Daily Updates

GST Updates CBIC issued clarifications regarding GST rates & classification (goods) based on the recommendations of the GST Council A. Classification and GST Applicability on Pepper (Genus Piper) HS Code 0904 (Green, White, or Black Pepper) attracts 5% GST. Exemption: Dried pepper supplied directly by an agriculturist from their plantation is GST-exempt, and the agriculturist …

GST : CBIC issued clarifications regarding GST rates & classification (goods) based on the recommendations of the GST Council. (20.02.2025) Read More »

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Jharkhand and Andaman and Nicobar Islands. This update includes new procedures for biometric authentication and document verification during the GST registration process [GST Advisory dated on 18.02.2025]

GST: Advisory on Form ENR-03 for Unregistered Dealers in the E-Way Bill Portal Effective from February 11, 2025, unregistered dealers can now enroll in the E-Way Bill (EWB) portal using Form ENR-03, as per Notification No. 12/2024 (July 10, 2024). This allows them to generate e-Way Bills by obtaining a 15-character Enrolment ID, which serves …

GST : Advisory on Form ENR-03 for Unregistered Dealers in the E-Way Bill Portal. (18.02.2025) Read More »

GST: GST Registration Process as per Rule 8 of CGST Rules, 2017, applicants must follow these steps: Non-Aadhaar Authentication Applicants Must visit a GST Suvidha Kendra (GSK) for photo capturing and document verification. Receive an email with GSK details and schedule an appointment. Aadhaar Authentication with Biometric Requirement Promoters/Partners and the Primary Authorized Signatory (PAS) …

GST : GST Registration Process as per Rule 8 of CGST Rules, 2017. (18.02.2025) Read More »

RBI: The Government of India has requested that all Agency Banks (banks handling government receipts and payments) remain open on March 31, 2025 (Monday), even though it is a public holiday. This is to ensure that all government transactions related to receipts and payments for the financial year 2024-25 are accounted for within the same …

RBI : The Government of India has requested that all Agency Banks (banks handling government receipts and payments) remain open on March 31, 2025 (Monday), even though it is a public holiday. This is to ensure that all government transactions related to receipts and payments for the financial year 2024-25 are accounted for within the same fiscal year. As a result, RBI has advised all Agency Banks to keep their branches dealing with government business open on this date to facilitate smooth financial operations. (11.02.2025) Read More »

RBI: RBI has issued master directions on ‘Access Criteria for Negotiated Dealing System-Order Matching’ (NDS-OM). These directions supersede the RBI (Access Criteria for NDS-OM) Directions, 2024 dated October 18, 2024. Any person/entity eligible to invest in Government securities must be eligible to access NDS-OM either through direct access, indirect access or via a stockbroker. NDS-OM …

RBI : RBI has issued master directions on ‘Access Criteria for Negotiated Dealing System-Order Matching’ (NDS-OM). These directions supersede the RBI (Access Criteria for NDS-OM) Directions, 2024 dated October 18, 2024. Any person/entity eligible to invest in Government securities must be eligible to access NDS-OM either through direct access, indirect access or via a stockbroker. NDS-OM refers to ETP authorized by RBI for transactions in Government securities. (11.02.2025) Read More »

RBI: The Reserve Bank of India announcing a reduction in the Bank Rate by 25 basis points, bringing it down from 6.75% to 6.50%, effective immediately. The Bank Rate is the rate at which the RBI lends money to commercial banks. A decrease in this rate typically leads to lower borrowing costs for banks, which …

RBI : The Reserve Bank of India announcing a reduction in the Bank Rate by 25 basis points, bringing it down from 6.75% to 6.50%, effective immediately. (11.02.2025) Read More »

RBI: The change in the Standing Liquidity Facility for Primary Dealers is as follows: The Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points, lowering it from 6.50% to 6.25%, effective immediately. As a result, the Standing Liquidity Facility (collateralized liquidity support) provided …

RBI : The change in the Standing Liquidity Facility for Primary Dealers. (11.02.2025) Read More »

RBI: The recent change in the Liquidity Adjustment Facility (LAF) rates is as follows: The Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the LAF by 25 basis points, lowering it from 6.50% to 6.25%, effective immediately. As a result, the standing deposit facility (SDF) rate is adjusted to 6.00%, and …

RBI : The recent change in the Liquidity Adjustment Facility (LAF) rates. (11.02.2025) Read More »

Income Tax :  Ministry of Finance on February 7, 2025, amends the Income-tax Rules, 1962, specifically Rule 2F. This amendment introduces new guidelines for establishing Infrastructure Debt Funds (IDFs) in India. The primary objective is to streamline the process and provide a clear framework for setting up IDFs, thereby facilitating increased investment in infrastructure projects. …

