CA Rohit Jaiswal: 4 March 2023 Updates

Union Budget 2023 is just a few days away and there's much expectation from all and sundry that this election eve Budget will deliver a booster shot for growth.

MAT credit earned by the amalgamating company has to be allowed in the hands of the amalgamated company. Capgemini Technology Services India Ltd. Vs. DCIT, 30/08/2022 ( ITAT – Pune )

In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill.

India's government is likely to keep its gross market borrowing below ₹16 trillion ($196 billion) for 2023/24 as it does not want to destabilise the bond market with any negative surprises.

The government has so far raised ₹12.93 trln up to Jan. 27, which is 91% of the overall gross borrowing target of ₹14.21 trillion in the 2022/23 fiscal year which ends on March 31.

The latest data released by the China customs department shows India’s trade deficit with the country breaching $100 billion for the first time in 2022.

China was India’s top import source in April-December 2022, with an increase of 11.9 %(Y-O-Y) to $75.87 billion, while exports to the country during the period declined 35.58 % to $11.03 billion pushing up trade deficit in the first nine months of the fiscal to $64.84 billion.

Please find below Highlights of Union Budget 2023-24.

General

1. EPFO Numbers doubled to 27 crores

2. Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries

3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.

4. Capital outlay of Rs. 2.40 lakh crore for Railways.

5. 50 New Airports and Heliports to be made.

6. Rs. 10,000 crore for urban infra fund every year

7. Rs. 75,000 crore for 100 transport infra projects

8. 3 Centers of Excellence for “Artificial Intelligence” will be set up.

9. KYC procedure to be simplified. PAN to be come common business identifier.

10. Scope of Digi locker to be increased.

11. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws

12. Rs. 35,000 crore for Energy transmission

13. 10,000 bio input research centers to be set up.

14. 30 Skill India International centers to be set up.

15. NFIR (National Financial Information Registry) to be launched for financial strategy.

16. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.

17. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%

18. SCSS enhanced from 15 lakh to 30 Lakh.

Direct and Indirect tax

1. Promote domestic manufacturing and exports.

2. Tax exemption on Capital Goods and Lithium batteries.

3. Mobiles, camera lenses to become cheaper.

4. Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive.

5. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.

6. Higher TDS limit of RS. 3 cr for Cooperatives

7. New IT Return Form for easier filing.

8. 100 Joint Commissioners to be appointed for disposal of small appeals.

9. TDS reduced on EPF withdrawal

10. Section 54 and 54F to be amended.

11. Rebate limit increased to 7 lakh in new tax regime.

12. Number of slabs reduced from 7 to 5 in new tax regime.

13. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.

14. Salaried class and pensioner: Standard Deduction increased

15. Highest tax rate 42.74 % reduced

16. Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime.

17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

Indirect Taxes

1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13%

2. To promote Green Mobility - basic customs duty concession for lithium ion battery

3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery

4. Television - TV panels customs duty reduced

5. Electric kitchen chimney to reduce inverted duty structure from 7.5 to 15 percent

6. Benefit for ethanol blending program and acid program and epichlorohydrine

7 Marine Products- to promote exports - shrimps, etc. Duty on shrimpfeed reduced

8. Basic Customs duty reduced for seeds in manufacture for diamonds

9. Customs duty to increase in silver bars

10. Steel - concessional customs duty on steel and ferrous products

11. Copper - concessional customs duty on copper

12. Rubber - concessional customs duty on rubber

13. Cigarettes - increased tax

Direct Taxes

1. Common IT form and grievance redressal system

2. MSME - avail benefit of presumptive taxation increased to 44AD to 3 crores

Professionals u/s 44ADA - 75 lakhs

Provided receipt in cash doesn't exceed 5%

3. TDS only on payment for deduction

4. Co-operatives tax -15%

Higher limit of 2 lakh per member for cash deposit in agricultural banks

Higher limit of Rs. 3 crores on TDS for cooperative societies

5. Startups

To avail startup benefits from 31-03-2023 to 31-03-2024

6. 100 new joint commissioners for appeal

7. S.54 to S.54F capped at 10 crores

8. TDS on Online gaming -

9. TDS 30% to 20% on taxable portion of EPF

10. Extending funds for GIFT and IFSC

Personal Income Tax

1. Rebate for income upto 7 lakhs u/s 87A in the new tax regime

2. New tax regime from

0-3 lakhs nil

3-6 lakhs- 5%

6-9 lakhs 10%

9-12 lakhs 15%

12-15 lakhs 20%

Above 15 lakhs- 30 %

3. Standard deduction for new tax regime for Rs. 15.5 lakhs or more -52,500

4. Reduction of highest surcharge from 37% to 25% on new income tax regime

5. Limit on tax exemption for leave encashment is increased from 3,00,000 to 25,00,000

6. New income tax regime default regime

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Registration of Trust: As per amended rule 17A, it was not required to file any original copy of the documents. Self certified copy / instrument was sufficient for the purpose of verification by the CIT(E). Since the assessee has carried out charitable activities in accordance with main objects and amended objects of the trust deed. It is entitled for registration u/s 12AA. Radheyshyam Mandir Trust Vs. CIT(E), 26/09/2022 (ITAT - Jaipur)

Gross GST revenue collected in the month of January 2023 till 5:00 PM on January 31, 2023 is Rs 1,55,922 crore. Out of this, CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods).

Catering services to Educational Institutions from 1st standard to 2nd PUC is exempt from GST. Case Name : In Re Sri Annapumeshwari Enterprises (GST AAR Karnataka)

Government's food and fertiliser subsidy expenses in the current fiscal are estimated at Rs 5.21 trillion, an all-time high, as per the official sources. While food subsidy expenses would be around Rs 2.76 trillion in FY23, the subsidies incurred because of supplying highly subsidised soil nutrients to farmers in the current year are estimated at Rs 2.45 trillion.

Due to a softening of global fertilsers prices in the recent months and discontinuation of Pradhan Mantri Garib Kalyana Anna Yojana (PMGKAY) or free ration scheme, the subsidies outgo next fiscal could decline by around 20% on year to Rs 4.1 trillion.

Budget 2023-24 proposed to amend section 43B of the Income Tax act with a new clause (h) in order to include payments made to MSME enterprises.

The Finance Minister announced incentives for the startup ecosystem in the country and extended the benefit of carry forward of losses from the current 7 years to 10 years from the date of incorporation of the firm.

The number of recognised startups has increased to 84,012 in 2022, up from 452 in 2016, because of investment incentives and easing business compliances. India could become home to many more startups as the survey noted that new-age tech firms are considering shifting their domicile back to India.

DPIIT recognised startups created more than 9 lakh direct jobs, thus supporting the overall economy. The number of jobs created by these startups surged by 64% in 2022 to 269,000, over the average number of new jobs created in the last three years. About 48% of Indian startups are now from Tier II and beyond cities.

The country has over 1,000 Agri startups assisting farmers in improving farming techniques. Over 500 startups are working in the millet value chains, while the Indian Institute of Millets Research has incubated 250 startups under Rashtriya Krishi Vikas Yojana.

