Daily Updates

Customs : Notification issued regarding implementation of Advance Authorisation Scheme under New Foreign Trade Policy 2023 [Notification No.21/2023-Cus dated 1st April 2023.] Notification issued regarding implementation of Advance Authorisation Scheme for Deemed Exports under New Foreign Trade Policy 2023. [Notification No.22/2023-Cus dated 1st April 2023.] Notification issued regarding implementation of Advance Authorisation Scheme for annual …

Customs : Implementation of Advance Authorisation Scheme under New Foreign Trade Policy (04.04.2023) Read More »

DGFT: Implementation of the Track and Trace System for export of Pharmaceuticals and drug consignments along with maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain extended till 1st Aug 2023. [Public Notice No.3/2023 dated 3rd April 2023]

Customs: Notification issued regarding the manner of issue of duty credit for goods exported under the RoSCTL Scheme under New Foreign Trade Policy, 2023 [Notification No.25/2023-Cus (NT) dated 1st April 2023]

Customs: Notification issued regarding the manner of issue of duty credit for goods exported under the RoDTEP Scheme under New Foreign Trade Policy, 2023 [Notification No.24/2023-Cus (NT) dated 1st April 2023]

Customs: Now Exemption for customs duty on cut and polished diamonds imported by ‘Gemological Science International Pvt. Ltd., Mumbai, Maharashtra’ is also exempted under Notification No.40/2015. [Notification No.29/2023-Cus dated 3rd April 2023]

Customs: Amendments to EOU exemption Notification No.52/2003 with insertion of para “11C stating exemption under this Notification shall not apply on import or procurement of goods for setting up, operations and maintenance of wind captive power plant, and solar captive power plant.” [Notification No.28/2023-Cus dated 1st April 2023]

Customs: Notification issued regarding exemption for import of fabrics under Special Advance Authorization Scheme under para 4.04A of Foreign Trade Policy, 2023 for manufacture and export of garments. [Notification No.27/2023-Cus dated 1st April 2023]

Customs: Notification issued regarding implementation of EPCG Scheme under New Foreign Trade Policy, 2023 [Notification No.26/2023-Cus dated 1st April 2023]

Customs: Notification issued regarding implementation of Duty-Free Import Authorisation Scheme under New Foreign Trade Policy, 2023 [Notification No.25/2023-Cus dated 1st April 2023]

Customs: Notification issued regarding implementation of Advance Authorisation Scheme for export of prohibited goods under New Foreign Trade Policy, 2023 [Notification No.24/2023-Cus dated 1st April 2023]

Customs: Notification issued regarding implementation of Advance Authorisation Scheme for annual requirement under New Foreign Trade Policy, 2023. [Notification No.23/2023-Cus dated 1st April 2023.]

Customs: Notification issued regarding implementation of Advance Authorisation Scheme for Deemed Exports under New Foreign Trade Policy 2023. [Notification No.22/2023-Cus dated 1st April 2023.]

Customs: Notification issued regarding implementation of Advance Authorisation Scheme under New Foreign Trade Policy 2023 [Notification No.21/2023-Cus dated 1st April 2023.]

Income Tax: ITAT Mumbai held that Income Tax Addition cannot be made due to Misreporting by Insurance Companies

Income Tax: Procedure, format and standards issued for filling an application in Form No. 15C or Form No. 150 for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES. [Notification No.1/2023 dated 1st April 2023]

Customs: Seeks to give effect to the 2nd tranche of India UAE CEPA with amendments to exemption Notification No.22/2022-Customs, dated the 30th Apr 2022 with amended rates of BCD to respective goods. [Notification No.20/2023-Cus dated 31st Mar 2023]

Customs: Seeks to give effect to the 3rd tranche of India Mauritius CECPA with amendments to exemption Notification No.25/2021-Customs, dated the 31st March, 2021 with amended rates of BCD to respective goods. [Notification No.19/2023-Cus dated 31st Mar 2023]

GST: Extension of limitation period under section 168A for issuance of orders under section 73(9) as: FY 2017-18 : up to 31st Dec 2023 FY 2018-19: up to 31st Mar 2024 FY 2019-20: up to 30th June 2024 [Notification No.09/2003- Central Tax dated 31st Mar 2023]

GST: Late fees restricted to Rs.1000/- for non-filing of GSTR-10 if it is filed between 1st April 23 to 30th June 23. [Notification No.08/2003- Central Tax dated 31st Mar 2023]

GST: Late fees restricted to Rs.20,000/- for non-filing of GSTR-9 (Annual Returns) for FY 2017-18 to 2021-22 if it is filed between 1st April 23 to 30th June 23. Late fees revised for FY 2022-23 onwards. [Notification No.07/2003- Central Tax dated 31st Mar 2023]