Daily Updates

DGFT: Corrigendum issued to Notification NO. 16/2024-25 dated 06.06.2024 on enabling provision for import of inputs that are subjected to mandatory quality control Orders by Advance Authorisation Holder, EOU & SEZ, for correcting para reference number of FTP. [Corrigendum dated 12 June 2024]

DGFT: The Import Policy for ITC (HS) Codes (related to gold) 71131912, 71131913, 71131914, 71131915 and 71131960 have been amended from Free to Restricted with immediate effect. However, import under said ITC (HS) Code except 71131960 (parts) is permitted without authorization under valid INDIA-UAE CEPA TRQ. [Notification No.17/2024-25 dated 11 June 2024]

GST:   Revenue Department cannot block Electronic Credit Ledger by making negative balance   Plain perusal of the impugned order under challenge shows that the Revenue department have made a negative credit in the electronic credit ledger of the Petitioner which otherwise is not permissible and what is permissible is only blocking the availing of …

Judicial Corner: Revenue Department cannot block Electronic Credit Ledger by making negative balance (13.06.2024) Read More »

GST:   HC: Quashes appellate order creating tax demand inspite of ‘non-satisfaction’ of s. 74 ingredients   Madras High Court sets aside an appellate order where the tax proposal under section 74 was confirmed without satisfying its requirements.   The original tax order against the assessee was dismissed in appeal due to submission beyond the …

Judicial Corner: Quashes appellate order creating tax demand inspite of ‘non-satisfaction’ of s. 74 ingredients (12.06.2024) Read More »

GST:   No GST on sale of warehoused goods in 3P FTWZ on “as is where is” basis for supply to bonded warehouse under MOOWR Scheme: AAR   The advance ruling pertains to the classification of a specific transaction involving warehoused goods. The applicant imports and stores goods in a third-party Free Trade Warehousing Zone …

Judicial Corner: No GST on sale of warehoused goods in 3P FTWZ on “as is where is” basis for supply to bonded warehouse under MOOWR Scheme: AAR (11.06.2024) Read More »

GST   The Hon’ble Calcutta High Court in the case of M/s. Cosyn Limited v. Assistant Commissioner of State Tax [M.A.T. NO. 2411 OF 2023 dated April 30, 2024] held that where the Assessee had availed IGST credit and subsequently utilized the said IGST credit for tax payment of SGST, the amount collected as IGST Tax shall …

Judicial Corner: The Hon’ble Calcutta High Court in the case of M/s. Cosyn Limited v. Assistant Commissioner of State Tax [M.A.T. NO. 2411 OF 2023 dated April 30, 2024] held that where the Assessee had availed IGST credit and subsequently utilized the said IGST credit for tax payment of SGST, the amount collected as IGST Tax shall stand reduced by an amount equal to the credit so utilized and shall be apportioned to the appropriate State Government and the Central Government shall transfer the amount so apportioned to the account of the appropriate State Government in terms of Section 18 of the Central Goods and Services Tax Act, 2017 (10.06.2024) Read More »

GST: The time limit for furnishing the return for the month of September is to be treated as 30th November in each financial year with effect from 01.07.2017, and the ITC claims should be processed if otherwise eligible. The petitioner challenged the provisions under Section 16(2)(c) and Section 16(4) of the CGST Act. The Court …

Judicial Corner : The time limit for furnishing the return for the month of September is to be treated as 30th November in each financial year with effect from 01.07.2017, and the ITC claims should be processed if otherwise eligible. The petitioner challenged the provisions under Section 16(2)(c) and Section 16(4) of the CGST Act. The Court ruled in favor of the petitioner, providing relief concerning the input tax credit (ITC) eligibility criteria (07.06.2024) Read More »

Customs Clarification has been issued wr.r.t. applicability of BCD date on Display Assembly and parts required for manufacture of Display Assembly of a cellular mobile phone. [Circular No. 06/2024-Cus. dated 7 June 2024]

GST The Bombay High Court has quashed the show cause notice (SCN) demanding GST on ocean freight on transportation of goods from outside India. The bench of Justice G. S. Kulkarni and Justice Firdosh P.Pooniwalla has relied on the decision of the Supreme Court in the case of Mohit Minerals and observed that the verdict …

