No GST on Assignment of Leasehold Rights of Plot of Land

IFSCA ISSUES NEW DIRECTIONS FOR OPERATION OF FOREIGN CURRENCY IN IFSC ACCOUNT OF RESIDENT INDIVIDUALS UNDER LRS

KEY CHANGES TO IFSCA (FUND MANAGEMENT) REGULATIONS, 2022

Recommendations of 55th GST Council Meeting

Special Bench ruling on applicability of TP provisions to transactions between Foreign company and its branch in India

International Financial Services Centres Authority (Informal Guidance) Scheme, 2024

Kerala High Court quashes GST demand over inadvertent credit reporting error, emphasizing no revenue loss

Capital reserve arising from amalgamation is not taxable under Section 28(iv)

SC UPHOLDS ADMISSIBILITY OF CENVAT CREDIT ON MOBILE TOWERS AND PREFABRICATED BUILDINGS

Rule 96(10) of the CGST Rules held as ‘unconstitutional’ as it imposes conditions not conferred by section 16 of the IGST Act, 2017

Maximum Surcharge Rate to be considered in the computation of MMR applicable to Private Discretionary Trust

Clarifications issued in pursuance of the 54th GST Council Meeting

The Ministry of Finance has recently notified amendments to the Foreign Exchange Management (Non- Debt Instruments) Rules, 2019 (‘NDI Rules’) vide the Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024 (‘Amendment’). The key amendments are summarized below:

A Guide to Understand Taxpayer’s Rights and Responsibilities

M/s BMW India Private Limited [‘BMW’] is a wholly owned subsidiary of M/s Bayerische Motoren Werke Holding B.V., Netherlands and M/s Bayerische Motoren Werke, Aktiengesellschaft, Germany [‘Collectively referred as Parent Company’]. The parent company is engaged in the business of the manufacture and sale of ‘BMW cars’ outside India.

The Customs Act, 1962 (‘the Customs Act’) governs the levy and collection of Basic Customs Duty (BCD), including provisions related to interest, penalties, assessment, refunds, etc. The levy of other Customs Duties like Counter vailing Duty (CVD), Special Additional Duty (SAD), Integrated Goods and Services Tax (IGST), and GST Compensation Cessis governed by Section 3 of the Customs Tariff Act, 1965 (‘the Tariff Act’) read with provisions under the relevant Acts.

During FY2013-14,Sonia Pathak Khanna (‘assessee’) sold an office premises, for Rs.57 lakhs, on which depreciation had been claimed since FY 2009-10 and treated the gains arising thereon as long term capital gain. Further, the written down value of such asset as on 01 April 2013 was Rs.16.70 lakhs

The constitution of the GSTAT is a crucial milestone for alleviating the burden on writ courts and ensuring an effective operation of the dispute resolution mechanism under GST. The appointment of Justice [Retd.] Sanjay Kumar Mishra as President of GSTAT

Scheme for waiver of interest and penalty –Section 128A of the Central Goods and Service Tax Act, 2017

Personal taxation

• A relaxation in tax rates is proposed under the new tax regime under section 115BAC. The proposed slab rates as applicable under the new tax regime as against the current slab applicable rates is as under is tabulated below: