Team Bizsol

GST: The CBIC has issued circular to clarify that no GST is payable on the penal charges levied by Regulated Entities; GST exemption is available to RBI regulated Payment Aggregators (Pas) up to two thousand rupees in a single transaction and payment of GST on services provided by Training Partners approved by NSDC is regularized …

GST : The CBIC has issued circular to clarify that no GST is payable on the penal charges levied by Regulated Entities; GST exemption is available to RBI regulated Payment Aggregators (Pas) up to two thousand rupees in a single transaction and payment of GST on services provided by Training Partners approved by NSDC is regularized for the period 10.10.2024 to 15.01.2025, on ‘as is where is’ basis. (29.01.2025) Read More »

GST :  The CBIC has issued circular to provide that payment of GST on co-insurance premium apportioned by lead insurer to co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer is regularized for the period 01.07.2017 to 31.10.2024, on ‘as is where is’ basis. [Circular No. …

GST : The CBIC has issued circular to provide that payment of GST on co-insurance premium apportioned by lead insurer to co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer is regularized for the period 01.07.2017 to 31.10.2024, on ‘as is where is’ basis. (29.01.2025) Read More »

DGFT :  The DGFT has issued a public notice to make an amendment in handbook of procedures to notify procedure for implementation of E-certificate of origin. Provisions for in-lieu certificate of origin (Non-Preferential) and back-to-back certificate of origin (Non-Preferential) are also notified. [Public Notice No. 43/2024-25 dated 27.01.2025]

Income Tax :  The Central Board of Direct Taxes (CBDT) has approved “Shri Chaitanya Health and Care Trust” for its unit “Bhakti vedanta Hospital & Research Institute” for the purpose of section 35(1)(ii). The approval is granted for the purpose of scientific research under the category of “University, college or other institution”. [Notification No. 11/2025 …

Income Tax : The Central Board of Direct Taxes (CBDT) has approved “Shri Chaitanya Health and Care Trust” for its unit “Bhakti vedanta Hospital & Research Institute” for the purpose of section 35(1)(ii). The approval is granted for the purpose of scientific research under the category of “University, college or other institution”. (28.01.2025) Read More »

Income Tax :  The Central Board of Direct Taxes (CBDT) has notified new Rules 2DAA & 21ACA to provide conditions for the Venture Capital Fund for the clause (23FB) of section 10 and conditions and activities for the Finance Company located in any International Financial Services Centre for section 94B. [Notification No. 10/2025 dated 27.01.2025]

GST : The GSTN has issued an advisory to provide a new option for generating E-Way Bills (EWB) for gold has been introduced in the EWB system, effective from January 20, 2025. This feature has been made available to facilitate taxpayers in Kerala State to generate EWB for goods classified under Chapter 71, excluding Imitation …

GST : The GSTN has issued an advisory to provide a new option for generating E-Way Bills (EWB) for gold has been introduced in the EWB system, effective from January 20, 2025. (27.01.2025) Read More »

Central Excise  The CBIC has issued a notification to appoint & empower certain central excise officers to handle appeals under the Central Excise Act, 1944 and the Finance Act, 1994. This pertains to appeals filed on or after July 1, 2017, with the Commissioner of Central Excise and Service Tax (Appeals). [Notification No. 01/2025 – …

Central Excise: The CBIC has issued a notification to appoint & empower certain central excise officers to handle appeals under the Central Excise Act, 1944 and the Finance Act, 1994.(24.01.2025) Read More »

GST: The CBIC has issued notification to waive the amount of late fee for delayed filing of Form GSTR-9C, which is in excess of the amount of late fee payable till the date of filing of Form GSTR-9 for the financial years 2017-18 to 2022-23, provided the said Form GSTR-9C is filed on or before …

GST: The CBIC has issued notification to waive the amount of late fee for delayed filing of Form GSTR-9C, which is in excess of the amount of late fee payable till the date of filing of Form GSTR-9 for the financial years 2017-18 to 2022-23, provided the said Form GSTR-9C is filed on or before 31-03-2025(24.01.2025) Read More »

GST The CBIC has issued Central Goods and Services Tax (Amendment) Rules, 2025 to introduce FORM GST REG-12 for grant of temporary identification number to person who is not liable to registration but is required to make any payment under the provisions of the GST Act. [Notification No. 07/2025 – CENTRAL TAX dated 23.01.2025]

