RBI RBI has allowed export & import of goods / services in INR. This is first step towards making INR are freely convertible currency
Customs: To catch hold main persons of behind illegal import or exports of specified goods like narcotic drugs, psychotropic substances, precursor chemicals, controlled substances or their substituents, Gold, Silver, precious – semi precious stones, liquor, currency etc, the customs officers are authorised to put controlled delivery of such consignment. The customs officer can put tracking …
Customs: CBIC notified Controlled Delivery (Customs) Regulations, 2022 (14.07.2022) Read More »
GST: GST Tax rate notification for change in tax rates effective from 18th July 2022 has been issues. Please refer our last week’s update or this weeks update to be released coming Friday for the details.
GST: Certain amendments are made in FORM GSTR-3B and Form GSTR-9. [Notification – No.14/2022–Central Tax dated 05.07.2022]
GST: Rule 88B has been inserted detailing the manner in which the interest to be computed on delayed payment of tax. [Notification – No.14/2022–Central Tax dated 05.07.2022]
GST: Provision & modalities for transfer of cash deposit under the head of interest / penalty to CGST / SGST / IGST has been notified. [Notification – No.14/2022–Central Tax dated 05.07.2022]
GST: Provision for payment of through UPI & IMPS is made in CGST Rules. 2017. [Notification – No.14/2022–Central Tax dated 05.07.2022]
GST: Post filing of the GST returns, the GST return suspension will be deemed to be revoked. [Notification – No.14/2022–Central Tax dated 05.07.2022]
GST: No need for reversal of ITC on account of tax-free sale of MEIS / SEIS by exporter. Accordingly, Rule 43 has been amended to exclude the value of such sale. [Notification – No.14/2022–Central Tax dated 05.07.2022]
GST: The time limit for issuance of demand under Section 73 for the period 2017-18 upto 30th September 2023. In other words, the demands for the period 2017-18 can be issued up to 30th September 2023. [Notification – No.13/2022–Central Tax dated 05.07.2022]
GST: Late fees waived for delay in filing FORM GSTR-4 for FY 2021-22. The revised due date is 28th July 2022. [Notification – No.12/2022–Central Tax dated 05.07.2022]
GST: The due date of furnishing FORM GST CMP-08 for the quarter ending June, 2022 has been extended till 31.07.2022. [Notification – No.11/2022–Central Tax dated 05.07.2022]
GST: Taxpayers having AATO upto Rs. 2 crores will be exempt from the requirement of furnishing annual return for FY 2021-22. [Notification – No.10/2022–Central Tax dated 05.07.2022]
GST: The amendment w.r.t. applicability of interest of if wrong input tax credit is utilised. The provision will be effective from 1st July 2017. [Notification – No.09/2022–Central Tax dated 05.07.2022]
SEBI: Advisory issued under Regulation 46 and 62 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015. [Circular Ref. No: NSE/CML/2022/32 dated 04.07.2022]
Central Excise: Government extends excise duty benefits to ethanol-blended petrol. Earlier the exemption for available for 10% Ethanol mixed Petrol. Now even higher ethanol mixed petrol will also be eligible for exemption. [Central Excise 12/2022-Central Excise; Dated: July 04, 2022]
Customs: Basic Custom Duty exemption on import of cotton falling under ITCHS 5201 has been extended up to 30th Sep 2022. [Customs Notification – 38/2022-Customs, Dated: July 04, 2022]
DGFT: Import of Potatoes under ITC(HS) Code 0701 90 00, is allowed from Bhutan without Import License up to 30th June 2023. [DGFT Notification No. 17/2015-2020-DGFT – 04/07/2022]
GST Case Laws: In case of Atlas Pvc Pipes Limited Vs State of Odisha, Orissa High Court rules that not furnishing certified copy of order appealed against within 7 days of filing of appeal is a mere technical defect.
GST Case Laws: Show cause notice has to be issued under Section 74(1) of the TNGST Act and after receiving objections, giving personal hearing, the assessment order ought to have been finalised. Mere initiation of ascertaining liability in FORM GST DRC-01A and finalisation of order without SCN and person hearing are bad in law. [Anantham …
