GST: High Court of Bombay held that GST Registration shall not be cancelled until any there is any gross violation. The right to carry on trade or profession cannot be curtailed contrary to the constitutional guarantee and further the State would suffer loss of revenue and the ultimate goal under GST regime will stand defeated …
DGFT: DGFT has amended the import policy of Cashew Kernels: ITC (HS) Code Description Import Policy Existing Import Policy Revised Import Policy 8013210 Cashew Kernel, Broken Prohibited However, import is free if CIF value is above Rs. 680/- per KG 1. However import is free if CIF value is above Rs. 680/- per KG. 2. …
DGFT: DGFT has amended the import policy of Cashew Kernels (23.02.2023) Read More »
Customs: CBIC has amended Circular No. 26/ 2016 of Customs relating to Public Warehousing Licensing Regulations, 2016, Private Warehousing Licensing Regulations, 2016 and Special Warehousing Licensing Regulations, 2016 to give time limit of 45 days for completion of antecedent verification of the applicant from receipt of application. [Circular-No-05-2023, Dated 21st February, 2023]
Customs: New column 25A for details of Ex Bond Bill of Entry Number, Ex Bond Bill of Entry Date, Shipping Bill Number and Shipping Bill date are inserted in the format of “Form A” (i.e., Form to be maintained by the warehouse licensee of the receipt, handling, storing and removal of the warehoused goods) [Circular-No-04-2023, …
GST Hon’ble High Court of Bombay held that, Chairman and Managing Director cannot plead for exemption from appearance before GST authority when any summons is issued under GST Act to them as they are aware of facts and circumstances as they have signed and verified the petition on oath which implies that they are in …
RBI has issued notification that all Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021 shall be applicable to State Cooperative Banks and Central Cooperative Banks. [Notification no RBI/2022-23/181 DOR.ACC.REC.No.103/21.04.018/2022-23, Dated 20thFebruary, 2023]
RBI has issued guidelines for calculation of Capital Adequacy Ratio and the amount available for payment of dividend by Asset Reconstruction Companies (ARCs) who are qpreparing their financial statements as per Ind AS. [Notification no RBI/2022-23/182 DOR.ACC.REC.No.104/21.07.001/2022-23, Dated 20thFebruary, 2023]
Minor discrepancy in description of vehicle in e-way bill could not attract proceedings for detention of goods and penalty as there was no intention on part of dealer to evade tax, therefore, orders for detention and penalty were to be set aside by the High Court of Allahabad. High Court of Calcutta held that Appellate …
Central Excise: Interest on refund of pre-deposit @6% duly entitled from date of deposit till the date of refund when demand is set aside
Income Tax: CBDT notifies ITR-7 for Assessment Year 2023-24, ie, Financial Year 2022-23 [Notification No. 05/2023-Income Tax dtd 14th February 2023]
DGFT: The procedure for allocation of quota for import of (i) Calcined Pet Coke for use in Aluminium industry and (ii) Raw Pet Coke for CPC manufacturing industry for the year 2023-24 is notified. [Public notice no 57/2015-2020 dtd 14th February 2023]
DGFT: The Minimum Import Price (MIP) imposed on tariff lines under 080280 is revised from Rs. 251/- per Kilogram to Rs. 351/- per Kilogram. The Import Policy of Supari under ITC(HS) 21069030 is revised from ‘Free’ to ‘Prohibited’ and Import shall be Free if CIF value is Rs. 351/- or above per Kilogram. The given …
DGFT: The export of Agri Residue Based Biomass and Briquettes/Pellets under ITC-HS Heading 1213 is placed under ‘Free’ Category with immediate effect. [Notification no 58/2015-2020 dtd 14th February 2023]
Income Tax: CBDT has notified Formats & Particulars of Income Tax Return Forms (ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V) and Income Tax Return Acknowledgement (ITR-V) for Assessment Year 2023-24,ie, Financial Year 2022-23. [Notification No. 04/2023 dtd 10th Feb 2023]
Customs: Compliance of Bureau of Indian Standards (BIS) standards for toys or parts of toys during import have been prescribed. [Instruction No.06/2023 dtd 13th February 2023]
RBI: RBI extends Market Trading Hours from 13th Feb 2023. [Press Release on 8th Feb 2023]
DGFT: Gemological Science International (GSI) Pvt Ltd, Mumbai, is added as an agency permitted to import for diamonds for certification/grading and re-export [Notification no 56/2015-2020 dtd 7th Feb 2023]
Customs: Import of High risk Products such as Milk and Milk Products, Egg Powder etc shall be allowed only from designated 79 ports from 1st March 2023. [Instruction no 05/2023 – Customs dtd 8th Feb 2023]
Customs: Transhipment of goods by road from LCS Petrapole to Air Cargo Complex, Delhi is also allowed with effect from 15.02.2023 following the procedure prescribed. [Circular No. 03/2023-Customs dtd 7th Feb 2023]
MCA: Extension of Time line for filing of 45 company e-Forms and PAS-03 whose due dates for filing fall between 20.01.2023 and 06.02.2023 in MCA 21 Version 3.0 without additional fee for a period of 15 days. [General Circular No. 03/2023 dtd 7th February 2023]
