Executive Summary
Income Tax
- Section 10 (23FE) of the income-tax act, 1961 – exemption – income of specified person from an investment made in India – specified sovereign wealth fund.
- Section 10(46) of the Income-Tax Act, 1961 – Exemptions – Statutory body/authority/board/commission – notified body or authority
- Amendment as per Union Budget 2024 presented on July 23, 2024.
Goods And Service Tax (GST)
- Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports
- Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals
- Refund of tax paid on Inward supply of goods by Canteen Store Department (FORM – GST RFD 10A)
- Circular no. 228/22/2024 dated 15-7-2024 (Section 9 of the Central Goods and Services Tax Act, 2017 – levy and collection – clarifications regarding applicability of GST on certain services
- Circular no. 229/23/2024 dated 15-7-2024 (Section 9 of the Central Goods and Services Tax Act, 2017 – levy and collection – clarification regarding GST rates and classification (goods).
- Notification no. 3/2024, dated 12-7-2024 – Central Tax (rate) (Section 11 of the Central Goods and Services Tax Act, 2017 – Power to grant exemption from tax – list of CGST exempt goods (nil rated goods)
- Notification no. 14/2024, dated 10-7-2024 – Central Tax (Section 44 of the Central Goods and Services Tax Act, 2017 – Annual Return – Exemption to registered person from filing annual return whose aggregate turnover in the Financial Year 2023-24 is up to 2 crores
- Notification no. 15/2024- Central Tax, dated 10-7-2024 section 52 of the Central Goods and Services Tax Act, 2017 – Collection of tax at source – electronic commerce operator to collect 0.25 per cent of net value of intra-state taxable supplies made through it where consideration with respect to such supplies is collected by said operator.
- Notification no. 4/2024, dated 12-07-2024- Central Tax (rate) (Section 11 of the Central Goods and Services Tax Act, 2017 – Power to grant exemption from tax – CGST exempt services (nil rated services)
Companies Act 2013/ Other Laws
- Companies (Significant Beneficial Owners) Amendment Rules, 2024
- (Companies (Management and Administration) Amendment Rules, 2024)
- (Filings under section 124 and section 125 of the Companies Act)
- Companies (Appointment and Qualification of Directors) (Amendment) Rules, 2024.
- Companies Nidhi (Amendment) Rules, 2024
- SEBI amends AIF Regulations, 2012; introduces norms for ‘Migrated Venture Capital Funds
- Appointed Date for SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022
- Section 10 (23FE) of the income-tax act, 1961 – exemption – income of specified person from an investment made in India – specified sovereign wealth fund.
- Sedction 10(23FE) provides an exemption to sovereign wealth funds and pension funds (specified fund) on their income like dividend, interest, and long-term capital gains arising from investment in infrastructure in India made between 01.04.2020 and 31.03.2024 subject to fulfillment of certain conditions.
- Through Notification dated 18-7-2024, 31st March 2024 has been substituted with 31st March 2025.
AND
- The Central Government through Notification No. 93/2024/F. NO. 500/PF12/S10(23FE) FT&TR-II-PART (1), specify the pension fund, namely, AIMCo India Infrastructure Limited as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2025 subject to the conditions.
- Violation of any of the conditions shall render the assessee ineligible for the tax exemption.
- This notification shall come into force from the date of its publication in the Official Gazette.
- Section 10(46) of the Income-Tax Act, 1961 – Exemptions – Statutory body/authority/board/commission – notified body or authority
- The Central Government notifies ‘Punjab Skill Development Mission Society, Chandigarh’, a Society constituted by Government of Punjab, in respect of the following specified income arising to the said Society, as follows:
- Grants and contributions received from Central Government, State Government of Punjab, and other Government institutions
- CSR funds received from companies/firms.
- Levy of service charges or administrative charges for the schemes/projects.
- Interest on bank deposits.
- This notification shall be effective subject to the conditions that Punjab Skill Development Mission Society, Chandigarh –
- shall not engage in any commercial activity
- its activities and the nature of the specified income shall remain unchanged throughout the financial years.
- shall file return of income in accordance with the provision of section 139 of the Income-tax Act, 1961.
- This notification shall be deemed to be applicable for AY 21-22 to AY 23-24.
