Team Bizsol

GST: A functionality has now been made available on the GST Portal for taxpayers to file an application for rectification of orders issued under section 73/74  for wrong availment of ITC but where such ITC is now available as per the recently inserted sub-sections (5) and/or (6) of section 16 of the Act. They can …

GST: A functionality has now been made available on the GST Portal for taxpayers to file an application for rectification of orders issued under section 73/74  for wrong availment of ITC but where such ITC is now available as per the recently inserted sub-sections (5) and/or (6) of section 16 of the Act(07.01.2025) Read More »

DGFT: The DGFT has issued public notice to amend Para 6.06 (c)(ii) and Para 6.06 (c)(iii) of the Handbook of Procedures (HBP), 2023 to align with FTP 2023: Para 6.06 (c)(ii): The export obligation (EO) for imported tea and items under Chapter 9 of ITC(HS), including coconut oil, must be fulfilled within 6 months from …

DGFT: The DGFT has issued public notice to amend Para 6.06 (c)(ii) and Para 6.06 (c)(iii) of the Handbook of Procedures (HBP), 2023 to align with FTP 2023 (07.01.2025) Read More »

DGFT: The DGFT has issued a notification to permit export of Wheat to Nepal through National Cooperative Exports Limited (NCEL). [Notification No. 48/2024-25 dated 04.01.2025]

DGFT The DGFT has issued a notification to extend the condition of Minimum Import Price (MIP) on 13 ITC (HS) codes of Synthetic Knitted Fabrics from 01.01.2025 to 31.03.2026 if CIF value is less than 3.5 US Dollar per Kilogram which means import will be free if CIF value is 3.5 US dollar or above …

DGFT:The DGFT has issued a notification to extend the condition of Minimum Import Price (MIP) on 13 ITC (HS) codes of Synthetic Knitted Fabrics from 01.01.2025 to 31.03.2026 (07.01.2025) Read More »

Income Tax: The Central Board of Direct Taxes (CBDT) has notified ‘Karnataka State Horticulture Development Agency’ and ‘The Commissioners for the Rabindra Setu, Kolkata’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961. [Notification No. 4/2025 dated 03.01.2025]

Income Tax: The Central Government has exempted the Karnataka State Horticulture Development Agency (KSHDA) from income tax on specific income, including: Grants-in-aid from the Central and State Governments. Revenue from horticulture activities. Interest on bank deposits.   Conditions: KSHDA must not engage in commercial activities, its income and activities should remain unchanged, and it must …

Income Tax: The Central Government has exempted the Karnataka State Horticulture Development Agency (KSHDA) from income tax on specific income (07.01.2025) Read More »

Income Tax The Central Government has notified that a Unit of the International Financial Services Centre (IFSC) shall not be considered as a buyer for the purpose of section 206C(1H) in respect of the purchase of goods from a seller. [Notification No. 6/2025 dated 06.01.2025]

DGFT  DGFT has issued a notification to make an amendment in Foreign Trade Policy 2023 to include Para 1.07A and 1.07B for consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the Foreign Trade Policy. [Notification No. 47/2024-25 dated 02.01.2025]

Income Tax: The Central Government exempts income-tax deduction under Chapter XVII of the Income Tax Act on payments received by the National Credit Guarantee Trustee Company Limited and credit guarantee funds established and wholly financed by the Central Government, managed by the trustee company, as per Section 10(46B) of the Act. [Notification No. 1/2025 & …

Income Tax: The Central Government exempts income-tax deduction under Chapter XVII of the Income Tax Act on payments received by the National Credit Guarantee Trustee Company Limited and credit guarantee funds established and wholly financed by the Central Government, managed by the trustee company, as per Section 10(46B) of the Act. (03.01.2025) Read More »

