Daily Updates

GST: Circular issued for GST applicability on liquidated damages, compensation & penalty out of breach of contract and activities falling under “Agreeing to the obligation to refrain from an act or to tolerate an act or a situation, or to do an act” has been specifically declared to be a supply of service in para …

GST: Circular issued for GST applicability on liquidated damages, compensation & penalty out of breach of contract and activities falling under “Agreeing to the obligation to refrain from an act or to tolerate an act or a situation, or to do an act” has been specifically declared to be a supply of service in para 5 (e) of Schedule II of CGST Act if the same constitutes a “supply” within the meaning of the Act. (05.08.2022) Read More »

GST: CBIC issues clarifications regarding applicable GST rates & exemptions on 16 services. [Circular No. 177/09/2022-TRU dated 3rd August, 22]

Customs: CBIC imposes anti-dumping duty on Opal Glassware from UAE & China PR for a period of 5 years (Notification No. 24/2022-Customs (ADD) | Dated: 3rd August, 2022)

Customs: CBIC notifies  notifying exchange rate with effect from 5th August, 2022 against Indian Rupees for Import and Export. [Exchange rate Notification No. 66/2022-Cus (NT) dated 04.08.2022]

National Pension Scheme: e-Investment option provided for Government sector NPS subscribers. [Circular PFRDA/2022/17/SUP-CRA/05 dated 1st August, 22]

RBI: Liberalization for External Commercial Borrowings through Automatic Route for ECB to be raised till 31.12.22 by increasing the limit and all in cost ceiling [ RBI/2022-23/98 A.P. (DIR Series) [Circular No. 11 dated 1st August, 22]

DGFT: DGFT authorises Gem & Jewellery Export Promotion Council (GJEPC), Mumbai under Appendix 2E of FTP, 2015-20 for issuing Certificate of Origin (Non Preferential). [Public Notice No. 20 /2015-2020 dated 1st August, 22]

DGFT: DGFT extends the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform till 31st March 2023. [Trade Notice No. 15/2022-23 dated 1st August, 2022]

GST: GST E-Invoice will be applicable to every GST registered person whose Aggregate Turnover exceeds Rs. 10 Cr in any of financial year since 2017-18 w.e.f 1st October, 2022. The Limit for aggregate turnover has been reduced from Rs. 20 Cr to Rs. 10 Cr. [Central Tax  Notification 17/2022 dated 1st August, 2022]

Customs: CBIC extends Customs clearances beyond normal working hours in Inland Container Depot (ICD) – Circular no. 11/2022 – Customs

Income Tax: CBDT reduces time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically. Notification no: . 5/2022 dated 29.7.2022

MCA: MCA has clarified that spending of CSR funds for the activities related to this campaign, such as mass scale production and supply of the National Flag, outreach and amplification efforts and other related activities, are eligible spending towards CSR activities under the Companies Act, 2013. [General Circular No. 08/2022 | Date: 26th July, 2022]

DGFT: SION for various types of steel seamless tubes (SION No C-594, C-791 and C-796) has been suspended with immediate effect. However, the exporters of these goods can apply for advance authorisation under self-declaration norms as per para 4.07 of HBOP. [Public Notice 19/2015-20 dated 27/07/2022]

DGFT: DGFT has issued clarifications in relation to obtaining registration with Non-Ferrous Metal Import Monitoring System (NFMIMS)’. [Policy Circular No. 42/2015-20 | Dated: Dated: 27th July, 2022]

DGFT: Requirement of filing Bill of Exports for supplies made to SEZ prior to 1st April 2015 has been done away. The suppliers can submit copy of ARE-1 or proof of payment from the SEZ Unit or any other evidence of receipt of goods at SEZ as evidence towards supplies to SEZ. [Policy Circular No. …

DGFT: Requirement of filing Bill of Exports for supplies made to SEZ prior to 1st April 2015 has been done away. (29.07.2022) Read More »

GST: GST has issued advisory to taxpayers for filing of GSTR-3B. GSTN has advised taxpayer to continue to file the return as per the old format till the time new format is implemented on the portal. [GSTN Press release]

Customs: The exemption on Agriculture Infrastructure and Development Cess [AIDC] on Lentils (Mosur) has been extended up to and inclusive of the 31st March, 2023. [Notification No. 44/2022-Customs | Dated: the 23rd July, 2022]

GST : GST has issued advisory to taxpayers for filing of GSTR-3B. GSTN has advised taxpayer to continue to file the return as per the old format till the time new format is implemented on the portal. [GSTN Press release]

Customs: The exemption on Agriculture Infrastructure and Development Cess [AIDC] on Lentils (Mosur) has been extended up to and inclusive of the 31st March, 2023. [Notification No. 44/2022-Customs | Dated: the 23rd July, 2022]  

GST: CBIC has issued FAQ clarifying some of the aspect of taxability of pre-packaged & pre-labelled goods. [F. No. 190354/172/2022-TRU dated 17-07-2022]