Central Excise: CBIC reduces SAED on Petroleum Crude to Rs. 1300 per tonne & raises on ATF exports to Rs. 1 per litre. [Notification 41/2023 -CE dated 18th Dec 2023]
Central Excise: CBIC reduce Central Excise on Diesel export from 19th Dec 2023 to Rs. 0.50 per litre. [Notification 42/2023 -CE dated 18th Dec 2023]
Income Tax: Charitable or Religious trust or Institution can now invest or deposit by way of acquiring units of POWERGRID Infrastructure Investment under Rule 17C of Income Tax Rules, 1962. [Notification 103/2023-income tax dated 18th Dec 2023]
Central Excise: CBIC launched SAMAY (Systematic Adherence and Management of timelines for Yielding results in litigation) portal. This online portal, presented during a recent meeting with Chief Commissioners, aims to streamline the monitoring of Special Leave Petitions (SLP) and Civil Appeal (CA) proposals, ensuring a systematic adherence to legal timelines. [Instruction No.275/15/2021-CX.8A dated 13th Dec …
Goods news for IT/ITES SEZ Developer & Units – SEZ Rules Amendment
GST: Section 74(1) can be invoked only in cases where there is a fraud or wilful mis- statement or suppression of facts to evade tax on the part of the said taxpayer. Section 74(1) cannot be invoked merely on account of non-payment of GST, without specific element of fraud or wilful mis-statement or suppression of …
When Buyer was unable to claim ITC for such invoices where it did not appear in its GSTR-2B but appeared inadvertently in GSTR-2B of third party vendor, assessee’s request to amend/rectify Form GSTR-1 could not be rejected as errors of assessee were inadvertent and bonafide and there was not an iota of an illegal gain …
GST : Section 74(1) can be invoked only in cases where there is a fraud or wilful mis- statement or suppression of facts to evade tax on the part of the said taxpayer. Section 74(1) cannot be invoked merely on account of non-payment of GST, without specific element of fraud or wilful mis-statement or suppression …
Customs: BIS registration required for import goods, specifically those notified under the “Electronic and Information Technology Goods (Requirement of Compulsory Registration) Order, 2012. [Instructions No. 28/2023- Customs dated 12th Dec 2023]
Customs: For importing Milk & Milk products, veterinary health certificate is compulsory. [Instructions No. 29/2023- Customs dated 12th Dec 2023]
RBI: RBI has increased transaction limit for UPI recurring transactions value from Rs. 15,000 to Rs. 1,00,000/ per transactions. [RBI/2023-2024/88 CO.DPSS.POLC.No.S-882/02.14.003/2022-23 dated 12th Dec 2023]
Customs: CBIC imposed anti-dumping duty on Synthetic Grade Zeolite 4A imported from Thailand and Iran for 5 years. [Notification No. 14/2023-Customs (ADD) | Dated: 11th December, 2023]
RBI: Reserve Bank of India, is set to release the Sovereign Gold Bond Scheme 2023-24. Series II, available for subscription from December 18 to December 22, 2023, will be issued on December 28, 2023. Series IV, open for subscription from February 12 to February 16, 2024, will be issued on February 21, 2024. [Notification No. …
DGFT: DGFT allow export of Non-Basmati rice export to Nepal for a humanitarian cause. [Notification No. 47/2023-DGFT | Dated: 7th December, 2023]
DGFT: DGFT allow export of Non-Basmati rice to Comoros, Madagascar, Equatorial Guinea, Egypt, and Kenya through the National Cooperative Exports Limited (NCEL). [Notification No. 48/2023-DGFT | Dated: 7th December, 2023]
DGFT: DGFT ban export of Onion till 31st March 2024. [Notification No. 49/2023-DGFT | Dated: 7th December, 2023]
DGFT: DGFT amended Yellow Peas Import Policy to Free till 31st March 2024. [Notification No. 50/2023-DGFT | Dated: 8th December, 2023]
DGFT: DGFT extend bann on export of De-Oiled Rice Bran till March 31, 2024. [Notification No. 51/2023-DGFT | Dated: 8th December, 2023]
Customs: CBIC exempt imports of Yellow Peas [HS 0713 10 10] from applicable BCD and AIDC up to 31.03.2024. [Notification No. 64/2023-Customs | Dated: 7th December, 2023]
CUSTOMS CESTAT Delhi held that confiscation of goods and penalty cannot be imposed on mere mentioning of wrong tariff or claiming benefit of an ineligible exemption notification.