AND
- The Central Government notifies ‘ Society for Applied Microwave Electronics Engineering & Research (SAMEER)’, a Society constituted by Central Government, in respect of the following specified income arising to the said Society, as follows:
- Grants received from Ministry of Electronics and Information Technology
- Fees received from test measurement and consultancy services.
- Design and development charges for systems/subsystems in RF/Microwave and allied areas.
- Revenue from Royalty and transfer of technology.
- Miscellaneous income as per Memorandum of Association of the SAMEER
- Interest on bank deposits.
- This notification shall be effective subject to the conditions that Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai –
- shall not engage in any commercial activity
- its activities and the nature of the specified income shall remain unchanged throughout the financial years.
- shall file return of income in accordance with the provision of section 139 of the Income-tax Act, 1961.
- This notification shall be deemed to be applicable for AY 21-22 to AY 24-25.
- Amendment in Union Budget
- Amendment u/s 115BAC –
The proposed slab as per new regime u/s 115BAC is:
| Income (INR) | Rate of Tax |
| Up to Rs. 3,00,000 | NIL |
| Rs. 3,00,000 to Rs. 7,00,000 | 5% |
| Rs. 7,00,000 to Rs. 10,00,000 | 10% |
| Rs. 10,00,000 to Rs. 12,00,000 | 15% |
| Rs. 12,00,000 to Rs. 15,00,000 | 20% |
| More than Rs. 12,00,000 | 30% |
- Additionally, Standard deduction has been increased from Rs. 50,000 to Rs. 75,000 along with family pension will be also allowed. The family pension amount has been amended from Rs. 15,000 to Rs. 20,000.
- Deduction u/s 80CCD (2) – In case of employee other than Government employee, the contribution rate has been increased to 14% from 10% of employee’s salary.
This is being increased only in the case where the employee’s salary is chargeable to tax under sub-section (1A) of section 115BAC of the Act.
- Amendment for Foreign Companies –
It is proposed to reduce the tax rate from 40% to 35%. The surcharge and Health and Education Cess will remain same.
- Amendment in TDS/TCS:
It is proposed to reduce the TDS rate for the following sections:
| Section | Existing TDS Rate | Proposed TDS Rate | With effect from |
| Section 194D (Payment of insurance Commission – in case of person other company) | 5% | 2% | 01.04.2025 |
| Section 194DA (Payment in respect of Life Insurance Company) | 5% | 2% | 01.10.2024 |
| Section 194G (Commission etc. on sale of lottery of ticket) | 5% | 2% | 01.10.2024 |
| Section 194H (Payment of Commission or Brokerage) | 5% | 2% | 01.10.2024 |
| Section 194IB (Payment of Rent by certain Individual or HUF) | 5% | 2% | 01.10.2024 |
| Section 194M (Payment of certain sums by certain individuals or Hindu undivided Family) | 5% | 2% | 01.10.2024 |
| Section 194 O (Payment of certain sums by e-commerce operator to e-commerce participant) | 1% | 0.1% | 01.10.2024 |
| Section 194F (Relating to payments on account of repurchase of units by Mutual Fund or Unit Trust of India) | 20% | Proposed to be omitted | 01.10.2024 |
| Section 194T (Insertion of new section – Payments made by Partnership Firm to partner of the firm in the nature of salary, remuneration, bonus, commission and interest to any account (including capital account) and such aggregate payment more than INR 20,000 in FY) | 0% | 10% | 01.10.2024 |
- Section 192(B) – Salary
The amendment has been proposed that while computing the TDS deducted by an employer on salary income, the employer shall consider the TCS collected, subject to certain conditions. This amendment shall be applicable from 01.10.2024.
- Section 194IA – Transfer of Immovable Property
It is proposed to amend the sub section (2) of the section 194-IA of the Act to clarify that where there is more than one transferor or transferee in respect of an immovable property then such consideration shall be the aggregate of the amounts paid or payable by all the transferees to the transferor or all the transferors for transfer of such immovable property. This amendment shall be applicable from 01.10.2024.
