Daily Newsletter - July 12, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Legal Updates:

GST

IFSCA

RBI

News Update:

Indian News:

Delhi High Court orders income tax exemption for Noida

ITR filing deadline should be permanently extended beyond July 31: Salaried get only 45 days to file tax returns

In a relief to companies, CBIC clarifies taxability on corporate guarantee

FinMin notifies GSTR-1A, allows taxpayers to amend outward supply form

NPCI to roll out credit line option on UPI

Residents can open foreign currency a/cs at GIFT City under LRS

Four PSU banks present dividend cheques worth Rs 6,481 cr to govt

International News:

Audit firms have hiring challenges — Is this where technology can help?

IAASB offers guidance on auditing less complex entities

GenAI spending frenzy shifts as revenue emerges as top ROI priority

Hong Kong regulator partially clears PwC of malpractice claim in Evergrande's fraud case

Legal Updates:

GST:

Processing of refund applications filed by Canteen Stores Department (CSD) [CGST Circular No. 227]

Mechanism for refund of additional Integrated Tax (IGST) paid on account of upward revision in price of the goods subsequent to export [CGST Circular No. 226]

Clarification on various issues pertaining to taxability and valuation of supply of services of providing corporate guarantee between related persons [CGST Circular No. 225]

Guidelines for recovery of outstanding dues, in cases wherein first appeal has been disposed of, till Appellate Tribunal comes into operation [CGST Circular No. 224]

Amendment in circular no. 1/1//2017 in respect of Proper officer for provisions relating to Registration and Composition levy under the Central Goods and Services Tax Act, 2017 or the rules made thereunder [CGST Circular No. 223]

Seeks to amend Notification No. 52/2018-Central Tax, dated 20.09.2018 [CGST Notification No.15]

Seeks to exempt the registered person whose aggregate turnover in FY 2023-24 is upto Rs. two crores, from filing annual return for the said financial year [CGST Notification No.14]

Seeks to rescind Notification no. 27/2022-Central Tax dated 26.12.2022 [CGST Notification No.13]

The Central Goods and Services Tax (Amendment) Rules, 2024 - Form GSTR 1A notified [CGST Notification No.12]

Seeks to amend Notification No. 02/2018-Integrated Tax, dated 20.09.2018 [https://www.caalley.com/legal-update-list/gst/igst-notification-no-1-seeks-to-amend-notification-no-02-2018-integrated-tax-dated-20-09-2018]

Seeks to amend Notification No. 12/2018-Union Territory Tax, dated 28.09.2018 [GST-UT Notification No.1]

IFSCA:

Permission to participate in the synthetic securitisation program of Parent bank

Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

CAR Section 2 - Airworthiness Series - F Part I Issue II regarding Registration/De-registration of aircraft

CAR Section 2 - Airworthiness Series - F Part VII Issue II regarding Special Flight Permits

RBI:

Withdrawal of Circulars – Internal Review