Reading is best form of Meditation.

INDIRECT TAXES.

1. GSTN issued an advisory on difference in value of Table 8A and 8C of GST Annual Returns FY 23-24. Here is link to download/read the advisory. Advisory link
2. GSTN issued advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Haryana, Manipur, Meghalaya and Tripura. Advisory is here
3. Punjab & Haryana High Court have held that "...Notably, two different view were expressed by same proper officer, one dropping proceedings under section 61(2) and other intimating liability - Once authority had reached conclusion that no additional demand was payable, thus proceedings stood dropped, entire proceeding after passing of such order were vitiated in law and therefore, same were to be set aside [Section 74, read with section 61, of Central Goods and Services Tax Act, 2017/Punjab Goods and Services Tax Act, 2017]...". Citation: J.S.B. Trading Co. v. State of Punjab CWP No.14843 of 2023 (O & M) NOVEMBER ?4, 2024.
4. GST officers have detected cases of ITC evasion of Rs 35,132 crore by 17,818 fake firms between April-October and arrested 69 persons, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said regular action is taken to detect fake firms through data analytics and other intelligence by the central and state authorities. Also, a coordinated special drive was launched between August 16 and October 30 to detect fake firms. "A total of 18,876 ITC fraud cases were detected involving 17,818 fake firms with suspected ITC evasion of Rs 35,132 crore during fiscal 2024-25 (April-October)," Chaudhary said. Reply document
5. In reply to a question being asked in lok sabha, Finance Ministry presented data/information related to- (a) the total GST collected by the Government since the inception of GST Act till date, year-wise and State-wise; (b) the total GST retained by the Union Government from the GST collected since the inception of GST Act till date, year-wise and State-wise; (c) the total GST returned to States from the GST collected since the inception of GST Act till date, year-wise and State-wise; and (d) the steps taken by the Government to address the shortfall in GST revenue growth, which has fallen below the projections outlined in the Union Budget. Here is copy of reply as given in parliament

DIRECT TAXES.

1. Yesterday, two judges bench of Supreme Court having HON'BLE MR. JUSTICE J.B. PARDIWALA HON'BLE MR. JUSTICE R. MAHADEVAN, issued notice to the assessee in the plea filed by revenue Income tax department challenging order of Delhi High Court which have dismissed revenue's challenge to ITAT Delhi order who have deleted additions made by AO and confirmed by CIT(A) in relation to bogus capital gain exemption on shares. Order of Delhi High Court as challenged in Supreme Court | Supreme Court ROP dated 09.12.2024
2. Finance Ministry presented in parliament in a written reply, the data of Surveys u/s 133A of the Income-tax Act, 1961 conducted by Income Tax Department during the last three years which is as under: FY. 2021-22: 1046 | FY, 2022-23: 1245 | FY 2023-24: 737.

CORPORATE LAWS & LEGAL?

Market regulator SEBI issued statement for transaction in Securities of Unlisted Public Limited Companies on Electronic Platforms. It has come to the notice of SEBI that certain electronic platforms and/or websites are facilitating transaction in unlisted securities of public limited companies. Such activities are in violation of Securities Contract (Regulation) Act, 1956 and SEBI Act, 1992 which are, inter alia, laws designed to regulate and protect the interest of investors in securities market.2.SEBI had earlier issued a Press Release dated August 30, 2016, which inter alia cautioned the public against these activities. Recently, SEBI issued Press Releases on unauthorized virtual trading platforms offering virtual trading/paper trading/fantasy games and unregistered online platforms offering unlisted debt securities, which inter alia cautioned the public against of such activities. 3.Investors are advised not to conduct any transactions on such electronic platforms or share any sensitive personal details on the same as these platforms are neither authorized nor recognized by SEBI.

RBI ANNOUNCEMENTS.

1. Central Government appoints Shri Sanjay Malhotra IAS(RJ:1990), Secretary, Department of Revenue as Governor, Reserve Bank of India for a period of three years from 11.12.2024.
2. Reserve Bank of India released the ninth edition of its statistical publication titled “Handbook of Statistics on Indian States, 2023-24”. Through this publication, the Reserve Bank has been disseminating wide-ranging data on the regional economies of India. This publication provides sub-national statistics on socio-demographics, health, state domestic product, agriculture, environment, price and wages, industry, infrastructure, banking and fiscal indicators across Indian states over various time periods ranging from 1951 to 2024. In the current edition of the Handbook, in addition to the updation of the existing data series, eight new tables have been included on the indicators as provided in this statement