- Excluding sums paid under section 194J from section 194C (Payments to Contractors)
- Clause (iv) of the Explanation of section 194C defines “work” to specify which all activities would attract TDS under section 194C
- There is no explicit exclusion of assessee who are required to deduct tax under section 194J from requirement or ability to deduct tax under section 194C of the Act
- It is proposed to explicitly state that any sum referred to in sub-section (1) of section 194J does not constitute “work” for the purposes of TDS under section 194C.
- The amendment shall be applicable from 01.10.2024.
- Increase in the Interest Rate (TCS) – Delay in payment of TCS to government.
It is proposed to increase the interest rate from 1% to 1.5% for every month or part thereof on the amount of TCS from the date such amount collected to the date tax is actually paid.
- TCS on notified goods (Luxury goods specified by Central Government)
It is proposed to levy TCS u/s 206C(1F) on notified goods of value exceeding Rs. 10 lacs. It will be applicable from 01.01.2025.
- Filing of correction statement in case of TDS/TCS
TDS/TCS correction statements cannot be filed beyond 6 years after the end of the financial year in which the original statements under section 200 and section 206C were filed.
- Amendment in Capital Gain:
| Income | Rate of Tax (For transfer taking place before 23rd July 2024) | Rate of Tax (For transfer taking place after 23rd July 2024 |
| Long term capital gain u/s 115E | 10% | 12.5% |
| Long term capital gain u/s 112(1)(c)(iii) | 10% | This clause is not applicable for transfer on or after 23rd July 2024 |
| Long term capital gain u/s 112A | 10% (exceeding INR 1 lac) | 12.5% (exceeding INR 1.25 lacs) |
| Long term capital gain (not being long term capital gain u/s 10 (33)/(36) | 20% | 12.5% |
| Short term capital gain u/s 111A | 15% | 20% |
| Listed Bonds and Debentures | 20% | 12.5% |
The Indexation has been removed in case of Long-Term Capital Gain from 23 July 2024
- Holding Period: There will be only two holding periods, 12 months and 24 months, for determining whether the capital gain is short term capital gain or long- term capital gain.
| Capital Assets | Holding Period |
| Listed Securities | 12 months |
| All other assets (Other than listed securities) | 24 Months |
- Section 47: Any gift paid by the company will be subject to Capital Gain Tax. This shall be applied to Assessment year 2025-26 and subsequent years.
- Amendment in Section 37
Any expenditure incurred to settle proceedings related to legal contraventions, as notified by the Central Government, shall not be allowed as deduction u/s 37.
- Amendment in Section 40(b): Remuneration to partner
| Existing | Proposed | ||
| Book Profit | Remuneration amount | Book Profit | Remuneration amount |
| a) On the first Rs. 3 lacs of the Book Profit
b) or in case of Loss |
Rs. 1,50,000 or
at the rate of 90% of book profit, whichever is more |
a) On the first Rs. 6 lacs of the Book Profit
b) or in case of Loss |
Rs. 3,00,000 or at the rate of 90% of book profit,
whichever is more |
| a) On the balance amount of Book Profit | At the rate of 60% | a) On the balance amount of Book Profit | At the rate of 60% |
- Amendment in Section 94B(b): (Restriction on deduction of Interest expense in respect of any debt issued by non-resident, being an associate enterprise of the Borrower).
It is now proposed that the provision of this section shall not apply to finance companies located in IFSC as defined under IFSCA Regulation, 2021, which satisfy such conditions and carry on such activities as may be prescribed. This amendment shall be effective in relation to Assessment Year 2025-26 and subsequent assessment year.
- Amendment: Buyback of shares
In Budget 2024, it is proposed that sum paid by domestic company for purchase of its own shares shall be treated as dividend in the hands of shareholder, who received payment from such buy-back of shares and shall be charged to income-tax at applicable rates. No deduction for expenses shall be available against such dividend income while determining the income from other sources.
The Cost of acquisition of the shares which have been bought back would generate a capital loss in the hands of the shareholder as these assets have been extinguished. Therefore, when the shareholder has any other capital gain from the sale of shares or otherwise subsequently, he would be entitled to claim his original cost of acquisition of all the shares.
- Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports
GST Council has approved that application of refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports may also be processed by Tax Administration.
