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Monthly Tax Bulletin: September 2024

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Contents

Key highlights:

  • The Supreme Court has affirmed the Karnataka High Court's decision that payments for bandwidth and inter-connectivity usage charges should not be classified as royalties.
  • The transfer of equity instruments between a person resident in India and a person resident outside India through a swap arrangement has been permitted.
  • Under Transfer Pricing, the Karnataka High Court upheld the ITAT’s decision to overturn a transfer pricing adjustment by revenue authorities, ruling that the order was issued beyond the prescribed 60-day time limit.
  • The GST Council, in its 54th meeting held on 9 September 2024, discussed several key issues, including the import of services by airline companies from related parties, GST on life and health insurance, e-invoicing for B2C transactions, and the compensation cess.
  • The Goods and Services Tax Network has announced the launch of the Invoice Management System to facilitate effective invoice amendments and ITC reconciliation effective from 1 October 2024.
  • Under customs, the Tribunal has ruled that the imposition of interest, redemption fines, and penalties for delayed IGST payments is invalid in the absence of statutory provisions.
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Monthly Tax Bulletin - August 2024
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