Team Bizsol

Income Tax: The CBDT has notified that under the Vivad se Vishwas Scheme, appeals filed after 22-07-2024 will be treated as pending if the order was passed on or before that date, the appeal period was available as of 22-07-2024, and the appeal was filed within the permitted time without a delay condonation application. [Notification …

Income Tax:The CBDT has notified that under the Vivad se Vishwas Scheme, appeals filed after 22-07-2024 will be treated as pending if the order was passed on or before that date, the appeal period was available as of 22-07-2024, and the appeal was filed within the permitted time without a delay condonation application.(21.01.2025) Read More »

GST Compensation cess  The CBIC has issued notification to provide that the compensation cess shall be reduced to 0.1% on supplies made to merchant exporters, subject to fulfilment of certain conditions. [No.  01/2025-Compensation Cess (Rate) dated 16.01.2025]

GST: The CBIC has amended Notification No. 01/2017-Central Tax (Rate) to provide that 5% GST shall be levied on Fortified Rice Kernel (FRK) under HSN 1904. Also, the definition of ‘pre-packaged and labelled’ has been amended to cover all commodities that are intended for retail sale and containing not more than 25 kg or 25 …

GST: The CBIC has amended Notification No. 01/2017-Central Tax (Rate) to provide that 5% GST shall be levied on Fortified Rice Kernel (FRK) under HSN 1904.(17.01.2025) Read More »

GST: The CBIC has issued notification to provide that no GST shall be levied on gene therapy and it would be exempt with immediate effect. [Notification No. 02/2025-Central Tax (Rate) dated 16.01.2025]

GST: The CBIC has issued notification to provide that 5% GST shall be levied on food inputs of food preparations under HSN 19 or 21 that are supplied for food preparations intended for free distribution to economically weaker sections under a government program subject to the existing conditions. [Notification No. 03/2025-Central Tax (Rate) dated 16.01.2025]

GST: The CBIC has issued notification to provide that 18% GST shall be levied on margin of sale of all old and used vehicles if the supplier of such goods has not availed input tax credit. [Notification No. 04/2025-Central Tax (Rate) dated 16.01.2025]  

GST: The CBIC has issued notification to amend the definition of specified premises (from the services rate and exemption notifications) to link it with actual value of supply of any unit of accommodation provided by the hotel and to make the rate of GST applicable on restaurant services in such hotels, for a given financial …

GST: The CBIC has issued notification to amend the definition of specified premises (from the services rate and exemption notifications) to link it with actual value of supply of any unit of accommodation provided by the hotel and to make the rate of GST applicable on restaurant services in such hotels, for a given financial year, dependent upon the ‘value of supply’ of units of accommodation made in the preceding financial year.(17.01.2025) Read More »

GST: The CBIC has issued notification to provide that no GST shall be levied on services of insurance provided by the Motor Vehicle Accident Fund against contributions made by insurers out of the premiums collected for third party insurance of motor vehicles. [Notification No. 06/2025-Central Tax (Rate) dated 16.01.2025]

GST: The CBIC has issued a notification to amend RCM Notification No. 13/2017-Central Tax (Rate) and now sponsorship services provided by the body corporates would be under Forward Charge Mechanism. Also, taxpayers registered under composition levy scheme are excluded to pay GST under RCM on renting of any commercial/ immovable property (other than residential dwelling). …

GST: The CBIC has issued a notification to amend RCM Notification No. 13/2017-Central Tax (Rate) and now sponsorship services provided by the body corporates would be under Forward Charge Mechanism.(17.01.2025) Read More »

GST The CBIC has issued a notification to substitute definition of “Specified Premises” in the explanation (c) to section 9(4)(iv) of CGST Act 2017, as follows: “specified premises” has the same meaning as assigned to it in clause (xxxvi) of paragraph 4 of notification number11/2017-Central Tax (Rate) dated 28.06.2017. The notification shall be effective from …

GST: The CBIC has issued a notification to substitute definition of “Specified Premises” in the explanation (c) to section 9(4)(iv) of CGST Act 2017 (17.01.2025) Read More »

Customs  The CBIC has issued a notification to replace The Sea Cargo Manifest and Transshipment Regulations, 2018 with The Sea Cargo Manifest and Transshipment (First Amendment) Regulations, 2025. [Notification No. 02/2025-Customs (N.T.) dated 15.01.2025]  The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver as …

Customs: The CBIC has issued a notification to replace The Sea Cargo Manifest and Transshipment Regulations, 2018 with The Sea Cargo Manifest and Transshipment (First Amendment) Regulations, 2025.(16.01.2025) Read More »

Income Tax The Central Board of Direct Taxes (CBDT) has notified ‘Central Power Research Institute (CPRI), Bengaluru’ as ‘Research Association’ for the purpose of section 35(1)(ii) of the Income-tax Act, 1961. The notification is applicable for AY 2025-26 to AY 2029-30. [Notification No. 07/2025/F. No. 203/20/2024/ITA-II dated 14.01.2025]

DGFT: The DGFT has issued a public notice to notify Standard operating procedure/ Guidelines for voluntary disclosures of non compliance/ Violations related to Export of SCOMET regulations. [Public Notice No. 40/ 2024-25 dated 15.01.2025

DGFT  The DGFT has issued a public notice to amend Para 4.73 of HBoP-2023 to include GIA Laboratory, DMCC, Dubai, UAE in the list of authorized laboratories for certification / grading of diamonds of 0.25 carat and above. [Public Notice No. 41/ 2024-25 dated 15.01.2025]

GST: The GSTN has issued an update to inform that he Draft GSTR-2B for the month of December 2024 (Quarter Oct-Dec 2024) will now be generated on 16th January 2025 in accordance with the rule 60 of CGST Rules, 2017. [GSTN advisory dated 14.01.2025]

GST The GSTN has issued an update to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications under waiver scheme. However, for the appeal applications (APL 01) filed before 21.03.2023, withdrawal option is not available in GST portal. For …

GST: The GSTN has issued an update to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications under waiver scheme.(15.01.2025) Read More »

DGFT The DGFT has issued a notification to update Schedule-II (Export Policy) of ITC(HS) 2022 in line with the Finance Act 2024, effective from 16.08.2024. It includes revised export policies for ITC(HS) codes and updated General Notes to Export Policy, both available on the DGFT website. The changes are effective immediately. [Notification No.50/2024-25 dated 13.01.2025]  …

DGFT: The DGFT has issued a notification to update Schedule-II (Export Policy) of ITC(HS) 2022 in line with the Finance Act 2024, effective from 16.08.2024.(14.01.2024) Read More »

GST: The CBIC has issued instruction to amend the earlier guidelines regarding arrest and bail under GST and it is provided that grounds of arrest must be explained to the arrested person and also furnished to him in writing. [Instruction No. 01/2025-GST dated 13.01.2025]

GST:   The CBIC has issued notification to extend the time limit for furnishing the return GSTR-8 till 12th January 2025. [Notification No. 06/2025 – Central Tax dated 10.01.2025]   The CBIC has issued notification to extend the time limit for furnishing the return GSTR-7 till 12th January 2025. [Notification No. 05/2025 – Central Tax …

GST: The CBIC has issued notification to extend the time limit for furnishing the GST returns (13.01.2025) Read More »