Daily Updates

Income Tax  The Central Board of Direct Taxes (CBDT) has notified ‘Mysore Palace Board’, a Board established under the Mysore Palace (Acquisition and Transfer) Act, 1998 for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The exemption covers income generated from palace properties, statutory fees, government rent, and bank interest. …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified ‘Mysore Palace Board’, a Board established under the Mysore Palace (Acquisition and Transfer) Act, 1998 for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The exemption covers income generated from palace properties, statutory fees, government rent, and bank interest. It will be effective from the Assessment Year 2024-25 to 2028-29.(28.04.2025) Read More »

Customs: The CBIC has issued a clarification regarding the requirement of CITES Export Permits or CITES Re-export Certificates for agarwood products. Based on the communication from the Ministry of Environment, Forest & Climate Change, it has been confirmed that, in accordance with CITES Resolution Conf.13.7 (Rev. CoP17) on the control of trade in personal and …

Customs: The CBIC has issued a clarification regarding the requirement of CITES Export Permits or CITES Re-export Certificates for agarwood products. (28.04.2025) Read More »

Customs: The Ministry of Home Affairs, Foreigners Division (Immigration Section), through Office Memorandum No. 25022/05/2025-Imm. dated 24th April 2025, has directed the immediate closure of the Integrated Check Post (ICP) at Attari, located on the India-Pakistan border in Punjab. This decision follows the terrorist attack on tourists at Pahalgam on 22nd April 2025 and the …

Customs: The Ministry of Home Affairs, Foreigners Division (Immigration Section), through Office Memorandum No. 25022/05/2025-Imm. dated 24th April 2025, has directed the immediate closure of the Integrated Check Post (ICP) at Attari, located on the India-Pakistan border in Punjab. This decision follows the terrorist attack on tourists at Pahalgam on 22nd April 2025 and the Government’s serious concerns regarding cross-border linkages associated with the incident. Consequently, all types of incoming and outgoing passenger movements, as well as goods movements, through the ICP Attari are suspended with immediate effect. (28.04.2025) Read More »

The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver as follows:                                                                   Table 1  Sl. No. Chapter/ heading/sub-heading/tariff item Description of goods Tariff value (US $Per Metric Tonne) 1 1511 10 00 Crude Palm Oil 1153 (i.e. no change) 2 1511 90 10 RBD Palm Oil …

Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver (28.04.2025) Read More »

Customs: The CBIC has issued a notification to notify The Goods Imported (Conditions of Transshipment) Regulations, 2025, further amending the original 1995 regulations. These new regulations shall come into force from the date of their publication in the Official Gazette. The principal amendment involves a complete substitution of Regulation 5. As per the new provision, …

Customs: The CBIC has issued a notification to notify The Goods Imported (Conditions of Transshipment) Regulations, 2025, further amending the original 1995 regulations.(28.04.2025) Read More »

Customs: Key Highlights:   Elimination of Transshipment Permit Fees: The ₹20/- Transshipment Permit fee has been abolished. Amendment made via Notification No. 30/2025-Customs (N.T.) dated 24th April, 2025. Simplified Handling of Unit Load Devices (ULDs): ULDs (with or without tracking devices) can be moved outside Customs areas on the basis of a Continuity Bond by …

Customs: The CBIC has issued a circular to provide for Simplification of Procedures for Air Cargo Movement & Transhipment (28.04.2025) Read More »

Income Tax: The Central Government has notified the “Ten Year Zero Coupon Bond” issued by Housing and Urban Development Corporation Ltd. (HUDCO) as a Zero Coupon Bond under clause (48) of section 2 of the Income-tax Act, 1961, in accordance with Rule 8B of the Income-tax Rules, 1962. Key features of the bond: Tenure: 10 …

Income Tax: The Central Government has notified the “Ten Year Zero Coupon Bond” issued by Housing and Urban Development Corporation Ltd. (HUDCO) as a Zero Coupon Bond under clause (48) of section 2 of the Income-tax Act, 1961, in accordance with Rule 8B of the Income-tax Rules, 1962. (22.04.2025) Read More »

Income Tax  The Central Government has approved KIMS Foundation and Research Centre, Hyderabad (PAN: AABTK7589F) as an ‘Other Institution’ under the category of ‘University, College or Other Institution’ for the purpose of scientific research under Section 35(1)(ii) of the Income-tax Act, 1961, read with Rules 5C and 5E of the Income-tax Rules, 1962. This approval …

Income Tax: The Central Government has approved KIMS Foundation and Research Centre, Hyderabad (PAN: AABTK7589F) as an ‘Other Institution’ under the category of ‘University, College or Other Institution’ for the purpose of scientific research under Section 35(1)(ii) of the Income-tax Act, 1961, read with Rules 5C and 5E of the Income-tax Rules, 1962.(22.04.2025) Read More »

DGFT: The Directorate General of Foreign Trade (DGFT) has announced the introduction of a new field titled ‘Mode of Export of Services’ in the eBRC (Electronic Bank Realisation Certificate) format, effective from May 1, 2025. This enhancement applies to service export transactions and must be filled in while certifying eBRCs linked to IRMs (Invoice Reference …

DGFT: The Directorate General of Foreign Trade (DGFT) has announced the introduction of a new field titled ‘Mode of Export of Services’ in the eBRC (Electronic Bank Realisation Certificate) format, effective from May 1, 2025. This enhancement applies to service export transactions and must be filled in while certifying eBRCs linked to IRMs (Invoice Reference Numbers) through the DGFT portal, either via API integration or bulk upload. (22.04.2025) Read More »

