Special Procedure for Manual Appeal (TRAN-1/TRAN-2 Claims)
CBIC notifies special procedure for manual filing of appeals in respect of TRAN-1/TRAN-2 claims, vide Central Tax Notification 29/2023.
Category: Updates
Mandatory 2FA Login at E-waybill/E-invoice Systems Deferred (AATO above 100 cr)
The requirement of mandatory 2FA login at GST E-waybill/E-invoice Systems has been further deferred up to August 20, 2023.
SOP for Recomputation of Income of Suger Cooperatives u/s 155(19)
CBDT prescribes procedure to resolve tax disputes with co-operative sugar factories in India, allowing deductions for sugarcane purchases at or below the government-approved price.
CBIC notifies Ad-valorem Tax on Pan Masala, Tobaco where RSP not Required; SUVs clarified
CBIC notifies ad-valorem rates of GST Compensation Cess for Pan Masala and Tobacco products where RSP declaration not required. Also SUVs explained.
GST Rate Reduced to 5% (Snack Pellets, Fish Paste, LD Slag and Zari Thread): CBIC Notifications
GST rates on various goods, including uncooked snack pellets, fish soluble paste, LD slag and imitation zari thread, have been reduced to just 5%, effective 27/07/2023.
Satellite Launch Services Exempted from GST: CBIC Notifications
CBIC notifies GST exemption for satellite launch services, including for private sector providers, effective from 27th July 2023.
Choosing FCM or RCM Options Simplified for GTAs: CBIC Notifications
CBIC amends procedures to allow GTAs extended deadline for choosing between FCM or RCM and relieve them from annual compliance to do so, as recommended by GST Council.
CBDT Clarification on Reporting of Funds (CRS) under I-T Rule 114F(5)
CBDT's clarification on the reporting status of certain RFIs and funds under I-T Rule 114F(5), classification as non-reporting financial institutions and their treatment as excluded accounts for CRS reporting.
ICAI’s Revised Overview of IND ASs issued by MCA (July, 2023)
ICAI has published the revised 2023 edition of the booklet "Indian Accounting Standards (IND ASs): An Overview", which summarises different aspects of Ind ASs issued by MCA.
CBDT Guidelines on Condonation of Delay in ITR Filing by Cooperative Societies
CBDT Circular 13/2023 provides guidelines for condoning the delay in filing income tax returns by co-operative societies claiming deductions under Section 80P, for AY 2018-19 to AY 2022-23.