Daily Updates

Tax on Petroleum products: In order to discourage the export of petrol / HSD, Special additional excise duty/Cesses has been imposed on exports of petrol and diesel at the rate  of  Rs 6 per litre on Petrol and Rs 13 per litre on diesel. [04/2022-Central Excise dated 30.06.2022]

Tax on Petroleum products: Import of the Petroleum Crude (ITCHS 2709) and Aviation Turbine Fuel (ITCHS 2710) would not be subject to special additional duty being exempted. [Notification No. 36/2022-Customs dated 30.06.2022]

Tax on Petroleum products: Special additional duty of Rs. 23,250 per tonne has been imposed on Petroleum Crude (ITCHS 2709). This will be paid by domestic crude producers. Similar duty of Rs 6 per litre has been imposed on Aviation Turbine Fuel (ITCHS 2710). [05/2022-Central Excise dated 30.06.2022]

DGFT: The E-BRC portal of DGFT will be migrated to new portal. The earlier portal http://dgftebrc.nic.in is set to be discontinued by end of July 2022. Going forward E-BRC module will operate on http://dgft.gov.in. Accordingly AD Banks are instructed to move to new portal. [Trade Notice 13/2022-23 dated 30.06.2022]

DGFT: The last date for submitting the application under MEIS for exports made in the period 01.09.2020 to 31.12.2020 has been extended up to 31.08.2022. [DGFT Notification 15/2015-20 dated 30.06.2022]

Customs: In order to facilitate re-import the jewellery / stones etc exported from outside India through E-commerce portal, Courier bill of entry regulation has been amended to add conditions for allowing re-import of such goods. [Customs Notification No. 57/2022-Customs (N.T.) dated 30.06.2022]

Customs: Exemption from Integrated Tax and Compensation Cess on goods imported under AA/EPCG/EOU Schemes has been extended. Also the sunset date has also been removed hinting towards the Government’s willingness to continue the exemption for a longer period. [Customs Notification – 37/2022 – Customs dated 30.06.2022]

Customs: The in quota tariff rate (i.e BCD Rate) has been enhanced from 6.6% to 11.5% on Gold imported under TRQ of India-UAE CEPA. This increase is in line with the increase in BCD rate on other gold to be imported in India. [Notification No. 36/2022-Customs dated 30.06.2022]

Customs: Gold to get more dearer! BCD rate on import of gold has been increased from 7.5% to 12.5%. However the SWC will be exempted on import of all types of gold. This move by the Government is control the current account deficit. [Notification No. 33 & 34/2022-Customs dated 30.06.2022]

Income Tax: Quarterly statement in FORM 26QF of tax deposited in relation to transfer of virtual digital asset under section 194S to be furnished by an exchange has been notified. [Notification No. 73/2022- Income Tax Dated 30th June, 2022].

Income Tax: Virtual assets like Gift card or vouchers, Mileage points, rewards points, loyalty cards, subscription to website are excluded from the definition of virtual assets. In other words, no TDS will be deducted on transfer of above. [Notification No. 74/2022- (Income-tax) | Dated: 30th June, 2022]

SEBI: SEBI  has decided to allows FPIs (Foreign Portfolio Investments) to participate in the Exchange Traded Commodity Derivatives market to enhance liquidity & market depth. (Press Release N0. 21/2022 Dated 29th June 2022)

MCA: Last date for filing of LLP Form 11 (Annual Return) for the F.Y. 2021-22 without paying additional fee has been extended upto 15th July 2022 by MCA (General Circular No. 07/2022 Dated  29th  June 2022)

Customs: CBIC has notified the Rate of Exchange of Swiss Franc w.e.f. 30.06.2022. (Notification No. 54/2022 -Customs (N.T.) Dated 29th June 2022)

Income Tax: CBDT has notified Tolerance range of one per cent for wholesale trading and three per cent in all other cases for assessment year 2022-2023. (Notification No. 70/2022-Income Tax Dated 28th June 2022)

SEBI: SEBI has reviewed the framework for adjustment in derivative contracts for dividend announcements. (Circular No. SEBI/HO/MRD2/ MRD2_DCAP/ P/CIR/2022/90 Dated 28th June 2022)

DGFT: DGFT has issued clarification on Chip Import Monitoring System (CHIMS). (Policy Circular No. 40/2015-2020 Dated 27th June 2022)

Income Tax: CBDT has issued Circular for TDS under Section 194S on transactions other than those taking place on or through an Exchange. (Circular no. 14 of 2022 F. No. 370142/29/2022-TPL (Part 1) Dated 28th June 2022)

GST: The Government of India has appointed Shri. Nitin Gupta, IRS  as Chairman, Central Board of Direct Taxes (CBDT). (Notification No.31/1/2022-EO(SM-II Dated 25th June 2022)

Income Tax: CBDT has notified the ‘Seventy Second Investment Company LLC’, as sovereign wealth fund for the purpose of section 10(23FE) exemption. (Notification No. 69/2022-Income Tax Dated 27th June 2022)