DGFT The DGFT has issued a notification which provides that import of ‘Glufosinate and its salts’ (Purity — Minimum 95% w/w) is “Restricted” for CIF value below Rs. 1289/- per Kg. However, import of `Glufosinate and its salts’ is `Free’ if CIF value is Rs. 1289/- per Kg and above. [Notification No. 54 /2024-25   dated …

DGFT: The DGFT has issued a notification which provides that import of ‘Glufosinate and its salts’ (Purity — Minimum 95% w/w) is “Restricted” for CIF value below Rs. 1289/- per Kg. However, import of `Glufosinate and its salts’ is `Free’ if CIF value is Rs. 1289/- per Kg and above.(24.01.2025) Read More »

The Ministry of Finance issued an order to address issues under the Direct Tax Vivad Se Vishwas Scheme, 2024, for cases where appeals were filed after 22nd July 2024 but within the prescribed time limit. The order states that: The appeal will be considered pending as of 22nd July 2024. The person will be treated …

Income Tax : The Ministry of Finance issued an order to address issues under the Direct Tax Vivad Se Vishwas Scheme, 2024, for cases where appeals were filed after 22nd July 2024 but within the prescribed time limit. (24.01.2025) Read More »

The Central Board of Direct Taxes (CBDT) has inserted new rule 6GB prescribing the conditions for non-residents to be engaged in the business of operation of cruise ships for section 44BBC. [Notification No. 09/2025 dated 21.01.2025]

The Central Board of Direct Taxes (CBDT) has issued a circular to provide clarity and certainty on the application of the Principal Purpose Test (PPT) provision under India’s DTAAs. The Board has clarified that the PPT provision is intended to be applied prospectively under the India’s DTAAs. [Circular No. 01/2025 dated 21.01.2025]

DGFT: The DGFT has issued a Policy Circular to provide relief under the EPCG Scheme for exporters in sectors where export performance has declined by more than 5% compared to the previous year (2022-23). According to Para 5.17(a) of the Hand Book of Procedures (HBP) for FTP 2023, the Average Export Obligation (EO) for affected …

DGFT: The DGFT has issued a Policy Circular to provide relief under the EPCG Scheme for exporters in sectors where export performance has declined by more than 5% compared to the previous year (2022-23)(22.01.2025) Read More »

DGFT: The DGFT has issued a public notice to outline procedure for implementing “Diamond Imprest Authorisation (DIA) scheme”. [Public Notice No. 42/ 2024-25 dated 21.01.2025]

DGFT: The DGFT has issued a notification to introduce “Diamond Imprest Authorisation (DIA) scheme” under chapter 4 of Foreign, Trade policy 2023 to boost exports of diamonds from India. The scheme will be implemented from 01.04.2025. [Notification No. 53/ 2024-25 dated 21.01.2025]

Income Tax: The Central Board of Direct Taxes (CBDT) has inserted new rule 6GB prescribing the conditions for non-residents to be engaged in the business of operation of cruise ships for section 44BBC. [Notification No. 9 /2025 dated 21.01.2025]

DGFT: The DGFT has issued a notification to amend the export policy for Agarwood (Aquilaria Malaccensis) and its by-products (chips, powder, and oil) obtained from artificially propagated source. Key changes include: Increased Export Limits (2024-2027): Agarwood Chips and Powder: Increased from 25,000 kg to 1,51,080 kg per year. Agar Oil: Increased from 1,500 kg to …

DGFT: The DGFT has issued a notification to amend the export policy for Agarwood (Aquilaria Malaccensis) and its by-products (chips, powder, and oil) obtained from artificially propagated source.(21.01.2025) Read More »

DGFT The DGFT has issued a notification to extend ‘Free Import Policy’ for “Tur/Pigeon Peas (Cajanus / Cajan) falling under ITC HS 0713 60 00 till 31.03.2026. [Notification No. 51/2024-25 dated 20.01.2025]

DGFT: The DGFT has issued a notification to extend ‘Free Import Policy’ for “Tur/Pigeon Peas (Cajanus / Cajan) falling under ITC HS 0713 60 00 till 31.03.2026. [Notification No. 51/2024-25 dated 20.01.2025]