Daily Updates

GST: The entry pertaining to exemption for services supplied by and to persons located in non-taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India has been omitted.   [Notification 13/2023 – Integrated Tax (Rate) dated 26th Sept 23]

GST: The special procedure, as per Notification 30/2023 – Central Tax, to be followed by the manufacturers of tobacco products and pan masala etc. shall be applicable from 1st January 2024. [Notification 47/2023 – Central Tax dated 25th Sept 23]

Companies Act: Companies whose AGMs are due in the years 2023 or 2024 are now permitted to conduct their AGMs through VC or OAVM. This extension applies to AGMs scheduled for or before 30th September 2024.   [General Circular No. 09/2023 Dated: 25.09.2023]

RBI: RBI Introduces Data Quality Index for Commercial & Microfinance Segments. [Notification No. RBI/2023-24/62 DoR.FIN.REC.39/20.16.056/2023-24]

DGFT: DGFT De-Lists 29 Agencies for Certificates of Origin-FTP 2023. [Public Notice No. 31/2023-DGFT  Dated: 20th September 2023]

GST: GSTN announces the activation of geocoding functionality for the “Additional Place of Business” address across all States and Union Territories. [Press Release No. 603 on 19th September 2023,] 

Cutoms: CBIC implemented Ex-Bond Shipping Bill in ICES 1.5 concerning the export of warehoused goods [Circular No. 22/2023-Customs on 19th September, 2023.] 

Income Tax: The CBDT has extended the due date for furnishing Audit reports in Form 10B/Form 10BB for the Previous Year 2022-23. Originally set for 30th September 2023, the new deadline is now 31st October 2023. [Circular No. 16/2023, dated 18th September 2023] 

SEBI: SEBI has issued notification and outlining regulatory reporting requirements for Alternative Investment Funds (AIFs). [Circular No. SEBI/HO/AFD/SEC-1/P/CIR/2023/0155 dated September 14, 2023,]

RBI: RBI issued clarifications regarding ‘PM Vishwakarma Scheme’ which is introduced by the Government of India (GoI).  [Circular RBI/2023-24/61 dated: 13 Sep,2023] 

Central Excise: CBIC reduces Special Additional Excise Duty on export of Diesel to Rs. Rs. 5.50 per litre from earlier rate of Rs. Rs. 6 per litre with effect from 16th day of September, 2023. [Notification No. 31/2023-Central Excise dated: 15 Sep,2023]  

Central Excise: Government increased the Special Additional Excise Duty on production of Petroleum Crude to Rs. 10,000 per tonne from earlier Rs. 6,700 per tonne and reduce the Special Additional Excise Duty on export of ATF to Rs. 3.50 per litre from earlier Rs. 4 per litre with effect from 16th day of September 2023. …

Central Excise: Government increased the Special Additional Excise Duty on production of Petroleum Crude to Rs. 10,000 per tonne from earlier Rs. 6,700 per tonne and reduce the Special Additional Excise Duty on export of ATF to Rs. 3.50 per litre from earlier Rs. 4 per litre with effect from 16th day of September 2023. (18.09.2023) Read More »

GST: Government imposes 30 days time limit for reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than 100 crores from 1st Nov 2023. [Press release]

GST: Government constitutes State Benches of the Goods and Services Tax (GST) Appellate Tribunal. [Press release dated 14th Sept 23]

Customs: Customs includes Maia in Murshidabad District, West Bengal, as a designated location for trade with Bangladesh. [Notification No. 66/2023 – Customs (N.T.) | Dated: 14th September, 2023]

Income Tax: CBDT notifies Multi Commodity Exchange Investor (Client) Protection Fund Trust U/s. 10(23EC). [Notification No. 77/2023- Income Tax Dated: 12th September, 2023]

Customs: CBIC has imposed an Anti-Dumping Duty (ADD) on imports of “Flat Base Steel Wheels” originating in and exported from China PR for a duration of five years. [Notification No. 09/2023-Customs (ADD) dated 11th September, 2023]

DGFT: DGFT introduces significant amendments to the export policy for food supplements containing botanicals. These amendments focus on ensuring compliance with EU and UK regulations by requiring the issuance of official certificates from designated Competent Authorities, including EIC/EIA and SHEFEXIL. [Notification No. 31/2023-DGFT on September 11, 2023.] 

RBI: RBI has issued a circular regarding the announcement pertains to Section 42(1A) of the Reserve Bank of India Act, 1934, specifically about the requirement for maintaining an additional Cash Reserve Ratio (CRR). [RBI/2023-24/59 DOR.RET.REC.34/12.01.001/2023-24 dated: 08 Sep,2023]

GST: Government has inserted Rule 31B & 31C regarding valuation of service in case of supply of Online money gaming & actionable claims in case of Casino respectively. [Notification No. 45/2023-Central Taxes dated September 6, 2023,]