Daily Updates

The European Union (EU) has introduced a selfcertification scheme for certifying the rules of origin under GSP from 1.1.2017 onwards. Under the Registered Exporter System (REX), exporters with a REX number are able to selfcertify the Statement on Origin of their goods being exported to EU under the GSP Scheme. [Public Notice No. 39 /2015-2020-DGFT  Dtd …

The European Union (EU) has introduced a selfcertification scheme for certifying the rules of origin under GSP from 1.1.2017 onwards. Under the Registered Exporter System (REX), exporters with a REX number are able to selfcertify the Statement on Origin of their goods being exported to EU under the GSP Scheme.(17.02.2021) Read More »

Update Your IEC Yearly or face Deactivation  

There will be waiver of late fees for filing the bill of entry for the consignment received 01.02.2021 and 02.02.2021 due to Updation of Customs Website. [PUBLIC NOTICE NO. – 15/2021  dtd. 4.02.2021]

IT / ITES SEZ have got relaxation while vide  Instruction No. 105 dtd. 5.02.2021 for not having physical inspection of goods when It/ITES equipments are disposed off in DTA after use provided identification and corresponding bill of entries are available. Further, when IT/ITES SEZ Units procured good from DTA and supplied back to DTA, there is …

IT / ITES SEZ have got relaxation while vide  Instruction No. 105 dtd. 5.02.2021 for not having physical inspection of goods when It/ITES equipments are disposed off in DTA after use provided identification and corresponding bill of entries are available.(9.02.2021) Read More »

Commissioner of JNPT has issued the standing order No. 4/2021 dtd. 05.02.2021 instructing field formation to file appeals within limitation period and timeline has been prescribed.

Scheduled Commercial Banks will be allowed to deduct the amount equivalent to credit disbursed to ‘New MSME borrowers’ from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR) in terms of paragraph 5 of the Statement on Developmental and Regulatory Policies of February 5, 2021.

HC notice to GST Authorities for allegedly pressurising to transfer Rs.9 Cr to department account in the case of Bharat Acid and Chemicals, Proprietor Kanubhai Manilal Patel Vs. Union Of India (Gujarat High Court)

GST classification Issue: HC directs GST Authorities to not to detain person called for recording any evidence in the case of Nowrangroy Agro Private Limited Vs Union of India (Calcutta High Court)  

Creditor not become Financial Creditor if Corporate Debtor Only Gives Security by Pledging Shares without Undertaking to Discharge Borrower: SC in the case of  Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court)

In case of B-17 bond executed by EOU/STP/EHTPs in capacity of Proprietorship or partnership firm, surety cannot be given by Proprietor/ partner himself. Such sureties must be given by an independent legal entity other than the Proprietor/ Partner of the concerned Proprietorship/ Partnership EOU firm. [Circular No. 03/2021-Customs 03rd February, 2021] Arbitration & Conciliation (Amendment) Bill, 2021 …

In case of B-17 bond executed by EOU/STP/EHTPs in capacity of Proprietorship or partnership firm, surety cannot be given by Proprietor/ partner himself. Such sureties must be given by an independent legal entity other than the Proprietor/ Partner of the concerned Proprietorship/ Partnership EOU firm.(06.2.2021) Read More »

Anti-dumping duty on PTFE is imposed if goods are imported from Russia, Korea RP & China has been enhanced after thorough investigation by Anti-dumping authorities.  

The CIMS will be effective from 01.04.2021,i.e., Bill of Entry filed on or after 01.04.2021 for items as listed in this Notification shall be governed by CIMS. The facility of online registration will be available with effect from 15.02.2021. Effect of the Notification: CIMS will be effective from 01.4.2021 and online registration will be available …

The CIMS will be effective from 01.04.2021, i.e., Bill of Entry filed on or after 01.04.2021 for items as listed in this Notification shall be governed by CIMS. (29.1.2021) Read More »

CBIC made the changes for implementing the Tariff Rate Quota (TRQ) licenses issued by DGFT and link with transmitted data by DGFT electronically to ICE gate w.r.t. IEC based quantity approved on TRQ licenses, which will be debited from the quantity imported against the bill of entry. It is the loudable and encouraging.

No GST is payable on RCM basis the remuneration paid to the Director who is in the employment and file the income tax return under the head of “Income From Salaries”, in other cases GST is payable on RCM basis in terms of  Appellate Advance Ruling Authority in the matter of CM/s lay Craft India …

No GST is payable on RCM basis the remuneration paid to the Director who is in the employment and file the income tax return under the head of “Income From Salaries”. (25.1.2021) Read More »

RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach.

TNMM method is most appropriate method to take care of all notional interest costs as held by ITAT Chennai.  

National Faceless Assessment Centre /Regional Faceless Assessment Centres/ Assessment Units/ Review Units (read as NeAC/ ReACs/ AUs/ RUs), set up under the Faceless Assessment Scheme, 2019 will also act as the National Faceless Penalty Centre /Regional Faceless Penalty Centre/ Penalty Unit/Penalty Review Unit respectively to deal with all penalty matters except i) Penalty proceedings in cases assigned …

National Faceless Penalty Centre have been set up (22.1.2021) Read More »

CBIC has issued much awaited clarification on manufacturing in custom bonded warehouse scheme i.e. MOOWR, 2019. These unit can send the goods outside for job work and also undertake job work for other units subject to conditions & process specified in circular no 48/2020 dated 27th October 2020   circular no 48/2020 dated 27th October …

CBIC has issued much awaited clarification on manufacturing in custom bonded warehouse scheme i.e. MOOWR, 2019 (31.10.2020) Read More »