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    AMENDMENTS IN THE GST (Compensation to States) Act, 2017
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    NewsBills
    AMENDMENTS IN THE GST (Compensation to States) Act, 2017
    Show AI Summary
    Regularisation of cess shortfalls where non levy arose from general practice allows government to sanction corrective levy.
    Section 8A empowers the government to regularize cases of non-levy or short-levy of the compensation cess where such under-collection arose from a prevailing general practice, providing an administrative mechanism to treat practice-driven cess shortfalls as regularizable liabilities under the GST compensation framework.
    Case LawsIncome Tax
    Court Upholds Deduction for Operational Hotel under Section 35AD Despite Administrative Delays
    Show AI Summary
    Deduction eligibility for operational hotels affirmed despite administrative delay in star classification, focusing on substantive compliance.
    The court addressed entitlement to a deduction under Section 35AD(5)(aa) where a hotel began operations and generated income in the relevant year and a timely application for star classification was submitted, but formal certification was delayed due to administrative inspections; the court applied a purposive construction to allow the deduction when substantive operational conditions were satisfied and delay was not the assessee's fault.
    Case LawsIncome Tax
    Landmark Ruling: Leasing Businesses Entitled to Depreciation Benefits
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    Depreciation entitlement for leasing companies where contractual ownership and business use are established, allowing higher depreciation rates.
    A lessor retains entitlement to depreciation where lease terms demonstrate exclusive ownership rights, repossession power, return obligations and inspection rights, and where the asset is used in the course of the lessor's leasing business; actual physical use by the lessor is not required. Leasing activity that functionally equates to hiring can qualify assets for an enhanced rate of depreciation despite registration in the lessee's name.
    Case LawsIncome Tax
    Court Decision on Convertible Debentures Expenses : Revenue or Capital Expenditure?
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    Revenue classification of debenture issuance expenses upheld as revenue expenditure despite later conversion into equity.
    Expenses incurred to issue convertible debentures that are raised to provide working capital are to be treated as revenue expenditure because classification depends on the purpose and usage of the expenditure, and future conversion into shares does not change its revenue character.
    Case LawsIncome Tax
    Judgement on Feasibility Study Costs on Project Development: Revenue or Capital Expenditure?
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    Classification of feasibility study costs: expansion-related studies without new assets qualify as revenue expenditure.
    Whether feasibility study expenditures are revenue or capital depends on purpose and benefit: costs to obtain an enduring benefit or create a new capital asset are capital; costs incurred to expand the same business, under unity of control and without creation of new assets, are revenue in nature.
    Case LawsIncome Tax
    Navigating Section 43B: Supreme Court Decision on Unutilised MODVAT Credit and Sales Tax Recoverable
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    Section 43B actual-payment requirement prevents deduction of unutilised MODVAT credit and sales tax recoverable balances.
    Section 43B permits deduction only for sums payable as tax, duty, cess or fee that are actually paid in the relevant previous year (or paid before the return due date where a statutory liability existed). Unutilised MODVAT credit is an entitlement to adjust future excise liabilities and not an actual payment; sales tax in a recoverable account is a cost adjustment, not discharge of statutory liability. Because no excise liability existed at the relevant year end, the proviso does not apply and such credits do not meet the Section 43B payment requirement for deduction.
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    Retrospective application of curative amendment to TDS deadline clarified, affecting disallowance of expenses under the tax provision.
    The Court addressed whether an amendment extending the time to deposit TDS should be applied retrospectively to govern the operation of a statutory disallowance provision. After reviewing prior amendments, explanatory materials, and precedent on curative measures, the Court characterised the later amendment as curative and directed its retrospective application to the date of insertion of the original provision, thereby affecting the applicability of the disallowance to expenses where TDS was deposited by the extended deadline.
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    Bad debt deduction criteria clarified under Sections 36 and 37 - stricter substantiation required; capital expenditure excluded.
    Entitlement to a bad debt deduction requires statutory compliance and adequate substantiation; an accounting write off alone does not suffice. The assessee's failure to produce coherent documentary evidence of the nature and terms of the advance, inconsistent characterisation of the payment, and the capital nature of the outflow precluded treatment as a business deduction. The general business expenditure provision does not avail items that are within or expressly excluded by the bad debt framework.
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    Principal-Agent Relationship in Telecom Sector and TDS u/s 194H: A Supreme Court Verdict
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    Commission characterization: discounts to franchisees are sales margins, not commission; therefore no TDS obligation under Section 194-H.
    The Court held that the characterisation of receipts as commission or brokerage under Section 194-H requires agency relationships established by control, fiduciary obligations and the ability to bind the principal. Franchisees/distributors who buy prepaid products at discounts, bear commercial risk, determine resale margins and lack pricing control operate independently. Their discounted purchase price and resale margin constitute sale proceeds, not commission for services rendered on behalf of the provider, and thus do not fall within Section 194-H's withholding obligation.
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    The tribunal treated administrative timeline extensions and electronic-filing difficulties as relevant to construing statutory deadlines for charitable approval, regarding the contested filing timelines as directory rather than strictly mandatory where substantive compliance existed, and directed merit-based reconsideration instead of dismissal solely for technical delay.
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    The period for filing an appeal under the Insolvency and Bankruptcy Code is to be computed from the date of e filing, with allowance for later submission of a physical copy; time taken to obtain certified copies is excluded from the limitation calculation in line with the Limitation Act, producing a framework harmonising tribunal rules, statutory principles, and technological filing practices.
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    Post-search assessments must be founded on incriminating material discovered during the search; reassessments cannot be based on material unconnected to search records. Third party assessments require a demonstrable link between the impugned income and the incriminating material within those records. The court reaffirmed precedent distinguishing ordinary reassessment from search triggered reassessment and directed re determination consistent with those legal principles to preserve procedural fairness.
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      Review of Customs duty Exemptions - Review of conditional exemption rates of BCD

