Income-tax Department conducts verification of Reporting Entities like Banks, Forex dealers, Sub-registrars etc. The information furnished by Reporting Entities is used for display to the taxpayers, through their filing account, in the form of Annual Information Statement (AIS).
RBI issues report of Inter-Departmental Group (IDG) on internationalisation of INR.
Press Release 2023-2024/539, dated 5-7-2023.
RBI requires credit card issuers to provide an option to customers to choose one among multiple cards w.e.f. 1-10-2023.
Press Release 2023-2024/543, dated 5-7-2023.
SEBI amends Credit Rating Agency norms to include provisions relating to ‘ESG Rating Providers’.
Notification No. SEBI/LAD-NRO/GN/2023/136, dated 3-7-2023.
ICAI issues Audit Working Paper Templates.
SEBI (Ombudsman) Regulations, 2003 stand repealed w.e.f. 3-7-2023.
Notification No. SEBI/LAD-NRO/GN/2023/138, dated 3-7-2023.
SC vacates status-quo on FIR; releases respondent on bail as flight risk was addressed by surrendering passport.
Directorate of Enforcement v. Dr. Shivinder Mohan Singh – [2023] 151 taxmann.com 297 (SC).
Govt. reinstates rule 7 to Foreign Exchange Management (Current Account Transactions) Rules, 2000; excludes international credit card usage abroad from LRS ambit.
Notification No. G. S. R. 472(E), dated 30-6-2023.
Sec. 16 – CGST Act – Where supplier committed default in reporting entries with respect to purchase made by assessee in e-auction and it was admitted by supplier that payment for such purchase including GST value was received from assessee, since it is a settled law that no one can be made to suffer from fault of another, petition was allowed and assessee was entitled to get refund from the department.
Agrawal & Brothers v. UoI – [2023] 152 taxmann.com 111 (Madhya Pradesh).
Since Club House and other common amenities are provided as a service with no transfer of title to land or buildings, hence would not be governed under Entry 5 of Schedule III of CGST Act, therefore, it forms a separate supply liable to tax; Since consideration towards plot area is covered under Entry 5 of Schedule III, GST is not liable to be paid; Since amount collected on account of basic infrastructure development charges only increases the value of land (plot) on which residential apartment is made, hence it does not form a separate supply, and therefore, not chargeable to GST; Only service of access to club house and common amenities is considered a supply, therefore, value proportionate to club house and common amenities are applicable to GST where consideration collected for all i.e. sale of plot, IDC and Other amenities, are taken as consolidated price.
Godrej Properties Ltd., In re – [2023] 152 taxmann.com 83 (AAR – KARNATAKA).