Daily Updates

The CBIC has notified the special procedure for rectification of order by the class of registered persons against whom any order under section 73 or section 74 or section 107 or section 108 has been issued. Such persons shall file an application for rectification of an order electronically on the common portal within a period …

GST: The CBIC has notified the special procedure for rectification of order by the class of registered persons against whom any order under section 73 or section 74 or section 107 or section 108 has been issued.(09.10.2024) Read More »

The Government has issued a new notification waiving late fees for delayed filing of Form GSTR-7, with full waiver for Nil GSTR-7 returns. The new notification also supersedes the previous notification, which had earlier reduced late fees to Rs. 50 per day (Rs. 25 each under CGST and SGST) and capped them at Rs. 2,000 …

GST: The Government has issued a new notification waiving late fees for delayed filing of Form GSTR-7, with full waiver for Nil GSTR-7 returns.(09.10.2024) Read More »

The CBIC has issued notification to reduce the GST rate on major cancer drugs from 12% to 5% to lower the cost of cancer treatment. Also, the GST rate on seats used for motor vehicles which are classifiable under 9401 20 00 is increased from 18% to 28%. Further GST rate on Namkeens and Extruded/Expanded …

GST: The CBIC has issued notification to reduce the GST rate on major cancer drugs from 12% to 5% to lower the cost of cancer treatment. Also, the GST rate on seats used for motor vehicles which are classifiable under 9401 20 00 is increased from 18% to 28%.(09.10.2024) Read More »

The CBIC has issued notification to levy GST on supply of metal scrap by unregistered person to a registered person under RCM. It would help to resolve the issue of fraudulent input tax credit claims by scrap dealers. This notification shall be effective from 10th October 2024. [Notification No. 06/2024-Central Tax (Rate) dated 08.10.2024]

The CBIC has issued notification to notify 5% GST rate for helicopter services on a seat-share basis. Notably, the GST council has earlier recommended to notify 5% GST rate for helicopter services on a seat-share basis by inserting a separate entry for the same. It is also provided that the credit of input tax charged …

GST: The CBIC has issued notification to notify 5% GST rate for helicopter services on a seat-share basis.(09.10.2024) Read More »

The CBIC has issued notification which particularly states that   Exemption of Ancillary Services Related to Electricity Supply from GST, and the exemption is regularized for the past period as well. Exemption for Research and Development Services supplied by a Government Entity, research associations, universities, colleges, or similar institutions from GST. Affiliation Services provided by …

GST: The CBIC has issued notification which particularly states that(09.10.2024) Read More »

GST The CBIC has issued notification to levy GST on renting of commercial property by an unregistered person to a registered person under Reverse Charge Mechanism to prevent revenue leakage. This notification shall be effective from 10th October 2024. [Notification No. 09/2024-Central Tax (Rate) dated 08.10.2024]    

Directorate General of Foreign Trade (DGFT) has issued Public Notice that expands the Global Authorization for Intra-Company Transfer (GAICT) policy. This amendment allows for easier export and re-export of SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) items, including software and technology, to selected countries. The goal is to streamline processes within corporate structures, making …

DGFT: Directorate General of Foreign Trade (DGFT) has issued Public Notice that expands the Global Authorization for Intra-Company Transfer (GAICT) policy.(08.10.2024) Read More »

DGFT Directorate General of Foreign Trade (DGFT) has issued Trade Notice which clarifies that the import or re-import of exhibits and samples for demonstrations, displays, and exhibitions does not require import authorization under the Import Monitoring Systems. This exemption applies to goods of Indian origin that were previously exported for display, provided that compliance with …

DGFT: Directorate General of Foreign Trade (DGFT) has issued Trade Notice which clarifies that the import or re-import of exhibits and samples for demonstrations, displays, and exhibitions does not require import authorization under the Import Monitoring Systems.(08.10.2024) Read More »

DGFT  DGFT has issued Trade Notice which outlines procedural or policy updates related to India’s foreign trade. Here’s a short summary:   Policy Updates: Provides changes or clarifications in the Foreign Trade Policy or procedures. Guidelines for Exporters/Importers: Offers instructions for exporters/importers to comply with specific trade-related requirements. Documentation Changes: Highlights updates on the documentation …

DGFT:  DGFT has issued Trade Notice which outlines procedural or policy updates related to India’s foreign trade. Here’s a short summary:(07.10.2024) Read More »

