Customs Clarification has been issued wr.r.t. applicability of BCD date on Display Assembly and parts required for manufacture of Display Assembly of a cellular mobile phone. [Circular No. 06/2024-Cus. dated 7 June 2024]
GST The Bombay High Court has quashed the show cause notice (SCN) demanding GST on ocean freight on transportation of goods from outside India. The bench of Justice G. S. Kulkarni and Justice Firdosh P.Pooniwalla has relied on the decision of the Supreme Court in the case of Mohit Minerals and observed that the verdict …
GST: Detention of Goods on valuation and identification of owner in case goods are accompanied invoice movement in with the movement –The High Court held that value of the supply of goods is clear from the transaction value as indicated in the tax invoice which is on record and there being nothing on record to …
Income Tax : In the Form No. 27Q TDS return for payments to NRI note 7A is inserted as “Write “P” if lower deduction or no deduction is in view of notification issued under sub-section (1F) of section 197A which shall come into force from 1st July 2024”. [Notification no:15/2024-25 dated 5 June 2024]
DGFT: Department of Chemicals & Petro-chemicals have been added in the list of Ministries / Departments under Appendix 2Y for exempting mandatory Quality Control Orders (QCOs) for import of inputs by Advance Authorisation holders, EOU and SEZ. [Public Notice No:10/2024 dated 6 June ,2024]
DGFT: Appendix 4F is amended to simplify the procedure & reduce compliance burden for applying EODC in case of deemed export. [Public Notice No:09/2024 dated 6 June ,2024]
DGFT: Time period for the export of Broken rice to Senegal and Gambia is extended for further 6 months i.e. till 30th November 2024. [Notification no:15/2024-25 dated 5 June ,2024]
DGFT: Para 2.31(1 (b)) of the Foreign Trade Policy, 2023, Para 2 (C) of the General Notes regarding Import Policy and Policy conditions 2 of chapter 84, Policy Condition no. 5 & 7 of chapter 85 and Policy Condition no. 1 of chapter 94 of Import Policy (schedule 1) ITC HS 2022 have been amended …
Excise: Special Additional Excise Duty on production of Petroleum Crude Reduced to ₹5,700 per Tonne from 16.05.2024. [Notification No 14/2024-Central Excise dated 15.05.2024]
Customs: Central Pollution Control Board (CPCB) has informed to release of imported consignments of producers of all the notified EEE items (106 EEEs items) after taking an undertaking as per prescribed format along with the proof of submission of the said undertaking to CPCB at the email till 30.06.2024. . [Instruction No 14/2024-Customs dated 17.05.2024]
Customs: As per Hazardous and Other Waste (Management and Transboundary Movement) Second Amendment Rules, 2023 dated 18.09.2023, effective from 1.04.2024, the Producers (who includes the Importers) involved in import of Base Oil/Lubrication Oil as well as Other Oils (used as lubricants) are required to obtain the registration from Central Pollution Control Board (CPCB) through online portal. …
Customs: Anti-dumping duty imposed on import of ‘Pentaerythritol’ from China PR, Saudi Arabia and Taiwan for 5 years. [Notification No 08/2024 – Customs (ADD) dated 16.05.2024]
Company Law Last date of filing of Form No. LLP BEN-2 and LLP Form No. 4D under the Limited Liability Partnership is further extended till 01.07.2024. [General Circular No 3/2024 dated 07.05.2024]
DGFT: Inputs imported by Advance Authorisation holders, EOUs and SEZ are exempted from mandatory Quality Control Orders (QCOs). Accordingly, list of Ministries / Departments [ i.e. Ministry of Steel, Department for Promotion of Industry and Internal Trade (DPIIT) and Ministry of Textiles] are notified in Appendix 2Y of FTP, 2023 vide Notification No. 71/2023 dated …
DGFT: Ministry of Mines have been added in the list of Ministries/Departments under Appendix 2Y (The list of Ministries/Departments whose notifications on mandatory Quality Control Orders (QCOs), that are exempted by the DGFT for goods to be utilised/consumed in manufacture of export products) of FTP, 2023, with immediate effect. [Public Notice No 04/2024-25 dated 10.05.2024] …
DGFT: Provisions relating to the payment of 10% of CIF value and 3% of shortfall in FOB value amounts specified in Para 4.49(a) (ii) and 4.49(b) respectively of Handbook of Procedures, 2023 are applicable only in cases where Advance Authorization is issued on or after 01.04.2023. [Policy Circular No. 02/2024-25 dated 03.05.2024]
DGFT: The SIONs as at Annexure “A” of this public notice have been observed to be inoperative over the last 5 years and the same shall be suspended with immediate effect. [Public Notice No. 03/2024-25 dated 03.05.2024]
DGFT: Import of Yellow Peas under ITC(HS) Code 07131010 is “Free” without the MIP condition and without Port restriction, subject to registration under online Import Monitoring System, with immediate effect for all import consignments where Bill of Lading (Shipped on Board) is issued on or before 31.10.2024. [Notification No. 12/2024-25 dated 06.05.2024]
DGFT: The export of 14,000 MT of Non-Basmati White Rice to Mauritius has been permitted through National Cooperative Exports Limited (NCEL). [Notification No. 11/2024-25 dated 06.05.2024]
DGFT: The export policy of Onions is amended from ‘prohibited’ to ‘free” subject to MEP of USD 550 per Metric Ton (MT) with immediate effect and until further orders. [Notification No. 10/2024-25 dated 04.05.2024]
