Daily Updates

GST: CBIC has amended the Notification related to; UTGST Rate on Services w.e.f. 01.01.2022 ( Notification No. 22/2021-Union Territory Tax (Rate) dated 31st December, 2021) IGST Rate on Services w.e.f. 01.01.2022 ( Notification No. 22/2021- Integrated Tax (Rate) dated 31st December, 2021) CGST Rate on Services w.e.f. 01.01.2022 ( Notification No. 22/2021- Central Tax (Rate) …

GST : CBIC has amended the Notifications ( 03.01.2022) Read More »

Customs : Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. (Notification No. 107/2120-Customs (N.T.) dated 31st December, 2021)

Customs : Schedule for Drawback on exports of goods has been amended w.e.f. 01.01.2022 (Notification No. 108/2021- Customs (N.T.) dated 31st December,2021)

Customs: CBIC has notified Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations, 2021. (Notification No. 109/2021- Customs (N.T.) dated 31st December, 2021)

Customs : CBIC has extended the Custom Duty Exemption given earlier on Import of COVID-19 Vaccine up to December 31, 2021 has now been extended till 30th June, 2022 (Notification No. 61/2021-Customs dated 31st December, 2021

Others: Centre notifies rules for Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021. The revised pecuniary jurisdiction for entertaining consumer complaints shall be up to – 1) 50 lakh for District Commissions, 2) More than ₹50 lakh to ₹2 Crore for State Commissions and 3) More than …

Others: Centre notifies rules for Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021 (01.01.2022) Read More »

RBI: RBI has extended the relaxation for Periodic Updation of KYC  till 31.03.2022 ( Circular-RBI/2021-22/144 dated 30.12.2021)

Income Tax: CBDT has amended the guidelines on power of survey under section 133A of Income Tax Act, 1961 (Circular No. F.No. 187/3/2020-ITA-I dated 31.12.2021)

Customs : CBIC has amended the  FTA/PTA notification to align with HSN 2022 w.e.f. 1.1.2022 ( Notification No. 60/2021-Customs, Dated: 30.12.2021)

DGFT: Option is given to file manual/physical EODC applications for all such Advance Authorization’s, which have been issued prior to December 1, 2020 (DGFT Trade Notice No. 28/2021-22 dated 31.12.2021).

DGFT: The last date of submitting applications under MEIS, SEIS, ROSCTL, ROSL and 2% additional ad hoc incentive (under para 3.25 of FTP) which was earlier notified to be 31.12.2021 has been extended till 31.01.2022. (DGFT Notification No. 48/2015-20 dated 31.12.2021)

GST : Exemption/ Concessional rate given to few COVID-19 relief items vide Notification No. 12/2021-Central Tax (Rate) dated 30.09.2021 was valid upto 31st December 2021 only,  effective from 1st January 2022 Tariff Rates will be applicable to said items.

GST: GST Council meeting held on 31st December 2021 has recommended to defer the decision of change in rates on Textile. Existing GST rates in textile sector to continue beyond 1st January, 2022

RBI: Clarification that no RBI approval required for acquisition & transfer of immovable property by NRIs & Overseas Citizen of India (OCIs) (Press Release: 2021-2022/1439 dtd. 29.12.2021)

MahaRera: Submission of certificates to schedule bank operating separate account by promotors irrespective whether such real estate project is a new project or an ongoing project till the occupancy certificate/completion certificate (Circular No. 39/2021 dtd. 28.12.2021)  

Central Excise: Notification no. 03/2019-CE has been amended to incorporate HSN 2404 11 00  2404 19 00 (Notification No. 10/2021-Central Excise | Dated: 29th December, 2021)

Income Tax: CBDT has introduced New Form No. 56FF  in Rule 16DD i.e Form of particulars to be furnished along with return of income for claiming deduction under clause (b) of sub-section (1B) of section 10A. (Notification No. 140/2021 Dated: 29th December, 2021)

Income Tax: Govt notifies CORRIGENDA to Finance Act, 2021 for rectifying 9 mistakes. (Notification No. 13 of 2021 Dated 29th December, 2021).

GST: Amendment in Rates of GST compensation cess under GST (Compensation to States) Act, 2017 (Notification No. 2/2021-Compensation Cess (Rate), dtd. 28.12.2021)

GST: Extension in due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 from 31.12.2021 to 28.02.2022 (Notification No. 40/2021 – Central Tax dtd. 29.12.2021