Saturday | 5th October | 1?2?3?0?

INDIRECT TAXES.

1. GSTN issued an advisory on Proper Entry of RR No./Parcel Way Bill (PWB) Numbers in EWB system Post EWB-PMS Integration. [ Advisory copy here ].
2. On receipt of a reference from vigilance department, stating therein that a GST officer, mapped in the GSTN portal, was not de-mapped with immediate effect after his relieving from the charge, which resulted into fraudulent sanction of refund by the officer, GST Policy wing of CBIC issued instructions for de-mapping of such officers at GST portal. [ Instruction no. 4/2024 GST 04.10.2024 ].
3. Proceedings under Section 130 of GST Act cannot be initiated for excess stock found during inspection; proper course is to initiate proceedings under Sections 73/74 for determination of tax liability on unaccounted goods: Allahabad High Court in Vk Electricals v. Additional Commissioner Grade-2 Appeal, J. WRIT TAX No. - 957 of 2024 AUGUST ?23, 2024.

DIRECT TAXES.

Where reassessment proceedings were initiated after promulgation of Finance Act, 2021, such proceedings would be barred by limitation if they did not qualify pre-conditions introduced by first proviso to section 149(1): Delhi High Court.

ARN Infrastructures India Ltd. v. Assistant Commissioner of Income-tax

W.P.(C) 1892 of 2024 CM APPL. 7921 OF 2024 (Stay) SEPTEMBER ?26, 2024?

INSOLVENCY MATTERS & IBBI ANNOUNCEMENTS.?

8 years journey of Insolvency Code- IBBI published a book. Download

RBI ANNOUNCEMENTS.

RBI releases draft circular on Forms of Business and Prudential Regulation for Investments.

The Reserve Bank of India released the draft circular on ‘Forms of Business and Prudential Regulation for Investments’. Comments on the draft circular are invited from banks and other stakeholders by November 20, 2024. [ Here is press release ]

ECONOMY & FINANCE NEWS.

India is now the fourth country in the entire world to cross $700 billion in foreign exchange reserves, currently preceded by China, Japan, and Switzerland.

HT Report

????HAVE A GREAT WEEKEND AHEAD.