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 …
GST: Record ₹1,44,616 crore gross GST Revenue collection for the month of June 2022. Increase of 56% year-on-year Gross GST collection in June 2022 is the second highest collection next to the April 2022.
Tax on Petroleum products: EXPORT POLICY condition has been imposed by the DGFT that the exporters of petroleum products would be required to declare at the time of exports that 50% of the quantity mentioned in the shipping bill has been/will be supplied in the domestic market during the current FY. [DGFT Notification 14/2015-20 dated …
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]
