Daily Updates

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 »

Directorate General of Foreign Trade (DGFT)  has issued the notification to update the export policy for Halal-certified meat and meat products. Effective from October 16, 2024, the new rules require these products to be processed, produced, or packaged in facilities certified under the India Conformity Assessment Scheme (I-CAS) by the Quality Council of India (QCI). …

DGFT: Directorate General of Foreign Trade (DGFT)  has issued the notification to update the export policy for Halal-certified meat and meat products. Effective from October 16, 2024, the new rules require these products to be processed, produced, or packaged in facilities certified under the India Conformity Assessment Scheme (I-CAS) by the Quality Council of India (QCI).(02.10.2024) Read More »

DGFT Directorate General of Foreign Trade (DGFT)  has issued the notification to impose a Minimum Import Price (MIP) on synthetic knitted fabrics. This regulation extends the MIP requirement for specific fabric categories under various ITC (HS) codes until December 31, 2024. The fabrics affected include those made from synthetic fibers, such as unbleached, dyed, printed, …

DGFT:Directorate General of Foreign Trade (DGFT)  has issued the notification to impose a Minimum Import Price (MIP) on synthetic knitted fabrics.(02.10.2024) Read More »

DGFT Directorate General of Foreign Trade (DGFT) has issued the notification which primarily addresses the extension of the RoDTEP (Remission of Duties and Taxes on Exported Products) scheme. Key points include: Extension of RoDTEP Scheme: For DTA (Domestic Tariff Area) Units, the scheme is extended until September 30, 2025. For AA (Advance Authorization), EOU (Export …

DGFT: Directorate General of Foreign Trade (DGFT) has issued the notification which primarily addresses the extension of the RoDTEP (Remission of Duties and Taxes on Exported Products) scheme.(01.10.2024) Read More »

The CBIC has issued notification to appoint 1st April 2025 as the date from which the Authority referred to in section 171 shall not accept any request for examination as to whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in …

GST: The CBIC has issued notification to appoint 1st April 2025 as the date from which the Authority referred to in section 171 shall not accept any request for examination as to whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by that registered person. (01.10.2024) Read More »

GST The CBIC has issued notification to provide that the Principal Bench of the Appellate Tribunal shall examine whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by that registered …

GST: The CBIC has issued notification to provide that the Principal Bench of the Appellate Tribunal shall examine whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by that registered person. (01.10.2024) Read More »

GST: HC can entertain writ petition against order passed by Joint Commissioner of CGST dismissing appeal as time barred: Where appeal filed by assessee beyond time limit prescribed under section 107(4) was dismissed as time barred, writ petition filed by assessee against same was to allowed as powers under article 226 are founded on justice, …

Judicial Corner: GST: Where appeal filed by assessee beyond time limit prescribed under section 107(4) was dismissed as time barred, writ petition filed by assessee against same was to allowed as powers under article 226 are founded on justice, equity and good conscience and are exercised for public goods; Impugned order was to be set aside as provisions of section 107 could not be frustrated on mere technicalities and appeal was to be restored.(30.09.2024) Read More »

DGFT  The export policy of Non-Basmati White rice (Semi-milled or wholly milled rice, whether or not polished or glazed: Other) under HS code 1006 30 90 is amended from ‘prohibited’ to ‘free’ subject to Minimum Export Price of USD 490/tonne with immediate effect and until further orders. Notification No. 31/2024-25 dated 28.09.2024

GSTN issued advisory on issuance of Notices/Orders without digital signatures of the issuing authorities The GSTN has issued an advisory regarding the validity of documents issued by the tax officers on the common portal viz. SCN/Orders without the Digital signatures on the pdf document downloaded from the common portal. In this context, it is to …

GST: GSTN issued advisory on issuance of Notices/Orders without digital signatures of the issuing authorities(30.09.2024) Read More »