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Budget 2024 Updates

Pax plane crashes with 23 onboard at Kathmandu airportINDIA bloc boycotts Parliament; says Budget is discriminatoryI-T- Re-assessment - additions quashed as assessee given fresh opportunity to adduce evidence; nevertheless, assessee failed to participate in hearing despite multiple notices - costs of Rs 40000/- imposed on assessee: HCCX - Final product is copper cathodes and not sulphuric acid, which is a by-product - Oxygen gas captively consumed in manufacture of sulphuric acid is entitled to exemption in terms of notification 67/95-CE: HCGST - Same input and output supplies though attracting different tax rates at different points of time - Since para 3.2 of Circular 135 has been struck down as ultra vires, refund to be extended: HCGST - Demand confirmed since petitioner failed to file a reply - Petitioner can be given one opportunity to explain subject to they depositing 25% of disputed tax from its Electronic Cash register: HCGST - Petitioner's assertion that the ITC available in GSTR-2A exceeds that availed of in GSTR-3B was not considered - Matter remanded; bank attachment lifted: HCGST - Legitimate trade and commerce by every supplier should be allowed to be carried on subject to payment of tax and statutory compliance - Registration to be revived: HCGST - Petitioner unaware of SCNs and the orders passed - Subject to petitioner depositing 25% of disputed tax, matter remanded: HCTaxonomy is not about taxesBudget for Vikasit BharatI-T- Re-assessment invalidated where AO fails to record reasons for re-opening assessment & omits to apply mind before issing notice: ITATWill the Old Tax Regime be Consigned to A Margadarshak Role?I-T - Merely because there were rates differential amongst purchases from different vendors, it cannot be sole reason to infer over-invoicing / inflation of purchases: ITATGSTAT to deal with Anti-Profiteering casesI-T- Proceeds from sale of unsold lottery tickets lying with assessee who is engaged as dealer of lottery tickets, is to be construed as business income : ITATDepartment of Posts releases beta version of DIGIPIN for public commentsI-T-Business loss incurred by the assessee after exclusion of price money from net profit is eligible for set off against winning from lotteries under section 71 of the Act: ITATGovt issues Guidelines for 'Incentives to DISCOMs'I-T- Provisions of Section 44AE cannot be applied to an assessee whose contractor engaged in leasing vehicles owns less than 10 vehicles: ITATGovt has taken initiatives to promote exploration and processing of critical mineralsCX - Since goods have been imported and received at factory of appellant, photocopies of Bills of Entry are supported by certificate for loss of original as well as certificate issued by customs authorities for payment of duty, appellant is eligible for credit: CESTATMajor steps taken for Water Conservation and Rainwater HarvestingST - As per CBEC Circular No. 555/51/2000-CX.1 dated 19.10.2000, where amended provision u/s 11A is invoked to demand duty, it will have retrospective operation: CESTATJuly 21 (Sunday) was hottest day on earth since Ice Age: ScientistsRajasthan gets new industrial park in Union BudgetOver 200 killed in landslides in EthiopiaMacron to retain caretaker govt till OlympicsRepublicans at pain as Harris takes over Biden’s campaign fundsTN Chief Minister to boycott NITI Aayog Saturday meeting as TN gets nothing from BudgetBudget 2024 promotes New income tax regime; offers new tax slabs as sopBudget bonanza for MSMEs - Easier access to credit; boosting export capacityThe GST Summons: A relative can appear!Conditions for revocation of cancellation of registration - May be, maybe not!Benami Act: Immunity can now be withdrawn on IO report
 
Govt has taken initiatives to promote exploration and processing of critical minerals

 

By TIOL News Service

NEW DELHI, JULY 24, 2024: CENTRAL Government has amended the Mines and Minerals (Development and Regulation) Act, 1957 through the MMDR Amendment Act, 2023 with effect from 17.08.2023. Through the said amendment, the Central Government has been empowered to exclusively auction mining lease and composite licence for 24 critical and strategic minerals listed in the Part-D of the First Schedule to the said Act. 

Ministry of Mines, Government of India has successfully auctioned 14 blocks of critical and strategic minerals. Besides auction of critical minerals by the Central Government, in order to further boost exploration of critical and deep-seated minerals, a new mineral concession namely, Exploration Licence has been introduced for 29 deep-seated minerals mentioned in the newly inserted Seventh Schedule to the MMDR Act.  The exploration licence granted through auction shall permit the licencee to undertake reconnaissance and prospecting operations for these minerals on receipt of revenue share once mining starts in the explored blocks. Ministry has given thrust on the enhancement of the exploration program for the critical minerals.

Accordingly, during the last three years GSI had taken up 368 mineral exploration projects on various critical and strategic minerals. During the current FS 2024-25, GSI has taken up 196 mineral exploration projects to assess the mineral potential of various critical and strategic minerals across the country. Out of 393 projects sanctioned by NMET, 122 projects are of critical minerals.  In order to encourage private participation in exploration, Ministry of Mines has notified 22 private exploration agencies (NPEAs). These agencies are taking up exploration projects through NMET. National Mineral Exploration Trust (NMET) has issued two schemes for partial reimbursement of exploration expenses for holders of Composite Licences and Exploration licences. Under these Schemes, up to 50% of the exploration expenditure incurred by the licence holders are reimbursed.

In 2023, enlarging the scope of the S&T program "Promotion of Research and Innovation in Start-ups and MSMEs in mining, mineral processing, metallurgy and recycling sector (S&TPRISM)" was introduced to fund research and innovation in starts up and MSME to bridge the gap between R&D and commercialisation. During 2024, under R&D Component of Science and Technology Programme of Ministry of Mines, 10 R & D Projects related to extraction, recovery and recycling of critical minerals have been approved for taking up through various Indian Institutes and research laboratories. 


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