Daily Updates

Customs  The CBIC has issued a notification to replace The Sea Cargo Manifest and Transshipment Regulations, 2018 with The Sea Cargo Manifest and Transshipment (First Amendment) Regulations, 2025. [Notification No. 02/2025-Customs (N.T.) dated 15.01.2025]  The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver as …

Customs: The CBIC has issued a notification to replace The Sea Cargo Manifest and Transshipment Regulations, 2018 with The Sea Cargo Manifest and Transshipment (First Amendment) Regulations, 2025.(16.01.2025) Read More »

Income Tax The Central Board of Direct Taxes (CBDT) has notified ‘Central Power Research Institute (CPRI), Bengaluru’ as ‘Research Association’ for the purpose of section 35(1)(ii) of the Income-tax Act, 1961. The notification is applicable for AY 2025-26 to AY 2029-30. [Notification No. 07/2025/F. No. 203/20/2024/ITA-II dated 14.01.2025]

DGFT: The DGFT has issued a public notice to notify Standard operating procedure/ Guidelines for voluntary disclosures of non compliance/ Violations related to Export of SCOMET regulations. [Public Notice No. 40/ 2024-25 dated 15.01.2025

DGFT  The DGFT has issued a public notice to amend Para 4.73 of HBoP-2023 to include GIA Laboratory, DMCC, Dubai, UAE in the list of authorized laboratories for certification / grading of diamonds of 0.25 carat and above. [Public Notice No. 41/ 2024-25 dated 15.01.2025]

GST: The GSTN has issued an update to inform that he Draft GSTR-2B for the month of December 2024 (Quarter Oct-Dec 2024) will now be generated on 16th January 2025 in accordance with the rule 60 of CGST Rules, 2017. [GSTN advisory dated 14.01.2025]

GST The GSTN has issued an update to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications under waiver scheme. However, for the appeal applications (APL 01) filed before 21.03.2023, withdrawal option is not available in GST portal. For …

GST: The GSTN has issued an update to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications under waiver scheme.(15.01.2025) Read More »

DGFT The DGFT has issued a notification to update Schedule-II (Export Policy) of ITC(HS) 2022 in line with the Finance Act 2024, effective from 16.08.2024. It includes revised export policies for ITC(HS) codes and updated General Notes to Export Policy, both available on the DGFT website. The changes are effective immediately. [Notification No.50/2024-25 dated 13.01.2025]  …

DGFT: The DGFT has issued a notification to update Schedule-II (Export Policy) of ITC(HS) 2022 in line with the Finance Act 2024, effective from 16.08.2024.(14.01.2024) Read More »

GST: The CBIC has issued instruction to amend the earlier guidelines regarding arrest and bail under GST and it is provided that grounds of arrest must be explained to the arrested person and also furnished to him in writing. [Instruction No. 01/2025-GST dated 13.01.2025]

GST:   The CBIC has issued notification to extend the time limit for furnishing the return GSTR-8 till 12th January 2025. [Notification No. 06/2025 – Central Tax dated 10.01.2025]   The CBIC has issued notification to extend the time limit for furnishing the return GSTR-7 till 12th January 2025. [Notification No. 05/2025 – Central Tax …

GST: The CBIC has issued notification to extend the time limit for furnishing the GST returns (13.01.2025) Read More »

GST: A functionality has now been made available on the GST Portal for taxpayers to file an application for rectification of orders issued under section 73/74  for wrong availment of ITC but where such ITC is now available as per the recently inserted sub-sections (5) and/or (6) of section 16 of the Act. They can …

GST: A functionality has now been made available on the GST Portal for taxpayers to file an application for rectification of orders issued under section 73/74  for wrong availment of ITC but where such ITC is now available as per the recently inserted sub-sections (5) and/or (6) of section 16 of the Act(07.01.2025) Read More »