The private equity investments in agritech space have skyrocketed over the past four years – witnessing an increase of more than 50 per cent per annum to aggregate approximately ₹6600 crore.

There has been a 46% growth in the domestic filing of patents over 2016-2021, signalling India’s transition towards a knowledge-based economy, these patents were largely filed by startups.

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Angel tax may trim foreign funding in Indian startups, Foreign investors who were earlier outside the tax’s purview have now been brought under the ambit of ‘angel tax’.

Indian startups raising capital from foreign investors such as SoftBank, Sequoia Capital, Prosus, Tiger Global, KKR and Blackstone will now have to pay ‘angel tax’ in a move that could squeeze funding into the sector facing a liquidity crunch and prompt more startups to shift overseas.

FM said in the budget speech that non-residents will now come under the purview of Section 56(2) VII B, also known as ‘angel tax’, which was introduced in 2012 as an anti-abuse measure aimed at tax avoidance.

Alternative investment funds registered with the SEBI will continue to be exempted from the tax. The step is likely to impact startups as they raise bulk of the capital from foreign investors.

In 2022, private equity and venture capital funding into India totaled $54 billion, while it was close to $77 billion in 2021, a record year for Indian firms.

Angel tax is applied if the share price that is allotted to investors is at a premium to the fair market value (FMV) of the share. The difference is subjected to Section 56 (2) VII B.The tax would also apply to domestic investors who are not Sebi-registered AIFs.

To avoid the purview of angel tax, startups can file a “Form 2 Exemption". However, this exemption restricts the startup from undertaking many activities such as setting up a subsidiary, making any advances of salary, rental deposits, and vendor advances.

Startups also would be barred from making treasury investments or participating in stock merger and acquisition deals as claiming the exemption would hamper the startup in many ways.

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CBDT will soon come out with a scheme on the Budget announcement of reducing pendency of appeals related to TDS default issues. The Finance Minister proposes to deploy about 100 JCIT for disposal of small appeals and to reduce the pendency of appeals at the commissioner level.

Budget 2023 has made the new income tax regime as the default option for income taxpayers. Hence, unless an individual specifies that he/she is opting for the old income tax regime, then a revised new income tax regime will be applicable.

GST Council likely to meet this month to take up the long-pending issue of setting up GST appellate tribunals. The date of the meeting is yet to be finalised but it will be towards the middle of the month around February 18.

The Council typically meets once after the presentation of the Union Budget. The top agenda would be setting up of the appellate tribunals for GST. The Council is also expected to take up the report on online gaming that was submitted by a Group of Ministers.

The GST Council, chaired by union finance minister Nirmala Sitharaman, had last met on December 17 after a six-month gap. The meeting was wound up early due to the paucity of time cited by a number of state finance ministers.

Once the proposal to set up a GST appellate tribunal is passed by the GST Council, the Centre may take up amendments to the Central GST Act in the second half of the Budget Session of Parliament.

SEBI has released a consultation paper inviting suggestions on a proposal to provide Alternative Investment Funds (AIFs) and their investors the option to carry forward unliquidated investments of a scheme on expiry of its tenure.

CBDT Chairman said that India will provide grandfathering to past investments by non-residents in startups and the proposed changes to the angel tax provision were prospective.

Software development expenditure incurred by the software development company, expenses will be revenue in nature. PR. COMMISSIONER OF INCOME TAX-5, VERSUS TRIGENT SOFTWARE LIMITED, 02/12/2022, ( Bombay High Court ), (Favour of Assessee)

Notice issued under section 148 on the basis of satisfaction recorded by the Joint Commissioner was without jurisdiction and deserved to be set aside as the Joint Commissioner is not a specified authority for sanction of issue of notice. [Thirdware Solution Ltd. v. DCIT (2023) 146 taxmann.com 364 (Bom.)]

Withdrawals from an EPF account before the completion of five years will now be less taxing. Union Budget, has proposed a decrease in TDS rate on withdrawals from EPF accounts not seeded with PAN.

Govt Credit Guarantee Scheme (CGS), which facilitates collateral-free credit flow to micro and small enterprises under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), has approved 8.43 lakh loan guarantees involving Rs 71,843 crore during the nine-month period (April-Dec 2022).

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Government of India, Ministry of Finance, Department of Expenditure, Procurement Policy Division has issued Office Memorandum vide No.F.1/1/2023-PPD dated February 6, 2023 providing Relief to the Micro, Small and Medium Enterprises (“MSMEs”).

In order to further support MSMEs, it has been decided to provide relief in all contracts for procurement of Goods and Services, entered into by any Ministry/ Department/ attached or subordinate office/ autonomous body/ Central Public Sector Enterprise (CPSE)/ Public Sector Financial Institution etc with MSMEs, which meet the following criteria:

The contractor/ supplier should be registered as a MSME Enterprise with the Ministry of MSME, as on March 31, 2022. The original delivery period/ completion period was between February 19, 2020 and March 31, 2022.

For the MSMEs which meet the specified criteria, the following reliefs shall be provided:

• 95% of the performance security forfeited from such firms shall be refunded.

• 95% of the Bid security (Earnest Money Deposit), if any, forfeited from MSME firms in tenders opened between February 19, 2020 and March 31, 2022 shall be refunded.

• 95% of the Liquidated Damages (LD) deducted from such firms shall also be refunded. LD so refunded shall not exceed 95% of the performance security stipulated in the contract.

• In case a firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked, by issuing an appropriate order by the procuring entity.

• No interest shall be paid on such refunded amount.

Government e-Marketplace (GeM) shall provide an online portal for the purpose implementation of this order. The date of commencement of the scheme shall be notified separately.

Chartered Accountants may apply for CAG Empanelment at https://bit.ly/3HGbPr6 Online applications form is available from 6 Jan 23 to 15 Feb 23.

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India's production-linked incentive (PLI) scheme has created more than three lakh jobs so far. The PLI scheme, which aims to make domestic manufacturing globally competitive, has attracted investment worth over ₹45,000 crore.

The Centre rolled out the scheme in 2020 with an outlay of about ₹2 lakh crore for as many as 14 sectors. It is expected that incentives under the PLI scheme to go close to ₹3,000 crore to ₹4,000 core before March 23.

The PLI scheme offers a cash incentive for three to five years on the incremental sale of goods manufactured in India over-determined base-year sales. Additionally, the identified beneficiaries are required to commit to a certain minimum investment in India.

In 2021-22, the government surpassed the Asset monetisation programme's first-year target of ₹88,000 crore by completing transactions worth ₹1 lakh crore. The current fiscal year's asset monetisation target is ₹1,62,422 crore.

Till November 21, 2022, the government had monetised assets worth ₹33,422 crore under the National Monetisation Plan. In August 2021, FM announced the ₹6 lakh-crore NMP over four years to unlock value in infrastructure assets across sectors.

The Eco Survey said as of December 31, 2022, 717 applications have been approved under 14 schemes and over 100 MSMEs are among the PLI beneficiaries.

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Framework for Social Audit Standards made effective by ICAI. The following are the key takeaways:

(a) Effective from 4.2.2023.