Accordingly, Notification No. 12/2024 Central Tax dt. 10 July 2024 has also been issued. GSTN is in the process of development of a separate category of refund application in FORM GST RFD-01, for filing an application of refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports.
However, till the time such separate category for claiming refund of additional amount of IGST paid is developed on the common portal, such exporter(s) may claim refund of the additional IGST by filing an application of refund in FORM GST RFD-01 under the category “Any other” with remarks “Refund of additional IGST paid on account of increase in price subsequent to export of goods” and uploading of Statement 9A & 9B (Refer to Notification No. 12/2024-Central Tax dt. 10 July 2024) along with the relevant documents as specified in the Circular 226/20/2024-GST dated. 11.07.2024.
The Refund application filed under this category will be processed by the officer based on the documentary proof submitted by the refund applicant. The list of documents which are required to be accompanied with the refund claim are also mentioned in Para 6 of the said Circular.
- Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals
GSTN wish to inform that NIC is releasing the integrated services from e-invoice-1 and e-invoice-2 portals on 18 July 2024 on sandbox portals and 01 Aug 2024 on the production portals. These portals run in parallel and now allow for seamless inter-operations. The highlights of the portal are as follows:
- Both the portals (NIC-IRP 1 & 2) provide the web and API modes for e-invoice related services.
- The taxpayers can use the same login credentials to operate e-invoice1 and e-invoice-2 portals.
- In the case of API, the same token can be used for the services of e-invoices and e-waybills on both the portals.
- The taxpayers can use the e-invoice-2 portal during technical glitches in e-invoice main portal or any other exigencies.
- The Criss-Cross operations of printing, downloading and cancelling can be carried out on these portals. That is, printing, downloading and cancelling of e-invoices of portal 1 can be done at portal 2 and vice versa.
- In case e-invoice-1 is non-operational because of technical reasons, then the e-invoice-2 portal can be used for all the services of the e-invoices.
- Please visit the sandbox portal (einv-apisandbox.nic.in) for URLs of APIs and other details.
- Please test all the APIs in the sandbox environment before rolling on the production environment.
- In addition to NIC-IRP, four other e-invoice portals are operated for the convenience of the taxpayer. The users can avail similar e-invoicing services on IRP-3/IRP-4/IRP-5 and IRP-6 portals also.
- Refund of tax paid on Inward supply of goods by Canteen Store Department (FORM – GST RFD 10A)
In reference to Circular No. 227/21/2024-GST issued by GST policy wing, CBIC on 11 July for online processing of refund applications filed by Canteen Stores Department (CSD), GSTN has developed an online functionality to enable CSDs to file an application for refund in FORM GST RFD-10A in GST common portal.
The pre-requisites & relevant date for filing refund application under this category are mentioned in Para 4, 5 & 6 of the said Circular. The applicants are advised to refer to the same for details in this regard.
The process to be followed for filing refund application under the said category is as below:
- Login into the GST portal. Click on Services -> Refund -> Application for Refund.
- Select “Refund of tax paid on Inward supply of goods by Canteen Store Department (CSD)”.
- Select Period for which refund is to be applied, by selecting from & To Period and then clicking on “Create Refund” application.
- The refund applications on GST portal are to be filed sequentially with respect to tax periods. If there is no refund to be claimed for a particular period, CSD needs to file a NIL refund claim for that period. Once a refund is filed or NIL refund claim is filed for a particular period, the system will not allow filing for the same period again. Similarly, it will not allow the taxpayer to file for any previous periods.
- In the GST portal, the Select Period is available from July 2017. If a taxpayer has already filed manual refund claims for the earlier periods or no refund claim is required to be filed for the earlier periods, they are advised to file NIL refund claim for such earlier periods.
- The details of invoices for which a refund is to be claimed shall be uploaded in the Statement. After successful validation of the statement, click on the Proceed button.
- The total tax paid on Inward supply of goods will be auto populated. Enter the value of IGST, CGST and SGST in “Total Refund applied for” table.
- While filing refund application, the applicant has to Select the “Bank Account number” in which the refund is to be disbursed.
- Before submitting the refund application, the applicant can Save & Preview the refund application. If any correction/addition or rectification is to be done in the refund application, it can be done only before submission. Once the application is submitted using the Submit button, the system will not allow any change in the refund application.
