Daily Updates

Goods and Service Tax The GSTIN has issued an update to inform that in accordance with Rule 8 of CGST Rules, Biometric-based Aadhaar Authentication and document verification has been rolled out in Jharkhand and Andaman and Nicobar Islands on 15-02-2025. The functionality includes applicants photograph capture, original document verification and appointment booking. After submitting the …

GST : The GSTIN has issued an update to inform that in accordance with Rule 8 of CGST Rules, Biometric-based Aadhaar Authentication and document verification has been rolled out in Jharkhand and Andaman and Nicobar Islands on 15-02-2025. (18.03.2025) Read More »

Income Tax: The CBDT has clarified that Circular 01/2025 applies only to the PPT provision in Indian DTAAs, without affecting other tax provisions or domestic anti-abuse rules like GAAR, SAAR, and JAAR, which remain independent. Press Release for Circular 01/2025.

DGFT: The Central Government has amended the Import Policy for Urad Beans (ITC HS Code: 07133110) under ITC (HS) 2022, Schedule-I (Import Policy), extending the “Free” import status. Effect of the Notification: Import of Urad (Vigna Mungo) will continue under the “Free” category for an additional year, up to March 31, 2026. This extension aims …

DGFT : The Central Government has amended the Import Policy for Urad Beans (ITC HS Code: 07133110) under ITC (HS) 2022, Schedule-I (Import Policy), extending the “Free” import status. (11.03.2025) Read More »

DGFT: The Central Government has extended the free import period for Yellow Peas (ITC HS Code: 07131010) under ITC(HS) 2022, Schedule-I (Import Policy) from February 28, 2025, to May 31, 2025. This is in continuation of previous notifications, including 50/2023, 61/2023, 04/2023, 12/2024-25, 29/2024-25, and 43/2024-25. Effect of the Notification: Imports of Yellow Peas remain …

DGFT: The Central Government has extended the free import period for Yellow Peas (ITC HS Code: 07131010) under ITC(HS) 2022, Schedule-I (Import Policy) from February 28, 2025, to May 31, 2025. This is in continuation of previous notifications, including 50/2023, 61/2023, 04/2023, 12/2024-25, 29/2024-25, and 43/2024-25. (11.03.2025) Read More »

DGFT: The Central Government has amended Notification No. 19/2024-2025 (dated July 5, 2024) regarding the export of rice (Basmati & Non-Basmati) under ITC (HS) subheading 1006, with immediate effect. Effect of the Notification: Inspection Certificate requirement is now limited to EU Member States, UK, Iceland, Liechtenstein, Norway, and Switzerland. Exports to other European countries are …

DGFT: The Central Government has amended Notification No. 19/2024-2025 (dated July 5, 2024) regarding the export of rice (Basmati & Non-Basmati) under ITC (HS) subheading 1006, with immediate effect. (11.03.2025) Read More »

DGFT The Director General of Foreign Trade (DGFT) has amended Paragraph 10.12(D) of the Handbook of Procedures (HBP) 2023, introducing a General Authorization for Export after Repair (GAER). This update simplifies the re-export of SCOMET items to related entities and authorized repair supply chains after repair in India. Key Amendments & Provisions: Aspect Details Eligibility …

DGFT : DGFT has amended Paragraph 10.12(D) of the Handbook of Procedures (HBP) 2023, introducing a General Authorization for Export after Repair (GAER). This update simplifies the re-export of SCOMET items to related entities and authorized repair supply chains after repair in India. (11.03.2025) Read More »

The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular, modifying the procedures for handling confiscated Unmanned Aircraft Systems (UAS)/Drones. Key Amendments: New Warehousing & Inspection System: All confiscated drones (UAS/UAV/RPAS) must now be transferred to specific focal Customs Commissionerates for stocking, segregation, and joint inspection. The designated Customs Warehouses are at Chennai, …

Custom : The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular, modifying the procedures for handling confiscated Unmanned Aircraft Systems (UAS)/Drones. (11.03.2025) Read More »

Custom :  The Ministry of Finance (Department of Revenue) has issued Notification, making an important amendment to Notification No. 64/2023-Customs which was for the concessional duty on yellow peas. Key Amendment: Original Notification Previous Validity Revised Validity Notification No. 64/2023-Customs (December 7, 2023) Until February 28, 2025 Extended to May 31, 2025 Effect of the …

Custom : The Ministry of Finance (Department of Revenue) has issued Notification, making an important amendment to Notification No. 64/2023-Customs which was for the concessional duty on yellow peas. (11.03.2025) Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued Notification, introducing amendments to various customs notifications, effective from March 8, 2025. Key Amendments: Notification No. Amendment 50/2017-Customs (June 30, 2017) Duty rate under S. No. 21D changed to 5%. 11/2018-Customs (Feb 2, 2018) Lentils (Mosur) under HS Code 0713 40 00 added as S. …

Custom : The Ministry of Finance (Department of Revenue) has issued Notification, introducing amendments to various customs notifications, effective from March 8, 2025. (11.03.2025) Read More »

