Custom Update- 17.7.2018

BCD rates on some textile goods has been amended. Notification no. 53/2018- Customs dated 16.7.2018 ITCHS Description Existing Rate New rate 531010 All Goods 10% 20% 540752 All Goods 25%…read more →

Customs Update- 16.7.2018

Exemption has been provided for various products required for handicraft sector including beads and glass pearls for embroidery and fashion Jewellery, beading materials-synthetic/ leather/fabric/cotton, chatons/ crystals as decorative items etc.…read more →

Customs Update

Customs duty has been reduced on the goods imported from Bangladesh, China, Korea, Sri Lanka & Lao People’s Democratic Republic.(Notification No.50/2018 - Customs dated 30.6.2018)   Rules of Determination of…read more →

Custom Update: 25.6.2018

Import duty on has been increased for following products  (Notification 48/2018 Cus tariff) Tariff Item Description of Product Change 0713 20 10 Kabuli Chana Increase upto 70% 0713 20 20…read more →

Customs Update – 18.6.2018

Electronic Sealing (RFID) has been made applicable for transport of goods for deposit in a bonded warehouse, transfer of goods from one bonded warehouse to another bonded warehouse and removal…read more →

Customs Update dtd. 15.06.2018

Customs Increase in basic customs duty (BCD) up to 35% on crude edible vegetable oils and to 45% on refined edible vegetable oils.(Notification No 47 Cus Tariff) Circular No. 16/2018…read more →

Tax update dtd. 13.6.2018

Customs: Powers have been delegated  for the purposes of adjudging confiscation or penalty as follows Customs Officer Value of goods liable for confiscation Assistant Commissioner of Customs or Deputy Commissioner…read more →

Tax Update dtd.7.6.2018

Customs   IGST refund on export of goods SB005 (mismatch of invoice detail in shipping bill) error in Refund of IGST on export of Goods   Keeping  in view the…read more →

Tax Update dtd. 6.6.2018

Customs Exports by Post Regulations, 2018 has been notified. FORM-I and FORM-II has been specified as postal bill of export. Form-I is required for export of goods through E-commerce. These…read more →

Tax Update dtd. 01.06.2018

Custom : Factory stuffing and sealing of reefer containers has been allowed for perishable/ temperature sensitive export goods in the presence of Customs officials. Procedure for factory stuffing in presence…read more →

Tax Update dtd. 30.05.2018

Pending IGST refund Pending IGST refund claim for the period July 2017 to March 2018 due to non-transmission of records from the GSTN to DG system, shall be sanctioned as…read more →

Tax Updates dtd. 28.05.2018

CUSTOMS : Duty draw back rate has been reduced from Rs.3513.8 per kg to Rs.2851 per kg in case of silver articles and silver jewellery and parts thereof. Increase in…read more →

Tax Update dtd. 25.05.2018

CUSTOMS : Peas and all other vegetable having customs duty i.e. basic customs duty (and not “all Customs duties (including BCD=SAD/IGST)”) more than 30%. Customs Audit Regulations are notified. Procedure…read more →

Export Procedure (August 2017)

Export Procedure Each exporter will have to execute legal undertaking or bond as per details given below:- Export from 1st September 2017 needs to be made either under Self sealing…read more →

Clarifications issued by CBDT

Clarifications issued by CBDT: Trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word 'advance' in section 2(22)(e) of the Act…read more →

GST Update – 25.6.2018

Requisite Form regarding intimation of physical verification of conveyance is currently not available on common portal, therefore the hard copies of the notices/orders issued in the specified FORMS by a…read more →

Amendment in CGST Rules

Transporter registered in more than one state needs to obtain unique common enrolment number by submitting the details in FORM GST ENR-02. Such unique enrollment number shall only be used…read more →

E-way Bill Update – 19.6.2018

W.e.f. 16.06.2018 no e-Way Bill in respect of movement of goods originating and terminating within the State of Delhi shall be required where the consignment value does not exceed Rs.1,00,000/-.…read more →

GST Update dtd. 15.06.2018

Services of short term accommodation, conferencing, banqueting etc., provided to a SEZ developer or a SEZ unit shall be treated as an inter-State supply. Subject to the provisions of section…read more →

GST Update dtd. 13.6.2018

All GST refund claimants, whose claims are still pending, are advised to approach their jurisdictional Tax Authority for disposal of their refund claims submitted on or before 30.04.2018. In case…read more →

GST Update dtd. 7.6.2018

Renewable Energy Certificates (RECs) and Priority Sector Lending Certificates (PSLCs) and other similar documents are classifiable under heading 4907 and attract 12% GST. The duty credit scrips, however, attract Nil…read more →

GST update dtd. 01.06.2018

Due date for submission for Input Service Distributor in FORM GSTR-6 for the period July, 2017 to June, 2018 has been extended till 31st July 2018. E-Way Bill system for…read more →