- Circular no. 228/22/2024 dated 15-7-2024 (Section 9 of the Central Goods and Services Tax Act, 2017 – levy and collection – clarifications regarding applicability of GST on certain services
In exercise of the powers conferred under section 168(1) of the Central Goods and Services Tax Act, 2017 and on the recommendations of the 53rd GST Council in its meeting held on 22 June 2024, at New Delhi, clarifications, related to the following issues are being issued through this circular: —
- GST exemption on the outward supplies made by the Ministry of Railways (Indian Railways).
- GST exemption on the transactions between Special Purpose Vehicles (SPVs) and Ministry of Railways (Indian Railways).
- Applicability of GST on the statutory collections made by the Real Estate Regulatory Authority (RERA) in accordance with the Real Estate (Regulation and Development) Act, 2016.
- Applicability of GST on the incentive amount shared by acquiring bank with other stakeholders in the digital payment ecosystem under the notified Incentive Scheme for promotion of Ru Pay with Debit Cards and low value BHIM-UPI transactions.
- GST liability on the reinsurance of specified general and life insurance schemes.
- GST liability on the reinsurance of insurance schemes for which total premium is paid by the Government.
- Applicability of GST on retrocession services.
- GST Liability on certain accommodation services.
- Circular no. 229/23/2024 dated 15-7-2024 (Section 9 of the Central Goods and Services Tax Act, 2017 – levy and collection – clarification regarding GST rates and classification (goods).
Based on the recommendations of the GST Council in its 53rd meeting held on 22nd June 2024, at New Delhi, in exercise of the powers conferred under section 168(1) of the Central Goods and Services Tax Act, 2017, clarifications on the following issues are being issued through this Circular as under: —
Clarification regarding GST rate on Solar Cookers:
- Representations have been received seeking clarification regarding appropriate classification and applicable GST rate on supply of solar cookers that work on dual energy source.
- On the recommendations of GST Council, it is hereby clarified that solar cookers that work on dual energy of solar energy and grid electricity are appropriately classifiable under heading 8516 and already attract a GST rate of 12% vide SI. No. 201A of Schedule II of Notification No. 1/2017-Central Tax (Rate) dated the 28th of June 2017.
Clarification regarding GST rate on Fire Water Sprinklers:
- Representations have been received seeking clarification as to whether the existing entry covering sprinkles at 12% GST rate also cover Fire Water Sprinklers.
- On the recommendations of the Council, it is hereby clarified that all types of sprinklers, including fire water sprinklers attract GST at the rate of 12% vide SI. No. 195 B of Schedule II of Notification No. 1/2017-Central Tax (Rate) dated the 28of June 2017.
- Further, on the basis of the recommendation of the GST Council, in view of the prevailing genuine doubts, the issues for the past period are regularized on “as is where is basis”.
Clarification regarding GST rate on parts of Poultry-keeping machinery:
- Representations have been received seeking clarification regarding appropriate classification and applicable GST rate on supply of ‘parts’ of Poultry-keeping machinery.
- Parts of Poultry-keeping machinery are classifiable under tariff item 8436 91 00 and attract GST at the rate of 12% vide Sl. No. 199 of Schedule II of Notification No. 1/2017-Central Tax (Rate), dated the 28 June 2017. On the recommendations of the Council, to bring clarity on the issue, the relevant entry at Sl. No. 199 of Schedule II of Notification No. 1/2017-Central Tax (Rate) dated the 28 June 2017, has been amended vide Notification No. 2/2024-Central Tax (Rate), dated the 12 July 2024 to specifically include ‘parts’ of Poultry-keeping machinery.
- Further, on the basis of the recommendation of the GST Council, in view of the prevailing genuine doubts, the issues for the past period are regularized on “as is where is basis”.
Clarification regarding the scope of expression ‘pre-packaged and labelled’ for supply of agricultural farm produce:
- Representations have been received seeking clarification regarding the scope of expression ‘pre-packaged and labelled’ for the purposes of levy of GST on supply of agricultural farm produce in view of amendment made in Legal Metrology (Packaged Commodities) Rules, 2011.