Customs  Central Board of Indirect Taxes has issued notification which summarized as follows:   Imposition or Amendment of CVD: Sets or changes the countervailing duty on certain imports to counter subsidies from exporting countries. Purpose: Protects domestic industries from unfairly subsidized imports. Duration: Specifies the period for which the duty is applicable. Exemptions: Lists out …

Customs:  Central Board of Indirect Taxes has issued notification which summarized as follows:(07.10.2024) Read More »

GST Instruction No. 04/2024-GST issued by the CBIC focuses on: Uniform Application of GST Laws: Ensures consistent interpretation of laws by officers, reducing unnecessary litigation. Fair Enforcement: Provides guidelines for audits and investigations, with an emphasis on due process and minimizing harassment. Input Tax Credit (ITC) Compliance: Clarifies procedures for verifying ITC claims and handling …

GST: Instruction No. 04/2024-GST issued by the CBIC focuses on:(07.10.2024) Read More »

Customs The Central Board of Indirect Taxes has extended imposition of countervailing duty on imports of Continuous Cast Copper Wire Rods originating in, or exported from Indonesia, Malaysia, Thailand and Vietnam as up to 7th July 2025. [Notification No. 06/2024 – Customs (CVD) dated 04.10.2024]

GST GSTN has issue Instruction which provides important advisory on issue that a GST officer remained mapped in the GSTN portal even after being relieved, resulting in fraudulent refunds. Recommendations include immediate de-mapping of officers upon GFR-33 execution, monitoring by supervisory officers, timely compliance reporting to the jurisdictional Commissioner, and establishing accountability for mapping/un-mapping responsibilities. …

GST: GSTN has issue Instruction which provides important advisory on issue that a GST officer remained mapped in the GSTN portal even after being relieved, resulting in fraudulent refunds.(07.10.2024) Read More »

DGFT DGFT has issued Trade Notice to clarify that RCMC is not mandatory for Post Exports Remission based schemes such as Duty drawback, Rebate of state and central taxes and levies (RoSCTL) and Remission of Duties and Taxes on Export Products (RoDTEP). [Trade Notice No. 19/2024-25 (DGFT)]

DGFT Trade notice has been issued by the Directorate General of Foreign Trade (DGFT) which includes amendments to the export policy under ITC HS 2018. It modifies policy conditions related to items listed in Chapter 10, including agricultural products such as grains, specifying updated regulatory and export conditions. These adjustments are in line with the …

DGFT: Trade notice has been issued by the Directorate General of Foreign Trade (DGFT) which includes amendments to the export policy under ITC HS 2018.(04.10.2024) Read More »

GST GSTN has issued an advisory to inform the launch of the new GSTN e-Services app, which replaces the old e-Invoice QR Code Verifier App. This app offers the following features: Verify e-Invoices: Scan the QR code to verify the B2B e-Invoices QR code and check the live status of the Invoice Reference Number (IRN). GSTIN Search: Search for …

GST: GSTN has issued an advisory to inform the launch of the new GSTN e-Services app, which replaces the old e-Invoice QR Code Verifier App.(04.10.2024) Read More »

The Central Board of Direct Tax (CBDT) has issued circular which provides comprehensive guidelines on condoning delays in filing income tax returns (ITRs) that claim refunds or seek to carry forward losses under Section 119(2)(b) of the Income-tax Act, 1961. This circular supersedes all previous instructions and sets clear procedures for handling such delays. Key …

Income Tax: The Central Board of Direct Tax (CBDT) has issued circular which provides comprehensive guidelines on condoning delays in filing income tax returns (ITRs) that claim refunds or seek to carry forward losses under Section 119(2)(b) of the Income-tax Act, 1961.(03.10.2024) Read More »

Income Tax The Central Board of Direct Tax (CBDT) has specified ‘Principal Secretary to Government & Chairman, Odisha Computer Application Centre (OCAC), Department of Electronics & Information Technology (E&IT), Government of Odisha’ for the purposes of identifying genuine beneficiaries for social welfare schemes of the Government of Odisha. [Notification No. 106/2024 dtd. 01-10-2024]

RBI The Reserve Bank of India (RBI) has issued circular that mainly focuses on the updated provisions related to compounding of contraventions under the FEMA (Foreign Exchange Management Act), 1999. This circular clarifies the calculation method for compounding amounts, particularly in cases where foreign exchange laws are breached, such as delays in share allotments or …

RBI: The Reserve Bank of India (RBI) has issued circular that mainly focuses on the updated provisions related to compounding of contraventions under the FEMA (Foreign Exchange Management Act), 1999.(02.10.2024) Read More »