(b) Framework applies to social audit (i.e., social impact assessment of project/ program of social enterprises) to be conducted by social Auditors.

A three-party relationship involving a social auditor, a responsible party, and intended users;

Project/ Program/ Intervention to be covered;

Project Monitoring Framework;

Evidence; and

A written audit report.

(d) The social auditor should consider the significant findings/assessments of the assistants/ field level research agency or other social auditors or subject matter experts.

(e) The social audit report should be in writing and should contain a clear expression of the social auditor’s findings.

Directorate General of GST Intelligence (DGGI) and the National Forensic Sciences University (NFSU) on February 07, 2023 signed a Memorandum of Understanding (MoU) for setting up of digital forensic laboratories along with exchange of information and knowledge, technological advancement and skill development in the field of digital forensics.

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Transfer of PAN jurisdiction follows jurisdiction transfer order; AO can't claim jurisdiction if PAN transferred later. – [PCIT v. Capstone Securities Analysis (P) Ltd. (2023) 146 taxmann.com 423 (Bom.)]

Requirement of deposit of 20% of demand can be relaxed in appropriate cases to grant stay of recovery. – [Dr. B.L. Kapur Memorial Hospital v. CIT(TDS) [2023] 146 taxmann.com 422 (Del.)]

India’s agricultural and processed food products exports rose to $19.69 billion in April-December 2022 from $17.5 billion over the same period of the last fiscal.

Finance ministry has projected collections under the goods and services tax (GST) at an average Rs 1.6 lakh crore per month in the next fiscal against an estimated Rs 1.4 lakh crore in 2022-23, an increase of about 14 per cent.

GST e – Invoice System has issued a release note regarding new validations incorporated for all B2B transactions, selection of PoS State Code as ‘96-Other Country’ is enabled for HSN related to Services by way of transportation of goods, including by mail or courier dated January 30, 2023.

Ministry of Finance, Department of Expenditure, Procurement Policy Division has issued Office Memorandum vide No.F.1/1/2023-PPD regarding Vivad Se Vishwas Relief for MSMEs dated February 6, 2023.

Foreign portfolio investors (FPIs), who are enjoying a concessional tax rate of 5% on the interest income of rupee-denominated bonds, could be staring at a higher tax outgo after June 30, 2023, since the Centre has not extended the concessional rate.

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Direct Tax Collections for F.Y. 2022-23 at ₹15.67 lakh crore; 24.09% higher than gross collections last year. The provisional figures of Direct Tax collections up to February 10, 2023 continue to register steady growth.

The announcement of higher exemptions under the new tax regime in Budget 2023 is likely to reduce retail donations to charities. Based on the government's expectations, nearly two-thirds of taxpayers are expected to opt for the new tax regime, which has now become the default option.

Limitation as prescribed under section 153 starts only from the last date of financial year wherein notice was served on assessee and not from when notice was issued or sent by revenue. – [Rajesh Gupta v. National Faceless Assessment Centre, Delhi (2022) 288 Taxman 553 : 141 taxmann.com 111 (Mad.)]

Central Board of Indirect Taxes and Customs (CBIC) has decided to go after tax evaders, who had made declarations under the Sabka Vishwas (Legacy Dispute Resolution) Scheme of 2019, but failed to pay the relevant tax subsequently.

Unbranded salted snacks, or namkeens and related products, such as potato chips, bhujiya and gathiya, would suffer 12 per cent goods and services tax (GST), not five per cent, ruled the Gujarat authority for advance rulings (AAR).

New Leadership of ICAI : President - CA Aniket Talati (WIRC) Vice President - CA Ranjeet Agarwal (EIRC).

DRTC, ICAI -Create your individual Digital Identity on mail.ca.in on the ICAI unique Domain ".ca.in" after your choice of name for members & Students. The features of the mailbox are 30GB storage space, Calendar, planner, notes, G suite workspace with its Apps.

The Central Board of Direct Taxes (CBDT) in its new notification notified the Establishment of Board for Advance Ruling (BAR) for Direct Taxes on February 6th 2023.

The CBDT in continuation of the notification to the Notification No. 96 of 2021, Extraordinary Part II, section 3, subsection (ii) and in pursuance of Para 4(2) of the e-Advance Rulings Scheme, 2022, made by the Central Government by Notification No. 7 of 2022, Extraordinary Part II, section 3, sub-section(ii), the CBDT established an office for the BAR.

In accordance with the notification, 3 Board for Advance Ruling has been set up with specifying the Income Tax Authority. According to the schedule, the BAR-I and BAR-II are headquartered in Delhi. Also each consists of 2 members and one secretary. And the BAR-III has its headquarters in Mumbai in which it also has 2 members and one secretary.

The notification further said that the BAR would have access to any additional income-tax authorities, ministerial personnel, executives, or consultants that the Board deemed essential to assist the BAR members. Additionally, this responsibility is given to the jurisdictional Principal CCIT for the BAR in question, the Principal Chief Commissioner of Income Tax concerned, in conjunction with the board. The Central Government in its 2021 budget proposed to constitute a Board for Advance Ruling.

And now it happened. It was proposed that the board shall constitute one or more Board for Advance Rulings for giving advance rulings under the said Chapter on and after the notified date. Every such Board shall consist of two members, each being an officer not below the rank of Chief Commissioner. Advance rulings of such Board shall not be binding on the applicant or the Department and if aggrieved, the applicant or the Department may appeal against the ruling or order passed by the Board before the High Court.

Further, Section 245N of Income Tax Act was proposed to be amended to incorporate the definitions of the Board of Advance Rulings, notified date, Member of the Board of Advance Rulings and change in the definition of Authority to include the Board for Advance Rulings. Also it was proposed that Section 245-OB shall be inserted to provide for the constitution of the Board of Advance Rulings.

Gujrat High Court, vide orders dated 8.2.2022, passed in the case of Taru Pallav Projects (P) Ltd. quashed 148A(b) notice, 148A(d) order and 148 notice for AY 2013-14 and 2014-15, and in the case of Vinod Fabrics (P) Ltd. quashed order u/s 148A(d) and notice u/s 148 for AY 2013-14, considering the decision of Hon'ble Supreme Court dated 4.5.2023 in the case of Ashish Agarwal and following the decision of Gujrat High Court dated 7.2.2023 in the case of *Keenara Industries (P) Ltd.

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CBDT, vide Notification dated 10.2.3023 issued u/s 295 of the Income Tax Act, 1961, further amends Rule 12 of the Income Tax Rules, 1962 to provide return forms ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-V (Verification) and Acknowledgment for AY 2023-24. There forms shall be applicable w.e.f. 1.4.2023. It may be noted that ITR-7 is yet to be notified.

Proposed Amendments to Section 54 and Section 54F of the Income Tax Act: It is proposed to impose a limit on the maximum deduction that can be claimed by assessee under Section 54 and Section 54 F to Rs 10 crores. It has been proposed that where the cost of a new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account.

A new section 50AA has been inserted to treat the full value of the consideration received or accruing as a result of the transfer or redemption or maturity of the “Market Linked Debentures” as reduced by the cost of acquisition of the debenture as capital gains arising from transfer of a short term capital asset.