- On the basis of the recommendation of the GST Council, the definition of ‘pre-packaged and labelled’ in Notification No. 1/2017-Central Tax (Rate) and Notification No. 2/2017-Central Tax (Rate), both dated the 28 June 2017, has been amended vide Notification No. 2/2024-Central Tax (Rate) dated 12 July 2024 and Notification No. 3/2024-Central Tax (Rate) dated 12 July, 2024, respectively, to exclude the supply of agricultural farm produce in package(s) of commodities containing quantity of more than 25 kilogram or 25 litre from the scope of ‘pre-packaged and labelled’. Consequently, supply of agricultural farm produce in package (s) containing quantity of more than 25 kilogram or 25 litre will not attract GST levy of 5%.
- Further, on the basis of the recommendation of the GST Council, in view of the prevailing genuine doubts, the issues for the past period are hereby regularized on “as is where is” basis.
Clarification regarding supplies of goods made to or by agency engaged by Government
- Prior to 17 July 2022, supplies of pulses and cereals attracted GST at rate of 5%, wherein the said goods were put up in a unit container and bearing a registered brand name and/or bearing a brand name on which an actionable claim or enforceable right in a court of law is available.
- On the basis of the recommendation of the GST Council, in view of the genuine interpretational issues, the issues for the past period from 1-7-2017 up to 17-7-2022 are hereby regularized on “as is where is” basis for supplies made to or by any agency engaged by Union Government or State Government/Union Territory for procurement and sale of such goods under any programme/scheme duly approved by the Central Government or any State Government intended to distribute such goods at free of cost or at subsidized rate to the eligible beneficiaries like economically weaker sections of the society subject to following conditions, namely:–
– the concerned supplier furnishes a certificate from an officer not below the rank of the Deputy Secretary to the Government of India or the Deputy Secretary to the State Government or the Deputy Secretary in the Union Territory concerned recommending that supplies have been made to or by an agency engaged by Union Government or State Government/Union Territory for procurement and sale of such goods under any programme/scheme duly approved by the Central Government or any State Government intended to distribute such goods at free of cost or at subsidized rate to the eligible beneficiaries like economically weaker sections of the society, within a period of 180 days from the date of issuance of this Circular to the jurisdictional commissioner of the Central Tax or jurisdictional commissioner of the State Tax, or jurisdictional officer of the Union Territory Tax, as the case maybe; and
– Input Tax Credit shall not be allowed on such inputs and, if availed on such inputs, it shall be reversed within a period of 180 days from the date of issuance of this Circular, if the supplier intends to take the benefit under the proposed regularisation.
Difficulty, if any, in the implementation of this circular may be brought to the notice of the Board.
- Notification no. 3/2024, dated 12-7-2024 – Central Tax (rate) (Section 11 of the Central Goods and Services Tax Act, 2017 – Power to grant exemption from tax – list of CGST exempt goods (nil rated goods)
- In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 2/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 674(E), dated the 28 June, 2017, namely:-
In the said notification, after the Schedule, in the Explanation, in clause (ii), after the entries relating thereto, the following proviso shall be inserted, namely:
“Provided that notwithstanding anything contained in the Legal Metrology Act, 2009 (1 of 2010) and the rules made thereunder, as amended from time to time, the supply of agricultural farm produce in package(s) of commodities containing quantity of more than 25 kilogram or 25 litres shall not be considered as a supply made within the scope of expression ‘pre-packaged and labelled’.”
- This notification shall come into force from the 15 July 2024.
- Notification no. 14/2024, dated 10-7-2024 – Central Tax (Section 44 of the Central Goods and Services Tax Act, 2017 – Annual Return – Exemption to registered person from filing annual return whose aggregate turnover in the Financial Year 2023-24 is up to 2 crores
In exercise of the powers conferred by the first proviso to section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby exempts the registered person whose aggregate turnover in the financial year 2023-24 is up to two crore rupees, from filing annual return for the said financial year
- Notification no. 15/2024- Central Tax, dated 10-7-2024 section 52 of the Central Goods and Services Tax Act, 2017 – Collection of tax at source – electronic commerce operator to collect 0.25 per cent of net value of intra-state taxable supplies made through it where consideration with respect to such supplies is collected by said operator
- In exercise of the powers conferred by sub-section (1) of section 52 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 52/2018-Central Tax, dated the 20th September, 2018 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 900(E), dated the 20 September, 2018, namely:-In the said notification, for the words “half per cent.”, the figure and word “0.25 per cent.” shall be substituted.
