Daily Updates

Customs : The government has raised the import duty for spent catalysts that contain precious metals to14.35%, which comprises a 10% Basic Customs Duty (BCD) and an additional 4.35% under the All Industry Duty Drawback (AIDC). However these goods have been given exemption from the Social Welfare Surcharge. [Notification No. 03, 04 & 05/2024-Customs]

Ministry of Finance: The Government of India has expanded the spectrum of financial services under International Financial Services Centre Authority Act, 2019 to include Book-Keeping, Accounting Services, Taxation Services and Financial Crime Compliance Services subject to they are provided to non-residents whose business has not been set up by splitting, reconstructing, or reorganizing existing businesses …

Ministry of Finance:The Government of India has expanded the spectrum of financial services under International Financial Services Centre Authority Act, 2019 to include Book-Keeping, Accounting Services, Taxation Services and Financial Crime Compliance Services subject to they are provided to non-residents whose business has not been set up by splitting, reconstructing, or reorganizing existing businesses in India.(20.01.2024) Read More »

GST: In a move to enhance the convenience for taxpayers registered under the Goods and Services Tax (GST), the GSTN (Goods and Services Tax Network) has introduced new payment under e-payment through Credit Card, Debit Card and Unified Payment Interface (UPI). [Press Release No 622]

DGFT: It has been clarified by DGFT that the restriction of Policy circular no 6/2023 – 24 dated 19/10/2023 is restricted only to Laptop, Tablets, All in One Personal Computers, ultra small form factor computer and Server falling under HSN 8471 and not to Desktop Computers or other goods falling under HSN 8471. [Policy Circular …

DGFT : It has been clarified by DGFT that the restriction of Policy circular no 6/2023 – 24 dated 19/10/2023 is restricted only to Laptop, Tablets, All in One Personal Computers, ultra small form factor computer and Server falling under HSN 8471 and not to Desktop Computers or other goods falling under HSN 8471. (18.01.2024) Read More »

DGFT: With a strategic move to support businesses and maintain the integrity of pre-shipment inspection processes, DGFT has extended the validity of Pre-Shipment Inspection Agency (PSIAs) from 27/12/2023 to 31/03/2024. [Public Notice No 37/2023 – DGFT]

Customs: In order to enhance and digitize the license management process the Export Promotion Monitoring and Analysis System (X-MAS) has been deployed providing a functionality for license holders can register licenses, submit essential documents and track the status of their licenses at Jawaharlal Nehru Custom House (JNCH) ensuring a more convenient and transparent experience for …

Customs : In order to enhance and digitize the license management process the Export Promotion Monitoring and Analysis System (X-MAS) has been deployed providing a functionality for license holders can register licenses, submit essential documents and track the status of their licenses at Jawaharlal Nehru Custom House (JNCH) ensuring a more convenient and transparent experience for businesses. (18.01.2024) Read More »

Customs: In order to maintain high standards in the export of milk and milk products the government has issued instruction streamlining the quality control and inspection process to comply with international regulations. [Instruction No 01/2024 – Customs]

GST : New Table 14 and 15 in FORM GSTR-1 have been introduced which are relevant for only those taxpayers who either supply through E-Commerce operator (ECO) or are themselves liable to pay tax under Section 9(5) of the GST Act. [Press Release No 621]

Department of Revenue: The Ministry of Finance, in a recent notification dated January 16, 2024, has granted permission to certain reporting entities to utilize Aadhaar authentication for compliance with privacy standards under the Prevention of Money-laundering Act, 2002. [Notification No. S.O. 180(E)]

EPFO: Aadhar card has been removed from the list of acceptable documents that can be accepted as proof of Date of Birth by Employee Provident Fund Organisation [WSU/2024/1/UIDAI Matter/4090]

DGFT: The import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, Silver Brazing Alloys (in any form) by Electrical, Electronics, and Engineering industries, including Glass and Solar Industries, for their own manufacturing process on an ‘Actual User’ basis shall be ‘Free’. This has also been extended for Research & Development purposes by the …

DGFT: The import of Semi-Manufactured Silver Paste, Sheets, Plates, Strips, Tubes, Electrodes, Wires, Silver Brazing Alloys (in any form) by Electrical, Electronics, and Engineering industries, including Glass and Solar Industries, for their own manufacturing process on an ‘Actual User’ basis shall be ‘Free’ (17.01.2024) Read More »

Excise: The government has cut the Special Additional Excise Duty (SAED) on domestically produced crude oil to ₹1,700 per tonne from ₹2,300 per tonne with effect from 16/01/2024. [Notification No. 03/2024-Central Excise]

Customs: CBIC continues to levy of anti-dumping duty on Meta Phenylene Diamine imported or originated from Chian PR for 5 years [Notification No. 01/2024-Customs (ADD)]

Customs: The existing import duty on crude and refined edible oils (palm, soyabean, and sunflower) has been extended for one more year till 31/03/2025 [Notification No. 02/2024-Customs]

Customs: The Government has imposed 50 per cent export duty on “Molasses resulting from the extraction or refining of sugar” following under HSN 1703 with effect from 18.01.2024. [Notification No. 01/2024-Customs]

GST: The decision of blocking the generation of E-way Bill without E-invoice / IRN has been withdrawn as of now.

GST: The Central Board of Indirect Taxes and Customs (CBIC) has notified a special procedure to be followed by a registered person engaged in manufacturing of pan masala and tobacco products for the registration and disposal of packing machines. The move is aimed at assessing the production and packaging facility of such units to ensure correct …

GST: CBIC has notified a special procedure to be followed by a registered person engaged in manufacturing of pan masala and tobacco products for the registration and disposal of packing machines. (09.01.2024) Read More »

Income Tax: CBDT has granted tax exemptions to the Punjab State Faculty of Ayurvedic and Unani Systems of Medicine (PAN: AAALT1669E) under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 11/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the Chennai Metropolitan Water Supply and Sewerage Board (PAN: AAALM0037B) under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 10/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the Polavaram Project Authority, Hyderabad (PAN: AAAGP0436N) under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 9/2024- Income Tax]