C&AG Online application form along with detailed instructions in this regard are available on the website www.cag.gov.in from 6 January 2023 to 15 February 2023. The applicant firms/LLPs will have to fill/update the data showing the status of their firm as on 1 January 2023.

The firms/LLPs will be required to submit a printout of the acknowledgement letter generated online and also hard copies of the documents in support of their online application in the office of the Comptroller and Auditor General of India at 10, Bahadur Shah Zafar Marg, Mata Sundari Railway Colony Mandi House, Vikram Nagar, New Delhi, Delhi 110002 latest by 28 February 2023.

Singapore has recognised ICAI qualification as one of the recognised professional qualifications for associate membership of ISCA. It would be beneficial for all those members who are residing in Singapore and having six months of local work experience in Singapore as they can become associate members of ISCA without appearing in any paper.

You can find more details at the ISCA webpage https://isca.org.sg/membership/become-a-member/associate-pathway/recognised-qualifications-for-admission-as-associate-(isca)

Create your individual Digital Identity on https://mail.ca.in on the ICAI unique Domain .ca.in after your choice of name for members & Students. The features of the mailbox are 30GB storage space, Calendar, planner, notes, G suite workspace with its Apps.

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CBDT notifies ITR Forms for Assessment year 2023-24 i.e. ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and ITR Acknowledgement.

CBDT, vide Notification No.5/2023 dated 14.02.2023 notifies ITR-7 for Assessment year 2023-24.

CBDT has stated that as of this point, about 48 crores of the 61 crore PAN issued to individuals have been connected with Aadhaar. The chairman clearly stated that whoever does not link the Aadhaar with PAN shall not get any type of benefits in both business and tax related filings.

Individual PANs that are not linked to the Aadhaar by the end of this financial year (March 31, 2023) would become defunct. In addition, between now and March 31 one must spend Rs 1,000 to link their PAN and Aadhaar.

Gujarat High Court has directed the income tax department to grant refund adjustments in excess of 20% of the demand raised where the demand is contested before CIT(A) and held that the assessee's application cannot be rejected solely on the basis that refund adjustments were made by the CPC system in accordance with total outstanding demand, with no reference to CBDT Officer Memorandums dated 29.02.2016 and 31.07.2017. (Neo Structo Construction (P.) Ltd. vs ACIT)

CBIC will use the data of electric meters and property tax to increase the base of GST, said Vivek Johri, CBIC Chairman. When GST was implemented, there was a GST tax base of Rs 45-50 lakh, which has now increased to Rs 1.4 crore, said Johri.

GST audits undertaken by the indirect tax administration in the current financial year have led to the detection of 22,000-crore tax evasion from nearly 48,000 cases so far, CBIC chairman.

Vouchers are exempted from GST, the Karnataka high court ruled in a recent judgment, asserting that these don't carry any value and they're not goods or services either. "The definition of 'vouchers' under the CGST Act makes it clear that vouchers are mere instruments accepted as consideration for supply of goods or services.

CBDT notified the ITR Forms for Assessment year 2023-24 well in advance for smoothening compliances; The old ITRs have undergone changes in the light of various statutory amendments; Except for ITR-1 and ITR-4, disclosure with respect to income from Virtual Digital Assets (VDA) is sought in new Schedule VDA; ITRs 2 and 3 require SEBI registration number if the Assessee is an FII or FPI;

Donation Reference Number is to be provided while claiming 80G deduction in respect of donations entitled for 50% deduction subject to qualifying limit, in ITRs 2, 3, 5 and 6; ITR-7 undergoes a slew of changes with introduction of new schedules viz., Schedule 115BBI (details of specified income of certain institutions under Section 115BBI), Schedule A (consolidating Schedule ER and EC),

Schedule IA and DA (details of accumulated income taxed in earlier assessment years) and Schedule R (reconciliation of Corpus), bifurcation of corpus and disclosure of accumulation of income, among others.

After a gap of over seven months, the GST Council is scheduled to hold an in-person meeting on February 18, where it is likely to pave the way for the setting up appellate tribunals for the comprehensive indirect tax.

Finance Minister Nirmala Sitharaman said that should the states agree, petroleum and gas under the ambit of Goods and Services Tax (GST). "Once the states agree, we will have petroleum products in the GST,"

ICAI is happy to assist in the transition to MCA V3. As regards issues faced, you may also kindly access the ICAI – CL&CGC help links below for onward support/resolution - 11 am to 5 pm

Incorporation Helpline-1 : https://bit.ly/3lJuAkT

Incorporation Helpline-2 : https://bit.ly/3Kd8mC1

Other Company Forms Helpline : https://bit.ly/3k5Bqkw

LLP Forms Helpline : https://bit.ly/40Y1KgV

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Interest earned on deposits held with bank is not eligible for benefit of presumptive taxation under section 44AD– [Krishna Kumar Agrawal v. ITO (2023) 147 taxmann.com 48 (ITAT Raipur)]

Input tax credit shall not be available in respect of goods or services or both received by a taxable person, which are used or intended to be used for activities relating to it’s obligations under corporate social responsibility referred to in section 135 of the Companies Act, 2013.

India is setting up a fund worth Rs 33,000 crore ($4 billion) to provide liquidity to its corporate debt market during bouts of stress, to help stem panic selling and ease redemption pressures. The government will provide 90% of the money for the fund, and other asset managers would contribute the rest.

India’s overall exports (Merchandise and Services combined) in January 2023 are estimated to be USD 65.15 Billion, exhibiting a positive growth of 14.58 percent over the same period last year. Overall imports in January 2023 are estimated to be USD 66.42 Billion, exhibiting a positive growth of 0.94 percent over the same period last year.

India has been ranked fourth out of 51 countries in having a quality entrepreneurship ecosystem, a new global report said, reflecting the steady rise in the nation's business environment over the years. The ranking of India in the Global Entrepreneurship Monitor (GEM) National Entrepreneurship Context Index (NECI) report is a drastic turnaround following a much lower score in 2021 which was 16th overall.

ICAI constituted the Sustainability Reporting Standards Board (SRSB) with the mission to formulate comprehensive, globally comparable, and understandable standards for measuring and disclosing non-financial information about an entity’s progress towards United Nations Sustainable Development Goals (SDG) 2030

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GST Council Meeting: Outstanding GST compensation of 5 years due to states for the 5 year period cleared

GST Appellate Tribunal

The Council adopted the report of the Group of Ministers with certain modifications. The final draft amendments to the GST laws shall be circulated to Members for their comments. The Chairperson has been authorised to finalise the same.

Approval of the Report of GoM on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST:

With a view to plug the leakages and improve the revenue collection from the commodities like pan masala, gutkha, chewing tobacco, the Council approved the recommendations of the GoM including, inter alia, that

the capacity based levy not to be prescribed;

compliance and tracking measures to be taken to plug leakages/evasions;

exports of such commodities to be allowed only against LUT with consequential refund of accumulated ITC;

compensation cess levied on such commodities to be changed from ad valorem to specific tax based levy to boost the first stage collection of the revenue

Recommendations relating to GST rates on Goods and Services

Changes in GST rates of Goods and Services

Rab - 18% to 5% - if sold prepackaged and labelled or Nil - if sold otherwise

Pencil Sharpener - 18% to 12%

Other changes relating to Goods and Services

It has been decided to regularize payment of GST on ‘rab’ during the past period on “as is basis” on account of genuine doubts over its classification and applicable GST rate.

