Daily Updates

GST: CBIC notifies ‘Public Tech Platform for Frictionless Credit’ as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 [Notification No. 06/2024 – Central Tax Dtd 22nd February, 2024]

GST: The Goods and Services Tax Network (GSTN) has announced significant enhancements to its e-invoice portal such as PAN based search, Automatic E-invoice exemption list.

Cutoms: Agriculture Infrastructure and Development Cess (AIDC) for goods following under chapter 5201 have been revised as follows – Sr. No Chapter heading Description of Goods Rate 14. 5201 (other than 5201 00 25) All goods (Other  than  goods of  staple  length  exceeding  32.0 mm) 5% [Notification No. 11/2024-Customs dtd 19th February 2024]

Customs: W.e.f 20th February 2024,  Custom Duty for following have been reduced as mentioned in the table below by inserting the same in Custom Notification no 50/2017-cus dtd 30th June 2017 – S.No. Chapter or Heading or sub-heading or tariff item Description of goods Standard Rate 3AA 0207 25 00; 0207 27 00 Meat and …

Customs: W.e.f 20th February 2024,  Custom Duty for following have been reduced as mentioned in the table below by inserting the same in Custom Notification no 50/2017-cus dtd 30th June 2017 (20.07.2024) Read More »

Customs: Instructions have been issued for necessary actions to be taken by the custom officers w.r.t imported consignments of Boric Acid to ensure strict compliance with the specifications prescribed in IS 10116:2015 (Reaffirmed in 2020) for Boric Acid (Technical Grade). [Instruction No.03/2024-Customs dtd 19th February 2024]

MCA: MCA issues circular on Change Request Form (CRF) Deployment and Usage on MCA-21 Portal. [General Circular No. 02/2024 dtd 19th February 2024]

MCA: Companies (Registration Offices and Fees) Amendment Rules, 2024 have been amended where in functions, scope, limitations of Central Processing Centres have been laid.

Central Excise: Special Additional Excise Duty on export of Diesel increased from Nil to Rs. 1.50 per litre. [NotificationNo.07/2024-CentralExcise]

Central Excise: Special Additional Excise Duty (SAED) on production of Petroleum Crude increased from Rs. 3200 per tonne to Rs. 3300 per tonne. [Notification No. 06/2024-Central Excise]

GST: Taxpayers can opt for Composition Scheme for the Financial Year 2024-25 by accessing the GST Portal, which will be open upto March 31, 2024. Use Navigation ‘Services -> Registration -> Application to Opt for Composition Levy’, and file Form CMP-02.

DGFT: Ministry of Textiles Extends RoSCTL Scheme Till 31st March 2026 from 31st March 2024. [F. No. 12015/11/2020-TTP dtd 8th February 2024]

DGFT: The rebate rate under RoSCTL for Flexible Intermediate Bulk Containers (FIBC) has been adjusted from ‘NIL’ to 2.3%, with a cap of Rs 3.7 per kg. [F. no. 12014/01/2023 – TTP dtd 9th February 2024]

DGFT: Import of new vehicles can be now made from Mundra Port and ICD Garhi Harsaru. [Notification no 59/2023 dtd 12th February 2024]

DGFT: As per Para 4.36 of the Handbook of Procedure, 2023, Exports made within 48 months from the date of issue of earliest authorisation shall be considered for clubbing provisions for Advance Authorisation Scheme. [Public notice no 40/2023 dtd 12th February 2024]

DGFT: The heading of Table A and Table B of Public Notice No. 28/2023 dated 18.08.2023 (to import gold and silver for the financial year 2023-24 to the banks which have been authorised by RBI) have been partially modified to make the list of banks effective from the 1st of April, 2023. [Corrigendum to Public …

DGFT: The heading of Table A and Table B of Public Notice No. 28/2023 dated 18.08.2023 (to import gold and silver for the financial year 2023-24 to the banks which have been authorised by RBI) have been partially modified to make the list of banks effective from the 1st of April, 2023.(13.02.2024) Read More »

MCA: LLPs are granted an extension for filing Form LLP BEN-2 and LLP Form No. 4D without incurring additional fees and the deadline for such filings is extended till 15th May 2024. [General Circular No. 01 /2024 dtd 7th February 2024]  

Income Tax: CBDT notifies Tax Information Exchange Agreement between India and Samoa [Notification No. 21/2024 dtd 7th February 2024]

DGFT: The date for implementation of Track and Trace system for export of drug formulations w.r.t maintaining the Parent-Child relationship in packaging levels and its uploading on Central Portal has been extended upto 01-02-2025 for both SSI and non-SSI manufactured drug [Public notice no 39/2023 dtd 2nd February 2024]

Excise: Special Additional Excise Duty on production of Petroleum Crude increased from Rs. 1700per tonne to Rs. 3200per tonne. [Notification No. 05/2024-Central Excise dtd 2nd February 2024]

Customs: CBIC extends the exemption from 31/03/2024 to 30/09/2024 by amending following 33 notifications (refer attached excel file for publishing) Customs Notification No. 07/2024 dated 29.01.2024 Sr.No Customs Notification No and Date Exemption to 1 16/1965 dated 23.01.1965 Good exported to foreign countries for display in show-rooms of Government of India 2 80/1970 dated 29.08.1970 …

Customs: CBIC extends the exemption from 31/03/2024 to 30/09/2024 by amending following 33 notifications (30.01.2024) Read More »