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Monthly Tax Bulletin: November 2024

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Key highlights

  • The Supreme Court has reversed its earlier decision and held that the Directorate of Revenue Intelligence officers are ‘proper officers’ and can issue show cause notices under the Customs law.
  • Procedural guidelines and various clarifications have been issued to assist the taxpayers in availing benefits under the GST Amnesty Scheme which has become effective from 1 November 2024.
  • New procedural guidelines and clarifications have been issued to simplify the filing process for pending tax litigation under the Vivad se Vishwas Scheme, 2024.
  • Clarification has been issued in respect of reporting requirements for Indian companies issuing ESOPs to overseas employees, emphasizing the importance of timely filing and valuation.
  • Transfer Pricing adjustment for interest on share application money has been quashed, noting that the delay in allotment of shares was on account of regulatory approvals and not attributable to the taxpayer.
320x441px Monthly Tax Bulletin November 2024

Monthly Tax Bulletin: November 2024

The November edition of the Grant Thornton Bharat Monthly Tax Bulletin captures key developments under the direct taxes, transfer pricing, indirect taxes, and FEMA, for October 2024.

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