Income Tax: CBDT notified the agreement made with The Republic of Chile for the Elimination Of Double Taxation and the Prevention of Fiscal Evasion and Avoidance with respect to Taxes on Income. [[Notification No. 24/2023 dated 3 May 2023]
FTP / DGFT: Import of Apples (HSN 08081000) is Prohibited if CIF value of import is less than or equal to Rs. 50 per kg. Condition of minimum import price shall not be applicable to imports from Bhutan. [Notification No. 5/2023 dated 8 May 2023]
GST: Countervailing duty is imposed on imports of Saturated Fatty Alcohols of Carbon Chain length C10 to C18 and their blends originating in or exported from Indonesia Malaysia and Thailand for a period of 5 Years. [Notification No. 01/2023-Customs(CVD) dated 04 May 2023]
Others: Insurance Regulatory and Development Authority of India (IRDA) issued draft Guidelines on Remuneration of Non-Executive Directors & KMPs of Private Sector Insurers. [IRDAI/F&I/Cir. No Date: 02 May 2023]
GST GSTAT not yet functional and thus Hon’ble High Court of Rajasthan and Orissa in two different judgments granted stay on GST demand subject to payment of 20% tax and ordered that no coercive steps shall be taken against the petitioner for recovery of dues. Calcutta High Court held that Carrying of physical Copy of …
GST High Court of Punjab & Haryana held that amount deposited during search cannot be taken to be voluntary and since no proceedings u/s 74(1) have been initiated, amount is to be refunded with interest Customs CESTAT Delhi held that amount deposited by assessee during investigation can only be called as deposit and since the …
Bizsol Update for the month May 2023 From the Desk of Chairman Article on ‘Cast Away the Cast System- When Dr. B.R. Ambedkar Made a Clarion Call to the Society to Reform Itself’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. Changes in GST, FTP, Central Excise, Customs, Income Tax, Service Tax, MVAT, Company …
On 14th of April, just a few days back we celebrated the birthday of Babasaheb Ambedkar. That was an occasion for all of us Indians to look back on his life and times. Ramachandra Guha, the contemporary historian had revisited the book Annihilation of Caste written by Ambedkar. The primary source for doing this exercise …
“The first rumbling against the growing influence of AI could be heard from none other than the modern-day patron saint of technology Elon Musk.”. Yuval Noah Harari is famous as a historian and as a modern-day philosopher. That is only a small part of his bio data. For those who have had a chance …
Other: Practicing professionals in the field of CA, CS, CMA are now brought under the ambit of the Prevention of Money Laundering Act (PMLA) if any financial transactions are executed on behalf of clients. [Notification No. S.O. 20236(E) dated 3 May 2023].
Central Excise: Special Additional Excise Duty on production of Petroleum Crude and export of Aviation Turbine Fuel is reduced to Rs. 4100 per tonne from Rs. 6400 per tonne. [NotificationNo.21/2023-CE dated 1 May 2023]
Customs: CBIC issued instruction to accept electronic Certificate of Origin (e-CoO) issued under India-Sri Lanka FTA. [instruction No. 15/2023 Customs dated 03 May 2023]
FTP/DGFT: Realignment of RoDTEP Schedule (Appendix AR) with 1st schedule of Customs Tariff w.e.f 01.05.2023 consequent to amendments made under Finance Bill, 2023. [Notification No.1/2023 dated 01 May 2023]
Customs: Various Customs Tariff notifications are amended in order to align the HS Codes of the said notifications with the Finance Act, 2023, w.e.f. 01.05.2023 [Notification No. 34,35,36/2023-Customs (N.T.) dated 29 April 2023]
GST: Maharashtra State GST Department issued an instructions regarding process to be followed for Amnesty Scheme for revocation of cancellation of GST registration. [Internal Circular No. 4A of 2023 dated 28 April 2023]
RBI/FEMA: Amendments to Master Directions on KYC has been issued. [RBI/2023-24/24 DOR.AML.REC.111/14.01.001/2023-24 dated 28th April 2023]
SEBI: Procedure for implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 – Directions to stock exchanges and registered intermediaries issued. [Circular No. SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/062 dated 26th April 2023]
Customs: Fixation of revised Tariff Values for items Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Notification No. 32/2203-Customs (N.T.) dated 28th April 2023]
DGTF: New applications for TRQ (Tariff Rate Quota) for imports under Tariff Head 7108 under India-UAE CEPA for FY 2023-24 are invited from 28th April 23 to 7th May 2023. [Public Notice No.12/2023 dated 28th April 2023]
RBI/FEMA: Remittances to IFSCs under Liberalized Remittance Scheme (LRS): Condition of repatriating any funds lying idle in account for a period up to 15 days from the date of its receipt is withdrawn with immediate effect, which shall now be governed by the provisions of the scheme as contained in the aforesaid Master Direction on …
