K C Mehta & Co LLP

#KCMFlash Notification regarding constitution of GST Appellate Tribunal The Ministry of Finance has issued a new notification on July 31, 2024, superseding previous notifications to constitute the GST Appellate Tribunal (GSTAT) with effect from September 1, 2023. This update establishes the Principal Bench in New Delhi and 31 State Benches across various states and Union Territories. Some states will have multiple Benches or additional circuit benches based on appeal volumes. Despite these advancements, the GSTAT is yet to commence operations. The Union Budget 2024 proposes extending the appeal filing period, but the start date for this extension remains uncertain. The government’s proactive measures, such as appointing the GSTAT President and issuing the latest notification, offer hope for addressing the cases’ backlog. We have summarised the notification in our #KCMFlash. This Flash is contributed by Bhadresh Vyas and Pramod Humbe. Hope you find this an interesting read! KCM Knowledge & Solutions Team Dhaval Trivedi | Pranjal Borad #GST #Notification #GSTAT

India Budget 2024 - Detailed Analysis The wait is over! By now, all of you would have gone through the amendments proposed by Finance (No. 2) Bill 2024. We hope you enjoyed reading through our Synopsis and presentation. The wait is over as we bring to you the much awaited detailed & threadbare analysis of the proposals by K C Mehta & Co LLP alongwith an exhaustive insight on India’s State of Economy. We hope that as you read through the publication, you will come across certain nuances, niceties and finer perspectives and interpretations that create “that” spark! As you read through, enjoy certain moments of India’s glory at the Olympics over the years, covered in the book. Additionally, if you wish to receive the paperback version of this publication, please drop in your details at: https://lnkd.in/dYbQw8_m. This would not have been possible without the team members who burnt midnight oil and ensured that we are able to bring this to you within less than a week of the Budget announcement. On that note, let the Flame burn brighter, evoke thoughts and enjoy the not so “taxing” times ahead with our publication as you witness our athletes bring glory at the Olympics 2024! Happy reading, and of course, happy watching! Team KCM #IndiaBudget2024 #Economy #Tax #GST #Customs

#KCMInsight Dear Readers, We are pleased to present to you the latest edition of kcmInsight covering updates from various areas, viz. Corporate Tax, International Tax, Transfer Pricing and Corporate Laws. It covers various interesting issues such as allowability of low tax regime despite delay in filing Form 10IC, allowability of ESOP expenses, overruling of department multi-faceted PE trap, technical services taxable as business profits in absence of FTS clause, significant value addition prerequisite for negation of RPM under TP etc. It also covers recent tax updates from Georgia, Malaysia, Luxembourg etc. as well as Philippines court ruling in case of refund of cap gains tax erroneously paid. From a corporate law perspective, it covers RBI notifications in relation to FEMA Overseas Investment Directions, circular on international trade settlement in INR etc. and SEBI updates in relation to timelines for disclosure by social enterprises on SSE, investor charter for stock exchanges, eligibility criteria for launching options with commodity futures etc. This edition is contributed by: Corporate Tax – Bhavin Marfatia, Deepali Shah, Nikhita Bhamblani International Tax - Dhaval Trivedi, Dhwani Shah, Shradha Khemka, CA Pooja Shah, Vishal Sangtani, Pranjal Borad, CA Niyati Mistry Transfer Pricing – Stuti Trivedi, Nitin Chaudhary  Corporate Laws - Nitin Dingankar, CS Kajol Babani and Poorvi Jain We hope you find this edition an interesting read! KCM Knowledge & Solutions Team Dhaval Trivedi | Pranjal Borad #kcm #RBI #SEBI #Incometax #Internationaltax #DTAA #Transferpricing

Introducing #KCMCompass A new series of publication from KCM, offering periodic economic updates. Through this series, we aim to offer a detailed analysis of the period gone by from a macro-economic perspective, studying the performance of various important economic metrices, understanding the Government’s policies around the same, and analysing the impact of both on people and business. Since the Economic Survey and the Budget for the year is just out, we will be analysing the performance of the economy for the year 2023-24 in our first publication, and also try to understand how the Government has responded to the various issues and challenges in the Budget. We will deep dive into understanding the performance of each and every component of the GDP, the hits and misses, the reasons behind the same, and what is the way ahead. This segment has been contributed by Nirmit Mehta, Sanjana Mehta and Gaurav Sharma. We hope you find this an interesting read! KCM Knowledge & Solutions Team Dhaval Trivedi | Pranjal Borad

India Budget 2024 - KCM's Webinar Recording Link & Presentation KCM organised a webinar on India Budget 2024 on July 24, 2024, which was attended by our esteemed clients and connects from the industry, from the profession and also tax enthusiasts. We hope the viewers and listeners found the webinar and the content useful. For those would like to watch and listen to our speakers, here is a link to the recorded session - https://lnkd.in/dPuemNGB We are also happy to share the presentation with our LinkedIn connects to help them get an overview of various provisions of Direct Tax, GST & Customs. We hope this presentation shall bring to you, certain nuances and finer details! Happy viewing & reading! Team KCM #budget2024 #Indiabudget #tax #gst #customs #incometax

