Daily Updates

GST GSTIN has issued Important advisory for GSTR-9/9C -Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal. Further, a …

GST: GSTIN has issued Important advisory for GSTR-9/9C -Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be available on the GST portal.(16.10.2024) Read More »

DGFT Directorate General of Foreign Trade (DGFT) has issued a policy Circular which states that if Acetic Anhydride is manufactured by a unit within an SEZ and procured by an Advance Authorization holder against a Certificate of Supplies, the NOC requirement does not apply. This clarification is intended to address concerns related to paragraph 4.08(ii) …

DGFT: Directorate General of Foreign Trade (DGFT) has issued a policy Circular which states that if Acetic Anhydride is manufactured by a unit within an SEZ and procured by an Advance Authorization holder against a Certificate of Supplies, the NOC requirement does not apply.(15.10.2024) Read More »

DGFT Directorate General of Foreign Trade (DGFT) has issued a notification to amend the import policy for parts of gas-fueled pocket lighters under HS code 96139000. Previously classified as “free”, these items are now “restricted”, meaning importers must obtain prior approval. The change is effective immediately and is in line with the Foreign Trade Policy …

DGFT: Directorate General of Foreign Trade (DGFT) has issued a notification to amend the import policy for parts of gas-fueled pocket lighters under HS code 96139000.(15.10.2024) Read More »

Customs  Central Board of Indirect Taxes and Customs (CBIC) has issued notification to  revise key provisions related to insurance costs under the Handling of Cargo in Customs Areas Regulations (HCCAR), 2009. The circular primarily focuses on:   Reduction in Average Dwell Time: The average dwell time for cargo clearance has been reduced from 10 days …

Customs:  Central Board of Indirect Taxes and Customs (CBIC) has issued notification to  revise key provisions related to insurance costs under the Handling of Cargo in Customs Areas Regulations (HCCAR), 2009.(14.10.2024) Read More »

The CBIC has issued circular to clarify GST rates & classification of certain services based on the recommendations of the 54th GST Council meeting. Here’s a short summary:   Affiliation Services: Universities’ affiliation services to colleges are taxable at 18% GST. Affiliation services to government schools are exempt from 10th October 2024. Flying Training: DGCA-approved …

GST: The CBIC has issued circular to clarify GST rates & classification of certain services based on the recommendations of the 54th GST Council meeting. Here’s a short summary:(14.10.2024) Read More »

The CBIC has issued circular to clarify that applicability of GST on the service of affiliation provided by universities to colleges; GST on the service of affiliation provided by Central and State educational boards or Councils, or other similar bodies, to schools; GST on DGCA approved flying training courses conducted by Flying Training Organizations etc. …

GST: The CBIC has issued circular to clarify that applicability of GST on the service of affiliation provided by universities to colleges; GST on the service of affiliation provided by Central and State educational boards or Councils, or other similar bodies, to schools; GST on DGCA approved flying training courses conducted by Flying Training Organizations etc.(14.10.2024) Read More »

GST The GST Council in its 54th Meeting held on 9th September 2024 has recommended issuance of clarification to clarify the intent behind the regularization done in the past meetings. Therefore, the CBIC has issued Circular in exercise of power under Section 168 of CGST Act 2017 to clarify scope of “as is” or “ …

GST: he GST Council in its 54th Meeting held on 9th September 2024 has recommended issuance of clarification to clarify the intent behind the regularization done in the past meetings.(14.10.2024) Read More »

Income Tax The Central Board of Direct Taxes (CBDT) has notified ‘District Legal Service Authority’, Real Estate Regulatory Authority’, ‘Gujarat Water Supply and Sewerage Board’, ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961 [Notification No. …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified ‘District Legal Service Authority’, Real Estate Regulatory Authority’, ‘Gujarat Water Supply and Sewerage Board’, ‘State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmission Company Limited’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961(14.10.2024) Read More »

The CBIC has issued notification to provide that any registered person receiving supplies of metal scrap shall deduct TDS of 2% on B2B transaction. This notification shall be applicable from 10th October 2024. [No. 25/2024-Central Tax dated 09.10.2024]  

GST  The CBIC has issued notification to provide that exemption granted to persons who are only engaged in making supplies of taxable goods or services or both, the total tax on which is liable to be paid on reverse charge basis, shall not be available to metal scrap dealers and they have to obtain GST …

GST:  The CBIC has issued notification to provide that exemption granted to persons who are only engaged in making supplies of taxable goods or services or both, the total tax on which is liable to be paid on reverse charge basis, shall not be available to metal scrap dealers and they have to obtain GST registration on crossing threshold limit.(10.10.2024) Read More »

RBI  The RBI has issued a circular that extends the Interest Equalization Scheme (IES) for pre- and post-shipment rupee export credit until December 31, 2024. A key modification is MSME manufacturer exporters can only receive benefits up to a maximum of ₹50 lakhs for the financial year 2024-25. Those who have already availed of ₹50 …

RBI:  The RBI has issued a circular that extends the Interest Equalization Scheme (IES) for pre- and post-shipment rupee export credit until December 31, 2024.(09.10.2024) Read More »

The CBIC has notified March 31, 2025, as last date to pay taxes under Section 128A for waiver of interest and penalties, due under a notice, statement, or order mentioned in clauses (a), (b), or (c) of Section 128A. If a notice was initially issued under Section 74 but later found unsustainable under that section, …

GST: The CBIC has notified March 31, 2025, as last date to pay taxes under Section 128A for waiver of interest and penalties, due under a notice, statement, or order mentioned in clauses (a), (b), or (c) of Section 128A. If a notice was initially issued under Section 74 but later found unsustainable under that section, benefit under Section 128A is available if payment is made within 6 months of order date for redetermining tax under Section 73.(09.10.2024) Read More »

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 »