Daily Updates

Govt declares 5.81% interest on deposits under Senior Citizens Welfare Fund for 2020-21

Physical hearing by NCLT Benches w.e.f. 01.03.2021

CBDT notifies class of person to whom Aadhar authentication not applies. [Notification No. 03/2021-Central Tax dtd.  23rd February, 2021]

Section 271D Penalty Not Valid If Assessee Bonafidely explains Reasonable Cause. [Case Law Bapujibuwa Nagari Sahakari Pat Sanstha Maryadit VS JCIT (ITAT Pune)]

Govt imposes definitive anti-dumping duty on imports of Aniline from China. (Notification No. 08/2021 -Customs (ADD) dtd. 19th Feb 2021)

DGFT proposes to issue online CoO (NP) w.e.f. 01.04.2021( tentative date); wherein the online applications for CoO (NP) will be processed as per provisions of Para 2.108 of Handbook of Procedure based on the declaration of the exporter to the issuing agency, without any scrutiny of documents. However, uploaded documents like invoices etc. as prescribed …

DGFT proposes to issue online CoO (NP) w.e.f. 01.04.2021 (22.02.2021) Read More »

Summon can be issued by GST Authorities to give evidence & produce documents. [Bombay High Court Judgement in the case of Jsk Marketing Limited & Anr Vs Union of India & Ors)]

Facility for resolving invoice mis-match errors with officer interface as an alternative measure for the specified period which was further extended, several times, based on representations received from Trade regarding continuance of such error. [Circular No. 05 /2021-Customs dtd. 17th February, 2021]  

Customs Post Clearance Audit (PCA) work has been streamlined for premises based audit for AEO holders of T1, T2 & T3 as well as Transactional Based Audit (TBA) and  Theme Based Audit (ThBA) [Instruction No. 02/2021- Customs dtd. 16th February, 2021]

CBDT amends Faceless Assessment Scheme, 2019 vide Faceless Assessment (1st Amendment) Scheme, 2021 and specified the procedure for Assessment under Faceless Assessment Scheme, 2019. [Notification No. 6/2021-Income Tax dtd. 17th February, 2021.]  

Henceforth Custom department will collect fees of Rs. 1000/- for Handling of mismatch between Shipping Bill and GST returns in Customs Automated System [Notification No. 17/2021-Customs (N.T.) dtd. 17th February, 2021]

Extension of Board’s Circular No. 12/2018-Customs dated 29.05.2018 for sanction of pending IGST refund claims where the records have not been transmitted to ICEGATE due to GSTR-1 and GSTR- 3B mismatch error. in order to overcome the problems faced by the exporters. CBIC has decided that the solution provided in the Circular 12/2018-Customs read with …

Extension of Board’s Circular No. 12/2018-Customs dated 29.05.2018 for sanction of pending IGST refund claims where the records have not been transmitted to ICEGATE due to GSTR-1 and GSTR- 3B mismatch error.(18.02.2021) Read More »

SVLDRS, 2019 benefit cannot be rejected for difference & amount admitted & Quantified [ Sabareesh Pallikere Vs Jurisdictional Designated Committee (Bombay High Court)]  

Hon Gujarat High Court has Issues direction against alleged forceful recoveries during  search/inspection under CGST Act, 2017 while hearing the case of M/s. Bhumi Associate Vs. Union Of India (Gujarat High Court)    

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.