GST update dtd. 31.05.2018

Clarification on refund related issues: Refund claim filed by an Input Service Distributor, a person paying tax under section 10 or a non-resident taxable person   Filing of the details…read more →

GST Update dtd. 29.05.2018

National Academy of Customs, Indirect Taxes and Narcotics has been notified to conduct the examination for GST Practitioners. The GST practitioners needs to pass the exam with in a period…read more →

GST Update dtd. 26.05.2018

In case of warehoused goods IGST shall be levied & collected at the time of filing of ex-bond bill of entry and valuation of goods at the time of clearance…read more →

GST Update dtd. 25.05.2018

e-Way Bill system for intra-State movement of goods is implemented from 25th May, 2018 in following states/ union territories (i) Maharashtra (ii) Manipur (iii) Andaman & Nicobar Islands (iv) Chandigarh…read more →

IGST Refund – March 2018

IGST Refund SB005 errors are allowed to be corrected through officer interface for shipping bill filed up to 28.02.2018. In case of SB006 errors final Bill of Lading issued by…read more →

GST Help Desk Contact Details

GST Help Desk constituted for addressing GST issues related to Foreign Trade Policy - GST Help Desk can be contacted over phone at 011-23063080 and over e-mail id gstcell-dgft@gov.inread more →

Final GST Rules on following published:

Final GST Rules on following published : Advance Ruling Authority Rules Formats Anti-Profiting Rules Appeal and Revision Rules Formats Assessment and Audit Rules Assessment Formats Audit Formats E-way Bill Rules…read more →

Analysis of Final GST Rules dtd. 18.05.2017

Analysis by Bizsolindia Analysis of Input Tax Credit Rules Analysis of Invoice Rules Analysis Valuation Rules Analysis of Payment Rules Analysis Registration Rules Analysis Composition RulesAnalysis of Refund Rules Analysis…read more →

Update from GSTN

GSTN CEO stated that the GSTN is equipped to handle 2.6 billion transactions every month from an estimated 8 million GST tax payers. It can scale up to handle double…read more →

As on Status of SGST Bill

State                                       Date SGST Bills passed Telangana                    April 17, 2017 Bihar                                      April 24, 2017 Rajasthan                             April 25, 2017 Jharkhand                            April 27, 2017 Presented SGST Bill in State…read more →

GST Rules released by CBEC

GST Rules released by CBEC: Input Tax Credit Rules Valuation Rules Transitional Rules Composition Rules Invoice Rules Payment Rules Registration Rules Refund Rules Return Rules Return Formats GSTR-9B ITC Mismatch…read more →

Analysis of GST Rules by Bizsolindia

Analysis by Bizsolindia Analysis of Input Tax Credit Rules Analysis of GST Valuation Rules Analysis of Transitional Provisions Rules Analysis of Composition Rules Analysis of Invoice Rules Analysis of Payment…read more →

GST council meeting 31st March

GST council meeting 31st March 1. GST rules on  registration, refund, returns, invoice -debit note and credit note have been approved 2. Further the drafts rules for input Credit, valuation,…read more →

PREPAREDNESS TOWARDS GST.. (October 2016)

No sooner political hurdles were out and consensus amongst the political party reach in the Rajya Sabha, 122nd Constitutional Amendment Bill, 16 states have immediately ratified 122nd Constitutional Amendment Bill…read more →

Analysis of Model GST Law

  Click here to see the Model Draft GST Analysis Click here to see the Analysis on Draft GST Valuation Rules Click here to see the Draft IGST Analysis Annexures…read more →

GST Update – February 2016

Sector Wise Impact Analysis in brief : Power Sector includes: Generation Transmission - Distribution Captive Power Plant Wind Mill Generation Solar Generation Non-Conventional Energy Nuclear Energy At present there is…read more →

GST Update – January 2016

It is stated that “Man Proposes & God Disposes”. In India each citizen is eagerly waiting for simplified Tax Reform, which will attract investment and also create an employment opportunity…read more →

GST Update – December 2015

Every Citizen of India is keenly waiting for outcome of winter session w.r.t. 122nd Constitutional Amendment Bill 2014. Each citizen is also hoping that political sense will prevail and economic…read more →

GST Update – October 2015

Monsoon Session was washed out (even though without raining) but on uproar of opposition party. Political Agenda have surpassed and was on the priority over National Agenda of most awaited…read more →

GST Update – September 2015

Even though Monsoon Session have become dry and no GST resolution was passed in Rajya Sabha due to chaos made by opposition, NDA Govt. is committed to introduce GST w.e.f.…read more →

Is the Hydra harming the Tusker? (September 2015)

“It does not do to leave a live dragon out of your calculations, if you live near him.”                                                                                                          -         J.R.R. Tolkien (The Hobbit) I must mention, at the outset,…read more →