DGFT The Directorate General of Foreign Trade has amended the Import Policy and Policy Conditions for Platinum under HS Code 7110 of Chapter 71 in ITC (HS) 2022, Schedule-I (Import Policy). The import of Platinum under the specified HS codes (71101110, 71101120, and 71101900) has been revised from “Free” to “Restricted”. However, Platinum Alloy with …

DGFT :The Directorate General of Foreign Trade has amended the Import Policy and Policy Conditions for Platinum under HS Code 7110 of Chapter 71 in ITC (HS) 2022, Schedule-I (Import Policy). (05.03.2025) Read More »

GSTN Advisory: Biometric Authentication Enhancement for GST Registration : Effective from March 3, 2025, GSTN has introduced an enhanced biometric authentication facility for certain Promoters/Directors, allowing them to complete the process at any GST Suvidha Kendra (GSK) within their Home State instead of only at the jurisdictional GSK. Key Highlights: Who is Eligible? Promoters/Directors of …

GSTN Advisory : Biometric Authentication Enhancement for GST Registration Read More »

RBI: The RBI has reviewed risk weights on microfinance loans. Microfinance loans classified as consumer credit will attract a 100% risk weight instead of the 125% applied to other consumer credit. All microfinance loans extended by RRBs and LABs shall attract a risk weight of 100 %. The above instructions shall be applicable from the …

RBI : The RBI has reviewed risk weights on microfinance loans. Microfinance loans classified as consumer credit will attract a 100% risk weight instead of the 125% applied to other consumer credit. All microfinance loans extended by RRBs and LABs shall attract a risk weight of 100 %. The above instructions shall be applicable from the 25.02.2025, in respect of outstanding as well as new microfinance loans. (27.02.2025) Read More »

RBI: RBI has decided to restore risk weights on Scheduled Commercial Banks’ (SCBs) exposures to NBFCs based on external ratings, reversing the 25-percentage point increase imposed in November 2023 for risk weights below 100%. The revised framework aligns with Paragraph 5.8.1 of the Basel III Capital Regulations Master Circular. The above instructions shall come into …

RBI : RBI has decided to restore risk weights on Scheduled Commercial Banks’ (SCBs) exposures to NBFCs based on external ratings, reversing the 25-percentage point increase imposed in November 2023 for risk weights below 100%. The revised framework aligns with Paragraph 5.8.1 of the Basel III Capital Regulations Master Circular. The above instructions shall come into effect from April 01, 2025, while all other regulatory instructions remain unchanged. (27.02.2025) Read More »

RBI Updates: RBI has revised prudential norms for Urban Co-operative Banks (UCBs), raising small loan limits to Rs. 25Lac or 0.4% of Tier I capital, whichever is higher and subject to a max of 3 Cr. per borrower. Further, Housing loans exposure limits stands revised, with individual caps of Rs. 60L – Rs. 3Cr based …

RBI : RBI has revised prudential norms for Urban Co-operative Banks (UCBs), raising small loan limits to Rs. 25Lac or 0.4% of Tier I capital, whichever is higher and subject to a max of 3 Cr. per borrower. Further, Housing loans exposure limits stands revised, with individual caps of Rs. 60L – Rs. 3Cr based on UCB tier. Aggregate exposure to residential mortgages (non-priority) is capped at 25% and real estate at 5% of total advances. The changes are applicable with immediate effect. (27.02.2025) Read More »

Income Tax : The Central Board of Direct Taxes (CBDT) has revised Rule 12CA and Rule 12CC, altering the due date for submitting Form 64A and Form 64E by business trusts and securitisation trusts. The deadline has been changed from November 30 of the financial year following the previous year in which the income was …

Income Tax : The Central Board of Direct Taxes (CBDT) has revised Rule 12CA and Rule 12CC, altering the due date for submitting Form 64A and Form 64E by business trusts and securitisation trusts. The deadline has been changed from November 30 of the financial year following the previous year in which the income was distributed to June 15 of the financial year following the previous year in which the income was distributed. (27.02.2025) Read More »

Customs: The Customs (On -Arrival Movement for Storage and Clearance at Authorised Importer Premises) Regulations, 2025 which are applicable for the AEO T2 and T3 holder importers. [Custom Notification No. 11/2025-Customs (NT) dated 17.02.2025]

Customs: The customs has issued a notification for fixation of revised Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver. [Custom Notification No. 10/2025-Customs (NT) dated 14.02.2025]

Customs: Changes in the Agriculture Infrastructure and Development Cess (AIDC) Chapter Heading Description Earlier Rate Revised Rate 2204, 2205, 2206, 2008 (other than 2208 30 11 and 2208 30 91) All goods (other than bourbon whiskey) 100% 100% 2208 30 11, 2208 30 91 Bourbon whiskey 100% 50% This notification reflects a reduction in the …

Customs: Changes in the Agriculture Infrastructure and Development Cess (AIDC) (20.02.2025) Read More »

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]