News

Advisory for furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Rules, 2017.

All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier.Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 Days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN.A new functionality is being developed with the following features and will be deployed in near future:-

1.Failure to furnish the bank account in the stipulated time: It would result into following:

a) Taxpayer Registration would get suspended after 30 days and intimation in FORM REG-31 will be issued to the Taxpayer.

b) Get the Taxpayer debarred from filing any further GSTR-1/IFF.

2.Revocation of Suspension: If the taxpayer updates their bank account details in response to the intimation in FORM REG-31, the suspension will be automatically revoked.

Airbus and Tata Group join forces for helicopter manufacturing hub in India

In a groundbreaking development that heralds a new era for the ‘Make in India’ initiative, Airbus Helicopters has entered into a strategic partnership with the Tata Group to establish a Final Assembly Line (FAL) for helicopters within the country. This historic collaboration signifies the first instance of the private sector taking the lead in setting up a helicopter manufacturing facility in India, aligning seamlessly with the Government of India’s ‘AatmaNirbhar Bharat’ (self-reliant India) program.Under this transformative alliance, Tata Advanced Systems Limited (TASL), a subsidiary of the Tata Group, will join hands with Airbus Helicopters to co-manufacture the renowned H125 single-engine helicopters, a cornerstone of Airbus’ civil range. These helicopters are intended for both the Indian market and export to neighboring countries. Moreover, the partnership extends beyond helicopters, encompassing the collaborative production of a minimum of 40 C-295 transport aircraft in India. TASL will oversee the assembly of these aircraft in Vadodara, Gujarat.

NOTIFICATIONS –

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION, New Delhi, the 23rd January, 2024 S.O. 327(E).—

In the notifications of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), bearing number S.O. 2774(E) dated the 9th July, 2021, S.O. 2826(E) dated 14th July, 2021, S.O. 4523(E) dated 29th October, 2021, S.O. 4525(E) dated 29th October, 2021, S.O. 73(E) dated 6th January, 2022, S.O. 1769(E) dated 11th April, 2022, S.O. 1977(E) dated 28th April, 2022, S.O. 1044(E) dated 3rd March, 2023, S.O. 1690(E) dated 10th April, 2023 and S.O. 2155(E) dated 10th May, 2023, the paragraph 3 shall be read as the following, namely,-

“This notification shall be deemed to have been applied for the financial year 2020-2021 to financial year 2024-2025 relevant to the assessment year 2021-2022 to assessment year 2025-2026.” And In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), bearing number S.O. 1585(E) dated the 1st April, 2023, the paragraph 3 shall be read as the following, namely,- “This notification shall be deemed to have been applied for the financial year 2020-2021 to financial year 2022-2023 relevant to the assessment year 2021-2022 to assessment year 2023-2024.”

[Notification No. 14/2024 F. No. 300196/8/2020-ITA-I]

VIKAS SINGH, Director (ITA-I)