Bubble-Wrap: The Occidental vs The Oriental (August 2015)

“The enlightened ruler is heedful, and the good general full of caution.”                                                                                                                                                -Sun Tzu (The Art of War) It appears that the…read more →

Greece : A Greek Tragedy ! (July 2015)

“An avowal of poverty is no disgrace to any man; to make no effort to escape it is indeed disgraceful.”                                                                                                                                                                                -Thucydides Greece, right…read more →

Foreign Exchange Policy – A Map in the Labyrinth (February 2014)

“For all of its uncertainty, we cannot flee the future.”                                                                                                                                                                  - Barbara Jordan Treasury management is a treacherous task, at best. Treacherous not only for…read more →

FTP Update- 13.7.2018

Import of Oxytocin falling under chapter 2937 & 3004 has been prohibited. (Notification No. 19/2015-2020 dated 12.7.2018)   Vishakhapatnam port has been enlisted as specified port for import of new…read more →

FTP Update

Import policy of fresh ginger from Nepal has been amended from restricted to free (Notification No. 16 /2015-20) Restriction on import of Peas classified under exim Code 0713 1000 is…read more →

Custom Update: 29.6.2018

Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007 has been amended. The right holder or his authorized representative needs to inform the Commissioner of Customs at the time of giving…read more →

FTP Update: 29.6.2018

Supplementary claim for scrips under chapter 3 of FTP 2015-20 will not be allowed             Public Notice No. 16 dated 28.6.2018   ANF 3B has been revised. Documentary evidence of…read more →

FTP Update: 25.6.2018

Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/confectionery/ food preparations with milk or milk solids as an ingredient) from China is extended for…read more →

FTP Update dtd. 13.6.2018

Import of natural rubber, balata, Gutta-Percha, Guayule, Chicle and similar natural gums in primary forms or in plates, sheets or strip is free when is it imported sea ports of…read more →

Tax Update dtd. 8.6.2018

Exim: Trade Notice No. 11/2015 dated 14th December 2015 has been withdrawn. Focus Market Scheme benefit shall be available on export of other items, which are not parts of bicycle…read more →

Tax Update dtd. 8.6.2018

EOU: Sale in DTA in respect of services classified under chapter heading 9988 (Manufacturing services on physical inputs (goods) owned by others) and 9989 (Other manufacturing services; publishing, printing and…read more →

FTP Update on 6.6.2018

No DSC shall be required to make online payment through e-MPS for miscellaneous application. Online payment can be done using login in e-MPS and PAN details only. (Trade Notice No.15/2018)read more →

MEIS Update dtd. 01.06.2018

A separate “identification tab” in online MEIS application module shall be created for differentiating MEIS applications pertaining to Project Exports from the normal exports. After filing of MEIS application and…read more →

MEIS update dtd. 25.05.2018

MEIS : MEIS is not applicable for import of all spices, coconut, areca nut, oranges, lemon, fresh grapes , apples, pears and all other fruits, garlic, MEIS rate has been enhanced…read more →

FTP Update dtd. 28.05.2018

Foreign Trade Policy Application for SEIS can be made by service providers where the earning in foreign currency exceeds USD 15000 in the year of rendering of service. The individual…read more →

FTP update dtd. 29.05.2018

Entitlement for duty free import of sector specific inputs has been provided w.e.f. 1.07.2017. The entitlement shall be granted only with respect to Basic Custom Duty. Handlooms, Handicraft, Leather, Marine,…read more →

Bizsol- GST Certificate Course

*Bizsol GST Certificate Course*  A simplified and comprehensive understanding of the GST law. This Course is useful for a Professional, Businessmen, Employee, Job seekers, Students and every individual to understand…read more →

SNG Inspection services, UP with branches at Vietnam, Indonesia and Malaysia is delisted from the list of Pre-shipment Inspection Agency. Revised Annexure issued containing the list of approved Spectrometers and Survey Meters for issuance of PSIC. [Public Notice: 19/2015-2020, Dated the 23rd August, 2017]

SNG Inspection services, UP with branches at Vietnam, Indonesia and Malaysia is delisted from the list of Pre-shipment Inspection Agency. Revised Annexure issued containing the list of approved Spectrometers and…read more →

FAQ – SWACHH BHARAT CESS (SBC)

SWACHH BHARAT CESS (SBC) FREQUENTLY ASKED QUESTIONS (FAQ) Background: Chapter VI (Section 119) of the Finance Act 2015 contains provisions for levy and collection of Swachh Bharat Cess (SBC). Now…read more →

Deemed Export Benefits (May 2014)

The terminology “Deemed export” has not been defined either in Central Excise Act 1944 or Customs Act 1962 and Rules made thereunder. But there is a separate chapter provided in…read more →