It was decided to suitably amend notification No. 104/94-Customs dated 16.03.1994 so that if a device like tag- tracking device or data logger is already affixed on a container, no separate IGST shall be levied on such affixed device and the ‘nil’ IGST treatment available for the containers under notification No. 104/94-Customs shall also be available to the such affixed device subject to the existing conditions.

It has been decided to amend entry at Sl. No. 41A of notification No. 1/2017-Compensation Cess (Rate) so that exemption benefit covers both coal rejects supplied to and by a coal washery, arising out of coal on which compensation cess has been paid and no input tax credit thereof has been availed by any person.

It has been decided to extend the exemption available to educational institutions and Central and State educational boards for conduct of entrance examination to any authority, board or a body set up by the Central Government or State Government including National Testing Agency for conduct of entrance examination for admission to educational institutions.

It has been decided to extend the dispensation available to Central Government, State Governments, Parliament and State Legislatures with regard to payment of GST under reverse charge mechanism (RCM) to the Courts and Tribunals also in respect of taxable services supplied by them such as renting of premises to telecommunication companies for installation of towers, renting of chamber to lawyers etc.

Measures for facilitation of trade:

Extension of time limit for application for revocation of cancellation of registration and one time amnesty for past cases: The Council has recommended amendment in section 30 of CGST Act, 2017 and rule 23 of CGST Rules, 2017 so as to provide that -

the time limit for making an application for revocation of cancellation of registration be increased from 30 days to 90 days;

where the registered person fails to apply for such revocation within 90 days, the said time period may be extended by the Commissioner or an officer authorised by him in this behalf for a further period not exceeding 180 days.

The Council has also recommended that an amnesty may be provided in the past cases, where registration has been cancelled on account of non-filing of the returns, but application for revocation of cancellation of registration could not be filed within the time specified in section 30 of CGST Act, by allowing such persons to file such application for revocation by a specified date, subject to certain conditions.

Amendment to Section 62 of CGST Act, 2017 to extend timelines under sub-section (2) thereof and one time amnesty for past cases: As per sub-section (2) of section 62 of CGST Act, 2017, the best judgment assessment order issued under sub-section (1) of the said section is deemed to be withdrawn if the relevant return is filed within 30 days of service of the said assessment order. The Council recommended to amend section 62 so as to increase the time period for filing of return for enabling deemed withdrawal of such best judgment assessment order, from the present 30 days to 60 days, extendable by another 60 days, subject to certain conditions.

The Council has also recommended to provide an amnesty scheme for conditional deemed withdrawal of assessment orders in past cases where the concerned return could not be filed within 30 days of the assessment order but has been filed along with due interest and late fee upto a specified date, irrespective of whether appeal has been filed or not against the assessment order, or whether the said appeal has been decided or not.

Rationalisation of Late fee for Annual Return: Presently, late fee of Rs 200 per day (Rs 100 CGST + Rs 100 SGST), subject to a maximum of 0.5% of the turnover in the State or UT (0.25% CGST + 0.25% SGST), is payable in case of delayed filing of annual return in FORM GSTR-9. The Council recommended to rationalise this late fee for delayed filing of annual return in FORM GSTR-9 for FY 2022-23 onwards, for registered persons having aggregate turnover in a financial year upto Rs 20 crore, as below:

Registered persons having an aggregate turnover of up to Rs. 5 crores in the said financial year: Rs 50 per day (Rs 25 CGST + Rs 25 SGST), subject to a maximum of an amount calculated at 0.04 per cent. of his turnover in the State or Union territory (0.02% CGST + 0.02% SGST).

Registered persons having an aggregate turnover of more than Rs. 5 crores and up to Rs. 20 crores in the said financial year: Rs 100 per day (Rs 50 CGST + Rs 50 SGST), subject to a maximum of an amount calculated at 0.04 per cent. of his turnover in the State or Union territory (0.02% CGST + 0.02% SGST).

Amnesty in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10: To provide relief to a large number of taxpayers, the Council recommended amnesty schemes in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee.

Rationalization of provision of place of supply of services of transportation of goods: Council recommended to rationalize the provision of place of supply for services of transportation of goods by deletion of section 13(9) of IGST Act, 2017 so as to provide that the place of supply of services of transportation of goods, in cases where location of supplier of services or location of recipient of services is outside India, shall be the location of the recipient of services.

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CIT(A) cannot decide assessee’s appeal ex-parte merely because of failure to attach grounds of appeal at the time of filing memo of appeal in Form No. 35 due to technical reasons.- [Prime ABGB (P) Ltd. v. National Faceless Appeal Centre, New Delhi (2023) 147 taxmann.com 357 (Bom.)]

The Principal Bench of the proposed Appellate Tribunal for GST would decide on the cases relating to inter-state supply and place of supply. The state benches or boards would hear matters relating to intra-state GST issues such as the rates of tax, exemptions and input tax.

To provide relief to a large number of taxpayers, the GST Council recommended amnesty schemes in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee. Notification and Draft of the scheme would be coming soon.

Listed Companies are required to send the intimation in coordination with the RTA’s to all shareholders holding shares in physical form through SMS /Emails, informing them that they can resolve their disputes against RTA/ Company by filing for arbitration with the stock exchange. The intimation must be sent by Listed Entities by February 20, 2023.

The Ministry of MSME provides financial support for participation of MSMEs in International Exhibitions. The list of exhibitions for the year 2023-24 is given at https://ic.msme.gov.in/IC_APP/WriteReadData/GuideLine/List_of_780_Events_2023-24.pdf . Apart from support for minimum 10 MSMEs in one exhibition, financial support is also given for one office bearer of the association.

The guidelines of the scheme are given at https://msme.gov.in/sites/default/files/RevisedICScheme2021.PDF .

Online applications are being invited for participation in International exhibitions from Industry Associations under the MDA component of the International Cooperation Scheme from 15th Feb., 2023 to 15th March 2023. The associations may apply at https://ic.msme.gov.in/IC_APP/IC_Login.aspx

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Assessment under Search and seizure, order passed beyond limitation. Sujata Panda Vs. ACIT, 18/11/2022,(ITAT-Mumbai) (Favour of Assessee)

Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B.

RBI directed asset reconstruction companies (ARCs) to deduct management fees from their capital where certain criterion is not met. The move is aimed at addressing the prudential concerns arising from continued recognition of unrealised income, the central bank said.

Indians will be able to use UPI to make faster, easier and cheaper payments, and remit money, as the UPI will be linked with Singapore's payments platform PayNow. This linkage between the digital payment systems will allow users from both the countries to access faster and more cost-efficient cross-border remittances. Tourists and short-term migrants will also be able to use their native UPI applications in Singapore.

