In the 50th GST Council meeting, the Council had recommended to amend the Input Services Distributor (ISD) provisions for the distribution of credit on common input services procured from third parties, so as to make it mandatory. In this regard, the Finance Act, 2024, has introduced amendments to the GST laws; however, the implementation date for these provisions is yet to be notified.
The Petitioner1 challenged the order confirming the demand for wrong availment of transitional credit amounting to INR 30,33,615/- along with interest and penalty under section 74 of Central Goods and Services Tax Act [CGST Act]. It was an undisputed fact that the Petitioner had reversed the wrongly availed transitional credit before the issuance of show cause notice.
Vide circular dated 7 June 2024 (Circular), the Reserve Bank of India (‘RBI’) has introduced two important amendments related to investment under Overseas Portfolio Investment (‘OPI’) route. The position prior to introduction of this circular, amendments and its impact are explained below.
On 6th June 2024, Singapore’s Minister of Finance has, in exercise of the powers conferred by section 7(1) of the Income Tax Act, 1947, made the Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 and the same has come into operation on 10 June 2024.
Section 168A of CGST Act was inserted vide the Taxation and Other laws (Relaxation and Amendment of Certain Provisions) Act, 2020 which gave power to the Government to extend the time limit in respect of any actions which cannot be completed due to force majeure events such as war, epidemic, flood, draught, fire, cyclone, earth quake or any other calamity caused by nature or otherwise.
![Has the clock started ticking for filing appeals before the GST Appellate Tribunal? The constitution and operationalization of the Goods and services tax Appellate Tribunal [GSTAT] is crucial for alleviating the burden on writ courts and](https://images.squarespace-cdn.com/content/v1/602be9735116c32c97e7ff22/1715251302154-DVS5XJ0P93HCB8DKLYF7/image-asset.jpeg)
Benefit under Treaty cannot be withheld without invocation of GAAR or evidence of impermissible avoidance arrangement where TRC is available
Karnataka HC holds that waiver of loan shall not be taxable as benefit or perquisite under pre-amendment section 28(iv) irrespective of nature of loan
NEW PROTOCOL ENTERED BY INDIA AND MAURITIUS FOR INTRODUCTION OF PRINCIPAL PURPOSE TEST AND AMENDMENT OF PREAMBLE IN TAX TREATY
Guidelines for CGST field formations undertaking investigations to ensure ease of doing business
Mumbai ITAT holds that date of transfer shall be reckoned on the date when shares are delivered and not from SPA execution date for Capital gains purpose
Capital loss pursuant to capital reduction is allowable to shareholders even if no consideration is received by the shareholders
Waiver of loan not used for acquisition fixed assets to be subject to tax under section 28(iv) since the benefit was not in nature of cash or money
ITAT clarifies that provisions of section 56(2)(x) and Rule 11UA would be inapplicable if company buys back its own shares under the buy back scheme
Delhi HC uphelds overriding effect of IBC on claims raised by tax department for period prior to approval of resolution plan