DGFT: The DGFT has issued public notice to amend Para 6.06 (c)(ii) and Para 6.06 (c)(iii) of the Handbook of Procedures (HBP), 2023 to align with FTP 2023: Para 6.06 (c)(ii): The export obligation (EO) for imported tea and items under Chapter 9 of ITC(HS), including coconut oil, must be fulfilled within 6 months from …

DGFT: The DGFT has issued public notice to amend Para 6.06 (c)(ii) and Para 6.06 (c)(iii) of the Handbook of Procedures (HBP), 2023 to align with FTP 2023 (07.01.2025) Read More »

DGFT: The DGFT has issued a notification to permit export of Wheat to Nepal through National Cooperative Exports Limited (NCEL). [Notification No. 48/2024-25 dated 04.01.2025]

DGFT The DGFT has issued a notification to extend the condition of Minimum Import Price (MIP) on 13 ITC (HS) codes of Synthetic Knitted Fabrics from 01.01.2025 to 31.03.2026 if CIF value is less than 3.5 US Dollar per Kilogram which means import will be free if CIF value is 3.5 US dollar or above …

DGFT:The DGFT has issued a notification to extend the condition of Minimum Import Price (MIP) on 13 ITC (HS) codes of Synthetic Knitted Fabrics from 01.01.2025 to 31.03.2026 (07.01.2025) Read More »

Income Tax: The Central Board of Direct Taxes (CBDT) has notified ‘Karnataka State Horticulture Development Agency’ and ‘The Commissioners for the Rabindra Setu, Kolkata’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961. [Notification No. 4/2025 dated 03.01.2025]

Income Tax: The Central Government has exempted the Karnataka State Horticulture Development Agency (KSHDA) from income tax on specific income, including: Grants-in-aid from the Central and State Governments. Revenue from horticulture activities. Interest on bank deposits.   Conditions: KSHDA must not engage in commercial activities, its income and activities should remain unchanged, and it must …

Income Tax: The Central Government has exempted the Karnataka State Horticulture Development Agency (KSHDA) from income tax on specific income (07.01.2025) Read More »

Income Tax The Central Government has notified that a Unit of the International Financial Services Centre (IFSC) shall not be considered as a buyer for the purpose of section 206C(1H) in respect of the purchase of goods from a seller. [Notification No. 6/2025 dated 06.01.2025]

DGFT  DGFT has issued a notification to make an amendment in Foreign Trade Policy 2023 to include Para 1.07A and 1.07B for consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the Foreign Trade Policy. [Notification No. 47/2024-25 dated 02.01.2025]

Income Tax: The Central Government exempts income-tax deduction under Chapter XVII of the Income Tax Act on payments received by the National Credit Guarantee Trustee Company Limited and credit guarantee funds established and wholly financed by the Central Government, managed by the trustee company, as per Section 10(46B) of the Act. [Notification No. 1/2025 & …

Income Tax: The Central Government exempts income-tax deduction under Chapter XVII of the Income Tax Act on payments received by the National Credit Guarantee Trustee Company Limited and credit guarantee funds established and wholly financed by the Central Government, managed by the trustee company, as per Section 10(46B) of the Act. (03.01.2025) Read More »

Income Tax  The Central Board of Direct Taxes (CBDT) has specified that no tax deduction at source (TDS) under Section 194Q of the Income Tax Act, 1961, will be required for purchases made from units of International Financial Services Centers (IFSC), provided both buyers and sellers meet specific conditions. [Notification No. 3/2025 dated 02.01.2025]

Customs: The CBIC has issued circular to roll out Automated Out of Charge (OOC) for AEO-Tier 2 (T2) and Tier 3 (T3) clients to streamline customs clearance. Automated OOC will apply to Bills of Entry (BEs) that: Are not selected for examination/scanning or require any PGA NoC. Have completed assessment. Have completed OTP authentication for …

Customs: The CBIC has issued circular to roll out Automated Out of Charge (OOC) for AEO-Tier 2 (T2) and Tier 3 (T3) clients to streamline customs clearance.(02.01.2025) Read More »