Extension of Time for filing of 45 company e-Forms, PAS-03 and SPICE+PartA in MCA 21 Version 3.0 without additional fee [General Circular No.4] https://www.caalley.com/legal-update-list/mca-extension-of-time-for-filing-of-45-company-e-forms

ICAI Members/ CAs who lives in Singapore for 6 Months can become Member of Singapore Institute without Exam: ICAI President Read More: https://www.taxscan.in/icai-members-cas-who-lives-in-singapore-for-6-months-can-become-member-of-singapore-institute-without-exam-icai-president/256179/

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Income Tax Dept, on TRACES portal, states that Form 26AS shall display details of TDS/TCS related data from AY 2023-24 onwards; Specifies that the other details like taxes paid - advance tax, self-assessment tax etc., refund, SFT transaction and turnover as per GSTR-3B would be available on the AIS (Annual Information Statement) on the income tax e-filing website; Clarifies that there will be no change in display of data prior to Assessment year 2023-24.

CBDT MODIFIED FORM 10B WHICH IS MORE THAN THE TAX AUDIT REPORT AND AUDITOR MUST REPORT ALL THE ITEMS CORRECTLY. VERY VERY IMPORTANT FOR SOCIETY AND TRUST CASES.

TAX CALCULATOR – OLD REGIME VIS-À-VIS NEW REGIME For Individual/ HUF/ AOP/ BOI/ Artificial Juridical Person (AJP) as per section 115BAC proposed by Finance Bill, 2023

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

MCA has introduced a new system called "file and forget," which is part of its ongoing revamp of the statutory filing website, MCA21. This allows companies to fulfill most of their statutory filing obligations with an online acknowledgement.

RBI and Monetary Authority of Singapore launched a real-time link to facilitate easier cross-border money transfers between the two countries. Initially, selected customers can use India's UPI and Singapore's PayNow app to transfer funds of up to (Singapore dollar) SGD 200 per transaction, which is capped at SGD 500 per day. By March 31, the service will be extended to all customers who can transfer funds of up to SGD 1,000 a day.

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Central Board of Direct Taxes (CBDT) has requested all tax officers to ensure that the procedure prescribed in Instruction no. 7/2017 is followed scrupulously and remedial action is taken after due application of mind. Instruction no. 7/2017 prescribes a process to invoke section 263/154 if a revenue audit objection is accepted.

TDS benefit to be given in Assessment year in which income is assessable even if the deductor inadvertently reported it in next Assessment year. – [Anup Rajendra Tapadia v. DCIT (2023) 147 taxmann.com 167 (ITAT Pune)]

Companies intending to file (i) Form GNL-2 (filing of prospectus related documents and private placement), (ii) MGT-14 (filing of Resolutions relating to prospectus related documents, private placement), (iii) PAS-3 (Allotment of Shares), (iv.) SH-8 (letter of offer for buyback of own shares or other securities), (v.) SH-9 (Declaration of Solvency) and (vi.) SH-11 (Retum in respect of buy-back of securities) from 22.02.2023 to 31.03.2023 on the MCA-21 Portal may file such Form in physical mode duly signed by the persons concerned as per requirements of the relevant forms.

Along with a copy thereof in electronic media, with the concerned Registrar without payment of fee and take acknowledgement (as per Annexure to this Circular) thereof. Such filing will be accompanied by an undertaking from the company that, the company shall also file the relevant Form in electronic form on MCA-21 Portal alongwith fee payable as per Companies (Registration Offices and Fees) Rules, 2014.

The GST Network has issued an update on “Introduction of Negative Values in Table 4 of GSTR-3B”dated February 17, 2023.

The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B.

The guidelines of the scheme are given at https://msme.gov.in/sites/default/files/RevisedICScheme2021.PDF .

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Allahabad High Court ruling on validity of Assessment years 2013-14 to 2017-18 reassessment proceedings. Allahabad High Court holds that:

the reassessment proceedings initiated by Section 148 notice (deemed to be notice under Section 148A), issued between 01.04.2021 and 30.06.2021, cannot be conducted by giving benefit of relaxation/extension under the Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act, 2020 (TOLA) upto Mar 30, 2021, and the time limit prescribed in Section 149 (1)(b) (as substituted w.e.f. 01.04.2021) cannot be counted by giving such relaxation from Mar 30, 2020 onwards to the Revenue,

in respect of the proceedings where the first proviso to Section 149(1)(b) is attracted, benefit of TOLA will not be available to the Revenue, or in other words, the relaxation law under TOLA would not govern the time frame prescribed under the first proviso to Section 149 as inserted by the Finance Act, 2021, in such cases, and

The reassessment notices issued to the petitioners in this bunch of writ petitions, on or after 01.04.2021 for Assessment year 2013-14 to 2017-18 are to be dealt with, accordingly, by the Revenue.

[In favour of Both, Partially) - [Rajeev Bansal & Ors v. Union of India [TS-74-HC-2023(ALL)] – Date of Judgement : 22.02.2023 (All.)]

CBDT amends Rule 16CC Form of report of audit prescribed under tenth proviso to section 10(23C), Rule 17B Audit report in the case of charitable or religious trusts, etc. and ‘FORM No. 10B – Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub¬section (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution vide Notification No. 7/2023-Income Tax dated: 21st February, 2023.

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📝 India aims for consensus, bridging gap at G20 foreign ministers' meet

📝 Bajaj Auto plans production cuts amid uncertainties over exports

📝 Greenko Energy to prepay bonds worth $500 million

📝 Finance ministry raises capex scrutiny to push growth, focus on states' spending

📝 Shell plans to more than treble retail network to 1,200 stations by 2030: Nitin Prasad

📝 Services exports to cross $300 bn this fiscal; $1 trillion achievable by 2030: SEPC

📝 335 infra projects show cost overruns of Rs 4.46 lakh crore

📝 Skoda Auto Volkswagen India invokes force majeure in India due to chip shortage

📝 Wockhardt looks to roll out 2 vaccines from UK plant in 12 months as part of tie-up with Serum

📝 Tamil Nadu govt to introduce equity model under TANSEED 5.0 to encourage startups

📝 TCS-BSNL deal worth $2.9 billion nears closure; GoM nod likely in March

📝 GDP growth rate seen below 5% in December quarter on a normalising base

📝 Bank capital needs may rise 15-20% based on draft RBI market risk norms

📝 M&A deals down 80% so far in CY2023 as buyers seek lower valuation

📝 IndiGo, Go First face P&W engine headwinds; over 50 planes on ground

📝 FinMin pushes PSBs to enhance procurement via GeM to INR 10,000 Cr in FY-24

📝 No ban on onion exports; $523 mln exported during Apr-Dec 2022: Govt.

