Monthly Tax Bulletin: October 2024

Key highlights:

• The CBDT has notified the Direct Tax Vivad se Vishwas Rules, 2024 and related forms.
• New rules for compounding proceedings under FEMA have been issued superseding the existing Foreign Exchange (Compounding Proceedings) Rules issued in 2000.
• Under transfer pricing, the Delhi High Court has dismissed the Revenue’s appeal for the imposition of penalty and held that merely making a claim that is not sustainable in law does not amount to furnishing inaccurate particulars of income.
• On the GST front, the Supreme Court has upheld the validity of blocked input tax credit on immovable property and allowed buildings to qualify as ‘plant’ for the purpose of availing input tax credit subject to functionality test.
• Under customs, the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has been further extended.

Monthly Tax Bulletin: October 2024

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

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