Customs: The CBIC has issued a notification which provides for imposition of a 12% provisional safeguard duty on imports of the following Non-Alloy and Alloy Steel Flat Products: Hot Rolled coils, sheets, and plates Hot Rolled Plate Mill Plates Cold Rolled coils and sheets Metallic Coated Steel coils and sheets (including Galvanneal, Zinc/Al-Zn/Zn-Al-Mg coatings) Colour …

Customs: The CBIC has issued a notification which provides for imposition of a 12% provisional safeguard duty on imports of the Non-Alloy and Alloy Steel Flat Products Read More »

Customs: The CBIC has issued a notification to appoint Dholera in state of Gujarat as inland container depot for Unloading of imported goods and loading of export goods or any class of such goods. [Notification No. 25/2025-Customs (N.T.) dated 21.04.2025]

Customs: The CBIC has issued a directive recognizing the National Food & Feed Reference Laboratory (NFFRL), Kathmandu, Nepal, under a bilateral MoU between FSSAI (India) and DFTQC (Nepal). NFFRL is now authorized to analyze food samples—like juice, jam, pickles, ginger, and instant noodles—for Indian food imports, valid till its ISO/IEC 17025 accreditation from NABL remains …

Customs: The CBIC has issued a directive recognizing the National Food & Feed Reference Laboratory (NFFRL), Kathmandu, Nepal, under a bilateral MoU between FSSAI (India) and DFTQC (Nepal). NFFRL is now authorized to analyze food samples—like juice, jam, pickles, ginger, and instant noodles—for Indian food imports, valid till its ISO/IEC 17025 accreditation from NABL remains in force. (22.04.2025) Read More »

Customs: The CBIC has issued a circular to amend Circular No. 38/2020-Customs in light of Notification No. 14/2025-Customs (N.T.) dated 18.03.2025, replacing the term “Certificate of Origin” with “Proof of Origin” under the CAROTAR, 2020 rules. This aligns the CAROTAR framework with the updated Section 28DA of the Customs Act, 1962, reflecting a global shift …

Customs: The CBIC has issued a circular to amend Circular No. 38/2020-Customs in light of Notification No. 14/2025-Customs (N.T.) dated 18.03.2025, replacing the term “Certificate of Origin” with “Proof of Origin” under the CAROTAR, 2020 rules. This aligns the CAROTAR framework with the updated Section 28DA of the Customs Act, 1962, reflecting a global shift towards self-certification and origin declarations to simplify trade procedures. (21.04.2025) Read More »

The CBIC has issued a notification to amend drawback rates for certain items under chapter 71 as follows: Tariff Item Description of Goods Unit Old Drawback Per unit New Drawback Rate 711301 Articles of jewellery and parts thereof, made of gold Gms Rs. 335.50 Rs. 405.40 711302 Articles of jewellery and parts thereof, made of …

Customs: The CBIC has issued a notification to amend drawback rates for certain items under chapter 71 (21.04.2025) Read More »

GST: The CBIC has issued a instruction for GST registration process. Key Highlights are as follows: Address Proof: One document from the prescribed list is enough. No additional documents such as ID Proof of landlords etc can be demanded No lessor’s ID proof needed if rent/lease agreement is available. If unavailable, submit consent letter + …

GST: The CBIC has issued a instruction for GST registration process. (18.04.2025) Read More »

DGFT: The DGFT has issued a public notice to notify about revision in Appendix 2K of FTP, 2023 which will henceforth provide for the provision of “Registration Fee” for various Import Monitoring Systems (SIMS/CIMS/NFMIMS/PIMS etc.) [Public Notice No. 02/2025-26 dated 15.04.2025]

DGFT  The DGFT has issued a notification which provides that the Registration fee for obtaining Automatic Registration Number under Coal Import Monitoring System (CIMS) will be subject to the scale of fee mentioned in Appendix 2K. [Notification No. 04/2025-26 dated 15.04.2025]

Customs The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver as follows:                                                                   Table 1  Sl. No. Chapter/ heading/sub-heading/tariff item Description of goods Tariff value (US $Per Metric Tonne) 1 1511 10 00 Crude Palm Oil 1153 2 1511 90 10 RBD Palm Oil 1162 3 …

Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver. (16.04.2025) Read More »

DGFT The DGFT has issued a trade notice to notify about operationalization of ‘Global Tariff and Trade Helpdesk’ To address dynamic global trade developments, the DGFT has launched a ‘Global Tariff and Trade Helpdesk’ to assist exporters and importers facing issues such as: Tariff changes and countermeasures Import surges or dumping EXIM clearances and logistics …

DGFT: The DGFT has issued a trade notice to notify about operationalization of ‘Global Tariff and Trade Helpdesk’ (14.04.2025) Read More »

GST: GSTN Advisory: Auto-Population and Non-Editability of Table 3.2 in GSTR-3B (Effective April 2025 Tax Period) With effect from the April 2025 tax period, Table 3.2 of GSTR-3B—which captures inter-state supplies to unregistered persons, composition taxpayers, and UIN holders—will be auto-populated based on data reported in GSTR-1, GSTR-1A, or IFF, and will become non-editable. Any …

GST: Auto-Population and Non-Editability of Table 3.2 in GSTR-3B (Effective April 2025 Tax Period) (14.04.2025) Read More »