      24 July, 2024

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      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      (i) The BCD exemption for the goods covered under following serial numbers of the notification are being extended upto 31st March, 2026 unless specified otherwise.

      S. No.

      S N of 50/17-Cus

      Brief Description

      1.

      17

      Specified Planting materials, namely, oilseeds, seeds of vegetables, tubers, etc.

      2.

      80A

      Algal oil for manufacturing of aquatic feed

      3.

      90

      Lactose for use in manufacture of homeopathic medicines

      4.

      104

      Specified goods used in processing of sea-food

      5.

      133

      Gold ores and concentrates

      6.

      139

      Bunker Fuels namely: (i). IFO 180 CST; (ii). IFO 380 CST; (iii). VLSFO (CTH 27)

      7.

      150

      Naphtha for manufacture of Fertilisers (scope of exemption is being reduced only to Naphtha)

      8.

      155

      Liquefied petroleum gases (LPG) received from unit in SEZ and returned by the DTA unit to the SEZ unit

      9.

      164

      Electrical energy supplied from SEZ unit to DTA

      10.

      165

      Electrical energy supplied from SEZ to DTA

      11.

      172

      Specified goods used in manufacture of silicon wafers or solar wafers, for manufacture of solar cell or module

      12.

      183

      Medical use fission Molybdenum-99 (Mo-99) for use in manufacture of radio pharmaceuticals

      13.

      184

      Pharmaceutical Reference Standard

      14.

      188

      Goods for manufacture of ELISA Kits

      15.

      191

      Maltol for manufacture of deferiprone

      16.

      204

      Anthraquinone or 2-Ethyl Anthraquinone for use in manufacture of Hydrogen peroxide

      17.

      237

      Specified material for manufacture of EVA (Ethylene Vinyl Acetate) sheets or backsheet, which are used in the manufacture of solar photovoltaic cells or modules (Scope of materials which can be imported is being increased)

      18.

      253

      Specified Goods for manufacture of Brushless Direct Current (BLDC) motors

      19.

      257

      Tags, labels, stickers, belts, buttons, hangers or printed bags, imported by bonafide exporters

      20.

      257A

      Specified goods used in manufacture of handicraft items for export when imported by bonafide exporter

      21.

      257B

      Specified goods used in manufacture of textile or leather garments for export when imported by bonafide exporter

      22.

      257C

      Specified goods used in manufacture of leather or synthetic footwear or other leather products for export when imported by bonafide exporter

      23.

      258

      Security fibre, threads, Paper based Taggant, M-feature for use in manufacture of security paper by Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt Ltd, Mysore.

      24.

      259

      Raw materials for manufacture of security fibre and security thread for supply to Security Paper Mill, Hoshangabad and Bank Note Paper Mill India Pvt. Ltd, Mysore for use in manufacture of security paper

      25.

      260

      Goods for the manufacture of specified orthopedic implants (902110)

      26.

      261

      Raw material for manufacture of Copper-T Contraceptive

      (i) Alatheon

      (ii) Copper Wire

      27.

      265

      Capacitor grades polypropylene granules for manufacture of Capacitor grade plastic

      28.

      269

      Super absorbent polymer for manufacture of adult diapers and specified goods

      29.

      271

      Polytetrametylene ether glycol, (PT MEG) for use in manufacture of spandex yarn

      30.