📝 Germany plans for easy visa application for IT workers from India

📝 Uncertain future for EV dealers as manufacturers face subsidy halt

📝 AC, fridge sales soar with early summer

📝 Adani Group’s debt concern may be overstated: SES

📝 IOC to set up green hydrogen plants at all refineries; lines up Rs 2 Lakh Cr for net zero by 2046

📝 Direct benefit transfers at Rs 5.5 trillion this fiscal

📝 More than 8 lakh projects approved under PMEGP scheme, says KVIC chairman

📝 Emirates, Air India eye codeshare pact

📝 Govt. pushes for single organ donation policy

📝 6.1 magnitude earthquake hits Japan, no tsunami warning issued

📝 G20 aims for global deal on MNC taxing rights in H1 2023

📝 Nokia launches new logo to signal strategy shift from phone business

📝 TCS feels generative AI like ChatGPT will be a co-worker, not replace jobs

📝 Digital sector may contribute 25% incremental GDP by FY-29: KV Kamath

📝 Vodafone Idea's shareholders approve issuance of ₹1,600 Crore OCD to ATC.

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Income Tax TDS challan cum statement Jan-23 2-Mar-23 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB & 194-IM in the month of January 2023.

Income Tax TDS/TCS Liability Deposit Feb-23 7-Mar-23 Due date of depositing TDS/TCS liabilities under the Income Tax Act, 1961 for the previous month.

GST GSTR-7- TDS return under GST Feb-23 10-Mar-23 GSTR 7 is a return to be filed by the person who is required to deduct TDS (Tax deducted at source) under GST.

GST GSTR-8- TCS return under GST Feb-23 10-Mar-23 GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.

GST GSTR-1 Feb-23 11-Mar-23

GST Filing of returns by a registered person with aggregate turnover exceeding INR 5 Crores during the preceding year.

Registered person, with aggregate turnover of less than INR 5 Crores during the preceding year, opted for monthly filing of return under QRMP".

GST IFF (Invoice Furnishing Facility) Feb-23 13-Mar-23 GSTR-1 of a registered person with turnover less than INR 5 Crores during the preceding year and who has opted for quarterly filing of return under QRMP.

GST GSTR -6 Feb-23 13-Mar-23 Due Date for filing return by Input Service Distributors.

Income Tax Advance Tax FY 2022-23 15-Mar-23 "

Fourth installment of advance tax for the assessment year 2023-24;

Due date for payment of the whole amount of advance tax in respect of the assessment year 2023-24 for assessee covered under presumptive scheme of section 44AD / 44ADA".

Income Tax Form 24G Feb-23 15-Mar-23 Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February 2023 has been paid without the production of a Challan.

Labour Law Provident Fund / ESI Feb-23 15-Mar-23 Due Date for payment of Provident fund and ESI contribution for the previous month.

Income Tax TDS Certificate Jan-23 17-Mar-23 Due date for issue of TDS Certificate for tax deducted under sections 194-IA, 194-IB & 194-M in the month of January 2023.

GST GSTR - 3B Feb-23 20-Mar-23

GST Filing of returns by a registered person with aggregate turnover exceeding INR 5 Crores during the preceding year.

Registered person, with aggregate turnover of less than INR 5 Crores during the preceding year, opted for monthly filing of return under QRMP."

GST GSTR -5 Feb-23 20-Mar-23 GSTR-5 to be filed by Non-Resident Taxable Person for the previous month.

GST GSTR -5A Feb-23 20-Mar-23 GSTR-5A to be filed by OIDAR Service Providers for the previous month.

GST Due date of Payment of Tax Feb-23 25-Mar-23 Due date of payment of GST liability by the registered person whose aggregate turnover was less than INR 5 Crores during the preceding year and who has opted for quarterly filing of return.

Income Tax TDS challan cum statement Feb-23 30-Mar-23 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB & 194-M in the month of February 2023.

Income Tax Form No. 3CEAD FY 2021-22 31-Mar-23 Country-By-Country Report in Form No. 3CEAD for the previous year 2021-22 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group.

Income Tax Form 67 FY 2021-22 31-Mar-23 Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in the previous year 2021-22, to claim foreign tax credit [if the return of income has been furnished within the time specified under section 139(1) or section 139(4).

*Note 1: Opting for QRMP Scheme- Due Date for filling GSTR - 3B with Annual Turnover up to 5 Crore in State A Group (Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu, and Dadra & Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands, Lakshadweep).

*Note 2: Opting for QRMP Scheme- Due Date for filling GSTR - 3B with Annual Turnover up to 5 Crore in State B Group (Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi).

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📝 Petrol, diesel sales up 12-13% in February

📝 United States is going 'all hands on deck' to reduce visa wait times

📝 PV sales grow in double-digits amid sustained consumer demand, improved supplies

📝 Demand for work under NREGS hits 8-month High

📝 Government sets a target of 35 MT for wheat procurement

📝 India’s February GST collections rises 12% YoY to INR 1.50 Lakh Cr

📝 Cabinet nod to sign contract with L&T for acquisition of three cadet training ships

📝 Tata Motors total vehicle sales up 3% at 79,705 units in February

📝 Power consumption up 9% to 118 billion units in February

📝 PVR-Inox draws up INR 850 Cr expansion plan

📝 EV cab company Evera raises $7 million in funding led by IEG Investment

📝 Prop-tech startup NoBroker raises $5 million in funding from Google Development Corp

📝 Healthtech startup SigTuple raises INR 34.5 Cr in funding from Endiya Partners, Accel

📝 Indian tech sector to hit $245 bn in FY-23; headwinds seen in FY-24: Nasscom

📝 HDFC first private bank to tie up with IRCTC for co-branded credit card

📝 Aviation sector seen returning to profit in FY-24 on higher traffic, pricing

📝 Softbank arm SVF Doorbell sells 3.8% stake in Delhivery to raise INR 954 Cr

📝 Bajaj Finserv gets Sebi's approval to foray into mutual fund business

📝 Migsun Group to invest INR 706 Cr in high-street commercial project in Delhi

📝 Russia's TMH-RVNL JV emerges lowest bidder for 200 Vande Bharat trains

📝 Domestic cooking gas prices rise by INR 50, at highest level since Feb 2014

📝 Coal production increases by 15% to 784 mn tonnes during Apr-Feb 2022-23

📝 Manufacturing PMI at a 4-month low of 55.3 in Feb as input costs rise

📝 Axis Bank completes acquisition of Citibank India's consumer business

📝 Nexus closes $700-mn fund to back startups in India, US

📝 Broadband India Forum proposes govt-industry revenue sharing from digital infra use

📝 Tata Power’s renewable arm gets second tranche of INR 2,000 Cr from GreenForest

📝 Bank credit to micro, small enterprises grew 15% in January: RBI data

📝 FCI sells 540k tonne wheat via e-auction

📝 Unemployment rate rose to 7.45% in Feb: CMIE

📝 Moody’s raises India’s GDP growth projection for 2023 to 5.5%

📝 Softbank offloads 3.8 per cent stake in Delhivery for INR 954 Cr

📝 Govt approves procurement of HAL basic trainer aircraft

📝 Irdai mandates general insurers to cover mental illness, HIV and PwDs

📝 EAM Jaishankar hosts reception for foreign ministers attending G20 meet

📝 10-year treasury yield tops 4% for first time since November

📝 China’s economy seen emerging from zero-covid shadow

📝 Eli Lilly to cut prices of insulin drugs by 70%, cap patient costs at $35

📝 Sunteck Realty signs exclusive lease deal with Upgrad for premium commercial project

📝 Godrej & Boyce, Renmakch sign MoU to develop value chain for Indian Railways.

