Team Bizsol

Customs The CBIC has issued a notification that seeks to impose anti-dumping duty on imports of “Unframed glass mirror” falling under tariff item 7009 91 00 originating in or exported from China PR for a period of 5 years. [Notification No. 18/2024-Customs (ADD) dated 21.10.2024]

The CBIC has issued a notification to clarify on certain aspects of origin procedures under free trade agreements (FTAs). The Board has addressed challenges in import clearance related to third-party invoicing under the ASEAN-India FTA (AIFTA). Key points include concerns about origin status discrepancies between Certificates of origin (COOs) and invoices, the validity of third-party …

Customs: The CBIC has issued a notification to clarify on certain aspects of origin procedures under free trade agreements (FTAs).(22.10.2024) Read More »

The Central Board of Direct Taxes (CBDT) has notified ‘West Bengal Pollution Control Board’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The notification shall be effective for the AY 2015-16 subject to the certain conditions. [Notification No. 117/2024/F. No. 300196/27/2022-ITA-I(Pt.1) dated 18.10.2024]  

Income Tax The Central Board of Direct Taxes (CBDT) has notified the tolerance range while calculation of Arm’s length price as per section 92C to be 1 per cent for wholesale trading and 3 per cent in all other cases for assessment year 2024-25. “wholesale trading” means an international transaction or specified domestic transaction of …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified the tolerance range while calculation of Arm’s length price as per section 92C to be 1 per cent for wholesale trading and 3 per cent in all other cases for assessment year 2024-25. “wholesale trading” means an international transaction or specified domestic transaction of trading in goods, which fulfils certain conditions.(19.10.2024) Read More »

DGFT The DGFT has issued Trade notice which provides that, a new electronic system allows Certifying Authorities (e.g., Charted Accountants, Company Secretaries, Cost Accountants, Chartered Engineers, etc.) to digitally sign and upload Appendix 4H certificates via the DGFT website. Exporters can submit Appendix 4H forms online, which are verified and signed by Certifying Authorities using …

DGFT: The DGFT has issued Trade notice which provides that, a new electronic system allows Certifying Authorities (e.g., Charted Accountants, Company Secretaries, Cost Accountants, Chartered Engineers, etc) to digitally sign and upload Appendix 4H certificates via the DGFT website.(18.10.2024) Read More »

GST The GSTN has issued additional FAQs on IMS. [New & Updates from GST portal dated 17.10.2024]

Customs The CBIC has issued instruction to implement retrospective issuance of certificates of origin under India-UAE CEPA under exceptional situations. [Instruction No. 21/2024- Customs dated 16.10.2024]

Customs The CBIC has issued instruction to implement Agreement ” signed between FSSAI, Ministry of Health and Family Welfare, Government of India and Bhutan Food and Drug Authority (BFDA). The agreement aims to recognize the official control exercised by BFDA on Food Business Operators (FBOs) as equivalent to FSSAI’s requirement and the BFDA shall issued …

Customs: The CBIC has issued instruction to implement Agreement ” signed between FSSAI, Ministry of Health and Family Welfare, Government of India and Bhutan Food and Drug Authority (BFDA).(18.10.2024) Read More »

GST Tentatively from January 2025 tax period, the GST Portal is going to restrict making changes in auto-populated values in pre-filled GSTR-3B from GSTR-1/1A/IFF or GSTR-2B to further enhance accuracy in return filing system. It is once again suggested hereby that in case any change is required in auto-populated values, the same may please be …

GST: Tentatively from January 2025 tax period, the GST Portal is going to restrict making changes in auto-populated values in pre-filled GSTR-3B from GSTR-1/1A/IFF or GSTR-2B to further enhance accuracy in return filing system. It is once again suggested hereby that in case any change is required in auto-populated values, the same may please be handled through GSTR-1A or IMS.(17.10.2024) Read More »

The CBDT has amended Rule 31AA to include a new clause (viii). The new clause requires the collector to furnish particulars of amount received or debited on which tax was not collected or tax was collected at a lower rate in view of any notification issued under section 206C(12). In addition, Rule 37-I has been …

Income Tax: The CBDT has amended Rule 31AA to include a new clause (viii). The new clause requires the collector to furnish particulars of amount received or debited on which tax was not collected or tax was collected at a lower rate in view of any notification issued under section 206C(12).(17.10.2024) Read More »

Income Tax The Central Government has specified that no collection of tax shall be made under section 206C(1F) of the Income Tax Act, 1961 on any payment received from the Reserve Bank of India. This notification shall come into force from 16.10.2024. [Notification No. 115/2024/F. No. 370142/21/2024-TPL dated 16.10.2024]

Customs  The Central Board of Indirect Taxes (CBIC) has issued a notification to amend the tariff values of palm oil, soya bean oil, brass scrap, gold, silver, and areca nuts. [Notification No. 66/2024-CUSTOMS (N.T.) dated 15.10.2024]  

The Central Board of Direct Taxes (CBDT) has notified new Form 12BAA, which is to be submitted to the employer deducting tax on salary income. This new form incorporates the amendments brought by the Finance (No. 2) Act, 2024, permitting the credit of all taxes deducted or collected in the employee’s name. [No. 112/2024/F. No. …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified new Form 12BAA, which is to be submitted to the employer deducting tax on salary income.(16.10.2024) Read More »

The Central Board of Direct Taxes (CBDT) has notified the seventh amendment to Form 10A and Form 10AB. The amendment is effective from 01-10-2024 and applies retrospectively. The amendment is made to provide clarity on the information to be furnished in the application for registration under section 12A, 10(23C), and 80G. [Notification No. 111/2024/ F.No.370142/20/2024-TPL …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified the seventh amendment to Form 10A and Form 10AB.(16.10.2024) Read More »

Income Tax  The Central Board of Direct Taxes (CBDT) has issued a Guidance Note in the form of Frequently Asked Questions (FAQs) to facilitate the various queries raised by the stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024. [Circular No. 12 of 2024 dated 15.10.2024]

The CBIC has issued circular to clarify doubts and ensure uniformity in the implementation of Section 128A of the CGST Act, 2017. The circular also provides guidelines relating to filing of application, payment of tax etc. for waiver of interest or penalty or both under Section 128A. [CIRCULAR NO. 238/31/2024-GST dated 15.10.2024]  

The CBIC has issued circular to clarify the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act, 2017. It also explains the procedure of filing an application for rectification of an order issued under section 73 or section 74 of the CGST Act. [CIRCULAR NO. 237/31/2024-GST dated …

GST: The CBIC has issued circular to clarify the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act, 2017.(16.10.2024) Read More »

Invoice Management System (IMS) is made available to taxpayers. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). Taxpayers can make use of this system to take action on the invoices reflecting on IMS from 14th Oct 2024. The …

GST: Invoice Management System (IMS) is made available to taxpayers.(16.10.2024) Read More »

GST GSTIN has issued Important advisory for GSTR-9/9C -Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal. Further, a …

GST: GSTIN has issued Important advisory for GSTR-9/9C -Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal.(16.10.2024) Read More »