1. Calcutta High Court upheld the registration of Gobind Ram Goel Charitable Trust under Section 12AA(3) of the Income Tax Act, 1961, dismissing the appeal filed by the Income Tax Department. Section 12AA(3) registration cannot be cancelled without any valid ground.
2. GSTN wishes to inform that NIC is releasing the integrated services from e-invoice-1 and e-invoice-2 portals on 18th July 2024 on sandbox portals and 1st Aug 2024 on the production portals. These portals run in parallel and now allow for seamlessly inter-operations.
3. CBIC has issued Circular No: 207/1/202- GST dated 26th June 2024, regarding the Reduction of Government Litigation – fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court.
4. SEBI has issued Circular No. SEBI/HO/DDHS/DDHS-POD3/P/CIR/
5. Indians have been allowed wider usage of foreign currency accounts at the Gujarat International Finance Tec-City, or GIFT City, boosting business prospects for a finance hub pushed by Prime Minister Narendra Modi. GIFT City, launched in the western state of Gujarat by Modi in 2011, has been planned as an alternative to regional financial centres like Dubai.
6. It offers easier regulations compared with the rest of India but has seen a slow pick up in interest from foreign investors. The latest changes, announced by the Reserve Bank of India in a circular allow Indian investors to use GIFT City as a route for more overseas spending and investments.
7. Indians are allowed to remit up to $250,000 overseas each year for education and medical expenditure as well as certain kinds of investments. So far, foreign currency accounts in the finance hub could only be used for investing in overseas-listed securities and for paying tuition for foreign universities at GIFT City.
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