- This notification shall come into force from the date of its publication in official gazette.
- Notification no. 4/2024, dated 12-07-2024- Central Tax (rate) (Section 11 of the Central Goods and Services Tax Act, 2017 – Power to grant exemption from tax – CGST exempt services (nil rated services)
As per No. 12/2017-Central Tax (Rate), dated the 28 June 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 691(E), dated the 28th June, 2017, namely: —
In the said notification, after serial number 12 and the entries relating thereto, the following serial number and entries shall be inserted, namely: –
- Supply of accommodation services having value of supply less than or equal to twenty thousand rupees per person per month provided that the accommodation service is supplied for a minimum continuous period of ninety days.
This notification shall come into force with effect from the 15 July 2024.
- Companies (Significant Beneficial Owners) Amendment Rules, 2024
Ministry of Corporate Affairs has amended the Companies (Significant Beneficial Owners) Rules, 2018 wherein Form No BEN-2 (Return to the Registrar in respect of declaration under section 90) has been substituted as specified therein and such rules shall be called Companies (Significant Beneficial Owners) Amendment Rules, 2024.
- (Companies (Management and Administration) Amendment Rules, 2024)
Ministry of Corporate Affairs has amended the Companies (Management and Administration) Rules, 2014 wherein Form No MGT-6 (Return to the Registrar in respect of declaration under section 89 received by company) has been subsituted as specified therein and such rules shall be called Companies (Management and Administration) Amendment Rules, 2024.
- (Filings under section 124 and section 125 of the Companies Act)
The Ministry of Corporate Affairs (MCA) has notified waiver for making compliances thereof, additional fee on filing of various IEPF e-forms (IEPF -1, IEPF-1A, IEPF-2, IEPF-4) and e- verification of claims filed in e-form IEPF-5, till 16 August 2024. Also, one time relaxation for filing of e-verification under third proviso to sub-rule (3) of rule 7 of IEPFA (Accounting, Audit, Transfer and Refund) Rules has also been provided till 16 August 2024.
- Companies (Appointment and Qualification of Directors) (Amendment) Rules, 2024.
The amendment provides that if a director intends to update his personal mobile number or email address again at any time during the financial, he shall update the same by submitting e-form DIR-3 KYC on payment of fees of five hundred rupees.
They shall come into force from the 01 August 2024.
- Companies Nidhi (Amendment) Rules, 2024
The Ministry of Corporate Affairs on 16 July 2024 has issued the Nidhi (Amendment) Rules, 2024. They shall come into force immediately. The amendment mandates that a company shall not use the words “Nidhi Limited” in its name unless it is declared as a Nidhi company under sub-section (1) of section 406 of the Companies Act, 2013.
- SEBI amends AIF Regulations, 2012; introduces norms for ‘Migrated Venture Capital Funds
Securities and Exchange Board of India (SEBI) has issued the Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2024, which amend the existing regulations for Alternative Investment Funds (AIFs). The amendment introduces a new category called “migrated venture capital fund” for funds previously registered under the Venture Capital Funds Regulations, 1996. It provides guidelines for the registration, operation, and reporting requirements for these migrated funds. Key changes include new definitions, eligibility criteria, private placement restrictions, and investment conditions. The regulations also address the procedures for fund registration and the prohibition on public solicitations for subscriptions. These amendments are effective from the date of their publication in the Official Gazette.
- Appointed date for SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022
According to new modifications, the pre-open session for IPOs will be for a duration of 60 minutes i.e, from 9-10 am, out of which 45 minutes will be allowed for order entry, order modification and order cancellation and 10 minutes for order matching and trade confirmation.
Disclaimer: Information in this note is intended to provide only a general update of the subjects covered. It is not intended to be a substitute for detailed research or the exercise of professional judgment. KNM accepts no responsibility for loss arising from any action taken or not taken by anyone using this publication. Updates are for the period 27.07.2024.
