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,]
SEBI: SEBI has provided clarification on mutual fund investments in the Corporate Debt Market Development Fund (CDMDF) and responds to a previous request from the Association of Mutual Funds in India (AMFI) regarding asset allocation limits. [Circulars No. SEBI/HO/IMD/PoD2/P/CIR/2023/152 Dated: 6th September 2023.]
RBI: The RBI issued a directive authorizes Scheduled Commercial Banks to link pre-sanctioned credit lines with UPI, a move set to increase the payment options available to UPI users. [RBI/2023-24/58 CO.DPSS.POLC.No.S-567/02-23-001/2023-2024 Dated: 4th September 2023.]
Customs: CBIC made amendments in the processes and procedures surrounding the Customs Post Clearance Audit (PCA). [Audit Work Instruction No. 27/2023- Customs Dated: 6th September 2023.]
Customs: Department gives Customs duty exemptions for textile machineries. [Notifications No. 52/2023-Customs [G.S.R 653(E)] dated 05 sep,2023]
DGFT: DGFT provides clarification on the availability of pre-shipment and post-shipment export credit, as well as Packing Credit in Foreign Currency (PCFC), for E-commerce exports. [Trade Notice No. 26/2023-24-DGFT dated: 04 sep,2023]
Income Tax : ‘Real Estate Regulatory Authorities’ constituted by Government as a ‘class of Authority’ exempted in respect of the specified income arising to that Authority u/s 10(46) of Income Tax Act. [Notification No. 76/2023-Income Tax Dated: 1st September, 2023]
Income Tax: ‘E-Governance Society, Department of Food, Civil Supplies and Consumer Affairs, Himachal Pradesh, exempted in respect of the specified income arising to that body u/s 10(46) of Income Tax Act. [Notification No. 75/2023-Income Tax Dated: 1st September, 2023]
Income Tax: ‘Rajasthan State Dental Council’ (PAN AABAR7223E), a body constituted by the Government of Rajasthan exempted in respect of the specified income arising to that body u/s 10(46) of Income Tax Act. [Notification No. 74/2023-Income Tax Dated: 1st September, 2023]
DGFT: DGFT has introduced monthly workshops to educate and assist exporters in navigating the intricacies of E-Commerce exports. [Trade Notice No. 25/2023-24-DGFT Dated: 1st September, 2023]
Central Excise: Government increased the Special Additional Excise Duty on export of Diesel to Rs. 6 per liter. [Notification No. 29/2023-Central Excise Dated: 1st September, 2023]
Central Excise: Government modified Special Additional Excise Duty rates on petroleum crude production and export of ATF (Aviation Turbine Fuel). [Notification No. 28/2023-Central Excise on September 1, 2023]
DGFT: Annual SCOMET Update 2023 has been notified effective from 27th September 2023 amending Appendix 3 with addition of few Chemicals, technical notes, Technology specially designed for aero gas turbine engines to enable “aircraft” to cruise. [Notification No. 27/2023 dated 28th August 2023].
DGFT : Relaxation is given for export of non-basmati white rice if duty is paid before 21.57.01 hours on 20.07.2023 when prohibition to export was imposed. [Notification No. 29/2023 dated 29 August 2023]
DGFT : Export of Non-Basmati White Rice (HS Code 1006 30 90) to Bhutan, Mauritius and Singapore is permitted through National Cooperative Exports Limited. [Notification No. 30/2023 dated 30 August 2023]
Customs : Anti-dumping duty is imposed on import of fishing net (HS code 6508 11 10) origin and / or export from China & Malaysia. [Notification No. 08/2023-Customs (ADD) dated 29 August 2023]
GST : GSTIN introduced Electronic Credit Reversal and Reclaimed statement functionality to monitor ITC to be reclaimed which was reversed due to not matching with GSTR-2B. [GSTN Advisory date 31 August 2023]
DGFT : The quantity of 5841 MT Sugar to be exported to EU from India under TRQ for the year 2023-24 (October to September 2024) has been notified. [Public Notice 29/2023 dated 25th August 2023]
