as to provide level playing field to all the banks, RBI has reviewed the extant regulatory framework. The comments from stakeholders are invited. (RBI Press Release Dated 04/10/2024)
Report of the Committee on MIBOR Benchmark: The Committee was set up to undertake an in-depth review of existing Rupee interest rate benchmarks in the country, study international experiences, examine the issues related to MIBOR benchmark rate, including the need for transition to an alternate benchmark, and suggest the most appropriate way forward. The comments from stakeholders are invited. (RBI Press Release Dated 01/10/2024)
J. Miscellaneous
SC rejects review petitions against verdict allowing States to levy tax on mineral rights: Case of Karnataka Iron and Steel Manufacturers Association vs Mineral Area development Authority, SC Judgement Dated 24th September 2024. The earlier judgement of Supreme Court permitted states to levy taxes on mineral rights. The review petitions were examined and found no substantial errors or apparent misinterpretations in the original judgment. Hence, the review petitions were dismissed, confirming the validity of the earlier ruling that empowered states to impose taxes on mineral resources within their jurisdiction. (SC Judgement Dated 24/09/2024)
******
Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)
Author Bio
