Budget 2024 Updates

TPO gets powers to deal with domestic transactionsOne more Vivad Se Vishwas Scheme; Date to be notifiedNo deduction u/s 37 for settlement amount if paid for violation of any lawFM proposes to lessen tedium of TDS; reduces rates in many casesFM overhauls capital gains regime; to come into play from todayFM hikes exemption limit for long-term capital gain to Rs 1.25 lakh + hikes tax rate to 12.5% on specified financial assetsTourism: Temple corridors to be developed in BiharCGST - Finance Bill proposes to amend Sec 9 to take ENA out of purview of GST + inserts Sec 11A to regularise non-levy of tax on general practice in tradeCGST - Sub-sections to be inserted in Act to relax time-limit to avail ITC u/s 16(4) + New Sec 74A proposed to provide for common time limit for demand notices in fraud cases3.4% of GDP allocated as Capital expenditure to support infra sectorCGST - Proviso to be inserted in Sec 30(2) to provide for enabling conditions for revocation of registration + Amendment in Sec 39 to mandate return filing by TDS deductors even if there is no deduction in a particular monthIGST - Amendment proposed to prohibit refund of unutilised ITC on zero-rated supplyIncome tax - Finance bill revamps re-assessment regime againCustoms - Finance Bill proposes to amend Sec 28DA for acceptance of different types of proof of origin under FTAsFM hikes standard deduction to Rs 75K for new ITR regime + revises tax rates for all income slabs + Rs 7000 Cr revenue foregoneIncome tax - Search & Seizure cases - Block assessment is backBudget withdraws 2% equalisation levyFM reduces corporate tax rate for foreign companies to 35%FM proposes vivad se vishwas scheme + hikes monetary limits for filing appealsFM proposes 20% capital gains tax on short-term assets + listed financial assets held for more than one year to be classified as long-termGovt scraps TDS on Mutual Funds + decriminalises delay in depositing TDS + rationalisation of compounding of offences + revamps reassessment periodBudget proposes comprehensive review of I-T Act, 1961 + simplifies provisions for charities and TDSFM reduces customs duty on gold and silver to 6% + Nil BCD on nickel cathodeBudget proposes to reduce BCD on mobile phone and chargers to 15% + exempts 25 minerals from customs dutyFM exempts cancer medicines from Customs duty + amends BCD for various machinesFM proposes Rs 48 lakh expenditure outlay; 4.9% fiscal deficitFM announces Rs 1 lakh crore fund for developing space economyPromotion of Tourism - Vishnupad temple and Bodh Gaya temple corridors to be supportedFM announces over Rs 11 lakh crore capital expenditure in current fiscalGovt to invest in small Nuclear energy plants in partnership with private playersCentre to ask States to lower stamp duty for women purchasers of housesIBC - More Benches of NCLT to be set up to speed up recoveryFM spikes limit of Mudra loan to Rs 20 lakhsBudget offers financial aid to labour-intensive MSMEs in manufacturing sectorGovt announces 3 crore additional houses under PM SchemeGovt to secure Rs 15K loan for AP from multilateral agenciesGovt to frame new policy for all-round development of Bihar, Jharkhand and OdishaGovt to give one-month salary to all new recruits in formal sector through EPFOGovt to promote vegetable clusters closer to urban settlementsGovt to focus on productivity of agriculture with climate-resilient seedsFM allocates Rs 2 lakh outlay for PM's five schemes for job creation and farmersFM Nirmala Sitharaman presents 7th Union Budget in ParliamentBudget 2024: FM arrives at Parliament; Speech to begin at 11AMEconomic Survey 2023-24 - from GST PerspectiveUkrainian FM goes on tour to ChinaI-T- Additions framed u/s 69A are untenable where affidavits submitted by assessee's parents to explain source of cash deposits, were discarded by AO without consideration : ITATSurvey acknowledges productivity loss due to mental health disordersI-T- Short term capital gains returned by the assessee in terms of provisions of section 50 of the Act on assets held for a period of more than 36 months be treated as long term capital gains: ITATExpenditure on social services up from 6.7% to 7.8% of GDP: SurveyI-T-Additions framed u/s 68 are upheld where assessee is unable to prove genuineness of transaction involving purchase and sale of penny stock: ITATTrade deficit contracts to USD 78 bn from USD 126 bn in 2023I-T-Re-assessment is invalidated when there is no failure on part of assessee to make full and true disclosure of facts necessary for assessment: ITATCorporate profitability has peaked to 15-yr-old high between 2020-2023: SurveyI-T- When cash generated out of sales has been credited in the books of accounts, the provisions of Sec.69A could not be invoked: ITATBudget 2024: More relief for senior citizens & individual taxpayers on card; tweaking of capital gains tax likely; steady capital expenditure to stayI-T- If any amount invested is purely a strategic investment & for purpose of commercial expediency, then AO cannot hold such investments to be for non-business purpose: ITATGoogle backpedals on plan to scrap cookies from ChromeCus - For a HNWI individual, an expensive watch of 'Rolex' make would be his personal effect but same may not be the case if the person is of mere means - Pendant studded with diamonds not liable for confiscation: HCGovt amends Recruitment Rules for Debts Recovery TribunalGST - Even if no date, time or place of hearing is indicated in the notice issued, it was the duty of assessee to file his reply to SCN, which was admittedly received - Plea regarding violation of principles of natural justice cannot be countenanced: HCAbhinav Bindra conferred with Olympic OrderGST - Mismatch between value of e-way bills generated on portal and returns filed in Form GSTR-3B - Petitioner did not provide a comprehensive explanation - To remit sum of Rs.3.50 crores within six weeks - Matter remanded: HCHackers mercilessly hack Bangladesh PM’s website along with police portalsGST - Rule 30 of Rules, 2017 - Assessing officer ought to have issued summons and obtained clarification rather than estimating the outward supply value at 110% of purchase value - Order set aside and matter remanded subject to remit of 10% disputed tax demand: HCUS law-makers call for resignation of Secret Service chief in Trump assassination caseGST - Net ITC shown incorrectly - An inadvertent error was committed and such error was rectified, albeit irregularly, however, sum recovered from petitioner's bank account - Order set aside and matter remanded: HCKarnataka IT Industries piling pressure on govt to extend working hoursGST - Since notification is declared unconstitutional, Amount of IGST paid pursuant to Entry No. 10 of Notification No. 10 of 2017 is to be refunded along with statutory interest: HCStudy says earth’s water depleting fastFDI inflows slide to USD 26.5 bn in 2024 from USD 42 bn in 2023: Economic Survey
 
