NICAI UPDATES

  

1. No Income Tax Section 68 Addition Without Seized Material Link & corroborative evidence. Case Name : Parag Motilal Savla Vs ITO (ITAT Mumbai). 

 

2. GSTN is pleased to inform that NIC is releasing the E-Way Bill 2 Portal (https://ewaybill2.gst.gov.in) on 1st June 2024. This portal ensures high availability and runs in parallel to the e-way Bill main portal (https://ewaybillgst.gov.in). The e-way bill 2 portal synchronises the e-way bill details with the main portal within a few seconds.

 

3. CBIC has come out with a draft Central Excise Bill, 2024, which seeks to replace the eight-decade old Central Excise Act, 1944. The move could pave the way for petroleum products to come under the ambit of GST. "The indirect tax apex body has released a draft of a new Bill. It aims to enact a comprehensive modern Central Excise law with an emphasis on promoting ease of doing business and repealing old and redundant provisions. 

 

4. Directorate General of GST Intelligence (DGGI) is set to intensify the scrutiny of suspected tax evasion by pharmaceutical companies, over non-payment of dues. In addition to the notices sent already, the DGGI is likely to ask many more companies to explain what it perceives as under-payment of tax by them in the current year. 

 

5. RBI has proposed to allow overseas rupee accounts to lend money to persons resident outside India.Also, the central bank proposed permitting opening of rupee accounts outside India by persons resident outside India, according to the annual report.

Source -CA.Raj Chawla