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    Case LawsGST
    A Critical Analysis of the Constitutional Validity of Section 16(4) of the CGST/BGST Act and the exp...
    Show AI Summary
    Input Tax Credit entitlement: statutory conditions and return deadlines can legitimately limit vesting of the benefit.
    The court held that Input Tax Credit is a conditional statutory benefit that vests only upon fulfilment of prescribed conditions; therefore temporal restrictions tied to return filing are legitimate legislative qualifications and do not constitute deprivation of property without authority of law or violation of equality and trade-freedom guarantees.
    Case LawsGST
    Scrutiny of Procedural Flaws in GST Registration Cancellation: Insights from a High Court Judgment
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    Procedural fairness in GST registration: defective show cause notices invalidate cancellation and require fresh lawful proceedings.
    The court held the show cause notice and cancellation of GST registration were procedurally defective: the notice lacked material reasons depriving the taxpayer of an effective response, and the cancellation order demonstrated non-application of mind. Reasons contained in a reply affidavit could not retrospectively validate the defective notice. The authority may initiate fresh proceedings only by issuing a properly reasoned show cause notice, permitting the taxpayer to place all contentions and granting a personal hearing, with adjudication thereafter.
    Case LawsGST
    Input Tax Credit Claims under GST: A Case Study of the Kerala High Court Ruling
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    Input Tax Credit eligibility: absence from GSTR 2A alone cannot bar credit; reassessment with evidentiary opportunity required
    The ruling emphasizes that Form GSTR 2A is a facilitative reconciliation tool and that denial of Input Tax Credit solely because an entry does not appear in GSTR 2A is not sufficient. The claimant bears the burden of proof to demonstrate eligibility by producing evidence of tax payment, valid invoices and transactional genuineness. The assessing authority must afford the taxpayer an opportunity to produce evidence and independently reassess the ITC claim, consistent with the self assessment framework of GST.
    Case LawsIncome Tax
    Complexities of Residential Status and Tax Liability
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    Residential status: extended employment definition can preserve non-resident tax status for cross-border business migrants abroad.
    The tribunal addressed whether an individual who stayed 176 days in India and then moved to Mauritius on an occupation permit qualified as non-resident under Explanation 1(a) to the residence provision; after reviewing the occupation permit and appointment documentation and relying on precedent that construes "employment" to include self-employment and business activity, the tribunal found the explanatory extension applicable and excluded offshore receipts from Indian taxation.
    Case LawsIncome Tax
    Navigating International Taxation Waters
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    Section 172 shipping reimbursements govern TDS treatment, displacing Section 195 withholding for cross border damage payments.
    The core operative finding is that cross border payments characterised as reimbursements for vessel damage fall within the specialised shipping income regime under Section 172, so the general non resident withholding approach under Section 195 (and higher rates applied due to documentation gaps under Section 206AA) was not the appropriate mechanism; classification by legal character governs the applicable withholding treatment.
    Case LawsIBC
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    Back to Town export procedures revised to streamline staged re routing and ease compliance for certified exporters.
    The notice amends procedures for Back to Town (BTT) of export cargo, setting distinct workflows for self sealed cargo from CPP, port-to-CPP-to-town movements, and CFS-origin BTT. It differentiates obligations before registration, after registration but prior to LEO, and after LEO, and provides special provisions for AEO and DGFT status holders. Hazardous cargo and part cargo shut out scenarios are addressed, and the circular prescribes customs operational duties, reporting requirements, and discrepancy investigation protocols to streamline export re routing.
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    Voluntary trading account freeze empowers investors to request account blocking to prevent fraudulent trading under a regulatory framework.
    The circular requires trading members to provide a voluntary freezing/blocking facility allowing clients to request account suspension, with specified request modes, acknowledgement procedures, processing timeframes, and mechanics for implementing and lifting freezes. Stock exchanges must ensure implementation, amend rules where necessary, establish reporting requirements for trading members, and report compliance to the regulator. The measure is issued under Section 11(1) of the Securities and Exchange Board of India Act and Regulation 30 of the SEBI (Stock Brokers) Regulations to enhance investor control and prevent fraudulent trading activity.
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    Import restrictions on specified IT hardware require valid import authorisation, while parts and certain exemptions remain available.
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    Imitation zari thread or yarn manufactured from metallised polyester film or metallised plastic film, whether used alone or blended with other fibres, is classified within the reduced GST rate category for imitation zari; however, polyester (metallised) film and plastic film inputs are not eligible for refund on account of rate inversion.
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    Clarification sets out revised criteria for determining the place of supply for transportation of goods, advertising services involving physical spaces, and co location (server/hosting) services; the omission of a prior IGST provision requires reassessment of place of supply rules for cross border transportation, while the circular also specifies treatment for outdoor advertising and IT hosting to ensure uniform GST chargeability, invoicing and compliance across field formations.
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    Mandate requires Boarding Officers to wear a jacket bearing name and badges and a right side Body Worn Camera that records audio visual footage from approach at the gangway until de boarding; officers must notify the Shipping Agent/Line in advance, devices are standalone without wireless/SIM, and vessel Safety Officers may designate unsafe areas for non use subject to endorsement and cross verification by higher customs authorities.
    NotificationsSEBI
    Renewal of Recognition for AMC Repo Clearing Limited: SEBI's Decision and its Implications
    Show AI Summary
    Renewal of recognition secures conditional authorisation for clearing and settlement of repo and reverse repo transactions in debt securities.
    Renewal of recognition is granted to AMC Repo Clearing Limited for a one year period, authorising it to clear and settle repo and reverse repo transactions in debt securities traded on a recognized stock exchange. The renewal is conditioned on compliance with regulatory rules and directions and restricts the Clearing Corporation to activities solely related to clearing and settlement of eligible repo and reverse repo transactions.

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      Rationalisation of timelines for disposing applications made by trusts or funds or institutions, seeking registration for exemption under section 12AB or approval under section 80G (Rationalisation of the provisions of Charitable Trusts and Institutions)

      24 July, 2024

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

      Applications seeking registration under section 12AB, filed by trusts or institutions, are required to be processed by the Principal Commissioner or Commissioner within a period of six months from the end of the month in which the application was received.

      2. Similarly, the applications of funds or institutions referred to in sub-clause (iv) of clause (a) of sub-section (2) of section 80G, seeking approval are required to be processed by the Principal Commissioner or Commissioner within a period of six months from the end of the month in which the application was received.

      3. For better administration and monitoring, it is proposed to rationalise timelines for disposing applications made by trusts or funds or institutions to six months from the end of the quarter in which the application was received.

      4. Thus, where provisionally registered/ approved trusts or funds or institutions apply for registration/ approval or where registered/ approved trusts or funds or institutions apply for further registration/ approval under section 12AB or section 80G, as the case may be, the order granting registration/ rejecting application shall be passed before expiry of the period of six months from the end of the quarter in which the application was received.

      5. These amendments will take effect from the 1st day of October, 2024.

      [Clauses 7 & 26]

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

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      ActsIncome Tax
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