India Budget 2024 - Synopsis The Hon’ble Finance Minister of India presented the first Budget under newly elected (reelected) Government on July 23, 2024 wherein she put forth various proposals in Direct Tax, GST and Customs. From a complete revamp of Capital Gains Tax provisions to extremely critical changes in the GST Law, this Budget has given us a lot of material to ponder upon. Looking at the Budget, it appears that on one hand, the Government has decided to start a sprint on certain key areas and on the other, it has focussed on continuing on the racewalk towards achieving the long term objective of bringing clarity, certainty and consistency in various laws. Continuing what has become a tradition at KCM over the years, we have come up with Synopsis on India Budget 2024 which highlights key Direct & Indirect Tax proposals covered in Finance (No. 2) Bill, 2024. We shall come up with our most coveted publication – a detailed analysis of India Budget 2024, in a few days. We are always eager to hear from you on your feedback. Happy Reading! Team KCM #Budget2024 #IndiaBudget

India Budget 2024 - Synopsis The Hon’ble Finance Minister of India presented the first Budget under newly elected (reelected) Government on July 23, 2024 wherein she put forth various proposals in Direct Tax, GST and Customs. From a complete revamp of Capital Gains Tax provisions to extremely critical changes in the GST Law, this Budget has given us a lot of material to ponder upon. Looking at the Budget, it appears that on one hand, the Government has decided to start a sprint on certain key areas and on the other, it has focussed on continuing on the racewalk towards achieving the long term objective of bringing clarity, certainty and consistency in various laws. Continuing what has become a tradition at KCM over the years, we have come up with Synopsis on India Budget 2024 which highlights key Direct & Indirect Tax proposals covered in Finance (No. 2) Bill, 2024. We shall come up with our most coveted publication – a detailed analysis of India Budget 2024, in a few days. We are always eager to hear from you on your feedback. Happy Reading! Team KCM #Budget2024 #IndiaBudget

India Budget 2024 - KCM’s Virtual Symposium “Games wide open” - Well, that’s the slogan for 2024 Olympics starting on 26 July 2024! The statement stands equally true when we think of the expectations from India Budget 2024 to be presented by Hon’ble Finance Minister (FM) on 23 July 2024. Reports suggest that in this Budget, our FM shall lay a roadmap for India 2047. Even otherwise, considering even the recent political updates, it would be interesting to see the Direct & Indirect Tax proposals to be made by the Hon’ble FM today. We are all waiting to see if the proposals and / or the roadmap is / are actually “a Sprint or a Racewalk” by the Government in the right direction towards the desired objectives / destination. And what better timing to evaluate the run-up and the race, than just before start of Olympics 2024 as we witness our athletes give their all later this week! We at K C Mehta & Co LLP are delighted to invite you to an Online Symposium on India Budget 2024 where our Leadership will throw light on the Direct and Indirect Tax proposals, and of course, explain the nuances and niceties involved. So, gear up and register now: Date: 24 July 2024 Time: 04:00 PM onwards (India Time) Mode: Virtual (MS Teams) - link is available in the invite and also provided below for easy access Link: https://shorturl.at/DWKEA More details as you register. We look forward to hosting you at the event! Team KCM (Invite best viewed on handheld - download the invite pdf on your phone / laptop / computer and click on the register button in the invite) #budget #indiabudget #tax #directtax #indirecttax #webinar

#KCMFlash Draft Regulations and Master Direction – Export and Import of Goods and Services The Reserve Bank of India (RBI) has released draft regulations and a master direction on the export and import of goods and services for public feedback. The RBI's focus is shifting from detailed operational guidance to providing broad parameters, with AD Banks expected to create their internal policies for day-to-day management of foreign trade transactions. Key changes include broader guidelines for AD Banks to handle export and import transactions, the merging of export and import directions into one document, declaration of export of services, stricter rules for caution-listing exporters with overdue realizations etc. We have summarised the draft regulations and the changes with the extant regulations in our #KCMFlash. This Flash is contributed by Darshana Mankad and Nitin Dingankar. Hope you find this an interesting read! KCM Knowledge & Solutions Team Dhaval Trivedi | Pranjal Borad #RBI #Draft #import #export #regs

#KCMLens Presenting the very first KCMLens publication for sector specific business insights! In KCMLens, we pick one sector, outline the value chain of that sector, and offer a deep dive analysis of each segment of the value chain. Hence, KCMLens will be a series of publications, explaining each segment of the value chain and providing a holistic understanding of the entire sector. We all have observed an increase in the number of green license plates on the road. But does that observation correctly reflect the actual industry scenario? We shall now understand that by looking at facts and figures. In the 1st edition of KCMLens, we have picked Electric Vehicle (EV) sector. The EV series involves analysis of the EV value chain which primarily includes following segments: the Original Equipment Manufacturers (OEMs), the Battery & Cell Manufacturers and the Battery Recyclers (deliberately ignoring mining, extracting and refining segments of the value chain for focusing on the “EV Loop”). The EV Series-Volume 1 is a deep dive analysis of the EV OEM segment, where we would understand EV OEM market, key players & their strategies, customer needs and behavior, regulations involved, government support available and various developments in the EV OEM segment. This segment has been contributed by Nirmit Mehta, Sanjana Mehta and Gaurav Sharma. We hope you find this an interesting read! Team KCM #ev #oem #valuechain