Income Tax : Ministry of Finance on February 7, 2025, amends the Income-tax Rules, 1962, specifically Rule 2F. This amendment introduces new guidelines for establishing Infrastructure Debt Funds (IDFs) in India. The primary objective is to streamline the process and provide a clear framework for setting up IDFs, thereby facilitating increased investment in infrastructure projects. (10.02.2025) Read More »

Income Tax : The Central Board of Direct Taxes (CBDT) has amended Rule 114DA to specify the due date for filing Form 49C. The Finance (No. 2) Act, 2024, amended Section 285 by removing the 60-day submission deadline for non-residents with liaison offices and replacing it with a period to be prescribed by the Board. …

Income Tax : The Central Board of Direct Taxes (CBDT) has amended Rule 114DA to specify the due date for filing Form 49C. The Finance (No. 2) Act, 2024, amended Section 285 by removing the 60-day submission deadline for non-residents with liaison offices and replacing it with a period to be prescribed by the Board. CBDT has set this period as 8 months from the end of the financial year through an amendment to Rule 114DA. (10.02.2025) Read More »

DGFT : The Standard Input Output Norm (SION) E-136 has been amended to permit the export of Wheat Flour (Atta) with Millets. This change allows for the inclusion of millets in the export of wheat flour (atta), broadening the scope of the export policy. [DGFT Public Notice No. 47/2024-25 dated on 07.02.2025]

DGFT :  The notification updates the classification for vintage motor vehicles in the export/import context has been updated to match the official criteria and definitions provided in the Central Motor Vehicles Rules, 1989. These rules govern the regulation and registration of motor vehicles in India and include specific definitions and classifications for vintage vehicles. [DGFT …

DGFT : The notification updates the classification for vintage motor vehicles in the export/import context has been updated to match the official criteria and definitions provided in the Central Motor Vehicles Rules, 1989. These rules govern the regulation and registration of motor vehicles in India and include specific definitions and classifications for vintage vehicles. (10.02.2025) Read More »

DGFT :  The export policy for raw human hair (ITC(HS) Code 05010010 – human hair unworked, whether or not washed or scoured) has been changed from ‘Restricted’ to ‘Prohibited’. Despite this, exports will be permitted if the FOB (Free on Board) value of the raw human hair is USD 65 or more per kilogram. This …

DGFT : he export policy for raw human hair (ITC(HS) Code 05010010) – human hair unworked, whether or not washed or scoured) has been changed from ‘Restricted’ to ‘Prohibited’. Despite this, exports will be permitted if the FOB (Free on Board) value of the raw human hair is USD 65 or more per kilogram. (10.02.2025) Read More »

GST : The CBIC has issued instruction to department to withdraw appeal in cases where tax amount has been fully paid by the taxpayer on demands made under section 73 of the CGST Act as per Section 128A and department is in appeal or under the process of filing an appeal only on account of …

GST : The CBIC has issued instruction to department to withdraw appeal in cases where tax amount has been fully paid by the taxpayer on demands made under section 73 of the CGST Act as per Section 128A and department is in appeal or under the process of filing an appeal only on account of wrong interest calculation and/or wrong imposition or non-imposition of penalty amount. (10.02.2025) Read More »

GST :  Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Maharashtra and Lakshadweep. This update includes new procedures for biometric authentication and document verification during the GST registration process [GST Advisory dated on 08.02.2025]

GST: Clarification on E-Way Bill Requirement for Goods under Chapter 71. As per Rule 138(14) of the CGST Rules, 2017, goods under Chapter 71 (excluding HSN 7117 – Imitation Jewellery) are exempt from the mandatory E-Way Bill (EWB) requirement. However, in Kerala, intra-state movement of such goods requires an EWB as per Notification No.10/24-State Tax …

GST : Clarification on E-Way Bill Requirement for Goods under Chapter 71. (10.02.2025) Read More »

DGFT : The Central Government has extended the export period for Broken Rice (ITC(HS) 10064000) to Senegal through National Cooperative Exports Limited (NCEL) by one month, until February 28, 2025. This amendment modifies previous notifications, including Notification No. 46 (30.11.2023), Notification No. 15/2024-25 (05.06.2024), and Notification No. 42/2024-25 (05.12.2024), under the Foreign Trade (Development & …

DGFT : The Central Government has extended the export period for Broken Rice (ITC(HS) 10064000) to Senegal through National Cooperative Exports Limited (NCEL) by one month, until February 28, 2025. (06.02.2025) Read More »

DGFT : The wastage permissible and Standard Input Output Norms under the Handbook of Procedures, 2023 with regard to export of jewellery and article has been revised. The Public Notice No. 30 dated 01.11.2024 had been superseded by this Public Notice. [Public Notice No. 45/2024-25 dated 04.02.2025]  

DGFT : Export of De-Oiled Rice Bran having ITC(HS) code of 2302 40 00, 2306 90 19, 2306 90 29, 2306 90 90 is ‘Prohibited’ up to 30th September 2025. [Notification No. 56/2024-25 dated 04.02.2025]