📝 India extends support to Ajay Banga's nomination as next World Bank president

📝 Growth likely to touch 6.5-7% over medium term: CEA

📝 Greenko to raise $700 million via rights issue, values company at $7 billion

📝 IT conducts searches on premises linked to the Edelweiss group

📝 Rupee falls 11 paise to close at 82.60 against US dollar

📝 66 big infra projects worth INR 5 Lakh Cr recommended for approval under PM GatiShakti

📝 US weekly jobless claims decline further

📝 Foxconn commits to new electronics manufacturing in India

📝 IndiGrid completes acquisition of Khargone Transmission Ltd

📝 B Capital earmarks $500 million for maiden healthcare fund

📝 Direct tax collection in FY-23 likely to top govt's Revised Estimates

📝 Adani promoters sell stakes worth INR 15,446 Cr to GQG Partners

📝 Jishnu Barua becomes new chairperson of power regulator CERC

📝 Air India plans single pay structure, common seniority list for pilots

📝 In search of funding, Vodafone Idea dials KKR and Temasek Holdings

📝 Reliance, Tata Power, others bid for INR 19,500 Cr solar incentives

📝 NCLAT allows another round of bidding for bankrupt firm Reliance Capital

📝 Govt. says wheat crop condition 'normal' so far; plans to procure 34.1 mt

📝 Market regulator SEBI suspends small town-linked incentive for MFs

📝 Pakistan raises key rate by 300 bps, slaps INR 3.23 power surcharge

📝 Carbon dioxide emissions reached a record high in 2022, says IEA

📝 US approves F-16 fighters' munitions sale to Taiwan worth $619 million

📝 Byju’s backer B Capital closes $500-mn fund

📝 Bank of Maharashtra to raise INR 1,000 Cr via QIP route

📝 Over INR 2,600 Cr in MSME payment yet to be cleared by central PSUs, ministries, departments: Govt data

📝 Mukesh Ambani to foray into genome testing with $145 kit

📝 Capex loans: INR 50k Cr sanctioned for states so far

📝 Govt. discontinues imports of crude sunflower seed oil under tariff rate quota from April 1, 2022

📝 MCA may share data to reduce number of insolvency cases

📝 RCB signs Qatar Airways as title sponsor

📝 Mahindra Finance's loan disbursement rises 53% YoY in Feb to ₹4,185 cr

📝 Gadkari meets Austrian delegation, invites firms to manufacture ropeway, cable car components

📝 European Investment Bank, IREDA exploring partnership to finance RE, green hydrogen projects in India

📝 NHAI to develop over 600 wayside amenities in 5 years

📝 NHPC pays INR 997.75 Cr interim dividend to Govt. for FY-23

📝 Adani Ports record 10% YoY growth in cargo volumes during Feb 2023.

📝 Fuel retail turns profitable for oil marketing companies

📝 RBI imposes restrictions on Musiri Urban Co-operative Bank; caps withdrawal at INR 5,000 per customer

📝 Government to soon issue SOPs for INR 26k Cr auto PLI

📝 Divgi TorqTransfer IPO fully subscribed on day 3; GMP rises

📝 India's forex reserves fall for fourth week in a row, at 3-month low

📝 Tata group aiming at net-zero emission by 2045

📝 Govt. to rope in more industry partners under SAMARTH scheme

📝 Jindal to invest INR 10,000 Cr to set up 3 mn-tonne steel plant in AP

📝 World Bank commits $1 billion to India for public healthcare infra

📝 Teen freelancing startup Funngro raises funding from Shark Tank judges Amit Jain, Namita Thapar

📝 Funding stays under $1 billion in Feb for startups, drops 84% YoY

📝 Arvind Mafatlal Group plans to scale up its edtech venture GetSetLearn

📝 RBI fines Amazon Pay (India) Rs 3 cr for not complying with PPI & KYC norms

📝 Tech Mahindra to invest up to INR 700 Cr over the next 2-3 years

📝 Vedanta seeking $1 bn from global banks to refinance old debt, say sources

📝 India Inc commits Rs 11.87 trn to Andhra on Day-1 of investor summit

📝 After Bajaj Allianz, New India Assurance gets into surety bonds business

📝 Greenko Energy raises INR 5,700 Cr from GIC, Orix and founders

📝 BIS makes 80% concession on certification/marking fee for micro scale units

📝 Railway freight rises 3.5% in Feb; thermal coal volumes increase 8%

📝 Foreign exchange reserves fall $325 million in a week to $560.94 billion

📝 Services PMI at 12-yr high of 59.4 in Feb on strong demand, easing prices

📝 Pace of bank lending to infrastructure shrinks to 2.3%: RBI data

📝 Free markets to produce best digital sector outcomes: CCI head

📝 Banks’ GNPAs decline 26% in December

📝 Adani to set up cement plants, data centre in Andhra Pradesh

📝 Reliance Industries to set up 10 gigawatt solar energy project in AP, says Mukesh Ambani

📝 Tata Steel Mining signs MoU with GAIL to get clean fuel

📝 Rupee gains 63 paise to close at 81.97 against US dollar

📝 IRDAI prefers cashless mode in health insurance

📝 NCLAT refuses relief to SBI in Jet’s transfer of ownership

📝 Startups consider options against Google on excess fees

📝 Doms acquires 30% stake in toy company ClapJoy

📝 ICMR to set up new cell to support research

📝 Parle Agro’s Smoodh crosses ₹600 Cr in turnover

📝 NCLT allows merger of HDFC's two subsidiaries with HDFC Capital Advisors

📝 India’s tech sector expected to double in size by 2030 TO $500 billion; NASSCOM

📝 Tata Motors hits the accelerator; reaches 50 lakh passenger vehicles milestone.

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CBDT, vide Notification No. 10 of 2023, omits ‘Deputy /Assistant Commissioner of Income-tax (Review Unit)- 1(2)(2), Chandigarh’ and all entries relating thereto in its earlier notification no. 61/2022; The notification shall come into force from the date of publication in the Official Gazette i.e. 01.03.2023.

Trial Court discharged assessee-company for offences punishable under section 276B, read with section 278B, on ground that notice issued to assessee was not in consonance with section 2(35) as accused was wrongly treated as Principal Officer by department, since assessee took a stand that it would have no objections if said order of Trial Court was set aside, – [Income-tax Department v. Jenious Clothing (P) Ltd. (2023) 146 taxmann.com 52 (SC)]

Section 50C would not apply on compulsory acquisition of land by NHAI as stamp duty is not payable on such transfer– [PCIT v. Durgapur Projects Ltd. (2023) 148 taxmann.com 50 (Cal.)]

Gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore of which CGST is ₹ 27,662 crore, SGST is ₹ 34,915 crore, IGST is ₹ 75,069 crore (including ₹ 35,689 crores collected on import of goods) and Cess is ₹ 11,931 crore (including ₹ 792 crores collected on import of goods).

NCLAT allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.

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