Judicial Corner : The Bombay High Court has quashed the show cause notice (SCN) demanding GST on ocean freight on transportation of goods from outside India. The bench of Justice G. S. Kulkarni and Justice Firdosh P.Pooniwalla has relied on the decision of the Supreme Court in the case of Mohit Minerals and observed that the verdict applies to both free on board (FOB) and sum of cost, insurance, and freight (06.06.2024) Read More »

GST: Detention of Goods on valuation and identification of owner in case goods are accompanied invoice movement in with the movement –The High Court held that value of the supply of goods is clear from the transaction value as indicated in the tax invoice which is on record and there being nothing on record to …

Judicial Corner : Detention of Goods on valuation and identification of owner in case goods are accompanied invoice movement in with the movement (05.06.2024) Read More »

Income Tax : In the Form No. 27Q TDS return for payments to NRI note 7A is inserted as “Write “P” if lower deduction or no deduction is in view of notification issued under sub-section (1F) of section 197A which shall come into force from 1st July 2024”. [Notification no:15/2024-25 dated 5 June 2024]

DGFT: Department of Chemicals & Petro-chemicals have been added in the list of Ministries / Departments under Appendix 2Y for exempting mandatory Quality Control Orders (QCOs) for import of inputs by Advance Authorisation holders, EOU and SEZ. [Public Notice No:10/2024 dated 6 June ,2024]

DGFT: Appendix 4F is amended to simplify the procedure & reduce compliance burden for applying EODC in case of deemed export. [Public Notice No:09/2024 dated 6 June ,2024]

DGFT: Time period for the export of Broken rice to Senegal and Gambia is extended for further 6 months i.e. till 30th November 2024. [Notification no:15/2024-25 dated 5 June ,2024]

DGFT: Para 2.31(1 (b)) of the Foreign Trade Policy, 2023, Para 2 (C) of the General Notes regarding Import Policy and Policy conditions 2 of chapter 84, Policy Condition no. 5 & 7 of chapter 85 and Policy Condition no. 1 of chapter 94 of Import Policy (schedule 1) ITC HS 2022 have been amended …

DGFT: Para 2.31(1 (b)) of the Foreign Trade Policy, 2023, Para 2 (C) of the General Notes regarding Import Policy and Policy conditions 2 of chapter 84, Policy Condition no. 5 & 7 of chapter 85 and Policy Condition no. 1 of chapter 94 of Import Policy (schedule 1) ITC HS 2022 have been amended in light of re-notification of “Electronics and Information Technology Goods (Requirement of Compulsory Registration) Order, 2012 as Electronics and Information Technology goods (Requirement of Compulsory Registration) Order, 2021 under BIS Act 2016 (22.05.2024) Read More »

Excise: Special Additional Excise Duty on production of Petroleum Crude Reduced to ₹5,700 per Tonne from 16.05.2024. [Notification No 14/2024-Central Excise dated 15.05.2024]

Customs: Central Pollution Control Board (CPCB) has informed to release of imported consignments of producers of all the notified EEE items (106 EEEs items) after taking an undertaking as per prescribed format along with the proof of submission of the said undertaking to CPCB at the email till 30.06.2024. . [Instruction No 14/2024-Customs dated 17.05.2024]

Customs: As per Hazardous and Other Waste (Management and Transboundary Movement) Second Amendment Rules, 2023 dated 18.09.2023, effective from 1.04.2024, the Producers (who includes the Importers) involved in import of Base Oil/Lubrication Oil as well as Other Oils (used as lubricants) are required to obtain the registration from Central Pollution Control Board (CPCB) through online portal. …

Customs: As per Hazardous and Other Waste (Management and Transboundary Movement) Second Amendment Rules, 2023 dated 18.09.2023, effective from 1.04.2024 (23.05.2024) Read More »

Customs: Anti-dumping duty imposed on import of ‘Pentaerythritol’ from China PR, Saudi Arabia and Taiwan for 5 years. [Notification No 08/2024 – Customs (ADD) dated 16.05.2024]

Company Law Last date of filing of Form No. LLP BEN-2 and LLP Form No. 4D under the Limited Liability Partnership is further extended till 01.07.2024. [General Circular No 3/2024 dated 07.05.2024]