DGFT : Export of De-Oiled Rice Bran having ITC(HS) code of 2302 40 00, 2306 90 19, 2306 90 29, 2306 90 90 is ‘Prohibited’ up to 30th September 2025. [Notification No. 56/2024-25 dated 04.02.2025]
Just recently in last November I was at Prayag Raj taking a dubki in the holy waters at Sangam at Prayagraj where the Ganga, Yamuna and the mythical Saraswati rivers meet – one of the holiest places as per Hindu mythology. It was part of a small family pilgrimage outing. If you are brought up …
Prologue: Just as I was about to start on this article, I chanced upon and leafed through the latest issue of “Frontline” magazine (3rd February 25) by sheer accident. There I saw the all too familiar photograph of Dr Manmohan Sigh accompanying an article “Manmohan Sigh: The Heterodox Economist”. That piece had been penned by …
DGFT: The DGFT has issued a public notice to withdraw Para 2.76 of the Handbook of Procedures 2023, concerning the Track and Trace system for the export of drug formulations with immediate effect. The implementation of the authentication system for drug formulations being exported shall be undertaken by Ministry of Health and Family Welfare in …
Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver with effect from 01.02.2025 as follows: Table 1 Sl. No. Chapter/ heading/sub-heading/tariff item Description of goods Tariff value (US $Per Metric Tonne) 1 1511 10 00 Crude Palm Oil 1109 2 1511 90 10 …
GST The CBIC has issued a circular to clarify on applicability of late fees for delay in filing of GSTR-9C in accordance with notification no. 08/2025 dated 23.01.2025. Summary is as follows: Key Point: Late fees under Section 47(2) of CGST Act apply if FORM GSTR-9C is not furnished along with FORM GSTR-9 when required. …
Income Tax The Central Government has specified ‘Joint Secretary to Government of India, Department of Food and Public Distribution (DFPD), Ministry of Consumer Affairs, Food & Public Distribution’ for the purposes of the section 138(1)(a)(ii) in connection with sharing of information regarding Income-tax payers’ for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna …
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Customs: The CBIC has addressed challenges faced by exporters regarding mandatory additional qualifiers for Lab Grown Diamonds (HPHT/CVD) under Circular No. 21/2024-Customs. It has been decided that for exports weighing less than one carat, declaring additional qualifiers will be voluntary, while the requirement remains mandatory for other cases. [Circular No. 03/2025-Customs dated 29.01.2025]
DGFT: DGFT has introduced a module for filing the Annual RoDTEP Return (ARR) following Public Notice No. 27/2024-25. The module is accessible on the DGFT Portal under “Regulations > RoDTEP”, along with user guidelines and dynamically updated FAQs for exporters. [Trade Notice No. 27/2024-25 dated 29.01.2025]
DGFT: The DGFT has amended the import policy for ITC (HS) codes 89069010 (Patrol or surveillance boat, air cushion vehicle, remote operated vehicle) and 89069090 (Others), revising it from “Restricted” to “Free.” [Notification No. 55/2024-25 dated 29.01.2025]
Income Tax The CBDT has clarified that orders passed under section 201 shall not be considered as assessment orders covered under the exceptions provided in the Board’s order dated 16.06.2023 vide F.No.370149/97/2023-TPL. Therefore, all the appeals against such orders passed under section 201 shall be decided by Joint Commissioner (Appeals) under the e-Appeals Scheme, 2023. …
GST: Referring to GSTN Advisory dated 17.10.2024 for hard locking of GSTR-3B on GST portal, the GSTN has stated that the decision of making non-editable of auto-populated liability in GSTR-3B is currently not being implemented from January tax period, on the GST Portal. The above change will be introduced soon and taxpayers will be informed …
GST: The CBIC has issued circular to clarify that no GST is payable on the penal charges levied by Regulated Entities; GST exemption is available to RBI regulated Payment Aggregators (Pas) up to two thousand rupees in a single transaction and payment of GST on services provided by Training Partners approved by NSDC is regularized …
GST : The CBIC has issued circular to provide that payment of GST on co-insurance premium apportioned by lead insurer to co-insurer and on ceding /re-insurance commission deducted from the reinsurance premium paid by the insurer to the reinsurer is regularized for the period 01.07.2017 to 31.10.2024, on ‘as is where is’ basis. [Circular No. …
DGFT : The DGFT has issued a public notice to make an amendment in handbook of procedures to notify procedure for implementation of E-certificate of origin. Provisions for in-lieu certificate of origin (Non-Preferential) and back-to-back certificate of origin (Non-Preferential) are also notified. [Public Notice No. 43/2024-25 dated 27.01.2025]
Income Tax : The Central Board of Direct Taxes (CBDT) has approved “Shri Chaitanya Health and Care Trust” for its unit “Bhakti vedanta Hospital & Research Institute” for the purpose of section 35(1)(ii). The approval is granted for the purpose of scientific research under the category of “University, college or other institution”. [Notification No. 11/2025 …
Income Tax : The Central Board of Direct Taxes (CBDT) has notified new Rules 2DAA & 21ACA to provide conditions for the Venture Capital Fund for the clause (23FB) of section 10 and conditions and activities for the Finance Company located in any International Financial Services Centre for section 94B. [Notification No. 10/2025 dated 27.01.2025]
GST : The GSTN has issued an advisory to provide a new option for generating E-Way Bills (EWB) for gold has been introduced in the EWB system, effective from January 20, 2025. This feature has been made available to facilitate taxpayers in Kerala State to generate EWB for goods classified under Chapter 71, excluding Imitation …
Central Excise The CBIC has issued a notification to appoint & empower certain central excise officers to handle appeals under the Central Excise Act, 1944 and the Finance Act, 1994. This pertains to appeals filed on or after July 1, 2017, with the Commissioner of Central Excise and Service Tax (Appeals). [Notification No. 01/2025 – …
