Statutory updates

Foreign Trade Policy 2023 Amendment for Stakeholder Consultation

The Central Government amends the Foreign Trade Policy 2023 by inserting Para 1.07A and Para 1.07B to establish a formal stakeholder consultation mechanism.

Entrustment of Look after Charge of Director General (Telecom)

The Department of Telecommunications has entrusted Shri Anil Verma, an officer in HAG+ of the Indian Telecom Service Group ‘A’ and Advisor at DGT HQs, with the look after charge…

Inspection Report: MSKA & Associates (2023)

The National Financial Reporting Authority (NFRA) inspected the audit quality of M/s MSKA & Associates for the financial year ending 31 March 2023.

Income-Tax Deduction Exemption for National Credit Guarantee Trustee Company Limited

The Central Government exempts the National Credit Guarantee Trustee Company Limited from income-tax deduction on payments received under Chapter XVII of the Income-tax Act.

Exemption from Tax Deduction on Credit Guarantee Fund Payments

The Central Government directs that no deduction of income-tax shall happen on payments received by a specific credit guarantee fund.

Income-Tax Deduction Exemption for IFSC Unit Purchases under Section 194Q

The Central Government specifies that a buyer does not deduct tax under section 194Q of the Income-tax Act on the purchase of goods from a Unit of International Financial Services…

01/2025 : Roll out of Automated Out of Charge for AEO T2 and T3 Clients

Extension of E-Way Bills Expired on 31 December 2024

The GSTN extends the window for taxpayers and transporters to extend e-way bills that expired on 31 December 2024.

Gross and Net GST Revenue Collections for December 2024

Team GSTN publishes the gross and net GST revenue collections for the month of December 2024.

Authum Investment and Mahi Madhusudan Kela Acquisition of Prataap Snacks

The Competition Commission of India approves the acquisition of equity shares representing a total of 72.89% of the voting share capital of Prataap Snacks Limited by Authum…

Acquisition of Shares in Fourth Partner Energy Private Limited

The Competition Commission of India approves the acquisition of a fifty-four point fifty percent shareholding in Fourth Partner Energy Private Limited by the International Finance…

Clarification on ITC Availed by ECOs for Section 9(5) Services

Electronic commerce operators do not need to reverse input tax credit proportionally under section 17(1) or section 17(2) of the Central Goods and Services Tax Act for services…

Clarification on Input Tax Credit under Ex-Works Contract

This circular clarifies the availability of input tax credit under clause (b) of sub-section (2) of section 16 of the Central Goods and Services Tax Act, 2017 for goods delivered…

Clarification on place of supply for online services to unregistered recipients

Suppliers of online services, online money gaming, and OIDAR services to unregistered recipients must record the State name of the recipient on the tax invoice regardless of the…

Clarification on GST Treatment of Vouchers

Transactions in vouchers are not a supply of goods or services under the Central Goods and Services Tax Act, 2017, regardless of whether the voucher is a Reserve Bank of India…

Tariff Values Fixation for Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

The Central Board of Indirect Taxes and Customs revises the tariff values for specific edible oils, brass scrap, gold, and silver.

Acquisition of Kellanova by Acquiror 10VB8 LLC and Mars

The Competition Commission of India approves the proposed combination involving the acquisition of all outstanding equity shares of Kellanova by Acquiror 10VB8 LLC, making…

Extension of Due Date for Income Tax Returns for AY 2024-25

The Central Board of Direct Taxes extends the last date for furnishing a belated return or a revised return of income for the Assessment Year 2024-25.