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In direct tax updates, tax exemptions were granted for the West Bengal Transport Workers Social Security Scheme and the Unique Identification Authority of India (UIDAI). On the judicial front, the Mumbai ITAT clarified that Section 54F exemption applies to capital gains on depreciable assets, and ruled in favor of a Mauritius-based company, reinforcing treaty benefit eligibility for long-term Indian investments.
Indirect tax updates included GSTN’s release of FAQs and a manual for GSTR-1A, important CBIC notifications on ISD and tobacco-related penalties, enhanced address-related functionalities in GST registration, and reduction in TCS rate to 0.25% for e-commerce transactions.
Judicial updates under indirect taxes saw the High Court quashing confiscation of goods where discrepancy details were not furnished during verification, and the Madras HC stayed GST recovery on interest dues pending further clarity.
In audit-related developments, the ICAI’s Quality Review Board released guidance on handling audit and accounting non-compliance, and issued a detailed implementation guide for the revised Form 3CD and 3CEB, facilitating improved compliance.
On the regulatory front, the MCA launched the E-Adjudication platform for efficient handling of penalty proceedings and extended C-PACE services to support voluntary closures of LLPs.
A comprehensive Compliance Calendar for September 2024 is provided to help meet statutory and regulatory deadlines.