      276

      Ethylene- propylene- non-conjugated diene rubber (EPDM) for manufacture of insulated wire and cables

      31.

      279

      New or retreated Pneumatic tyres of rubber for use in servicing, repair of maintenance of aircrafts used for operating scheduled air transport service or scheduled air cargo service etc

      32.

      280

      New or retreated Pneumatic tyres of rubber for use in servicing, repair or maintenance of aircraft imported or procured by Aero Club of India/ for flying training purpose/ operating non-scheduled (passenger or charter) services/ AAI for flight calibration purpose

      33.

      290

      Wood pulp for manufacture of newsprint, paper or paperboard

      34.

      292

      Goods imported for manufacture of paper, paper boards, newsprint

      35.

      293A

      Newsprint and uncoated paper imported for printing of newsprint

      36.

      296A

      Lightweight coated paper imported by actual users for printing of magazines

      37.

      326

      Hydrophilic /Hydrophobic Non- Woven, imported for use in the manufacture of Adult Diapers

      38.

      329

      Pile fabrics for the manufacture of toys

      39.

      333

      Moulds, tools and dies, for the manufacture of parts of electronic components or electronic equipment

      40.

      334

      (i) Graphite Felt or Graphite pack for growing silicon ingots (ii) Thin Steel wire used in wire saw for slicing of silicon wafers

      41.

      345A

      Simply Sawn Diamonds

      42.

      364A

      Spent catalyst or ash containing precious metals

      43.

      368

      Ferrous Scrap

      44.

      374

      Magnesium Oxide (MgO) coated cold rolled steel coils for use in manufacture of cold rolled grain oriented (CRGO) steel

      45.

      375

      Specified items for manufacture of cold rolled grain-oriented steel (CRGO) steel

      46.

      378

      Metal parts for manufacture of electrical insulators falling under heading 8546

      47.

      379

      Pipes and tubes for use in manufacture of boilers

      48.

      380

      Forged steel rings for manufacture of special bearings for use in wind operated electricity generators

      49.

      381

      Flat copper wire for use in the manufacture of photo voltaic ribbon for manufacture of solar photovoltaic cell or modules

      50.

      392

      Dies for drawing metal, where imported after repairs from abroad

      51.

      403

      Parts and raw materials for offshore oil exploration

      52.

      404

      Specified items including capital goods and raw materials for off shore oil exploration

      53.

      415

      Parts for manufacture of catalytic convertors

      54.

      415A

      Platinum or Palladium for manufacture of Noble Metal Compounds & Noble Metal Solutions

      55.

      416

      Ceria zirconia compounds for use in the manufacture of washcoat for catalytic converters

      56.

      417

      Cerium compounds for use in the manufacture of washcoat for catalytic converters

      57.

      418

      Zeolite for use in the manufacture of washcoat for catalytic converters

      58.

      422

      Machinery, electrical equipment for use in semiconductor wafer and LCD

      59.

      423

      Machinery, electrical equipment for use in marking and packaging of semiconductor chips

      60.

      426

      Specified goods for the manufacture of semiconductor devices, memory card, IC, solar cell

      61.

      435

      Capital goods for printing industry

      62.

      442

      Bushings made of Platinum and Rhodium alloy when imported in exchange of worn out or damaged bushings exported out of India

      63.

      446

      Parts and components for manufacture of tunnel boring machines

      64.

      451

      Evacuated tubes with three layers of solar selective coating for use in manufacture of solar water heater

      65.

      462

      Ball screws for use in the manufacture of CNC Lathes

      66.

      463

      Linear Motion Guides for use in the manufacture of CNC Lathes

      67.

      464

      CNC Systems for use in the manufacture of CNC Lathes

      68.

      464A

      Goods for manufacture of plastic processing machineries

      69.

      467

      Parts and components of cash dispenser or automatic bank note dispenser

      70.

      468

      Parts for manufacture of Micro ATM, Fingerprint reader/scanner, Iris scanner, Miniaturised POS (Scope of exemption is being limited to import of raw materials only)

      71.

      471

      All parts for use in the manufacture of LED lights

      72.

      472

      All inputs for use in the manufacture of LED driver or MCPCB for LED lights

      73.

      476

      Television equipment, cameras etc for taking films, imported by a foreign film unit or television team

      74.

      477

      Filming equipment of foreign origin if imported into India after having been exported therefrom.

      75.

      480

      Goods imported for being tested in specified test centers

      76.

      489B

      Goods for manufacturing of Microphones

      77.

      504

      Parts and Components of Digital Still Image Video Cameras

      78.

