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. …
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]
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]