Minister launches 10th tranche of commercial Coal Mine Auctions

 

By TIOL News Service

NEW DELHI, JUNE 22, 2024: MINISTRY of Coal yesterday launched the 10th tranche of commercial coal mine auctions and a total of 67 coal mines are offered. Union Minister of Coal and Mines, G. Kishan Reddy launched the 10th tranche of commercial coal mine auctions at Hyderabad in the presence of Mallu Bhatti Vikramarka, Deputy Chief Minister of Telangana and Satish Chandra Dubey, Minister of State for Coal and Mines.

These 67 coal mines are spread across the states of Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, West Bengal and Telangana and include both fully explored and partially explored and 3 coking coal mines.

The Ministry of Coal has taken a series of reforms to ensure that the coal sector grows at a rapid pace and is able to meet the country's energy needs. For 10th Tranche also, mines falling under protected areas, wildlife sanctuaries, critical habitats, having forest cover greater than 40%, heavily built-up area, etc. have been excluded. The block boundaries of some of the coal mines where there was presence of dense habitation, high green cover or critical infrastructure, etc. have been revised to improve the attractiveness of the coal mines.

Addressing the gathering, Union Minister of Coal and Mines, G. Kishan Reddy, emphasized the critical role of coal as the lifeline for all industries and its pivotal contribution in achieving a 5 trillion-dollar economy. He stressed that all coal entrepreneurs should collaborate towards nation's development and align with the vision of Prime Minister of making India Aatmanirbhar in coal by making collective efforts and reducing the dependency on coal imports. He reiterated the importance of enhancing domestic coal production for India's economic growth. It is crucial to work towards advancing in coal sector and our efforts today will make the future brighter. It was also informed that the revenue generated from the auctioned coal blocks goes to the respective State Government.

Deputy Chief Minister of Telangana, Mallu Bhatti Vikramarka appreciated the efforts of Ministry of coal which has been working diligently to make the country self-sufficient in coal sector by significantly reducing foreign imports and producing nearly 1 Billion Tonne (BT) of coal in last financial year meeting the nation's energy needs.

Minister of State for Coal and Mines, Satish Chandra Dubey assured to provide all the necessary support to the coal block allocatees by improving ease of doing business. He informed that suggestions and feedback are being taken from the coal industry players for improving the attractiveness of coal sector. Further, he emphasized on the importance of coal mining sector in making India Aatmanirbhar in coal.

In his keynote address, Amrit Lal Meena, Secretary, Ministry of Coal placed significant emphasis on enhancing coal production to meet the rising energy demands and underscored that the increase in production must not compromise the safety of workers, stressing the adoption of global best practices to ensure secure working environment. Maintaining high standards of transparency was also a focal point, with an emphasis on adhering to stringent environment sustainability measures to mitigate the impact of coal mining on the ecosystem. He further called for robust state-level support to streamline the ease of doing business within the coal sector. He pointed out that such support is vital for fostering a conducive business environment that can attract investments and facilitate smoother operations.

The Additional Secretary and Nominated Authority, Ministry of Coal, M Nagaraju highlighted the need to explore more coal block as there is surging demand of coal. He stressed that leveraging private investment and expertise is crucial for meeting the growing energy needs and ensuring steady coal supply to various industries. By opening more coal blocks for exploration and encouraging private participation will contribute the coal sector in achieving higher production targets.

The commencement of sale of tender document shall start from today i.e. June 21, 2024. Details of the mines, auction terms, timelines, etc. can be accessed on MSTC auction platform and website of Ministry of Coal. The auction shall be held online through a transparent two stage process, based on Percentage Revenue Share.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2026605

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2025297


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