Daily Updates

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GST: The decision of blocking the generation of E-way Bill without E-invoice / IRN has been withdrawn as of now.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

Income Tax: CBDT has granted tax exemptions to the Haryana State Board of Technical Education, Panchkula (PAN: AAAGT0008A) under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 8/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the Karmayogi Bharat (PAN: AAJCK2949L), a section 8 company with 100% equity owned by the President of India under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 7/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the District Legal Service Authority Union Territory Chandigarh (PAN: AAAGD1545A) under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 6/2024- Income Tax]

GST: The filing deadline for GSTR-9 and GSTR-9C for the financial year 2022-23 is extended until January 10, 2024, for registered persons in the districts of Chennai, Tiruvallur, Chengalpattu, Kancheepuram, Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi, and Virudhunagar in Tamil Nadu. [Notification No. 02/2024 – Central Tax dated January 5, 2024]

GST: CBIC extends the due date for filing GSTR-3B for November 2023 until January 10, 2024. This extension is applicable to registered entities operating in the districts of Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi, and Virudhunagar in Tamil Nadu. [Notification No. 01/2024 – Central Tax dated January 5, 2024]

GST: The CGST Rate for Tariff item 2711 19 10 i.e. LPG (for non-automotive purposes) has been notified at 2.5%. Thus Effective GST Rate on the said item would be 5% (2.5% CGST + 2.5% SGST). The Notification shall be effective from 04.01.2024.   [01/2024-Central Tax (Rate) dated 03/01/2024]

DGFT: The quantity of 8606 Metric Tonnes Raw Value (MTRV) raw cane sugar to be exported to USA under Tariff Rate Quota (TRQ) scheme from 01.10.2023 to 30.09.2024 has been notified. [Public Notice No. 36/2023-DGFT Dated: 03/01/2024]

DGFT: The Import Policy of Screws under ITC (HS) Codes 73181110, 73181190, 73181200, 73181300, 73181400, 73181500 and 73181900 is revised from “Free” to “Prohibited”. However, import shall be “Free” if CIF value is Rs. 129/- or above per Kg. [Notification No. 55/2023- DGFT dated 03/01/2024]

Income tax: CBDT has granted tax exemptions to the Madhya Pradesh Professional Examination Board, Bhopal, under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 3/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the Karnataka State Rural Livelihood Promotion Society under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 2/2024- Income Tax]

Income Tax: CBDT has granted tax exemptions to the Bellary Urban Development Authority under section 10(46) of Income Tax Act, 1961 for specified income as per notification. [Notification No. 1/2024- Income Tax]

GST The High Court of Sikkim recently ordered that Additional information furnished by taxpayer after passing of recovery order shall be considered by departmental officer and further examined for passing order afresh. (Lupin Ltd. v. Union of India)

DGFT: Import policy of Used IT Assets (laptops, desktops, monitors, Printers) from SEZ to DTA has been amended to provide some relaxation subject to some import conditions