Income Tax  The Central Board of Direct Taxes (CBDT) has specified that no tax deduction at source (TDS) under Section 194Q of the Income Tax Act, 1961, will be required for purchases made from units of International Financial Services Centers (IFSC), provided both buyers and sellers meet specific conditions. [Notification No. 3/2025 dated 02.01.2025]

Customs: The CBIC has issued circular to roll out Automated Out of Charge (OOC) for AEO-Tier 2 (T2) and Tier 3 (T3) clients to streamline customs clearance. Automated OOC will apply to Bills of Entry (BEs) that: Are not selected for examination/scanning or require any PGA NoC. Have completed assessment. Have completed OTP authentication for …

Customs: The CBIC has issued circular to roll out Automated Out of Charge (OOC) for AEO-Tier 2 (T2) and Tier 3 (T3) clients to streamline customs clearance.(02.01.2025) Read More »

Customs: The CBIC has issued a notification for fixation of Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Notification No. 88/2024-Customs (NT) dated 31.12.2024]

GST: The CBIC has issued circular to clarify that input tax credit may be available to the registered person on receipt of goods by the said registered person from the supplier at his (supplier’s) factory gate or business premises where the contract between the supplier and recipient is an Ex-Works contract. [Circular No. 241/35/2024-GST dated …

GST: The CBIC has issued circular to clarify that input tax credit may be available to the registered person on receipt of goods by the said registered person from the supplier at his (supplier’s) factory gate or business premises where the contract between the supplier and recipient is an Ex-Works contract. Read More »

GST: The CBIC has issued circular to clarify that transaction in vouchers would be treated neither as a “supply of goods” nor as a “supply of services. However, supply of underlying goods and/or services, for which vouchers are used as consideration or part consideration, may be taxable under GST. Also, the service fee/ service charge/ …

GST: The CBIC has issued circular to clarify that transaction in vouchers would be treated neither as a “supply of goods” nor as a “supply of services. However, supply of underlying goods and/or services, for which vouchers are used as consideration or part consideration, may be taxable under GST. (02.01.2025) Read More »

GST: The CBIC has issued a circular to clarify that when the services are supplied to an unregistered person, the place of supply of the said services shall be the location of the recipient, if his address is available on record, and shall be the location of the supplier if the address is not available …

GST: The CBIC has issued a circular to clarify that when the services are supplied to an unregistered person, the place of supply of the said services shall be the location of the recipient, if his address is available on record, and shall be the location of the supplier if the address is not available on record. In case of failure to record correct name of State of unregistered recipient of such supplies, he may be liable to penal action under the provisions of section 122(3)(e) of CGST Act.(02.01.2025) Read More »

GST: The CBIC has clarified that ECOs which are to liable to pay tax u/s 9(5) of CGST Act are not required to proportionately reverse ITC on inputs and input services, for supplies of restaurant & other services, covered u/s 9(5). However, the ECOs must pay tax liability under section 9(5) fully via cash ledger …

GST: The CBIC has clarified that ECOs which are to liable to pay tax u/s 9(5) of CGST Act are not required to proportionately reverse ITC on inputs and input services, for supplies of restaurant & other services, covered u/s 9(5). However, the ECOs must pay tax liability under section 9(5) fully via cash ledger but they can use ITC for tax on services supplied on their own account.(02.01.2025) Read More »

Income Tax: The Central Board of Direct Taxes has extended the last date for furnishing a belated return of income or for furnishing a revised return of income for the Assessment Year 2024-25 in the case of resident individuals from 31st December 2024 to 15th January 2025. [Circular No. 21/2024 dated 31.12.2024]

Income Tax: The Govt. has notified the interest rate for the small saving schemes for the 4th quarter of the Financial Year 2024-25. The interest rates for various Small Savings Schemes for the fourth quarter of FY 2024-25 (1st January 2025 to 31st March 2025) will remain the same as those notified for the third …

Income Tax: The Govt. has notified the interest rate for the small saving schemes for the 4th quarter of the Financial Year 2024-25.(02.01.2025) Read More »