      509

      Parts, components and accessories for manufacture of Digital Video Recorder

      79.

      510

       Parts, components and accessories for use in manufacture of reception apparatus for television

      80.

      511

      Parts, components and accessories for manufacture of CCTV Camera

      81.

      512

      Specified Parts, components and for use in manufacture of Lithium-ion battery and battery pack

      82.

      512A

      Inputs, parts or sub-parts for use in the manufacturing of Printed Circuit Board Assembly

      83.

      515A

      Open Cell for manufacture of TV Panel

      84.

      516

      The following goods for use in the manufacture of Liquid Crystal Display (LCD) /LED TV Panel

      85.

      517

      Magnetrons for manufacture of domestic microwave ovens

      86.

      519

      Raw materials or parts for use in manufacture of e-Readers

      87.

      523A

      Parts, sub-parts, inputs or raw material for use in manufacture of Lithium-ion cells

      88.

      527

      Lithium-ion cell use in manufacture of battery or battery pack

      89.

      527A

      Lithium-Ion Cell for use in manufacture of battery or battery pack of cellular mobile

      90.

      527B

      Lithium-Ion Cell manufacture of battery or battery pack of EV

      91.

      534

      Parts of gliders or simulators of aircrafts (excluding rubber tyres and tubes of gliders)

      92.

      535

      Raw materials for manufacture of aircraft and parts of aircraft

      93.

      535A

      Parts of aircraft for manufacture of aircraft or for manufacture of parts of aircraft by PSU under Min of Defence

      94.

      536

      Parts, testing equipment, tools and tool-kits for maintenance, repair, and overhauling of aircraft, components or parts of aircrafts

      95.

      537

      All goods of Heading 8802 (except 88026000-spacecraft)

      96.

      538

      Components or parts, including engines, of aircraft of heading 8802

      97.

      539

      (a) Satellites and payloads; (b) Ground equipment brought for testing of (a)

      98.

      539A

      Scientific and technical instruments etc for launch vehicles and satellites

      99.

      540

      Specified goods imported by scheduled air transporter

      100.

      542

      Specified goods imported by Aero Club, Flying Training Institutes

      101.

      543

      Specified goods imported by non-scheduled air transporter

      102.

      544

      Parts (other than rubber tubes), of aircraft of heading 8802

      103.

      546

      Parts (other than rubber tubes), of aircraft of heading 8802

      104.

      548

      Barges or pontoons imported along with ships

      105.

      551

      Cruise ships, Excursion ships

      106.

      553

      Fishing vessels, Tugs and Pusher crafts, light vessels excluding vessels and floating structure imported for break up

      107.

      555

      Vessels like warships, lifeboats excluding vessels and floating structure imported for break up

      108.

      567

      Stainless steel tube and wire, for manufacture of Coronary stents /artificial valve

      109.

      569

      Parts required for manufacture of Ostomy products

      110.

      570

      Medical and surgical instruments, apparatus and appliances including spare parts and accessories thereof

      111.

      575

      Specified Hospital Equipment for use in specified hospitals

      112.

      578A

      Raw materials, for the manufacture of Cochlear Implants

      113.

      580

      X-Ray Baggage Inspection Systems and parts thereof

      114.

      581

      Portable X-ray machine / system

      115.

      583

      Parts and cases of braille watches, for the manufacture of Braille watches

      116.

      591

      Parts of electronic toys

      117.

      593

      Parts of video games for the manufacture of video games

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      (ii) The BCD exemption for the goods covered under following serial numbers of the notification no 50/2017-Customs is being extended upto 31st March 2029.

      S. No.

      S. No. of 50/2017Cus

      Brief Description

      1.

      212A

      Medicines/drugs/vaccines supplied free by United  Nations International Children's Emergency Fund (UNICEF), Red Cross etc

      2.

      213

      Drugs and materials

      3.

      428

      Specified goods imported by accredited press cameraman

      4.

      429

      Specified goods, imported by accredited journalist

      5.

      549

      Capital goods, raw materials and spares for repairs of ocean-going vessels

      6.

      550

      Spare parts and consumables for repairs of ocean going vessels registered in India.

      7.

      577

      Lifesaving medical equipment for personal use

      8.

      607

      Life Saving drugs like Keytruda etc

      9.

      607A

      Lifesaving drugs/medicines for personal use

      10.

      611

      Archaeological artefacts for exhibition in a museum

      11.

      612

      Specified raw material for sports goods

      Note: Description of entries is indicative. Notification may be referred to for complete description.

      Full Text:

      Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

      Topics

      ActsIncome Tax
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