News Update

GST - The Court in exercise of its writ jurisdiction, would be disinclined to set aside, much less to stay SCN, more particularly when impugned SCN are adjudication bound: HCGST - Opportunity to file TRAN-1 and TRAN-2 Forms, has been opened to all concerned parties for a period of two months from 01.09.2022 to 31.10.2022: HCStart-Up Certification - Time to brood over!PM shares 3Ts mantra at NITI Aayog Meet - Trade, Tourism & TechnologyFake Invoicing under GST - A clarity searchTata Motors buying Ford India’s factory for Rs 725 CrI-T - Recovery of demand from company directors cannot be resorted to where no satisfaction is recorded about tax not being recoverable from company: HCUS Senate passes Biden’s Inflation Reduction Bill - USD 369 bn for climate actionI-T - Refund payable to an assessee cannot be withheld solely because notice u/s 143(2) has been passed & where no valid reason is given: HCTurkish banks embrace Russian payment systemI-T - Transfer of assessment is invalid where assessee is not given personal hearing before transfer : HCCOVID - 2.15 lakh cases with 161 deaths in Japan + 1.06 lakh cases with 27 deaths in S KoreaI-T - Disallowance of payment on grounds of unexplained gift is upheld where intention to gift money is not clearly established due to entire transaction not being through banking channels : HCNew Colombian President calls for new global strategy to deal with drugs problemI-T - Words 'a one residential' mentioned in Section 54 refers to only one house which can be purchased or constructed and can not be interpreted as 'more than one house' : ITATNigeria to recover lost Benin Bronzes to be returned by London’s Horniman MuseumI-T - Assessee is not required to deduct TDS at time of payment of EDC to HUDA : ITATChina’s military drill simulates assault on Taiwan’s main islandI-T - Amended provisions of Section 54F do not have retrospective effect: ITATCOVID - Positivity rate soars close to 15%; Delhi reports over 2400 fresh cases on SundayST - Matter has been adjourned more than three times, but none appeared on behalf of appellants, thus appeal dismissed for non-prosecution: CESTATIndia to have over 40 Cr air travellers by 2027: ScindiaCX - When sale of goods is on FOR basis, central excise duty cannot be charged on cost of freight from their premises to premises of buyer: CESTATMega blaze at Cuban oil installation - 1 dead; 121 injured & 17 missingCus - Since amount was lying in nature of pre-deposit with department from date of encashment of Bank Guarantee, appellant is entitled to interest from said date under Section 129EE @ 12% p.a.: CESTATLightning strikes - 9 die; 2 hospitalised in MPST - Mere fact that differential amount of service tax was paid by service provider on being pointed out doesn't establish that tax was short paid or was not paid by reason of fraud, suppression or misstatement with an intent to evade payment of service tax: CESTATP Chidambaram alleges India’s institutions are captured & democracy running out of puffCX - The manufacturer/dealers issued only invoices and no goods were dispatched by them with invoices, assessee failed to comply with provisions of Credit Rules, therefore, not entitled to take CENVAT credit on strength of invoices which were not genuine: CESTATIndia, US to conduct high-altitude joint training in Auli near China borderGovt appoints N Kalaiselvi, first woman, to head CSIRUS commits to defend Philippines in case of attack in South China SeaExport of processed food up by 31% to USD 7408 mn in 3 monthsIncome Tax raids mutual fund house in Mumbai
 
PLI - Last date extended till Aug 25 for telcos

By TIOL News Service

NEW DELHI, AUG 05, 2022: WITH the objective to build a strong ecosystem for 5G, the Guidelines for the PLI Scheme for Telecom & Networking Products have been amended with effect from 1 st April 2022 to introduce Design- led Manufacturing with additional one percent incentive rates. 

The registration process for Applicants for Design-led manufacturing under the Production Linked Incentive Scheme for Telecom and Networking Products started on 21st June 2022. The last date for submission of the Application was initially fixed as 20th July 2022 which was extended till 5 th August 2022.

Keeping in view  the requests made by some of the interested companies, it has been decided to further extend the last date for submission of Applications on the Scheme Portal (https://pli telecom.udyamimitra.in) up to 25 th August 2022.


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