DGFT: The import policy of artemia cyst under ITC (HS) 05119140 is revised from ‘Restricted’ to ‘Free’. [Notification No. 28/2015-2020 dated 25 August 2022].
DGFT: Panipat Exporters Association enlisted for issuing Certificate of Origin (Non-Preferential). [Public Notice No. 22/2015-2020 dated 23rd August 2022]
Customs: Fees for Compounding of Offences has been notified as one lakh rupees for the first offence, to be increased by 100% of this amount for each subsequent offence made under section 135AA of Customs Act, 1962 i.e. publishing of information of importer / exporter submitted to Customs with its identity and right to grant …
FEMA: Foreign Exchange Management (Overseas Investment) Rules and Regulation, 2022 have been notified to simplify the existing framework for overseas investment by persons resident in India to cover wider economic activity and significantly reduces compliances burden and cost. [Circular No.12 dated 22 August 2022]
Legal Metrology: Garment or hosiery is sold in loose or open at the point of sale in such manner that the consumer can inspect the products before buying has been exempted from applicability of the Legal Metrology (Packaged Commodities) Rules, 2011, effective 1st January 2023. [Notification GSR 648(E) dated 22 August 2022]
Income Tax: CBDT amends rule 17CB to replace words ‘trust or institution’ with ‘specified person’. [Notification No. 101/2022-Income Tax 22 August 2022]
Income Tax: CBDT issued instructions for initiating proceedings under Section 148/147 of the Act (escaped assessment), any information available on data-base/portal of the Department should be verified before drawing any adverse inference against the taxpayers. [F. No.299/10/2022-Dir(lnv. I)/647 dated 22 August 2022]
Andra Pradesh High Court has held in a recent judgment that Enhancement of Demand beyond scope of show cause notice not sustainable.
Gujarat High Court has held that Intimation given in Form GST DRC-01 is not valid and that proper officer shall provide the intimation in FORM GST DRC-01A.
Insolvency & Bankruptcy: IP shall not engage or appoint any of his relatives or related parties in connection with any of his assignment. [Order No. IBBI/DC/124/2022 dated 18th August 2022]
Finance: Option of online account opening and closure through DOP Internet Banking for National Savings Certificates (VIII Issue) and Kisan Vikas Patra has been introduced. [Order 13/2022 dated 18th August 2022]
Finance: Guidelines issued for eligibility of ‘Qualified Suppliers’ including overseas entity to encourage for supply of bullion on India International Bullion Exchange (IIBX). [Circular No. 415/IFSCA/Consolidated Operating Guidelines/2021-22 | Dated: August 18, 2022]
DGFT: Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely United kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (except United Kingdom, Iceland, Liechtenstein, Norway and Switzerland) will require Certificate of Inspection by Export Inspection Council / Export …
Income Tax: CBDT amends rule 128 and relaxes conditions for filing of form No. 67 for a resident taxpayer who has credit for the amount of any foreign tax paid in a country outside India by way of deduction or otherwise. [Notification No. 100/2022-Income Tax dated: 18th August, 2022]
Central Excise: Special Additional Excise Duty on Diesel increased to Rs. 6 per litre. [Notification No. 23/2022-Central Excise dated 18th August 2022]
Central Excise: Special Additional Excise Duty on production of Petroleum Crude reduced to Rs. 13,000 per tonne from Rs. 17,000 and Special Additional Excise Duty export of Aviation Turbine Fuel to Rs. 2 per litre from Rs. 4. [Notification No. 24/2022-Central Excise dated 18th August 2022]
Customs: Provisional anti-dumping duty (ADD) imposed on Ursodeoxycholic Acid (UDCA) when imported from China and Korea. [Notification No. 25/2022-Customs (ADD) dated 18th August 2022]
Customs: Clarification issued for applicability of BCD on Display Assembly of a cellular mobile phone. [Circular No. 14/2022 dated 18th August 2022]
GST: Much needed guidelines for arrest and bail in relation to offences punishable under the CGST Act, 2017, has been issued by summon. Guidelines are issued considering judgement of Hon’ble Supreme Court in case of Siddharth Vs. State of UP and DK Basu Vs. State WB. [Instruction No. 02/2022-23[GST-INV] dated 17th August 2022]
GST: CBIC has issued guidelines for GST officer for issuance of summons. No summon can be issued to Senior officials of the Company and for calling GST returns & documents available at GST portal. [Instruction No. 03/2022-23[GST-INV] dated 17th August 2022]
