GSTN e-Services App to Replace e-Invoice QR Code Verifier shortly
GST Department has released an advisory stating that a new GSTN e-Services app would be launched shortly which would replace the old e-Invoice QR Code Verifier App.
Archival of GST Returns data on GST portal
GST department has issued an update w.r.t. ‘Archival of GST Returns data on GST portal as on 24 September 2024
Form CSR 2 to be filed separately for F.Y. 23-24
MCA has notified that for FY 2023-24, Form CSR-2 shall be filed separately on or before 31st December, 2024.
Updation of Master Direction – Reporting under FEMA 1999
On September 16, 2024, the RBI updated the Master Direction on Reporting under FEMA 1999, which applies to all Authorized Persons and outlines the various reports and forms that must be submitted under FEMA.
Modification in the Announcement Module on NEAPS platform
The Listed Entities are requested to take note of the aforementioned requirements, use the specific subjects for the disclosures and exercise abundant precaution while filing the disclosure/announcement under Regulation 30 of SEBI LODR.
SEBI Enables T+2 trading of Bonus shares where T is the record date
With a view to streamline the process of Bonus issue of equity shares, SEBI in consultation with the market participants, has decided to reduce the time taken for credit of bonus shares and trading of such shares, from the record date of the Bonus Issue under SEBI (ICDR) Regulations, 2018.
Draft Manual on Invoice Management System released on GST portal
A Draft Manual on Invoice Management System (IMS) was released on the GST portal on September 17, 2024.
CBDT notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024
Central Board of Direct Taxes (CBDT) has introduced the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024) to address pending appeals in case of income tax disputes. This scheme will take effect from October 1, 2024.
Clarification on holding of AGM and EGM through VC or OAVM
Clarification on holding of AGM (Annual General Meeting) and EGM through Video Conference (VC) or other Audio Visual Means (OAVM)
Clarification: IGST refunds for exporters who had imported Inputs without payment of IGST & Cess
Clarification on IGST refunds for exporters who imported Inputs without payment of IGST &Compensation Cess under notification no. 78/2017 & 79/2017 customs Circular No.: 233/27/2024 Circular date: 10 September, 2024 Relevant Act/ Rule: Central Goods and Service Tax Rules, 2017 Relevant Section/Rule: Sub-rule (10) of Rule 96 Relevant authority: CBDT Rule 96(10) of CGST rules, 2017 provides a restriction on availment of refund of integrated tax paid on exports of goods and services. It was laid down that refund of integrated tax paid on export of goods and services cannot be claimed if exporter has utilized the benefits of certain concessions or exemptions on inputs or raw materials, whether imported or procured domestically. In this context, clarification has been given on whether a registered person can regularize their refund of IGST paid on exports if they initially imported inputs without paying IGST and compensation cess by using the benefits under Notification No. 78/2017-Customs or Notification No. 79/2017-Customs dated October 13, 2017. The Explanation was added retrospectively suggesting that if the benefits of the exemption notifications for IGST and compensation cess haven’t been availed, then it will be treated as if those benefits were never claimed according to sub-rule (10) of rule 96 of the CGST Rules. This means that if inputs were initially imported without paying IGST and compensation cess but were later paid with interest, it can be considered that the benefits of the mentioned notifications were not availed. Therefore, in such cases, refund claims for IGST on exports made with payment of IGST should not be seen as violating the rules. In light of the above, it is clarified that if inputs were initially imported without paying integrated tax and compensation cess by using benefits from Notification No. 78/2017-Customs or Notification No. 79/2017-Customs, but IGST and compensation cess are later paid with interest, and the Bill of Entry for these inputs is got reassessed, then any IGST refunded on exports made by the exporter will not be considered to be in violation of sub-rule (10) of rule 96 of the CGST Rules. Refer Circular: https://taxinformation.cbic.gov.in/view-pdf/1003232/ENG/Circulars Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article. To stay updated Subscribe to our newsletter today Explore other Legal updates on the Corplico and follow us on LinkedIn to stay updated
