Look forward...

Had the privilege of attending CNBC-TV18 's insightful townhall discussing Ruchir Sharma's latest book 'What Went Wrong with Capitalism'. Closing line aptly summaries 'Capitalism is still humanity's best hope .. only if it is free to work' . Thanks Shereen Bhan for inviting

The GSTN has issued an advisory on 3 September 2024 to introduce a new functionality, an Invoice Management System, on the GST portal from 1 October 2024 onwards. Read more: bit.ly/4gh3GZJ

Notification extending time limits for issue of orders under section 73 of the CGST Act ultra vires – Gauhati High Court. Read more: bit.ly/47H2Hhk

Industry would need to watch this space carefully....

CBIC has launched a new warehouse module on the ICEGATE portal to streamline bonded warehouse processes. The digitisation measures will hopefully facilitate and ease compliances in the bonded warehouses for the trade and authorities alike. Read more: bit.ly/4eNVQoT

Supreme Court holds that mall could be said to be ‘plant’, may fall within exclusion under section 17(5)(d), ITC may be allowed, and functionality test required to be applied. Read more: bit.ly/3Y9PM4r

CBIC clarifies on eligibility of exemption on retrospective Certificate of Origin issued under India Dubai CEPA. Read more: bit.ly/3U8GIdN

Delhi High Court allows ITC on telecommunication towers holding them to be movable property under GST law: Follows Supreme Court judgement. Read more: bit.ly/3BCp0cr

While there is no consensus as yet ..its important that we continue to put our efforts in this direction....

55th GST Council meeting introduced various rate changes, provided clarification on key issues and has proposed to amend section 17. Read more: bit.ly/4gObem1

CBIC issues circulars pursuant to recommendations made during 55th GST Council meeting. While most circulars clarify positions under existing laws, they do not explicitly state whether these clarifications will be applied retrospectively. Read more: bit.ly/3DAHqLw

Gujarat High Court holds that assignment of leasehold rights of GIDC’s allotted plot by lessee to a third party-assignee for a consideration will constitute transfer of immovable property, not subject to GST. Read more: bit.ly/40b85G3c 0

DGFT notifies detailed guidelines for voluntary disclosure for export of items covered under SCOMET/ Export Control to encourage compliance by the trade and its regularisation. Read more: bit.ly/3E0uL4D

financialexpress.com/policy/economy…

The #UnionBudget 2025-26, presented by the Finance Minister, has introduced significant changes to the direct and indirect tax landscape. These reforms are poised to impact both individuals and businesses. To explore these developments, #ASSOCHAM is hosting a Post-Budget

Supreme Court upholds businesses’ right to correct clerical and arithmetical errors, says ITC cannot be denied to bonafide purchasers and directs CBIC to re-examine provisions containing timelines to correct bonafide errors. Read more: bit.ly/43pdBIA

CBIC notifies revised guidelines for post export conversion of shipping bill / bill of export under export incentive schemes. The regulation will be effective from 3 April 2025. Read more: bit.ly/42hZliu

One of the ways to reduce classification issues under #GST is to have fewer rates ...

Along with rate rationalization, Government should look at legislative and administrative reforms in GST...